Upcoming Dividend • Jul 16
Upcoming dividend of US$1.00 per share Eligible shareholders must have bought the stock before 23 July 2026. Payment date: 30 July 2026. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.7%). Declared Dividend • Jun 25
Dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 23rd July 2026 Payment date: 30th July 2026 Dividend yield will be 5.1%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 40% over the next year. However, it would need to fall by 60% to increase the payout ratio to a potentially unsustainable range. Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €32.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total returns to shareholders of 140% over the past three years. Aankondiging • May 23
TEN, Ltd. Declares Second Semi-Annual Common Share Dividend, Payable in July 2026 In July 2026, TEN will distribute its second semi-annual dividend of $1.00 per share to common shareholders, with payment and record dates to be announced in due course, bringing aggregate common dividends in calendar year 2026 to $1.50 per share, compared to $1.10 per share in calendar 2025, marking a 36% increase - the highest dividend in more than 10 years. TEN will have distributed over $1billion in cumulative common and preferred share dividends, since its New York listing in 2002. Reported Earnings • May 22
First quarter 2026 earnings released: EPS: US$2.73 (vs US$1.04 in 1Q 2025) First quarter 2026 results: EPS: US$2.73 (up from US$1.04 in 1Q 2025). Revenue: US$253.0m (up 28% from 1Q 2025). Net income: US$81.7m (up 166% from 1Q 2025). Profit margin: 32% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.9% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Board Change • May 21
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. General Counsel & Director Clio Hatzimichalis was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • May 05
Tsakos Energy Navigation Limited to Report Q1, 2026 Results on May 21, 2026 Tsakos Energy Navigation Limited announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on May 21, 2026 Aankondiging • Apr 21
Tsakos Energy Navigation Limited, Annual General Meeting, May 27, 2026 Tsakos Energy Navigation Limited, Annual General Meeting, May 27, 2026, at 15:00 GTB Standard Time. Location: 367 syngrou avenue, p. faliro, athens., Greece Aankondiging • Feb 18
Tsakos Energy Navigation Limited to Report Q4, 2025 Results on Mar 06, 2026 Tsakos Energy Navigation Limited announced that they will report Q4, 2025 results at 9:30 AM, US Eastern Standard Time on Mar 06, 2026 Aankondiging • Nov 20
Tsakos Energy Navigation Limited Approves Dividend, Payable on December 19, 2025 and February 19, 2026 respectively Tsakos Energy Navigation Limited approved a dividend distribution to holders of TEN’s common stock of $1.00 per share, $0.50 of which to be paid on December 19, 2025 to shareholders of record as of December 15, 2025, and $0.50 on February 19, 2026 to shareholders of record as of February 11, 2026. Aankondiging • Nov 04
Tsakos Energy Navigation Limited to Report Q3, 2025 Results on Nov 20, 2025 Tsakos Energy Navigation Limited announced that they will report Q3, 2025 results at 9:30 AM, US Eastern Standard Time on Nov 20, 2025 Aankondiging • Aug 25
Tsakos Energy Navigation Limited to Report Q2, 2025 Results on Sep 10, 2025 Tsakos Energy Navigation Limited announced that they will report Q2, 2025 results Pre-Market on Sep 10, 2025 Aankondiging • Jun 18
TEN, Ltd Declares First Semi-Annual Common Share Dividend, Payable on July 18, 2025 On July 18, 2025, TEN will distribute to common shareholders a first semi-annual dividend of $0.60 per share to shareholders of record on July 14, 2025. Aankondiging • May 30
Tsakos Energy Navigation Limited to Report Q1, 2025 Results on Jun 17, 2025 Tsakos Energy Navigation Limited announced that they will report Q1, 2025 results Pre-Market on Jun 17, 2025 Aankondiging • May 02
Tsakos Energy Navigation Limited, Annual General Meeting, Jun 12, 2025 Tsakos Energy Navigation Limited, Annual General Meeting, Jun 12, 2025, at 15:00 GTB Standard Time. Location: in our auditorium, 367 syngrou avenue, p. faliro, athens., Greece Aankondiging • Mar 27
TEN Ltd. Announces Common Share Dividend, Payable on July 2025 TEN’s Board of Directors has authorized the payment of $0.60 common stock dividend to be made in July 2025, a level identical to the one paid in July 2024. Aankondiging • Mar 14
Tsakos Energy Navigation Limited to Report Q4, 2024 Results on Mar 27, 2025 Tsakos Energy Navigation Limited announced that they will report Q4, 2024 results Pre-Market on Mar 27, 2025 Aankondiging • Nov 13
Tsakos Energy Navigation Limited to Report Q3, 2024 Results on Nov 26, 2024 Tsakos Energy Navigation Limited announced that they will report Q3, 2024 results Pre-Market on Nov 26, 2024 Reported Earnings • Sep 13
Second quarter 2024 earnings released: EPS: US$2.36 (vs US$1.65 in 2Q 2023) Second quarter 2024 results: EPS: US$2.36 (up from US$1.65 in 2Q 2023). Revenue: US$214.1m (down 3.3% from 2Q 2023). Net income: US$69.6m (up 43% from 2Q 2023). Profit margin: 33% (up from 22% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to fall by 1.3% p.a. on average during the next 3 years compared to a 1.2% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Aankondiging • Sep 03
Tsakos Energy Navigation Limited to Report Q2, 2024 Results on Sep 11, 2024 Tsakos Energy Navigation Limited announced that they will report Q2, 2024 results Pre-Market on Sep 11, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of US$0.60 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 18 July 2024. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.6%). Reported Earnings • Jun 21
First quarter 2024 earnings released: EPS: US$1.60 (vs US$5.69 in 1Q 2023) First quarter 2024 results: EPS: US$1.60 (down from US$5.69 in 1Q 2023). Revenue: US$201.6m (down 23% from 1Q 2023). Net income: US$47.3m (down 72% from 1Q 2023). Profit margin: 24% (down from 64% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Aankondiging • Jun 02
Tsakos Energy Navigation Limited to Report Q1, 2024 Results on Jun 20, 2024 Tsakos Energy Navigation Limited announced that they will report Q1, 2024 results Pre-Market on Jun 20, 2024 Aankondiging • May 05
Tsakos Energy Navigation Limited, Annual General Meeting, Jun 14, 2024 Tsakos Energy Navigation Limited, Annual General Meeting, Jun 14, 2024, at 15:00 E. Europe Standard Time. Location: Auditorium, 367 Syngrou Avenue, P. Faliro Athens Greece Agenda: To re-elect two directors who retire by rotation; to receive and consider the Company's 2023 audited financial statements; to appoint Ernst & Young (Hellas) Certified Auditors Accountants S.A. ( Ernst & Young (Hellas) ), Athens, Greece, as auditors of the Company for the fiscal year ending December 31, 2024 and to authorize the Audit Committee of the Board of Directors to set their remuneration; to approve the directors' remuneration; and to transact such other business as may properly come before the 2024 Annual General Meeting. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: US$9.04 (vs US$6.02 in FY 2022) Full year 2023 results: EPS: US$9.04 (up from US$6.02 in FY 2022). Revenue: US$889.6m (up 3.4% from FY 2022). Net income: US$266.7m (up 59% from FY 2022). Profit margin: 30% (up from 20% in FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 27
TEN, Ltd. Announces Semi-Annual Dividend TEN Ltd. announced reflecting its strong performance and positive market fundamentals, the company will pay $0.60 per common share semi-annual dividend in June 2024 which is double the amount distributed in 2023 for the same period. Aankondiging • Mar 22
Tsakos Energy Navigation Limited to Report Q4, 2023 Results on Mar 27, 2024 Tsakos Energy Navigation Limited announced that they will report Q4, 2023 results Pre-Market on Mar 27, 2024 Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €20.60, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 209% over the past three years. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.30 per share at 3.0% yield Eligible shareholders must have bought the stock before 13 December 2023. Payment date: 20 December 2023. Payout ratio is a comfortable 3.7% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.2%). In line with average of industry peers (2.9%). Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: US$0.83 (vs US$1.48 in 3Q 2022) Third quarter 2023 results: EPS: US$0.83 (down from US$1.48 in 3Q 2022). Revenue: US$186.7m (down 17% from 3Q 2022). Net income: US$24.5m (down 42% from 3Q 2022). Profit margin: 13% (down from 19% in 3Q 2022). Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Aankondiging • Nov 23
Tsakos Energy Navigation Limited Announces Dividend, Payable on December 20, 2023 Tsakos Energy Navigation Limited announced dividend of $0.30 per common share on December 20, 2023 to holders of record as of December 14, 2023. This distribution reflects the second regular semiannual payment in '2023, in line with TEN's semiannual dividend policy. Overall, for '2023, the total dividend distribution of $1 per common share is 4x the $0.25 per common share distributed to the company's shareholder in 2022. Aankondiging • Nov 08
Tsakos Energy Navigation Limited to Report Q3, 2023 Results on Nov 21, 2023 Tsakos Energy Navigation Limited announced that they will report Q3, 2023 results Pre-Market on Nov 21, 2023 Upcoming Dividend • Oct 12
Upcoming dividend of US$0.40 per share at 2.8% yield Eligible shareholders must have bought the stock before 19 October 2023. Payment date: 26 October 2023. Payout ratio is a comfortable 3.7% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (5.0%). In line with average of industry peers (2.6%). Reported Earnings • Sep 08
Second quarter 2023 earnings released: EPS: US$1.65 (vs US$1.31 in 2Q 2022) Second quarter 2023 results: EPS: US$1.65 (up from US$1.31 in 2Q 2022). Revenue: US$221.5m (up 2.2% from 2Q 2022). Net income: US$48.7m (up 31% from 2Q 2022). Profit margin: 22% (up from 17% in 2Q 2022). Revenue is expected to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 30
Tsakos Energy Navigation Limited to Report Q2, 2023 Results on Sep 07, 2023 Tsakos Energy Navigation Limited announced that they will report Q2, 2023 results Pre-Market on Sep 07, 2023 Reported Earnings • May 31
First quarter 2023 earnings released: EPS: US$5.69 (vs US$0.12 loss in 1Q 2022) First quarter 2023 results: EPS: US$5.69 (up from US$0.12 loss in 1Q 2022). Revenue: US$261.2m (up 75% from 1Q 2022). Net income: US$167.9m (up US$171.0m from 1Q 2022). Profit margin: 64% (up from net loss in 1Q 2022). Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.9%. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Aankondiging • May 17
Tsakos Energy Navigation Limited to Report Q1, 2023 Results on May 30, 2023 Tsakos Energy Navigation Limited announced that they will report Q1, 2023 results at 9:30 AM, US Eastern Standard Time on May 30, 2023 Aankondiging • May 06
Tsakos Energy Navigation Limited, Annual General Meeting, Jun 16, 2023 Tsakos Energy Navigation Limited, Annual General Meeting, Jun 16, 2023, at 15:00 E. Europe Standard Time. Location: In company's Auditorium at 367 Syngrou Avenue, P. Faliro, Athens, Greece ATHENS Greece Agenda: To elect a newly appointed director and re-elect two directors who retire by rotation; to receive and consider the Company’s 2022 audited financial statements; to appoint Ernst & Young (Hellas) Certified Auditors Accountants S.A. (“Ernst & Young (Hellas)”), Athens, Greece, as auditors of the Company for the fiscal year ending December 31, 2023 and to authorize the Audit Committee of the Board of Directors to set their remuneration; to approve the directors’ remuneration; and to to transact such other business as may properly come before the 2023 Annual General Meeting. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: US$7.30 (vs US$9.53 loss in FY 2021) Full year 2022 results: EPS: US$7.30 (up from US$9.53 loss in FY 2021). Revenue: US$860.4m (up 57% from FY 2021). Net income: US$204.2m (up US$391.4m from FY 2021). Profit margin: 24% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Revenue is expected to decline by 3.5% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 06
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 20 December 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.0%). Buying Opportunity • Nov 24
Now 29% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €24.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 39%. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: US$1.79 (vs US$1.72 loss in 3Q 2021) Third quarter 2022 results: EPS: US$1.79 (up from US$1.72 loss in 3Q 2021). Revenue: US$223.7m (up 70% from 3Q 2021). Net income: US$51.4m (up US$85.4m from 3Q 2021). Profit margin: 23% (up from net loss in 3Q 2021). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Director Karen Purnell was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 15
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$216.7m (up 59% from 2Q 2021). Net income: US$46.2m (up US$74.1m from 2Q 2021). Profit margin: 21% (up from net loss in 2Q 2021). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 06
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 20 July 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 01
First quarter 2022 earnings released: US$0.12 loss per share (vs US$0.80 loss in 1Q 2021) First quarter 2022 results: US$0.12 loss per share (up from US$0.80 loss in 1Q 2021). Revenue: US$149.7m (up 7.7% from 1Q 2021). Net loss: US$3.15m (loss narrowed 78% from 1Q 2021). Over the next year, revenue is forecast to grow 6.4%, compared to a 84% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 16% per year. Reported Earnings • May 01
Full year 2021 earnings released: US$9.53 loss per share (vs US$0.80 loss in FY 2020) Full year 2021 results: US$9.53 loss per share (down from US$0.80 loss in FY 2020). Revenue: US$546.1m (down 15% from FY 2020). Net loss: US$187.2m (loss widened US$172.1m from FY 2020). Over the next year, revenue is forecast to grow 3.5%, compared to a 53% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. 3 experienced directors. 6 highly experienced directors. Independent Director Denis Petropolous was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 15
Full year 2021 earnings released: US$9.53 loss per share (vs US$0.80 loss in FY 2020) Full year 2021 results: US$9.53 loss per share (down from US$0.80 loss in FY 2020). Revenue: US$546.1m (down 15% from FY 2020). Net loss: US$187.2m (loss widened US$172.1m from FY 2020). Over the next year, revenue is expected to shrink by 10% compared to a 46% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 18
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: US$1.72 loss per share (down from US$0.55 loss in 3Q 2020). Revenue: US$131.6m (down 7.9% from 3Q 2020). Net loss: US$34.0m (loss widened 231% from 3Q 2020). Revenue missed analyst estimates by 6.7%. Over the next year, revenue is expected to shrink by 13% compared to a 52% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 08
Second quarter 2021 earnings released: US$1.50 loss per share (vs US$1.07 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$136.4m (down 28% from 2Q 2020). Net loss: US$27.9m (down 237% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 06
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 13 July 2021. Payment date: 20 July 2021. Trailing yield: 7.2%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (3.8%). Reported Earnings • Jul 01
First quarter 2021 earnings released: US$0.80 loss per share (vs US$0.58 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$139.0m (down 22% from 1Q 2020). Net loss: US$14.6m (down 233% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 17
Full year 2020 earnings released: US$0.80 loss per share (vs US$1.58 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$644.1m (up 7.8% from FY 2019). Net loss: US$15.1m (loss narrowed 46% from FY 2019). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 25
Full year 2020 earnings released: US$0.80 loss per share (vs US$1.58 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$644.1m (up 7.8% from FY 2019). Net loss: US$15.1m (loss narrowed 46% from FY 2019). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 18% share price gain to US$8.65, the stock trades at a trailing P/E ratio of 7.3x. Average forward P/E is 10x in the Oil and Gas industry in Europe. Total loss to shareholders of 30% over the past three years. Is New 90 Day High Low • Feb 19
New 90-day high: €8.40 The company is up 28% from its price of €6.55 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 32% over the same period. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 19% share price gain to US$7.52, the stock is trading at a trailing P/E ratio of 6.9x, up from the previous P/E ratio of 5.8x. This compares to an average P/E of 13x in the Oil and Gas industry in Europe. Total return to shareholders over the past three years is a loss of 48%. Is New 90 Day High Low • Dec 12
New 90-day high: €8.02 The company is up 17% from its price of €6.88 on 11 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 40% over the same period. Upcoming Dividend • Dec 08
Upcoming Dividend of US$0.13 Per Share Will be paid on the 22nd of December to those who are registered shareholders by the 15th of December. The trailing yield of 5.2% is in the top quartile of German dividend payers (3.6%), and it is in line with industry peers (5.6%). Reported Earnings • Nov 25
Third quarter 2020 earnings released: US$0.55 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: US$142.8m (up 9.0% from 3Q 2019). Net loss: US$10.3m (loss narrowed 48% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 19% share price gain to US$7.81, the stock is trading at a trailing P/E ratio of 11.4x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 12x in the Oil and Gas industry in Europe. Total return to shareholders over the past three years is a loss of 49%. Is New 90 Day High Low • Nov 24
New 90-day high: €7.81 The company is up 7.0% from its price of €7.28 on 26 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 28% over the same period. 
