Buying Opportunity • Dec 13
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be €5.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to decline by 3.4% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Upcoming Dividend • Nov 22
Upcoming dividend of US$0.013 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 15 December 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (9.2%). 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. 8 experienced directors. No highly experienced directors. Independent Director Tara Hassan 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. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 16% share price gain to €3.59, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total loss to shareholders of 3.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.97 per share. Upcoming Dividend • Aug 23
Upcoming dividend of US$0.013 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 62% and the cash payout ratio is 77%. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (9.6%). Reported Earnings • Aug 13
Second quarter 2022 earnings released: EPS: US$0.019 (vs US$0.026 in 2Q 2021) Second quarter 2022 results: EPS: US$0.019 (down from US$0.026 in 2Q 2021). Revenue: US$14.2m (flat on 2Q 2021). Net income: US$2.76m (down 26% from 2Q 2021). Profit margin: 19% (down from 26% in 2Q 2021). Over the next year, revenue is forecast to grow 3.1%, compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Aug 02
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. 8 experienced directors. No highly experienced directors. Independent Director Tara Hassan 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. Upcoming Dividend • May 20
Upcoming dividend of US$0.013 per share Eligible shareholders must have bought the stock before 27 May 2022. Payment date: 15 June 2022. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (7.8%). Reported Earnings • May 14
First quarter 2022 earnings released: EPS: US$0.024 (vs US$0.10 in 1Q 2021) First quarter 2022 results: EPS: US$0.024 (down from US$0.10 in 1Q 2021). Revenue: US$14.7m (up 12% from 1Q 2021). Net income: US$3.52m (down 76% from 1Q 2021). Profit margin: 24% (down from 113% in 1Q 2021). Over the next year, revenue is forecast to grow 7.5%, compared to a 40% growth forecast for the industry in Germany. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.17 (down from US$0.19 in FY 2020). Revenue: US$57.5m (up 11% from FY 2020). Net income: US$24.1m (up 1.5% from FY 2020). Profit margin: 42% (down from 46% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 6.9%, compared to a 30% growth forecast for the mining industry in Germany. Recent Insider Transactions • Mar 12
Insider recently sold €244k worth of stock On the 9th of March, Steven Busby sold around 52k shares on-market at roughly €4.65 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €804k more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 17% share price gain to €4.16, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 7.7% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.50 per share. Recent Insider Transactions • Dec 15
President recently bought €75k worth of stock On the 10th of December, Ryan McIntyre bought around 20k shares on-market at roughly €3.77 per share. This was the largest purchase by an insider in the last 3 months. Ryan has been a buyer over the last 12 months, purchasing a net total of €160k worth in shares. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS US$0.02 (vs US$0.11 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$13.7m (down 8.0% from 3Q 2020). Net income: US$2.83m (down 80% from 3Q 2020). Profit margin: 21% (down from 97% in 3Q 2020). Upcoming Dividend • Aug 23
Upcoming dividend of US$0.013 per share Eligible shareholders must have bought the stock before 30 August 2021. Payment date: 15 September 2021. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (6.8%). Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS US$0.026 (vs US$0.025 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: US$14.3m (up 30% from 2Q 2020). Net income: US$3.71m (up 21% from 2Q 2020). Profit margin: 26% (down from 28% in 2Q 2020). Recent Insider Transactions • Jul 21
CEO & Director recently sold €621k worth of stock On the 13th of July, Daniel O'Flaherty sold around 138k shares on-market at roughly €4.51 per share. This was the largest sale by an insider in the last 3 months. Daniel has been a seller over the last 12 months, reducing personal holdings by €540k. Upcoming Dividend • May 20
Upcoming dividend of US$0.013 per share Eligible shareholders must have bought the stock before 27 May 2021. Payment date: 15 June 2021. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (4.5%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS US$0.10 (vs US$0.007 in 1Q 2020) First quarter 2021 results: Revenue: US$13.1m (up 41% from 1Q 2020). Net income: US$14.8m (up US$13.9m from 1Q 2020). Reported Earnings • Mar 25
Full year 2020 earnings released: EPS US$0.19 (vs US$0.071 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$51.7m (up 53% from FY 2019). Net income: US$23.7m (up US$31.4m from FY 2019). Profit margin: 46% (up from net loss in FY 2019). Production and reserves: Gold Number of mines: 1 (3 in FY 2019) Is New 90 Day High Low • Mar 09
New 90-day low: €3.78 The company is down 7.0% from its price of €4.08 on 08 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 48% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.20 per share. Recent Insider Transactions • Jan 23
Director recently sold €136k worth of stock On the 15th of January, A. Doyle sold around 30k shares on-market at roughly €4.60 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €196k more than they sold in the last 12 months. Recent Insider Transactions • Jan 17
Director recently sold €136k worth of stock On the 15th of January, A. Doyle sold around 30k shares on-market at roughly €4.60 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €331k more than they sold in the last 12 months. Recent Insider Transactions • Dec 19
CEO & Director recently bought €81k worth of stock On the 15th of December, Daniel O'Flaherty bought around 20k shares on-market at roughly €4.04 per share. This was the largest purchase by an insider in the last 3 months. Daniel has been a buyer over the last 12 months, purchasing a net total of €203k worth in shares. Is New 90 Day High Low • Dec 11
New 90-day low: €3.92 The company is down 2.0% from its price of €4.00 on 11 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.32 per share. Is New 90 Day High Low • Oct 13
New 90-day high: €4.66 The company is up 19% from its price of €3.90 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.87 per share. 
