New Risk • May 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€7.77m market cap, or US$9.07m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-€16m). Aankondiging • May 15
Don't Nod Entertainment S.A., Annual General Meeting, Jun 17, 2026 Don't Nod Entertainment S.A., Annual General Meeting, Jun 17, 2026. Location: 11 rue de cambrai, paris France New Risk • Apr 26
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €43m Forecast net loss in 2 years: €2.8m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€5.85m market cap, or US$6.85m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€2.8m net loss in 2 years). Share price has been volatile over the past 3 months (8.5% average weekly change). Aankondiging • Apr 25
Don't Nod Entertainment S.A. to Report Fiscal Year 2025 Results on Apr 23, 2026 Don't Nod Entertainment S.A. announced that they will report fiscal year 2025 results at 5:40 PM, Central European Standard Time on Apr 23, 2026 New Risk • Dec 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 French stocks, typically moving 6.7% 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: Major Risk Market cap is less than US$10m (€8.06m market cap, or US$9.47m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.3m net loss in 2 years). Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • Nov 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.68m (US$9.99m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€8.68m market cap, or US$9.99m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€26m). Currently unprofitable and not forecast to become profitable next year (€9.3m net loss next year). Aankondiging • May 06
Don't Nod Entertainment S.A., Annual General Meeting, Jun 10, 2025 Don't Nod Entertainment S.A., Annual General Meeting, Jun 10, 2025. Location: parc du pont de flandre, 11 rue de cambrai, paris France Major Estimate Revision • Apr 23
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €13.6m to €10.7m. Forecast losses increased from -€0.243 to -€1.11 per share. Entertainment industry in France expected to see average net income growth of 82% next year. Consensus price target down from €1.73 to €1.53. Share price fell 4.0% to €0.72 over the past week. Reported Earnings • Apr 17
Full year 2024 earnings released Full year 2024 results: Revenue: €23.9m (down 25% from FY 2023). Net loss: €64.3m (loss widened 334% from FY 2023). Revenue is expected to decline by 32% p.a. on average during the next 2 years, while revenues in the Entertainment industry in France are expected to grow by 3.1%. New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.10m (US$9.94m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€9.10m market cap, or US$9.94m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€2.0m net loss in 2 years). New Risk • Mar 05
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €56m Forecast net loss in 2 years: €3.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€3.2m net loss in 2 years). Market cap is less than US$100m (€13.0m market cap, or US$13.9m). New Risk • Nov 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of French stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risk Market cap is less than US$100m (€13.1m market cap, or US$14.0m). Reported Earnings • Oct 21
First half 2024 earnings released First half 2024 results: Revenue: €14.6m (down 11% from 1H 2023). Net loss: €42.4m (loss widened €41.5m from 1H 2023). Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to grow by 8.1%. Major Estimate Revision • Sep 25
Consensus revenue estimates fall by 53% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €8.37m to €3.97m. Forecast losses increased from -€0.205 to -€3.75 per share. Entertainment industry in France expected to see average net income growth of 35% next year. Consensus price target down from €6.30 to €3.87. Share price fell 15% to €1.43 over the past week. Price Target Changed • Sep 24
Price target decreased by 41% to €3.87 Down from €6.50, the current price target is an average from 3 analysts. New target price is 121% above last closing price of €1.75. Stock is down 75% over the past year. The company is forecast to post a net loss per share of €3.75 next year compared to a net loss per share of €1.19 last year. Major Estimate Revision • Aug 06
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €11.4m to €8.37m. Forecast losses increased from -€0.03 to -€0.18 per share. Entertainment industry in France expected to see average net income growth of 30% next year. Consensus price target down from €6.50 to €6.30. Share price fell 3.4% to €1.97 over the past week. Price Target Changed • Jul 02
Price target decreased by 23% to €6.93 Down from €8.97, the current price target is an average from 3 analysts. New target price is 230% above last closing price of €2.10. Stock is down 74% over the past year. The company is forecast to post earnings per share of €0.27 next year compared to a net loss per share of €1.19 last year. Aankondiging • May 08
Don't Nod Entertainment S.A., Annual General Meeting, Jun 11, 2024 Don't Nod Entertainment S.A., Annual General Meeting, Jun 11, 2024. Location: parc du pont de flandre le beauvaisis, 11 rue de cambrai, paris France Reported Earnings • Apr 18
Full year 2023 earnings released Full year 2023 results: Revenue: €32.1m (up 6.8% from FY 2022). Net loss: €14.8m (down €17.4m from profit in FY 2022). Revenue is expected to decline by 23% p.a. on average during the next 2 years, while revenues in the Entertainment industry in France are expected to grow by 15%. New Risk • Mar 28
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 French stocks, typically moving 6.7% 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: Major Risk High level of non-cash earnings (45% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (€35.3m market cap, or US$38.1m). Aankondiging • Feb 21
Don't Nod Entertainment S.A. to Report Fiscal Year 2023 Results on Apr 17, 2024 Don't Nod Entertainment S.A. announced that they will report fiscal year 2023 results on Apr 17, 2024 Major Estimate Revision • Nov 16
Consensus revenue estimates fall by 43% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €16.5m to €9.40m. Forecast loss of -€0.01, down from profit of €0.133 per share profit previously. Entertainment industry in France expected to see average net income growth of 42% next year. Consensus price target down from €15.33 to €13.37. Share price fell 14% to €6.34 over the past week. New Risk • Nov 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (45% accrual ratio). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (€93.3m market cap, or US$99.7m). Price Target Changed • Nov 06
Price target decreased by 18% to €14.57 Down from €17.70, the current price target is an average from 3 analysts. New target price is 104% above last closing price of €7.14. Stock is down 33% over the past year. The company is forecast to post earnings per share of €0.13 for next year compared to €0.30 last year. Major Estimate Revision • Oct 23
Consensus revenue estimates increase by 10%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €15.0m to €16.5m. EPS estimate fell from €0.343 to €0.133. Net income forecast to grow 40,598% next year vs 51% growth forecast for Entertainment industry in France. Consensus price target broadly unchanged at €17.47. Share price rose 21% to €5.40 over the past week. Reported Earnings • Oct 18
First half 2023 earnings released First half 2023 results: Revenue: €16.5m (up 10% from 1H 2022). Net loss: €866.0k (down 152% from profit in 1H 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, while revenues in the Entertainment industry in France are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 32% per year whereas the company’s share price has fallen by 30% per year. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €5.08, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Entertainment industry in Europe. Total loss to shareholders of 65% over the past three years. Major Estimate Revision • Sep 28
Consensus revenue estimates fall by 33% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €22.4m to €15.0m. EPS estimate fell from €0.51 to €0.343 per share. Net income forecast to grow 114% next year vs 51% growth forecast for Entertainment industry in France. Consensus price target down from €18.93 to €17.70. Share price fell 7.0% to €6.62 over the past week. New Risk • Jul 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 59% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (59% accrual ratio). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Price Target Changed • Jun 13
Price target increased by 9.2% to €18.87 Up from €17.28, the current price target is an average from 3 analysts. New target price is 136% above last closing price of €8.00. Stock is down 23% over the past year. Price Target Changed • May 25
Price target decreased by 12% to €17.28 Down from €19.63, the current price target is an average from 3 analysts. New target price is 102% above last closing price of €8.54. Stock is down 28% over the past year. Reported Earnings • Apr 18
Full year 2022 earnings released Full year 2022 results: Revenue: €30.0m (up 13% from FY 2021). Net income: €2.55m (up €5.81m from FY 2021). Profit margin: 8.5% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Revenue is expected to fall by 11% p.a. on average during the next 2 years compared to a 1.3% decline forecast for the Entertainment industry in France. Buying Opportunity • Feb 17
Now 21% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be €13.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Julien Bares was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 12
First half 2022 earnings released First half 2022 results: Revenue: €14.9m (up 16% from 1H 2021). Net income: €1.67m (up 372% from 1H 2021). Profit margin: 11% (up from 2.8% in 1H 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Entertainment industry in France. Reported Earnings • Apr 28
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €26.7m (up 13% from FY 2020). Net loss: €3.26m (down 443% from profit in FY 2020). Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is expected to shrink by 55% compared to a 6.2% growth forecast for the industry in France. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Censor Samuel Jacques was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Feb 24
Price target decreased to €21.47 Down from €23.50, the current price target is an average from 2 analysts. New target price is 66% above last closing price of €12.95. Stock is down 18% over the past year. The company is forecast to post earnings per share of €0.10 for next year compared to €0.19 last year. Reported Earnings • Oct 03
First half 2021 earnings released The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: €12.8m (up 19% from 1H 2020). Net income: €355.0k (down 47% from 1H 2020). Profit margin: 2.8% (down from 6.2% in 1H 2020). The decrease in margin was driven by higher expenses. Price Target Changed • Jul 20
Price target increased to €23.80 Up from €22.10, the current price target is an average from 3 analysts. New target price is 59% above last closing price of €15.00. Stock is up 14% over the past year. Reported Earnings • Apr 20
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €23.6m (up 31% from FY 2019). Net income: €949.0k (up €1.04m from FY 2019). Profit margin: 4.0% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Feb 24
New 90-day low: €15.60 The company is down 6.0% from its price of €16.65 on 25 November 2020. The French market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 13% over the same period. Price Target Changed • Feb 04
Price target raised to €20.83 Up from €17.15, the current price target is an average from 3 analysts. The new target price is 16% above the current share price of €17.90. As of last close, the stock is up 23% over the past year. Aankondiging • Jan 29
Don't Nod Entertainment S.A. has completed a Follow-on Equity Offering in the amount of €50 million. Don't Nod Entertainment S.A. has completed a Follow-on Equity Offering in the amount of €50 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 3,125,000
Price\Range: €16
Transaction Features: Subsequent Direct Listing Is New 90 Day High Low • Jan 15
New 90-day high: €17.30 The company is up 21% from its price of €14.35 on 16 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.62 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €17.15 The company is up 37% from its price of €12.50 on 17 September 2020. The French market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €36.20 per share. Major Estimate Revision • Dec 11
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.17 to €0.19. No change was made to the revenue estimate which at the last update was €13.9m. Net income is expected to grow by 472% next year compared to 19% growth forecast for the Entertainment industry in France. The consensus price target of €18.33 was unchanged from the last update. Share price is up 1.5% to €16.50 over the past week. Is New 90 Day High Low • Nov 20
New 90-day high: €15.55 The company is up 21% from its price of €12.85 on 21 August 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.70 per share. Major Estimate Revision • Nov 11
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €0.20 to €0.18. No change was made to the revenue estimate which at the last update was €13.9m. Net income is expected to grow by 570% next year compared to 19% growth forecast for the Entertainment industry in France. The consensus price target increased from €16.90 to €17.15. Share price is up 5.5% to €15.25 over the past week. Major Estimate Revision • Oct 08
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €0.33 to €0.17. No change was made to the revenue estimate which at the last update was €13.9m. Net income is expected to grow by 598% next year compared to 5.5% growth forecast for the Entertainment industry in France. The consensus price target was lowered from €17.55 to €17.15. Share price is up 6.6% to €14.50 over the past week. Is New 90 Day High Low • Oct 06
New 90-day high: €14.95 The company is up 6.0% from its price of €14.15 on 08 July 2020. The French market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment 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 per share. Reported Earnings • Sep 30
First half earnings released Over the last 12 months the company has reported total profits of €175.0k, down 91% from the prior year. Total revenue was €19.8m over the last 12 months, up 3.6% from the prior year. 
