Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €6.50, the stock trades at a trailing P/E ratio of 40.9x. Average trailing P/E is 36x in the Semiconductor industry in France. Total returns to shareholders of 10% over the past three years. New Risk • Jul 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 60% 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 Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Negative equity (-€4.8m). Large one-off items impacting financial results. Market cap is less than US$100m (€52.5m market cap, or US$61.0m). Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €5.80, the stock trades at a trailing P/E ratio of 36.5x. Average trailing P/E is 21x in the Semiconductor industry in France. Total returns to shareholders of 15% over the past three years. Reported Earnings • Jul 10
Full year 2025 earnings released: EPS: €0.16 (vs €0.11 loss in FY 2024) Full year 2025 results: EPS: €0.16 (up from €0.11 loss in FY 2024). Revenue: €15.5m (up 13% from FY 2024). Net income: €1.44m (up €2.43m from FY 2024). Profit margin: 9.3% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 20
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €4.50. The fair value is estimated to be €3.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 02
Now 29% overvalued Over the last 90 days, the stock has fallen 9.1% to €5.00. The fair value is estimated to be €3.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last year. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 13
Now 33% overvalued The stock has been flat over the last 90 days, currently trading at €5.00. The fair value is estimated to be €3.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. New Risk • Feb 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. 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 Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risks Negative equity (-€6.2m). Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Market cap is less than US$100m (€38.9m market cap, or US$40.3m). Buy Or Sell Opportunity • Jan 27
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 50% to €5.35. The fair value is estimated to be €4.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 34% to €5.00. The fair value is estimated to be €4.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Dec 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to €3.38. The fair value is estimated to be €4.23, 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. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 17
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to €5.45. The fair value is estimated to be €4.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 28
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 53% to €5.50. The fair value is estimated to be €4.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jul 23
Full year 2024 earnings released: EPS: €0.30 (vs €0.16 in FY 2023) Full year 2024 results: EPS: €0.30. Revenue: €14.3m (up 11% from FY 2023). Net loss: €991.0k (down 168% from profit in FY 2023). Aankondiging • Jul 22
Tronic's Microsystems SA, Annual General Meeting, Sep 24, 2024 Tronic's Microsystems SA, Annual General Meeting, Sep 24, 2024. Location: 98 rue du pre de l horme z i, crolles France New Risk • Jul 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Negative equity (-€6.8m). Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (€37.6m market cap, or US$40.7m). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €4.38, the stock trades at a trailing P/E ratio of 41.5x. Average trailing P/E is 15x in the Semiconductor industry in France. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €4.40, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 16x in the Semiconductor industry in France. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €4.44, the stock trades at a trailing P/E ratio of 42.1x. Average trailing P/E is 15x in the Semiconductor industry in France. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €4.00, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 15x in the Semiconductor industry in France. Total loss to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €3.62, the stock trades at a trailing P/E ratio of 34.3x. Average trailing P/E is 21x in the Semiconductor industry in France. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.22, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 23x in the Semiconductor industry in France. Total loss to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to €4.38, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 27x in the Semiconductor industry in France. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Oct 23
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €3.50, the stock trades at a trailing P/E ratio of 21.6x. Average trailing P/E is 21x in the Semiconductor industry in France. Total loss to shareholders of 56% over the past three years. New Risk • Oct 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 104% 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 (1.2x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-€7.4m). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€28.9m market cap, or US$30.7m). Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to €3.20, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 24x in the Semiconductor industry in France. Total loss to shareholders of 41% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.38, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 24x in the Semiconductor industry in France. Total loss to shareholders of 18% over the past three years. Reported Earnings • Jul 26
Full year 2023 earnings released: €0.58 loss per share (vs €0.56 loss in FY 2022) Full year 2023 results: €0.58 loss per share. Revenue: €13.4m (up 3.5% from FY 2022). Net income: €1.47m (up €6.55m from FY 2022). Profit margin: 11% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. New Risk • Jun 22
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risks Less than 1 year of cash runway based on free cash flow trend (-€1.3m free cash flow). Shares are highly illiquid. Negative equity (-€7.6m). Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Market cap is less than US$100m (€37.1m market cap, or US$40.6m). Reported Earnings • Jul 31
Full year 2022 earnings released: €0.60 loss per share (vs €1.46 loss in FY 2021) Full year 2022 results: €0.60 loss per share (up from €1.46 loss in FY 2021). Revenue: €13.5m (up 56% from FY 2021). Net loss: €5.09m (loss narrowed 5.2% from FY 2021). Reported Earnings • Dec 29
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: €0.67 loss per share (down from €0.55 loss in 1H 2021). Revenue: €6.39m (up 66% from 1H 2021). Net loss: €2.45m (loss widened 22% from 1H 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 20%. Reported Earnings • Jul 17
Full year 2021 earnings released: €1.46 loss per share (vs €2.39 loss in FY 2020) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2021 results: Revenue: €8.69m (up 40% from FY 2020). Net loss: €5.36m (loss narrowed 39% from FY 2020).