Reported Earnings • May 05
Full year 2024 earnings released: EPS: €0.001 (vs €0.009 loss in FY 2023) Full year 2024 results: EPS: €0.001 (up from €0.009 loss in FY 2023). Revenue: €141.2m (flat on FY 2023). Net income: €155.0k (up €1.90m from FY 2023). Profit margin: 0.1% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €34.5m (down 6.1% from 3Q 2023). Net loss: €496.0k (loss narrowed 39% from 3Q 2023). Reported Earnings • Aug 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €35.0m (down 1.7% from 2Q 2023). Net income: €303.0k (up €1.05m from 2Q 2023). Profit margin: 0.9% (up from net loss in 2Q 2023). Board Change • Jul 09
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Non-Executive & Independent Director Maria Torrente was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 02
Full year 2023 earnings released: €0.008 loss per share (vs €0.002 profit in FY 2022) Full year 2023 results: €0.008 loss per share (down from €0.002 profit in FY 2022). Revenue: €147.3m (down 2.0% from FY 2022). Net loss: €1.74m (down €2.06m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Aug 02
New major risk - Revenue and earnings growth Earnings have declined by 29% 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 29% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€11.6m market cap, or US$12.7m). Reported Earnings • Aug 02
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €36.4m (down 7.8% from 2Q 2022). Net loss: €745.0k (down 144% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Jun 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Market cap is less than US$100m (€12.0m market cap, or US$13.1m). Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: €35.3m (up 5.3% from 1Q 2022). Net loss: €2.31m (loss narrowed 44% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 09
Full year 2022 earnings released Full year 2022 results: Revenue: €157.9m (up 6.4% from FY 2021). Net income: €314.0k (up €3.65m from FY 2021). Profit margin: 0.2% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Board Change • Feb 01
Insufficient new directors 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. 6 highly experienced directors. President of the Board of Statutory Auditors Franco Pozzi was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: €0.004 loss per share. Revenue: €40.5m (up 10% from 3Q 2021). Net loss: €822.0k (loss narrowed 64% from 3Q 2021). Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €41.3m (up 16% from 2Q 2021). Net income: €1.69m (up €3.30m from 2Q 2021). Profit margin: 4.1% (up from net loss in 2Q 2021). Board Change • Jun 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Non-Executive Director Adriana Carabellese was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 15
First quarter 2022 earnings released First quarter 2022 results: €0.02 loss per share. Revenue: €33.5m (flat on 1Q 2021). Net loss: €4.08m (loss widened 98% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Board Change • May 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 4 highly experienced directors. Non-Executive Director Adriana Carabellese was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Buying Opportunity • Apr 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be €0.087, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Mar 31
Full year 2021 earnings released Full year 2021 results: Revenue: €149.5m (up 4.1% from FY 2020). Net loss: €3.34m (loss narrowed 61% from FY 2020). Buying Opportunity • Mar 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.1%. The fair value is estimated to be €0.087, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.2% per annum over the last 3 years. The company became loss making over the last 3 years. Buying Opportunity • Mar 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be €0.086, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.2% per annum over the last 3 years. The company became loss making over the last 3 years. Reported Earnings • Aug 03
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €36.2m (up 16% from 2Q 2020). Net loss: €1.61m (loss narrowed 26% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • May 05
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: €144.3m (down 16% from FY 2019). Net loss: €8.52m (loss widened 97% from FY 2019).