Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: US$0.061 (vs US$0.15 in 2Q 2021) Second quarter 2022 results: EPS: US$0.061 (down from US$0.15 in 2Q 2021). Revenue: US$42.8m (up 3.0% from 2Q 2021). Net income: US$1.84m (down 60% from 2Q 2021). Profit margin: 4.3% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.4%, compared to a 7.7% growth forecast for the industry in Germany. Recent Insider Transactions • May 19
Co-Founder & Director recently sold €186k worth of stock On the 13th of May, Mitchell Wingo sold around 15k shares on-market at roughly €12.37 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.1m more than they bought in the last 12 months. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: US$0.06 (vs US$0.19 in 1Q 2021) First quarter 2022 results: EPS: US$0.06 (down from US$0.19 in 1Q 2021). Revenue: US$42.3m (up 8.0% from 1Q 2021). Net income: US$1.82m (down 67% from 1Q 2021). Profit margin: 4.3% (down from 14% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.4%, compared to a 14% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €15.70, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 30x in the Software industry in Germany. Total loss to shareholders of 28% over the past year. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.59 (up from US$0.66 in FY 2020). Revenue: US$167.7m (up 16% from FY 2020). Net income: US$47.2m (up 151% from FY 2020). Profit margin: 28% (up from 13% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.9%, compared to a 14% growth forecast for the industry in Germany. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS US$0.12 (vs US$0.13 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$41.6m (up 18% from 3Q 2020). Net income: US$3.53m (down 4.9% from 3Q 2020). Profit margin: 8.5% (down from 11% in 3Q 2020). The decrease in margin was driven by higher expenses. Recent Insider Transactions • May 26
Co-Founder & Director recently sold €506k worth of stock On the 21st of May, Mitchell Wingo sold around 26k shares on-market at roughly €19.83 per share. In the last 3 months, they made an even bigger sale worth €590k. Insiders have been net sellers, collectively disposing of €3.6m more than they bought in the last 12 months. Recent Insider Transactions • May 13
Independent Director recently sold €376k worth of stock On the 11th of May, Janet Cowell sold around 20k shares on-market at roughly €18.78 per share. In the last 3 months, there was an even bigger sale from another insider worth €590k. Insiders have been net sellers, collectively disposing of €3.1m more than they bought in the last 12 months. Executive Departure • May 12
Independent Director has left the company On the 7th of May, Marc Huffman's tenure as Independent Director ended after 5.2 years in the role. We don't have any record of a personal shareholding under Marc's name. Marc is the only executive to leave the company over the last 12 months. Reported Earnings • May 09
First quarter 2021 earnings released: EPS US$0.19 (vs US$0.071 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$39.2m (up 22% from 1Q 2020). Net income: US$5.46m (up 172% from 1Q 2020). Profit margin: 14% (up from 6.3% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 17
Co-Founder & Director recently sold €590k worth of stock On the 10th of March, Mitchell Wingo sold around 30k shares on-market at roughly €19.66 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €2.4m more than they bought in the last 12 months. Recent Insider Transactions • Mar 08
Independent Director recently sold €242k worth of stock On the 4th of March, Marshall Heinberg sold around 13k shares on-market at roughly €18.65 per share. In the last 3 months, there was an even bigger sale from another insider worth €372k. Insiders have been net sellers, collectively disposing of €1.9m more than they bought in the last 12 months. Recent Insider Transactions • Feb 21
Independent Chairman recently sold €372k worth of stock On the 18th of February, Timothy Buckley sold around 18k shares on-market at roughly €21.26 per share. In the last 3 months, there was an even bigger sale from another insider worth €1.2m. This was Timothy's only on-market trade for the last 12 months. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 1.7%. Over the next year, revenue is forecast to grow 6.5%, compared to a 26% growth forecast for the Software industry in Germany. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS US$0.66 (vs US$0.13 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$145.1m (up 12% from FY 2019). Net income: US$18.8m (up 441% from FY 2019). Profit margin: 13% (up from 2.7% in FY 2019). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 16% share price gain to US$20.20, the stock is trading at a trailing P/E ratio of 40.6x, up from the previous P/E ratio of 34.9x. This compares to an average P/E of 31x in the Software industry in Germany. Total returns to shareholders over the past three years are 169%. Is New 90 Day High Low • Feb 05
New 90-day high: €17.60 The company is up 39% from its price of €12.70 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.23 per share. Is New 90 Day High Low • Jan 19
New 90-day high: €15.70 The company is up 9.0% from its price of €14.40 on 21 October 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.89 per share. Recent Insider Transactions • Nov 26
Co-Founder & Director recently sold €1.2m worth of stock On the 24th of November, Mitchell Wingo sold around 100k shares on-market at roughly €11.74 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.2m more than they bought in the last 12 months. Is New 90 Day High Low • Nov 19
New 90-day low: €11.30 The company is down 28% from its price of €15.70 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €22.44 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 6.1%, compared to a 13% growth forecast for the Software industry in Germany. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS US$0.13 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$35.3m (up 11% from 3Q 2019). Net income: US$3.71m (up 115% from 3Q 2019). Profit margin: 11% (up from 5.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 19
New 90-day low: €11.50 The company is down 6.0% from its price of €12.20 on 19 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €24.74 per share. 
