New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 9.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€12.6m market cap, or US$14.7m). Valuation Update With 7 Day Price Move • May 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to €11.40, the stock trades at a trailing P/E ratio of 79.1x. Average trailing P/E is 22x in the Forestry industry in Europe. Total loss to shareholders of 31% over the past three years. New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.1% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (€16.6m market cap, or US$19.2m). New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€18.4m market cap, or US$21.5m). Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €17.30, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 16x in the Forestry industry in Europe. Total returns to shareholders of 8.1% over the past year. 공시 • May 22
Rougier S.A., Annual General Meeting, Jun 26, 2025 Rougier S.A., Annual General Meeting, Jun 26, 2025. Location: 22 boulevard malesherbes, paris France New Risk • May 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 14% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (€21.6m market cap, or US$24.4m). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €20.70, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 12x in the Forestry industry in Europe. Total returns to shareholders of 42% over the past year. 공시 • May 20
Rougier S.A., Annual General Meeting, Jun 21, 2024 Rougier S.A., Annual General Meeting, Jun 21, 2024. Location: domaine de la tuilerie, 98 route de la rochelle, niort France Reported Earnings • May 19
Full year 2023 earnings released: EPS: €3.20 (vs €5.39 in FY 2022) Full year 2023 results: EPS: €3.20 (down from €5.39 in FY 2022). Revenue: €99.4m (down 3.5% from FY 2022). Net income: €3.46m (down 41% from FY 2022). Profit margin: 3.5% (down from 5.7% in FY 2022). The decrease in margin was driven by lower revenue. New Risk • May 17
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Minor Risks High level of debt (48% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.7% net profit margin). Market cap is less than US$100m (€17.0m market cap, or US$18.4m). 공시 • Feb 09
Rougier S.A. to Report Fiscal Year 2023 Results on Apr 30, 2024 Rougier S.A. announced that they will report fiscal year 2023 results at 9:00 AM, Central European Standard Time on Apr 30, 2024 New Risk • Feb 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2021 fiscal period end). High level of non-cash earnings (36% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€16.5m market cap, or US$17.9m). New Risk • Jul 02
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. High level of non-cash earnings (36% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (€18.0m market cap, or US$19.6m). Buying Opportunity • Apr 20
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €19.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Mar 24
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €19.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Mar 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Chairman & CEO Francis Rougier was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.