Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.00, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 12x in the Electric Utilities industry in Europe. Reported Earnings • May 11
Full year 2023 earnings released Full year 2023 results: Revenue: €94.1m (up 40% from FY 2022). Net income: €10.4m (down 12% from FY 2022). Profit margin: 11% (down from 18% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • May 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 18% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (€84.0m market cap, or US$90.5m). New Risk • Apr 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €83.4m (US$88.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 21% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (€83.4m market cap, or US$88.8m). New Risk • Feb 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor 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. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 21% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to €3.02, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 9x in the Electric Utilities industry in Europe. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.72, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 8x in the Electric Utilities industry in Europe. Total returns to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.00, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 8x in the Electric Utilities industry in Europe. Negligible returns to shareholders over past three years. Reported Earnings • Jul 27
Full year 2022 earnings released: EPS: €0.36 (vs €0.28 in FY 2021) Full year 2022 results: EPS: €0.36 (up from €0.28 in FY 2021). Revenue: €67.2m (down 21% from FY 2021). Net income: €11.9m (up 30% from FY 2021). Profit margin: 18% (up from 11% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 76% After last week's 76% share price gain to €3.00, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 8x in the Electric Utilities industry in Europe. Total returns to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 43% After last week's 43% share price decline to €1.70, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 8x in the Electric Utilities industry in Europe. Total loss to shareholders of 41% over the past three years. New Risk • Jun 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% 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 Risks Shares are highly illiquid. Earnings have declined by 11% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • May 29
Full year 2021 earnings released: EPS: €0.29 (vs €0.32 in FY 2020) Full year 2021 results: EPS: €0.29 (down from €0.32 in FY 2020). Revenue: €88.2m (down 55% from FY 2020). Net income: €9.16m (down 14% from FY 2020). Profit margin: 10% (up from 5.5% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improved over the past week After last week's 36% share price gain to €3.00, the stock is trading at a trailing P/E ratio of 7.1x, up from the previous P/E ratio of 5.2x. This compares to an average P/E of 12x in the Electric Utilities industry in Europe. Total returns to shareholders over the past year are 3.4%. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €2.10, the stock is trading at a trailing P/E ratio of 5x, down from the previous P/E ratio of 5.9x. This compares to an average P/E of 12x in the Electric Utilities industry in Europe. Total return to shareholders over the past year is a loss of 27%. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 16% share price gain to €2.90, the stock is trading at a trailing P/E ratio of 6.9x, up from the previous P/E ratio of 5.9x. This compares to an average P/E of 12x in the Electric Utilities industry in Europe. Total returns to shareholders over the past year are 6.6%. Valuation Update With 7 Day Price Move • Oct 22
Market pulls back on stock over the past week After last week's 17% share price decline to €2.50, the stock is trading at a trailing P/E ratio of 5.9x, down from the previous P/E ratio of 7.1x. This compares to an average P/E of 12x in the Electric Utilities industry in Europe.