Declared Dividend • May 07
Dividend of €0.17 announced Dividend of €0.17 is the same as last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 3.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio). However, it is well covered by cash flows (28% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control. EPS is expected to grow by 58% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Board Change • May 07
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive & Independent Director Monica Girardi was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.58, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Energy Services industry in Europe. Total returns to shareholders of 258% over the past three years. New Risk • Apr 27
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 Austrian stocks, typically moving 6.0% 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: Minor Risks Dividend is not well covered by earnings (107% payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: €0.16 (vs €0.16 in FY 2024) Full year 2025 results: EPS: €0.16 (up from €0.16 in FY 2024). Revenue: €15.5b (up 6.6% from FY 2024). Net income: €311.0m (up 1.6% from FY 2024). Profit margin: 2.0% (down from 2.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Aankondiging • Apr 04
Saipem SpA, Annual General Meeting, May 12, 2026 Saipem SpA, Annual General Meeting, May 12, 2026, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 15
Dividend of €0.17 announced Dividend of €0.17 is the same as last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is well covered by cash flows (29% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 29% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Mar 03
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 Austrian stocks, typically moving 5.0% 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: Minor Risks Dividend is not well covered by earnings (102% payout ratio). Share price has been volatile over the past 3 months (5.0% average weekly change). Reported Earnings • Feb 26
Full year 2025 earnings released Full year 2025 results: Revenue: €15.5b (up 6.5% from FY 2024). Net income: €310.0m (up 1.3% from FY 2024). Profit margin: 2.0% (down from 2.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Energy Services industry in Europe. Board Change • Jan 13
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 24
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.041. Revenue: €3.77b (up 1.6% from 3Q 2024). Net income: €81.0m (down 8.0% from 3Q 2024). Profit margin: 2.1% (down from 2.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Energy Services industry in Europe. Board Change • Sep 10
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 21
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 06
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 Austrian stocks, typically moving 4.3% 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: Minor Risks Dividend is not well covered by earnings (102% payout ratio). Share price has been volatile over the past 3 months (4.3% average weekly change). Reported Earnings • Jul 25
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €3.69b (up 9.6% from 2Q 2024). Net income: €63.0m (up 3.3% from 2Q 2024). Profit margin: 1.7% (in line with 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.5% growth forecast for the Energy Services industry in Europe. Board Change • Jul 24
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • May 20
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 Austrian 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: Minor Risks Dividend is not well covered by earnings (109% payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Upcoming Dividend • May 12
Upcoming dividend of €0.17 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.8%. Within top quartile of Austrian dividend payers (4.9%). Higher than average of industry peers (6.6%). Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: €0.16 (vs €0.093 in FY 2023) Full year 2024 results: EPS: €0.16 (up from €0.093 in FY 2023). Revenue: €14.5b (up 23% from FY 2023). Net income: €306.0m (up 65% from FY 2023). Profit margin: 2.1% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Energy Services industry in Europe. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €1.77, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Energy Services industry in Europe. Total loss to shareholders of 36% over the past three years. Board Change • Mar 25
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Mar 13
Saipem SpA, Annual General Meeting, May 08, 2025 Saipem SpA, Annual General Meeting, May 08, 2025, at 11:00 W. Europe Standard Time. Board Change • Mar 04
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 27
Full year 2024 earnings released Full year 2024 results: Revenue: €14.5b (up 23% from FY 2023). Net income: €306.0m (up 65% from FY 2023). Profit margin: 2.1% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Energy Services industry in Europe. Aankondiging • Feb 24
Saipem SpA (BIT:SPM) signed a agreement in principle to acquire Subsea 7 S.A. (OB:SUBC) from Siem Industries S.A. (OTCPK:SEMU.F) and others for €4.6 billion. Saipem SpA (BIT:SPM) signed a agreement in principle to acquire Subsea 7 S.A. (OB:SUBC) from Siem Industries S.A. (OTCPK:SEMU.F) and others for €4.6 billion on February 23, 2025. Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion. Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million. The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion, Revenue of approx. €20 billion and EBITDA in excess of €2 billion. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively. Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7. The entering into and signing of binding definitive documents in mid-2025 in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws. Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption13 , and obtaining the required Italian government approval and customary regulatory clearances. The MoU also provides for termination rights for each of Saipem and Subsea7. Completion anticipated to occur in the second half of 2026.
Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law. Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively. Board Change • Jan 07
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.045. Revenue: €3.71b (up 23% from 3Q 2023). Net income: €88.0m (up 100% from 3Q 2023). Profit margin: 2.4% (up from 1.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Energy Services industry in Europe. New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.2% average weekly change). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). New Risk • Aug 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Austrian stocks, typically moving 6.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. New Risk • Aug 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Jul 26
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €3.37b (up 22% from 2Q 2023). Net income: €61.0m (up 53% from 2Q 2023). Profit margin: 1.8% (up from 1.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Energy Services industry in Europe. Board Change • Jul 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Francesca Mariotti was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2023 earnings released: EPS: €0.093 (vs €0.34 loss in FY 2022) Full year 2023 results: EPS: €0.093 (up from €0.34 loss in FY 2022). Revenue: €11.9b (up 19% from FY 2022). Net income: €185.0m (up €500.0m from FY 2022). Profit margin: 1.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Energy Services industry in Europe. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.73, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 8x in the Energy Services industry in Europe. Total loss to shareholders of 71% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.83 per share. Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: €11.9b (up 19% from FY 2022). Net income: €185.0m (up €500.0m from FY 2022). Profit margin: 1.6% (up from net loss in FY 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Energy Services industry in Europe. Board Change • Feb 10
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Aankondiging • Jan 24
Saipem SpA (BIT:SPM) commences an Equity Buyback Plan for 37,000,000 shares, representing 1.85% for €59.3 million, under the authorization approved on May 3, 2023. Saipem S.p.A. (BIT:SPM) commences share repurchases on January 16, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 3, 2023. As per the mandate, the company is authorized to repurchase up to 37,000,000 shares, representing 1.85% of its issued share capital, for total worth of €59.3 million. The price to be paid for repurchase should not be more or less than 5% of the reference price of shares recorded on the computerized trading market on the day prior to the buyback. The purpose of the share repurchases is to cover the 2023 allocation of the 2023-2025 Long Term Incentive Plan. The program is valid for 18 months. As of March 23, 2023, the company had 1,995,142,495 shares outstanding and 415,237 shares in treasury. Aankondiging • Nov 23
BW Energy Limited (OB:BWE) acquired FPSO Cidade de Vitoria from Saipem SpA (BIT:SPM). BW Energy Limited (OB:BWE) has signed an agreement to acquire FPSO Cidade de Vitoria from Saipem SpA (BIT:SPM) for $73 million on June 24, 2022. BW Energy will pay Saipem $73 million in fixed consideration for the FPSO of which $25 million is due at closing, $13 million due at FPSO takeover and $35 million paid in 18 monthly instalments following the takeover. The transaction is subject to fulfilment or waiver of conditions precedents with an expected closing and takeover of the FPSO in the first quarter of 2023. As of March 16, 2023, the transaction is expected to close in Q2, 2023.BW Energy Limited (OB:BWE) completed the acquisition of FPSO Cidade de Vitoria from Saipem SpA (BIT:SPM) on November 21, 2023. Board Change • Nov 03
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Oct 27
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€275m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.7% average weekly change). Minor Risk Less than 1 year of cash runway based on current free cash flow (-€275m). New Risk • Jul 31
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -€407m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risk Less than 1 year of cash runway based on current free cash flow (-€407m). Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €2.77b (up 17% from 2Q 2022). Net income: €40.0m (up €70.0m from 2Q 2022). Profit margin: 1.4% (up from net loss in 2Q 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Energy Services industry in Europe. Board Change • May 20
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 14
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 02
Full year 2022 earnings released Full year 2022 results: Revenue: €9.98b (up 45% from FY 2021). Net loss: €315.0m (loss narrowed 87% from FY 2021). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Energy Services industry in Europe. Buying Opportunity • Feb 14
Now 22% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be €1.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 50%. Revenue is forecast to grow by 15% in a year. Earnings is forecast to grow by 98% in the next year. Aankondiging • Dec 24
Saipem SpA, Annual General Meeting, May 03, 2023 Saipem SpA, Annual General Meeting, May 03, 2023. Agenda: To consider the approval of the financial statements of Saipem S.p.A. at December 31, 2022; and to consider the appointment of the Board of Statutory Auditors. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 28
Third quarter 2022 earnings released: €1.64 loss per share (vs €16.46 loss in 3Q 2021) Third quarter 2022 results: €1.64 loss per share (improved from €16.46 loss in 3Q 2021). Revenue: €2.86b (up 53% from 3Q 2021). Net loss: €34.0m (loss narrowed 90% from 3Q 2021). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Energy Services industry in Europe. Reported Earnings • Jul 28
Second quarter 2022 earnings released: €1.44 loss per share (vs €31.58 loss in 2Q 2021) Second quarter 2022 results: €1.44 loss per share (up from €31.58 loss in 2Q 2021). Revenue: €2.37b (up 50% from 2Q 2021). Net loss: €30.0m (loss narrowed 95% from 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 20% growth forecast for the industry in Austria. Buying Opportunity • Jul 14
Now 61% undervalued after recent price drop Over the last 90 days, the stock is down 98%. The fair value is estimated to be €3.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 86%. Revenue is forecast to grow by 28% in a year. Earnings is forecast to grow by 91% in the next year. Reported Earnings • Jun 09
First quarter 2022 earnings released First quarter 2022 results: Revenue: €1.94b (up 20% from 1Q 2021). Net loss: €98.0m (loss narrowed 18% from 1Q 2021). Over the next year, revenue is forecast to grow 27%, compared to a 19% growth forecast for the industry in Austria. Board Change • Jun 07
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Statutory Auditor Giulia De Martino is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 28
Full year 2021 earnings released: €1.93 loss per share (vs €1.15 loss in FY 2020) Full year 2021 results: €1.93 loss per share (down from €1.15 loss in FY 2020). Revenue: €6.88b (down 6.4% from FY 2020). Net loss: €1.91b (loss widened 69% from FY 2020). Over the next year, revenue is forecast to grow 26%, compared to a 21% growth forecast for the industry in Austria. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Buying Opportunity • Jan 31
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €1.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.8% per annum over the last 3 years. Earnings per share has declined by 67% per annum over the last 3 years. Reported Earnings • Oct 29
Third quarter 2021 earnings released: €0.34 loss per share (vs €0.13 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €1.87b (up 9.4% from 3Q 2020). Net loss: €342.0m (loss widened 161% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 31
Second quarter 2021 earnings released: €0.66 loss per share (vs €0.62 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: €1.58b (up 2.4% from 2Q 2020). Net loss: €659.0m (loss widened 7.0% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 29
First quarter 2021 earnings released: €0.12 loss per share (vs €0.27 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: €1.62b (down 26% from 1Q 2020). Net loss: €120.0m (loss narrowed 55% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 11
Full year 2020 earnings released: €1.14 loss per share (vs €0.012 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €7.35b (down 19% from FY 2019). Net loss: €1.14b (down €1.15b from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 28
Full year 2020 earnings released: €1.14 loss per share (vs €0.012 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €7.35b (down 19% from FY 2019). Net loss: €1.14b (down €1.15b from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 10
New 90-day high: €2.46 The company is up 33% from its price of €1.86 on 11 November 2020. The Austrian market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.35 per share. Is New 90 Day High Low • Dec 30
New 90-day high: €2.21 The company is up 57% from its price of €1.41 on 01 October 2020. The Austrian market is up 29% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 38% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.08 per share. Is New 90 Day High Low • Dec 10
New 90-day high: €2.18 The company is up 32% from its price of €1.66 on 10 September 2020. The Austrian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.90 per share. Is New 90 Day High Low • Nov 16
New 90-day high: €1.91 The company is up 2.0% from its price of €1.88 on 18 August 2020. The Austrian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.96 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of €1.05b, with losses widening by €977.9m from the prior year. Total revenue was €7.75b over the last 12 months, down 16% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 2.4% at €1.71b. Revenue is forecast to grow 10% over the next year, compared to a 12% decline forecast for the Energy Services industry in Austria. 
