New Risk • 6h
New major risk - Revenue and earnings growth Earnings have declined by 23% 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 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€71.4m market cap, or US$82.9m). Aankondiging • Jan 11
Moulinvest S.A., Annual General Meeting, Feb 17, 2025 Moulinvest S.A., Annual General Meeting, Feb 17, 2025. Location: z a de ville, dunieres France Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €16.45, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Forestry industry in Europe. Total loss to shareholders of 23% over the past three years. Reported Earnings • Jun 16
First half 2024 earnings released First half 2024 results: Revenue: €46.7m (down 11% from 1H 2023). Net loss: €215.0k (down 103% from profit in 1H 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Forestry industry in Europe. New Risk • Jun 13
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 German stocks, typically moving 7.0% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (€53.0m market cap, or US$56.9m). New Risk • Jun 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (9.6% net profit margin). Market cap is less than US$100m (€61.4m market cap, or US$66.0m). New Risk • Mar 22
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 German stocks, typically moving 6.9% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (9.6% net profit margin). Market cap is less than US$100m (€54.3m market cap, or US$58.9m). Upcoming Dividend • Feb 19
Upcoming dividend of €0.33 per share Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 27 February 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (4.4%). New Risk • Dec 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended February 2023. 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 Risk Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported February 2023 fiscal period end). Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€76.6m market cap, or US$84.7m). New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€66.0m market cap, or US$72.5m). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €21.75, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Forestry industry in Europe. Total loss to shareholders of 36% over the past year. New Risk • Nov 04
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 German stocks, typically moving 6.9% 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 Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (€71.1m market cap, or US$76.3m). Reported Earnings • Jun 17
First half 2023 earnings released: EPS: €2.51 (vs €3.48 in 1H 2022) First half 2023 results: EPS: €2.51 (down from €3.48 in 1H 2022). Revenue: €53.7m (down 6.1% from 1H 2022). Net income: €7.51m (down 28% from 1H 2022). Profit margin: 14% (down from 18% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Forestry industry in Europe. New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 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 Risk Earnings are forecast to decline by an average of 6.0% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported August 2022 fiscal period end). Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (€70.8m market cap, or US$77.4m). Upcoming Dividend • Feb 24
Upcoming dividend of €1.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 03 March 2023. Payment date: 07 March 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.0%). Reported Earnings • Dec 15
Full year 2022 earnings released: EPS: €6.19 (vs €3.64 in FY 2021) Full year 2022 results: EPS: €6.19 (up from €3.64 in FY 2021). Revenue: €114.9m (up 22% from FY 2021). Net income: €18.6m (up 69% from FY 2021). Profit margin: 16% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Forestry industry in Europe are expected to remain flat. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €42.10, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 32% over the past year. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 20% share price gain to €45.90, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 91% over the past year. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €52.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 123% over the past year. Reported Earnings • Jun 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €4.13m from profit in 1H 2021). Profit margin: (down from 9.7% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 1.4% compared to a 8.3% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 15% share price gain to €63.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Forestry industry in Europe. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 17% share price gain to €52.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Forestry industry in Europe. Reported Earnings • Dec 15
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €94.6m (up 43% from FY 2020). Net income: €11.0m (up 193% from FY 2020). Profit margin: 12% (up from 5.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 3.9% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 18% share price gain to €36.30, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Forestry industry in Europe. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 18% share price gain to €31.70, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Forestry industry in Europe. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €27.30, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Forestry industry in Europe. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 15% share price gain to €29.70, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Forestry industry in Europe.