Declared Dividend • May 25
Dividend of €1.00 announced Dividend of €1.00 is the same as last year. Ex-date: 30th June 2026 Payment date: 2nd July 2026 Dividend yield will be 2.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (21% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • May 02
Nagarro SE Proposes Dividend Nagarro SE Management Board and Supervisory Board will propose to the Annual General Meeting the distribution of a dividend of €1.00 per share. New Risk • May 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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: Minor Risks High level of debt (120% net debt to equity). Share price has been volatile over the past 3 months (8.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 30
Full year 2025 earnings released: EPS: €3.08 (vs €3.69 in FY 2024) Full year 2025 results: EPS: €3.08 (down from €3.69 in FY 2024). Revenue: €1.01b (up 3.7% from FY 2024). Net income: €39.5m (down 20% from FY 2024). Profit margin: 3.9% (down from 5.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. Buy Or Sell Opportunity • Apr 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to €45.06. The fair value is estimated to be €59.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to grow by 9.7% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Buy Or Sell Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to €52.80. The fair value is estimated to be €66.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €49.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in the United Kingdom. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €65.92 per share. Buy Or Sell Opportunity • Feb 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €57.85. The fair value is estimated to be €72.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 69% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €73.47, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the IT industry in the United Kingdom. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €79.13 per share. Aankondiging • Jan 09
Nagarro SE Announces Board and Committees Appointments Nagarro SE announced that the Supervisory Board has elected Christian Bacherl as its Chairperson and Jack Clemons as Deputy Chairperson, following the resignation of Dr. Martin Enderle as Chairperson and member of the Supervisory Board for health reasons effective December 31, 2025. The Supervisory Board has also initiated the process to find a candidate for the vacant seat on the Supervisory Board. The Nomination & Remuneration Committee and the Strategy Committee of the Supervisory Board have also been recomposed. Dr. Shalini Sarin is now chairing the Nomination & Remuneration Committee with Christian Bacherl joining as Deputy and Jack Clemons. The Strategy Committee continues with Dr. Hans-Paul Bürkner as Chairperson together with Jack Clemons as the new Deputy and Vishal Gaur. The Audit Committee remains unchanged with Jack Clemons as Chairperson, Christian Bacherl as Deputy and Vishal Gaur. Buy Or Sell Opportunity • Nov 25
Now 21% undervalued Over the last 90 days, the stock has risen 37% to €71.05. The fair value is estimated to be €89.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 66% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: €1.69 (vs €0.96 in 3Q 2024) Third quarter 2025 results: EPS: €1.69 (up from €0.96 in 3Q 2024). Revenue: €254.6m (up 4.8% from 3Q 2024). Net income: €21.4m (up 68% from 3Q 2024). Profit margin: 8.4% (up from 5.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the IT industry in the United Kingdom. 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 21% per year. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to €57.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the IT industry in the United Kingdom. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €87.26 per share. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: €0.66 (vs €0.91 in 2Q 2024) Second quarter 2025 results: EPS: €0.66 (down from €0.91 in 2Q 2024). Revenue: €263.8m (up 8.0% from 2Q 2024). Net income: €8.35m (down 31% from 2Q 2024). Profit margin: 3.2% (down from 4.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.1% to €58.75. The fair value is estimated to be €74.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 8.9%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 64% in the next 2 years. Buy Or Sell Opportunity • Jul 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €60.15. The fair value is estimated to be €75.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 8.9%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 64% in the next 2 years. Aankondiging • May 23
Nagarro SE, Annual General Meeting, Jun 30, 2025 Nagarro SE, Annual General Meeting, Jun 30, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • May 16
Third quarter 2024 earnings released: EPS: €0.96 (vs €0.94 in 3Q 2023) Third quarter 2024 results: EPS: €0.96 (up from €0.94 in 3Q 2023). Revenue: €243.0m (up 3.7% from 3Q 2023). Net income: €12.8m (up 1.6% from 3Q 2023). Profit margin: 5.2% (down from 5.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.5% p.a. on average during the next 4 years, compared to a 7.7% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Aankondiging • May 16
Nagarro Se Proposes Dividend Nagarro SE announced that the Management Board and Supervisory Board of Nagarro SE will, for the first time, propose to the Annual General Meeting the distribution of a dividend of €1.00 per share. The proposed dividend marks an important milestone and underlines the company's long-term value creation strategy. New Risk • Apr 30
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 British stocks, typically moving 7.6% 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 High level of debt (63% net debt to equity). Share price has been volatile over the past 3 months (7.6% average weekly change). Aankondiging • Mar 23
Carl Georg Dürschmidt to Resign as Member and Chairperson of the Supervisory Board of Nagarro SE, Effective May 1, 2025 The chairperson of the Supervisory Board of Nagarro SE, Mr. Carl Georg Dürschmidt, has informed the Company of his wish to resign from his office as member and chairperson of the Supervisory Board with effect as of May 1, 2025, i.e., in six weeks and the Supervisory Board and the Management Board have accepted this. The Company will address the succession of Mr. Dürschmidt and propose a suitable successor at the Annual General Meeting on June 25, 2025, in the course of the Supervisory Board elections that are due to take place anyway. Aankondiging • Jan 23
Nagarro SE Provides Revenue Guidance for the Year 2025 Nagarro SE provided revenue guidance for the year 2025. The company expects revenues of between €1,020 million and €1,080 million for 2025. New Risk • Dec 16
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 British stocks, typically moving 7.2% 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 High level of debt (63% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • Nov 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €246.4m (up 5.1% from 3Q 2023). Net income: €12.8m (up 1.6% from 3Q 2023). Profit margin: 5.2% (down from 5.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the IT industry in the United Kingdom. Aankondiging • Oct 30
Nagarro SE (XTRA:NA9) acquired Fwd View Limited. Nagarro SE (XTRA:NA9) acquired Fwd View Limited on October 30, 2024.
Nagarro SE (XTRA:NA9) completed the acquisition of Fwd View Limited on October 30, 2024. Aankondiging • Oct 18
Warburg Pincus Reportedly Weighs Buyout of Nagarro Warburg Pincus LLC is weighing a possible buyout of German IT services company Nagarro SE (XTRA:NA9), people familiar with the matter said, potentially adding to the strong momentum of deal making in the country. The US-based firm is working with advisers on a proposal to take Nagarro private, according to the people, asking not to be identified discussing confidential information. Deliberations are ongoing and Warburg could decide against making an offer, the people said. Other buyout firms have also previously looked at Nagarro, they said. Nagarro is in talks with certain interested parties regarding a potential take-private including a public tender offer, the company said in a statement on October 16, 2024, without identifying the potential suitors. A representative for Warburg declined to comment. Aankondiging • Oct 17
Nagarro SE Revises Earnings Guidance for the Year 2024 Nagarro SE revised earnings guidance for the year 2024. The company now estimates the total 2024 revenue, calculated at today’s currency exchange rates and not including future acquisitions, to be in the region of €960 million. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €88.25, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 27x in the IT industry in the United Kingdom. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €142 per share. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: €0.91 (vs €0.84 in 2Q 2023) Second quarter 2024 results: EPS: €0.91 (up from €0.84 in 2Q 2023). Revenue: €254.0m (up 12% from 2Q 2023). Net income: €12.0m (up 5.0% from 2Q 2023). Profit margin: 4.7% (down from 5.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the IT industry in the United Kingdom. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €85.19, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 26x in the IT industry in the United Kingdom. Total returns to shareholders of 2.9% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €131 per share. New Risk • May 15
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 British stocks, typically moving 8.2% 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 High level of debt (91% net debt to equity). Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (5.7% net profit margin). Reported Earnings • Apr 17
Full year 2023 earnings released Full year 2023 results: Revenue: €944.6m (up 10% from FY 2022). Net income: €52.1m (down 33% from FY 2022). Profit margin: 5.5% (down from 9.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the IT industry in the United Kingdom. Aankondiging • Mar 03
Nagarro SE, Annual General Meeting, Jun 27, 2024 Nagarro SE, Annual General Meeting, Jun 27, 2024. Buy Or Sell Opportunity • Mar 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.0% to €81.45. The fair value is estimated to be €105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 142%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 50% in the next 2 years. Buying Opportunity • Nov 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €96.38, 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 declined by 154%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 18% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €76.85, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 23x in the IT industry in the United Kingdom. Total loss to shareholders of 21% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €94.80 per share. Aankondiging • Aug 29
Nagarro Launches Cutting-Edge Digital Experience Offering, the Genome AI Platform Nagarro has launched a cutting-edge digital experience offering, the Genome AI platform. This platform promises to revolutionize the way enterprises innovate and personalize digital experiences for their customers. The platform has been built to deliver the customer-facing part of Nagarro's vision of the AI-driven Fluidic Enterprise. It joins Ginger AI, which delivers the employee experience part of the Fluidic Enterprise vision. In today's landscape of digital experiences, the key to brand success lies in enabling personalized offerings and smooth user journeys powered by data and AI technologies. This requires micro-level and nuanced experience analysis, individualized interactions, and real-time performance metrics. Nagarro's Genome AI platform excels in delivering hyper-personalized experiences, smart recommendations, cutting-edge loyalty programs, and versatile enterprise planning solutions. Designed with modularity, the platform accommodates a diverse range of stakeholder needs. Users can either integrate specific modules into their existing cloud infrastructure or deploy them as standalone services. The Genome AI platform equips enterprises with interactive tools for knowledge discovery facilitated through an easily navigable, micro- attributes-based ontology. It also supports collaborative simulations and optimizations, all seamlessly integrated with intuitive, language-based user interfaces. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: €0.84 (vs €1.62 in 2Q 2022) Second quarter 2023 results: EPS: €0.84 (down from €1.62 in 2Q 2022). Revenue: €237.5m (up 13% from 2Q 2022). Net income: €11.5m (down 49% from 2Q 2022). Profit margin: 4.8% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the IT industry in the United Kingdom. Buying Opportunity • Aug 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be €95.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has declined by 169%. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to grow by 2.4% in the next 2 years. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: €5.62 (vs €2.53 in FY 2021) Full year 2022 results: EPS: €5.62 (up from €2.53 in FY 2021). Revenue: €884.8m (up 62% from FY 2021). Net income: €77.3m (up 158% from FY 2021). Profit margin: 8.7% (up from 5.5% in FY 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 8.4% growth forecast for the IT industry in the United Kingdom. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €107, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 27x in the IT industry in the United Kingdom. Total loss to shareholders of 22% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €83.36 per share. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €109, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 24x in the IT industry in the United Kingdom. Total loss to shareholders of 11% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €136 per share. Buying Opportunity • Feb 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be €140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 49% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. Aankondiging • Jan 10
Nagarro SE Provides Earnings Guidance for the Year 2023 Nagarro SE provided earnings guidance for the year 2023. For the year, the company's revenue is expected to be in the region of EUR 1,020 million. Buying Opportunity • Dec 08
Now 21% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be €144, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 49% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: €1.87 (vs €0.96 in 3Q 2021) Third quarter 2022 results: EPS: €1.87 (up from €0.96 in 3Q 2021). Revenue: €229.8m (up 63% from 3Q 2021). Net income: €25.7m (up 132% from 3Q 2021). Profit margin: 11% (up from 7.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 17% growth forecast for the IT industry in the United Kingdom. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €97.00, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 23x in the IT industry in the United Kingdom. Total loss to shareholders of 34% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €132 per share. Buying Opportunity • Aug 29
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €140, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last year. Earnings per share has grown by 64%. Revenue is forecast to grow by 55% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: €1.62 (vs €0.36 in 2Q 2021) Second quarter 2022 results: EPS: €1.62 (up from €0.36 in 2Q 2021). Revenue: €221.7m (up 74% from 2Q 2021). Net income: €22.3m (up 440% from 2Q 2021). Profit margin: 10.0% (up from 3.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 26%, compared to a 20% growth forecast for the industry in the United Kingdom. Buying Opportunity • Jul 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €136, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last year. Earnings per share has declined by 48%. Revenue is forecast to grow by 67% in 2 years. Earnings is forecast to grow by 86% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €98.00, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the IT industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at €140 per share. Buying Opportunity • Jul 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last year. Earnings per share has declined by 48%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 92% in the next 2 years. Buying Opportunity • Jun 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 23%. 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 41% over the last year. Earnings per share has declined by 48%. Revenue is forecast to grow by 68% in 2 years. Earnings is forecast to grow by 92% in the next 2 years. Reported Earnings • May 01
Full year 2021 earnings released: EPS: €2.53 (vs €30.94 in FY 2020) Full year 2021 results: EPS: €2.53. Revenue: €561.1m (up 30% from FY 2020). Net income: €30.0m (up 63% from FY 2020). Profit margin: 5.3% (up from 4.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 40%, compared to a 16% growth forecast for the industry in the United Kingdom. Buying Opportunity • Mar 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be €186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has declined by 99% over the last year. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.96 (vs €61.83 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €143.8m (up 35% from 3Q 2020). Net income: €11.1m (up 50% from 3Q 2020). Profit margin: 7.7% (up from 7.0% in 3Q 2020). 
