Upcoming Dividend • May 20
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.0%). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Monica Girardi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Mar 18
Neodecortech S.p.A. announces Annual dividend, payable on May 27, 2026 Neodecortech S.p.A. announced Annual dividend of EUR 0.1500 per share payable on May 27, 2026, ex-date on May 25, 2026 and record date on May 26, 2026. Aankondiging • Nov 27
Neodecortech S.p.A. (BIT:NDT) completed the acquisition of Lamitex S.P.A. for €8.1 million. Neodecortech S.p.A. (BIT:NDT) signed a binding agreement acquire Lamitex S.P.A. for €8.1 million on November 25, 2025. The total purchase price, which is not subject to adjustment mechanisms, is equal to €8.38 million, which will be paid for €7.5 million in cash and for the remaining €0.88 million through the transfer of 189,247 treasury shares of NDT at a unit price of €4.65 each. At the closing date, the treasury shares indicated will be transferred in full and, using available resources, a total amount of €3.5 million will be paid in cash. The remaining portion of the consideration, equal to €4.0 million, will be paid in two equal tranches respectively 6 months and 12 months after closing. Within the Neodecortech Group, Lamitex will remain a separate legal entity. In the 2024 financial year, Lamitex S.P.A. achieved a turnover of €12.8 million with an EBITDA of €1.8 million.
Studio Legale Associato Deloitte acted as legal advisor for Neodecortech S.p.A. Deloitte Financial Advisory Services S.p.A. acted as financial advisor for Neodecortech S.p.A. Colla Di Piazza acted as legal advisor for Lamitex S.P.A.
Neodecortech S.p.A. (BIT:NDT) completed the acquisition of Lamitex S.P.A. on November 26, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.074 (vs €0.031 loss in 3Q 2023) Third quarter 2024 results: EPS: €0.074 (up from €0.031 loss in 3Q 2023). Revenue: €37.2m (down 5.9% from 3Q 2023). Net income: €956.0k (up €1.37m from 3Q 2023). Profit margin: 2.6% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe. Buy Or Sell Opportunity • Oct 21
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to €2.84. The fair value is estimated to be €3.67, 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 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years. Buy Or Sell Opportunity • Sep 19
Now 20% undervalued Over the last 90 days, the stock has risen 1.7% to €3.06. The fair value is estimated to be €3.84, 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 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years. Buy Or Sell Opportunity • Aug 13
Now 22% undervalued Over the last 90 days, the stock has risen 8.7% to €2.99. The fair value is estimated to be €3.82, 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 44%. Revenue is forecast to grow by 7.7% in 2 years. Earnings are forecast to grow by 1,000% in the next 2 years. New Risk • Aug 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (€43.0m market cap, or US$47.0m). Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: €0.052 (vs €0.16 in 2Q 2023) Second quarter 2024 results: EPS: €0.052 (down from €0.16 in 2Q 2023). Revenue: €42.8m (down 7.1% from 2Q 2023). Net income: €604.0k (down 74% from 2Q 2023). Profit margin: 1.4% (down from 5.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe. Buy Or Sell Opportunity • Jul 02
Now 21% undervalued Over the last 90 days, the stock has risen 4.2% to €3.01. The fair value is estimated to be €3.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 7.5% in 2 years. Earnings are forecast to grow by 135% in the next 2 years. New Risk • May 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Dividend is not well covered by earnings (116% payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€40.9m market cap, or US$44.4m). Reported Earnings • May 14
First quarter 2024 earnings released: EPS: €0.04 (vs €0.09 in 1Q 2023) First quarter 2024 results: EPS: €0.04 (down from €0.09 in 1Q 2023). Revenue: €43.5m (down 7.3% from 1Q 2023). Net income: €612.0k (down 51% from 1Q 2023). Profit margin: 1.4% (down from 2.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: €0.20 (vs €0.60 in FY 2022) Full year 2023 results: EPS: €0.20 (down from €0.60 in FY 2022). Revenue: €168.8m (down 17% from FY 2022). Net income: €2.85m (down 66% from FY 2022). Profit margin: 1.7% (down from 4.1% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Forestry industry in Europe. New Risk • Nov 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 124% 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 Interest payments are not well covered by earnings (0.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€39.1m market cap, or US$42.5m). Reported Earnings • Nov 10
Third quarter 2023 earnings released: €0.029 loss per share (vs €0.13 profit in 3Q 2022) Third quarter 2023 results: €0.029 loss per share (down from €0.13 profit in 3Q 2022). Revenue: €39.5m (down 27% from 3Q 2022). Net loss: €414.0k (down 123% from profit in 3Q 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Forestry industry in Europe. Reported Earnings • Sep 08
Second quarter 2023 earnings released: EPS: €0.17 (vs €0.27 in 2Q 2022) Second quarter 2023 results: EPS: €0.17 (down from €0.27 in 2Q 2022). Revenue: €46.4m (down 11% from 2Q 2022). Net income: €2.34m (down 40% from 2Q 2022). Profit margin: 5.0% (down from 7.5% in 2Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €3.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 10% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €5.04 per share. Upcoming Dividend • May 16
Upcoming dividend of €0.14 per share at 4.5% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.6%). Reported Earnings • May 10
First quarter 2023 earnings released: EPS: €0.09 (vs €0.30 in 1Q 2022) First quarter 2023 results: EPS: €0.09 (down from €0.30 in 1Q 2022). Revenue: €49.4m (down 2.1% from 1Q 2022). Net income: €1.25m (down 70% from 1Q 2022). Profit margin: 2.5% (down from 8.4% in 1Q 2022). Revenue is forecast to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Buying Opportunity • Dec 15
Now 22% undervalued Over the last 90 days, the stock is up 3.1%. The fair value is estimated to be €4.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 41%. Revenue is forecast to decline by 2.9% in 2 years. Earnings is forecast to decline by 38% in the next 2 years. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Chairman of the Board of Directors Luca Peli is the most experienced director on the board, commencing their role in 2021. Independent Director Ida Altimare was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 10
Second quarter 2022 earnings released: EPS: €0.27 (vs €0.10 in 2Q 2021) Second quarter 2022 results: EPS: €0.27 (up from €0.10 in 2Q 2021). Revenue: €52.3m (up 23% from 2Q 2021). Net income: €3.91m (up 187% from 2Q 2021). Profit margin: 7.5% (up from 3.2% in 2Q 2021). 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, while revenues in the Forestry industry in Europe are expected to remain flat. Buying Opportunity • Jun 11
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €4.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to decline by 1.2% in a year. Earnings is forecast to grow by 4.9% in the next year. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: €0.30 (vs €0.13 in 1Q 2021) First quarter 2022 results: EPS: €0.30 (up from €0.13 in 1Q 2021). Revenue: €50.4m (up 25% from 1Q 2021). Net income: €4.22m (up 140% from 1Q 2021). Profit margin: 8.4% (up from 4.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 1.2% compared to a 8.0% growth forecast for the industry in Germany. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Luca Peli was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 05
Full year 2021 earnings released: EPS: €0.50 (vs €0.27 in FY 2020) Full year 2021 results: EPS: €0.50 (up from €0.27 in FY 2020). Revenue: €178.3m (up 37% from FY 2020). Net income: €6.69m (up 89% from FY 2020). Profit margin: 3.7% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.7%, compared to a 3.9% growth forecast for the industry in Germany. Board Change • Mar 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Director Luca Peli was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.