Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €16.05, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 22x in the Infrastructure industry in France. Total returns to shareholders of 58% over the past three years. Upcoming Dividend • Mar 31
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 07 April 2026. Payment date: 09 April 2026. The company is paying out more than 100% of its profits and is paying out 99% of its cash flow. Trailing yield: 7.9%. Within top quartile of French dividend payers (5.8%). Higher than average of industry peers (3.7%). Declared Dividend • Feb 16
Dividend of €1.50 announced Dividend of €1.50 is the same as last year. Ex-date: 7th April 2026 Payment date: 9th April 2026 Dividend yield will be 9.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (194% earnings payout ratio) nor is it adequately covered by cash flows (99% cash payout ratio). The dividend has increased by an average of 16% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 116% to bring the payout ratio under control, which is more than the 57% EPS growth achieved over the last 5 years. Aankondiging • Feb 14
Signaux Girod S.A., Annual General Meeting, Mar 26, 2026 Signaux Girod S.A., Annual General Meeting, Mar 26, 2026. Location: 881 route des fontaines, bellefontaine France Reported Earnings • Feb 02
Full year 2025 earnings released: EPS: €0.77 (vs €0.87 in FY 2024) Full year 2025 results: EPS: €0.77 (down from €0.87 in FY 2024). Revenue: €101.7m (flat on FY 2024). Net income: €764.0k (down 13% from FY 2024). Profit margin: 0.8% (down from 0.9% in FY 2024). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jan 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. 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: Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (€15.3m market cap, or US$17.9m). Reported Earnings • Jul 02
First half 2025 earnings released: EPS: €0.021 (vs €0.65 in 1H 2024) First half 2025 results: EPS: €0.021 (down from €0.65 in 1H 2024). Revenue: €50.1m (flat on 1H 2024). Net income: €21.0k (down 97% from 1H 2024). Profit margin: 0% (down from 1.3% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €15.95, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 19x in the Infrastructure industry in France. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Apr 01
Upcoming dividend of €1.50 per share Eligible shareholders must have bought the stock before 08 April 2025. Payment date: 10 April 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.7%. Within top quartile of French dividend payers (5.5%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €18.50, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 26x in the Infrastructure industry in France. Total returns to shareholders of 28% over the past three years. New Risk • Feb 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.9% Last year net profit margin: 2.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 (€16.2m market cap, or US$16.9m). Aankondiging • Feb 01
Signaux Girod S.A., Annual General Meeting, Mar 27, 2025 Signaux Girod S.A., Annual General Meeting, Mar 27, 2025. New Risk • Jan 14
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: Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€14.2m market cap, or US$14.6m). Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €13.70, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 13x in the Infrastructure industry in France. Total loss to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €15.60, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 14x in the Infrastructure industry in France. Total returns to shareholders of 8.4% over the past three years. Upcoming Dividend • May 22
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 31 May 2024. Trailing yield: 5.0%. Lower than top quartile of French dividend payers (5.2%). Higher than average of industry peers (3.2%). New Risk • Mar 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 5.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€18.6m market cap, or US$20.1m). New Risk • Feb 09
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 6.5% 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 Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (€18.5m market cap, or US$19.9m). New Risk • Jan 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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: Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Market cap is less than US$100m (€13.9m market cap, or US$15.1m). Reported Earnings • Jan 30
Full year 2022 earnings released: €3.58 loss per share (vs €1.44 loss in FY 2021) Full year 2022 results: €3.58 loss per share (further deteriorated from €1.44 loss in FY 2021). Revenue: €102.6m (up 8.2% from FY 2021). Net loss: €3.65m (loss widened 148% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Eric Marcel Pichet was the last independent director to join the board, commencing their role in 2013. 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 • Jul 04
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up €731.0k from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Eric Marcel Pichet was the last independent director to join the board, commencing their role in 2013. 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 • Jan 31
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €1.44 loss per share (up from €5.10 loss in FY 2020). Revenue: €94.8m (up 9.2% from FY 2020). Net loss: €1.47m (loss narrowed 72% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 11
New 90-day high: €17.15 The company is up 53% from its price of €11.20 on 12 November 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 5.0% over the same period. Reported Earnings • Feb 02
Full year 2020 earnings released: €5.10 loss per share (vs €0.74 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €86.8m (down 13% from FY 2019). Net loss: €5.25m (down €6.03m from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improved over the past week After last week's 20% share price gain to €16.95, the stock is trading at a trailing P/E ratio of 19.1x, up from the previous P/E ratio of 16x. This compares to an average P/E of 20x in the Infrastructure industry in Europe. Total return to shareholders over the past three years is a loss of 10%. Is New 90 Day High Low • Dec 31
New 90-day high: €14.15 The company is up 50% from its price of €9.44 on 02 October 2020. The French market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 16% share price gain to €14.15, the stock is trading at a trailing P/E ratio of 16x, up from the previous P/E ratio of 13.8x. This compares to an average P/E of 19x in the Infrastructure industry in Europe. Total return to shareholders over the past three years is a loss of 23%. Is New 90 Day High Low • Dec 12
New 90-day high: €12.10 The company is up 20% from its price of €10.10 on 11 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 Infrastructure industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: €11.45 The company is up 9.0% from its price of €10.50 on 18 August 2020. The French market is also up 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Infrastructure industry, which is up 19% over the same period. Is New 90 Day High Low • Oct 24
New 90-day high: €11.40 The company is up 14% from its price of €9.96 on 24 July 2020. The French market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: €10.90 The company is up 3.0% from its price of €10.55 on 09 July 2020. The French market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 6.0% over the same period.