Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. Director Sandra Lagumina was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Jun 17
Gaztransport & Technigaz Approves Cash Dividend for the Year 2025, Payable on June 19, 2026 Gaztransport & Technigaz announced that at the Annual General Meeting held on June 16, 2026 approved the payment of a dividend of EUR 8.94 per share, it being specified that an interim dividend amounting to EUR 4.00 was paid on December 11, 2025. The balance due, that is EUR 4.94 per share, will be paid on June 19, 2026, it being stipulated that the ex-dividend date will be June 17, 2026. Upcoming Dividend • Jun 10
Upcoming dividend of €4.94 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 19 June 2026. Payout ratio and cash payout ratio are on the higher end at 80% and 96% respectively. Trailing yield: 4.9%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.1%). Aankondiging • May 01
Gaztransport & Technigaz SA, Annual General Meeting, Jun 16, 2026 Gaztransport & Technigaz SA, Annual General Meeting, Jun 16, 2026. Location: domaine de st paul 102 route de limours, saint remy leschevreuse France Reported Earnings • Apr 29
Full year 2025 earnings released: EPS: €11.16 (vs €9.40 in FY 2024) Full year 2025 results: EPS: €11.16 (up from €9.40 in FY 2024). Revenue: €803.0m (up 25% from FY 2024). Net income: €413.6m (up 19% from FY 2024). Profit margin: 52% (down from 54% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 20
Now 21% undervalued Over the last 90 days, the stock has risen 31% to €205. The fair value is estimated to be €260, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 1.3% per annum. Earnings are also forecast to grow by 3.6% per annum over the same time period. Declared Dividend • Mar 02
Final dividend of €4.94 announced Shareholders will receive a dividend of €4.94. Ex-date: 17th June 2026 Payment date: 19th June 2026 Dividend yield will be 4.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
Full year 2025 earnings released: EPS: €11.16 (vs €9.40 in FY 2024) Full year 2025 results: EPS: €11.16 (up from €9.40 in FY 2024). Revenue: €803.2m (up 25% from FY 2024). Net income: €413.6m (up 19% from FY 2024). Profit margin: 52% (down from 54% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 20
Gaztransport & Technigaz SA Provides Earnings Guidance for the Year 2026 Gaztransport & Technigaz SA provided earnings guidance for the year 2026. For the year, company expected consolidated revenues between €740 Million and €780 Million. Aankondiging • Dec 16
GTT Group Appoints François Michel as Chief Executive Officer, Effective January 5, 2026 GTT Group announced the appointment of François Michel as Chief Executive Officer, effective January 5, 2026, thereby restoring a dissociated governance structure. This decision was taken unanimously by the Board of Directors of the Group at its meeting held on December 13, 2025. Following a demanding selection process, the Board of Directors selected François Michel for his managerial experience, his strong command of the technological challenges specific to GTT and its industry, as well as for his strategic vision. In his new role, François Michel will be responsible for continuing the implementation of GTT’s strategy, strengthening technological innovation and operational excellence, while supporting the Group’s diversification efforts and development. François Michel is a graduate of École Polytechnique and École des Mines, aged 46. He began his career in the Marine and Power activities of the Alstom group, then joined the French Ministry of Economy and Finance and later the International Monetary Fund in Washington, where he worked on international economic stability issues. In 2009, he joined the office of the President of the French Republic as a technical adviser, responsible for public finances. He subsequently joined the Saint-Gobain group in 2012 as Director of Strategy and Planning, before going on to hold executive positions within several of the Group’s international subsidiaries. Since 2022, he has served as Managing Director - Chief Executive Officer of John Cockerill. Under his leadership, the John Cockerill group accelerated both its international and technological growth, with the signing of several strategic partnerships. Declared Dividend • Dec 07
First half dividend of €4.00 announced Shareholders will receive a dividend of €4.00. Ex-date: 9th December 2025 Payment date: 11th December 2025 Dividend yield will be 4.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Nov 01
Gaztransport & Technigaz SA Raises Earnings Guidance for 2025 Gaztransport & Technigaz SA raised earnings guidance for 2025. For the period, the company expects consolidated revenue of between 790 million euros and 820 million euros (compared with 750 to 800 million euros previously). Aankondiging • Oct 31
Gaztransport & Technigaz SA to Report First Half, 2026 Results on Jul 28, 2026 Gaztransport & Technigaz SA announced that they will report first half, 2026 results on Jul 28, 2026 Reported Earnings • Jul 31
First half 2025 earnings released: EPS: €4.86 (vs €4.61 in 1H 2024) First half 2025 results: EPS: €4.86 (up from €4.61 in 1H 2024). Revenue: €388.7m (up 32% from 1H 2024). Net income: €180.0m (up 5.7% from 1H 2024). Profit margin: 46% (down from 58% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 22
Now 21% undervalued Over the last 90 days, the stock has risen 19% to €162. The fair value is estimated to be €205, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 2.1% per annum over the same time period. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 16% to €164. The fair value is estimated to be €206, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 2.1% per annum over the same time period. Buy Or Sell Opportunity • Jun 10
Now 20% undervalued Over the last 90 days, the stock has risen 17% to €162. The fair value is estimated to be €204, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 2.1% per annum over the same time period. Aankondiging • May 06
Gaztransport & Technigaz SA (ENXTPA:GTT) signed an agreement to acquire Danelec Marine A/S from Verdane Capital X AB, fund managed by Verdane for an enterprise value of DKK 1.4 billion. Gaztransport & Technigaz SA (ENXTPA:GTT) signed an agreement to acquire Danelec Marine A/S from Verdane Capital X AB, fund managed by Verdane for an enterprise value of DKK 1.4 billion on May 5, 2025. The management team of Danelec will join GTT as part of the leadership of the combined Digital division. GTT expects the acquisition of Danelec to be accretive to the Group's earnings per share from the first year. For the period ending June 30, 2024, Danelec Marine A/S reported total revenue of DKK 330 million. The transaction is expected to be completed at the beginning of the second half of 2025, subject to customary conditions precedent. The deal requires receiving regulatory approbations.
Henrik Rossing Lønberg, Anne Kathrine Horup Roug, Emilie Appelrod and Amalie Wedde of Plesner Svane Gronborg acted as legal advisor and legal due diligence advisor for Gaztransport & Technigaz SA. Reported Earnings • May 02
Full year 2024 earnings released: EPS: €9.40 (vs €5.45 in FY 2023) Full year 2024 results: EPS: €9.40 (up from €5.45 in FY 2023). Revenue: €641.4m (up 50% from FY 2023). Net income: €347.8m (up 73% from FY 2023). Profit margin: 54% (up from 47% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to €130. The fair value is estimated to be €166, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 1.0% per annum over the same time period. Declared Dividend • Mar 03
Final dividend of €3.83 announced Shareholders will receive a dividend of €3.83. Ex-date: 17th June 2025 Payment date: 19th June 2025 Dividend yield will be 5.1%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 8.8% over the next 3 years. However, it would need to fall by 11% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Feb 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.1% to €155. The fair value is estimated to be €127, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are forecast to decline by 2.9% per annum over the same time period. Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: €9.40 (vs €5.45 in FY 2023) Full year 2024 results: EPS: €9.40 (up from €5.45 in FY 2023). Revenue: €643.7m (up 51% from FY 2023). Net income: €347.8m (up 73% from FY 2023). Profit margin: 54% (up from 47% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.3% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Declared Dividend • Dec 09
First half dividend of €3.67 announced Shareholders will receive a dividend of €3.67. Ex-date: 10th December 2024 Payment date: 12th December 2024 Dividend yield will be 4.6%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (79% earnings payout ratio) but not covered by cash flows (140% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 28
First half 2024 earnings released: EPS: €4.61 (vs €2.28 in 1H 2023) First half 2024 results: EPS: €4.61 (up from €2.28 in 1H 2023). Revenue: €294.8m (up 66% from 1H 2023). Net income: €170.3m (up 103% from 1H 2023). Profit margin: 58% (up from 47% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 25% per year. Aankondiging • Jul 26
GTT Approves Interim Dividend for the Financial Year 2024, Payable on December 12, 2024 On July 25, 2024, the Board of Directors of GTT decided on the distribution of an interim dividend of EUR 3.67 per share for the 2024 financial year, to be paid in cash. Ex-dividend date is December 10, 2024. Payment date is December 12, 2024. Upcoming Dividend • Jun 11
Upcoming dividend of €2.51 per share Eligible shareholders must have bought the stock before 18 June 2024. Payment date: 20 June 2024. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (4.5%). Buy Or Sell Opportunity • Jun 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to €130. The fair value is estimated to be €162, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • May 05
Full year 2023 earnings released: EPS: €5.45 (vs €3.48 in FY 2022) Full year 2023 results: EPS: €5.45 (up from €3.48 in FY 2022). Revenue: €427.7m (up 39% from FY 2022). Net income: €201.4m (up 57% from FY 2022). Profit margin: 47% (up from 42% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Aankondiging • Apr 21
Gaztransport & Technigaz SA Appoints Jean-Baptiste Choimet as Chief Executive Officer, Effective June 12, 2024 The GTT Group announced the appointment of Jean-Baptiste Choimet to the position of Chief Executive Officer of GTT as of June 12, 2024. Jean-Baptiste Choimet is currently a member of GTT’s Executive committee and Managing Director of Elogen, a subsidiary of the Group specializing in design and manufacturing of electrolysers to produce green hydrogen. The decision taken, unanimously, by the Board of Directors of GTT is the culmination of a rigorous selection process, led by the Appointments and Remuneration Committee, chaired by Catherine Ronge. Jean-Baptiste Choimet joined the GTT group in 2020 and became Managing Director of Elogen, a subsidiary of the Group specializing in design and manufacturing of electrolysers to produce green hydrogen, in November of the same year, he began his career at EDF, where he contributed to the development of the Dunkirk LNG terminal project, before joining the Société Générale group to create the LNG trading desk. In 2012, he joined Technip, where he held commercial functions and worked on major LNG projects in Australia and Russia. In 2019, he joined the Bouygues Construction group, where he oversaw operations for the deployment of telecoms networks. Aged 42, Jean-Baptiste Choimet is a graduate of the Ecole Polytechnique and the University of Cambridge (Advanced Chemical Engineering Practice).Furthermore, so that GTT can continue to benefit from the experience and commitment of Philippe Berterottière to the success of the Group, the Board of Directors will renew the latter in his role as Chairman of the Board of Directors for the remaining period of his term of office as director. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €147, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 1x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 143% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €160 per share. Declared Dividend • Mar 04
Final dividend of €2.51 announced Shareholders will receive a dividend of €2.51. Ex-date: 18th June 2024 Payment date: 20th June 2024 Dividend yield will be 3.0%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 2.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Feb 29
Gaztransport & Technigaz SA Provides Earnings Guidance for the Year 2024 Gaztransport & Technigaz SA provided earnings guidance for the year 2024. The company estimated that revenue for 2024 should be between EUR 600 million and EUR 640 million. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: €5.45 (vs €3.48 in FY 2022) Full year 2023 results: EPS: €5.45 (up from €3.48 in FY 2022). Revenue: €427.7m (up 39% from FY 2022). Net income: €201.4m (up 57% from FY 2022). Profit margin: 47% (up from 42% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 05
Upcoming dividend of €1.85 per share at 2.8% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 14 December 2023. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (6.1%). Lower than average of industry peers (6.4%). Reported Earnings • Jul 30
First half 2023 earnings released: EPS: €2.28 (vs €1.73 in 1H 2022) First half 2023 results: EPS: €2.28 (up from €1.73 in 1H 2022). Revenue: €177.8m (up 23% from 1H 2022). Net income: €84.0m (up 32% from 1H 2022). Profit margin: 47% (up from 44% in 1H 2022). 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 3.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 24
Now 20% undervalued Over the last 90 days, the stock is up 2.1%. The fair value is estimated to be €123, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • Jun 20
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • Jun 05
Upcoming dividend of €1.55 per share at 3.2% yield Eligible shareholders must have bought the stock before 12 June 2023. Payment date: 14 June 2023. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (6.3%). Buying Opportunity • May 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be €118, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • May 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be €117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Buying Opportunity • Apr 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be €120, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Buying Opportunity • Mar 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.4%. The fair value is estimated to be €122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.0% over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: €3.48 (vs €3.63 in FY 2021) Full year 2022 results: EPS: €3.48 (down from €3.63 in FY 2021). Revenue: €307.3m (down 2.4% from FY 2021). Net income: €128.3m (down 4.3% from FY 2021). Profit margin: 42% (in line with FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.8% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Aankondiging • Feb 17
Gaztransport & Technigaz SA to Report First Half, 2023 Results on Jul 27, 2023 Gaztransport & Technigaz SA announced that they will report first half, 2023 results on Jul 27, 2023 Upcoming Dividend • Dec 06
Upcoming dividend of €1.55 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 15 December 2022. The company is paying out more than 100% of its profits and is paying out 97% of its cash flow. Trailing yield: 2.9%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (6.6%). Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. Chairman & CEO Philippe Berterottiere is the most experienced director on the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jul 29
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €76.6m from profit in 1H 2021). Profit margin: (down from 46% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 22%, compared to a 34% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 06
Now 21% undervalued Over the last 90 days, the stock is up 6.0%. The fair value is estimated to be €146, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 6.1%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Upcoming Dividend • May 30
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 08 June 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (4.8%). Lower than average of industry peers (4.3%). Buying Opportunity • May 10
Now 21% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be €138, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 6.1%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Florence Fouquet was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Apr 22
Now 22% undervalued Over the last 90 days, the stock is up 38%. The fair value is estimated to be €145, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 6.1%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Reported Earnings • Feb 20
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €3.63 (down from €5.37 in FY 2020). Revenue: €315.9m (down 20% from FY 2020). Net income: €134.1m (down 33% from FY 2020). Profit margin: 42% (down from 50% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is expected to shrink by 3.3% compared to a 21% growth forecast for the oil industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Jul 31
First half 2021 earnings released: EPS €2.07 (vs €3.12 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: €165.3m (down 19% from 1H 2020). Net income: €76.6m (down 34% from 1H 2020). Profit margin: 46% (down from 57% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 25
Upcoming dividend of €1.79 per share Eligible shareholders must have bought the stock before 01 June 2021. Payment date: 03 June 2021. Trailing yield: 5.9%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (3.1%). Analyst Estimate Surprise Post Earnings • Feb 21
Revenue misses expectations Revenue missed analyst estimates by 0.3%. Over the next year, revenue is expected to shrink by 20% compared to a 56% growth forecast for the Oil and Gas industry in the United Kingdom. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS €5.37 (vs €3.87 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: €396.4m (up 38% from FY 2019). Net income: €198.9m (up 39% from FY 2019). Profit margin: 50% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day low: €71.63 The company is down 12% from its price of €81.50 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas 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 €47.30 per share. Is New 90 Day High Low • Jan 27
New 90-day low: €78.00 The company is down 2.0% from its price of €79.40 on 28 October 2020. The British market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 44% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €53.25 per share. Is New 90 Day High Low • Jan 07
New 90-day high: €89.23 The company is up 6.0% from its price of €84.35 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €55.85 per share. Is New 90 Day High Low • Dec 12
New 90-day low: €78.80 The company is down 6.0% from its price of €84.05 on 11 September 2020. The British market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €52.59 per share. Is New 90 Day High Low • Oct 14
New 90-day high: €85.30 The company is up 15% from its price of €74.35 on 16 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas 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 €45.35 per share. 
