Buy Or Sell Opportunity • May 06
Now 21% overvalued Over the last 90 days, the stock has fallen 1.4% to €25.73. The fair value is estimated to be €21.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has declined by 5.1%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Aankondiging • May 06
Cancom SE, Annual General Meeting, Jun 17, 2026 Cancom SE, Annual General Meeting, Jun 17, 2026, at 11:00 W. Europe Standard Time. Aankondiging • Mar 31
Cancom SE announces Annual dividend, payable on June 22, 2026 Cancom SE announced Annual dividend of EUR 1.0000 per share payable on June 22, 2026, ex-date on June 18, 2026 and record date on June 19, 2026. Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: €0.92 (vs €0.99 in FY 2024) Full year 2025 results: EPS: €0.92 (down from €0.99 in FY 2024). Revenue: €1.74b (flat on FY 2024). Net income: €28.7m (down 14% from FY 2024). Profit margin: 1.6% (down from 1.9% in FY 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Buy Or Sell Opportunity • Mar 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to €22.70. The fair value is estimated to be €28.75, 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 10%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Buy Or Sell Opportunity • Feb 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to €23.03. The fair value is estimated to be €29.84, 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 10%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €23.93, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the IT industry in the United Kingdom. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.87 per share. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: €0.24 (vs €0.28 in 3Q 2024) Third quarter 2025 results: EPS: €0.24 (down from €0.28 in 3Q 2024). Revenue: €423.9m (flat on 3Q 2024). Net income: €7.59m (down 18% from 3Q 2024). Profit margin: 1.8% (down from 2.2% in 3Q 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Buy Or Sell Opportunity • Nov 17
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €25.85. The fair value is estimated to be €20.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 8.9%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. Buy Or Sell Opportunity • Aug 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €22.55. The fair value is estimated to be €28.37, 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 declined by 8.9%. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 148% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2025 earnings released: €0.013 loss per share (vs €0.20 profit in 2Q 2024) Second quarter 2025 results: €0.013 loss per share (down from €0.20 profit in 2Q 2024). Revenue: €396.2m (flat on 2Q 2024). Net loss: €424.0k (down 106% from profit in 2Q 2024). Revenue is forecast to grow 4.4% 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 9% per year whereas the company’s share price has fallen by 11% per year. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 13% After last week's 13% share price decline to €22.70, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the IT industry in the United Kingdom. Total loss to shareholders of 27% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €28.76 per share. Buy Or Sell Opportunity • Aug 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €22.70. The fair value is estimated to be €28.76, 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 declined by 7.1%. Revenue is forecast to grow by 8.2% in 2 years. Earnings are forecast to grow by 83% in the next 2 years. Buy Or Sell Opportunity • Jun 19
Now 21% undervalued Over the last 90 days, the stock has risen 2.4% to €28.12. The fair value is estimated to be €35.55, 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 declined by 7.1%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Upcoming Dividend • Jun 18
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 27 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (3.1%). Buy Or Sell Opportunity • May 16
Now 23% undervalued Over the last 90 days, the stock has risen 9.9% to €27.43. The fair value is estimated to be €35.51, 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 declined by 7.1%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: €0 (vs €0.29 in 1Q 2024) First quarter 2025 results: EPS: €0 (down from €0.29 in 1Q 2024). Revenue: €413.0m (down 6.3% from 1Q 2024). Net income: €3.18m (down 69% from 1Q 2024). Profit margin: 0.8% (down from 2.3% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 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 fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Aankondiging • May 12
Cancom SE, Annual General Meeting, Jun 24, 2025 Cancom SE, Annual General Meeting, Jun 24, 2025, at 11:00 W. Europe Standard Time. New Risk • Apr 04
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 101% Dividend yield: 4.1% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. New Risk • Apr 03
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 7.0% 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. This is currently the only risk that has been identified for the company. Aankondiging • Apr 01
Cancom SE announces Annual dividend, payable on June 27, 2025 Cancom SE announced Annual dividend of EUR 1.0000 per share payable on June 27, 2025, ex-date on June 25, 2025 and record date on June 26, 2025. Reported Earnings • Apr 01
Full year 2024 earnings released: EPS: €0.99 (vs €1.03 in FY 2023) Full year 2024 results: EPS: €0.99 (down from €1.03 in FY 2023). Revenue: €1.75b (up 15% from FY 2023). Net income: €33.5m (down 12% from FY 2023). Profit margin: 1.9% (down from 2.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% 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 7% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Mar 31
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to €22.68. The fair value is estimated to be €30.58, 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. Earnings per share has declined by 8.8%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 3.1% per annum over the same time period. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: €0.28 (vs €0.27 in 3Q 2023) Third quarter 2024 results: EPS: €0.28. Revenue: €424.6m (up 1.9% from 3Q 2023). Net income: €9.26m (down 12% from 3Q 2023). Profit margin: 2.2% (down from 2.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the IT industry in the United Kingdom. Buy Or Sell Opportunity • Aug 19
Now 20% overvalued Over the last 90 days, the stock has fallen 11% to €28.86. The fair value is estimated to be €23.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: €0.20 (vs €0.095 in 2Q 2023) Second quarter 2024 results: EPS: €0.20 (up from €0.095 in 2Q 2023). Revenue: €397.5m (up 21% from 2Q 2023). Net income: €7.08m (up 105% from 2Q 2023). Profit margin: 1.8% (up from 1.0% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 30
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 06 June 2024. Payment date: 10 June 2024. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.3%). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.29 (vs €0.28 in 1Q 2023) First quarter 2024 results: EPS: €0.29 (up from €0.28 in 1Q 2023). Revenue: €442.9m (up 39% from 1Q 2023). Net income: €10.2m (up 1.0% from 1Q 2023). Profit margin: 2.3% (down from 3.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 13% per year. Aankondiging • May 08
Cancom SE, Annual General Meeting, Jun 05, 2024 Cancom SE, Annual General Meeting, Jun 05, 2024. Buy Or Sell Opportunity • Apr 08
Now 20% undervalued Over the last 90 days, the stock has risen 7.4% to €29.89. The fair value is estimated to be €37.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has declined by 9.0%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: €1.03 (vs €0.90 in FY 2022) Full year 2023 results: EPS: €1.03 (up from €0.90 in FY 2022). Revenue: €1.54b (up 19% from FY 2022). Net income: €37.9m (up 17% from FY 2022). Profit margin: 2.5% (in line with FY 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Aankondiging • Dec 13
CANCOM SE Approves Supervisory Board Changes At its meeting held on 12 December 2023, the Supervisory Board of CANCOM SE reorganised the responsibilities on the Board. Klaus Weinmann, who was appointed to the Supervisory Board by court order on 25 October 2023, was elected Chairman of the Supervisory Board at today's meeting. The previous Chairman, Mr. Stefan Kober, remains on the Supervisory Board as Deputy Chairman. In this role, he replaces Dr. Lothar Koniarski, who will step down at his own request on 31 December 2023. The Supervisory Board also intends to have Dr. Ilias Läber, Chief Executive Officer at Spectrum Value Management, appointed by the court as the sixth member of the Supervisory Board in the near future until the 2024 Annual General Meeting. Former Executive Board member Klaus Weinmann becomes Chairman of the Supervisory Board. As one of the founders of CANCOM in 1992, Klaus Weinmann played a key role in shaping the company's development. During his time as CEO until 30 September 2018, the CANCOM Group grew dynamically. The Executive Board and Supervisory Board would like to thank Dr. Koniarski in particular for his trustworthy and constructive work on the Supervisory Board of CANCOM SE over the past ten years. In addition, the Supervisory Board and the Executive Board wish the new Chairman of the Supervisory Board, Klaus Weinmann, a good start and thank Stefan Kober for his work as Chairman of the Supervisory Board. Aankondiging • Nov 29
Cancom SE (XTRA:COK) agreed to acquire IT Consulting and Services business of DextraData GmbH. Cancom SE (XTRA:COK) agreed to acquire IT Consulting and Services business of DextraData GmbH on November 27, 2023.The transaction is subject to the customary conditions precedent and antitrust approval. The transaction is expected to be completed at the beginning of January 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €0.27 (vs €0.27 in 3Q 2022) Third quarter 2023 results: EPS: €0.27 (up from €0.27 in 3Q 2022). Revenue: €421.1m (up 27% from 3Q 2022). Net income: €10.5m (up 12% from 3Q 2022). Profit margin: 2.5% (down from 2.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: €0.095 (vs €0.26 in 2Q 2022) Second quarter 2023 results: EPS: €0.095 (down from €0.26 in 2Q 2022). Revenue: €331.9m (up 10% from 2Q 2022). Net income: €3.45m (down 63% from 2Q 2022). Profit margin: 1.0% (down from 3.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Aug 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 111% Paying a dividend despite having no free cash flows. High level of non-cash earnings (24% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (2.4% net profit margin). Shareholders have been diluted in the past year (8.5% increase in shares outstanding). Aankondiging • Jun 17
Cancom SE Confirms Swantje Schulze as Member of Supervisory Board Cancom SE at its Annual General Meeting held on 14 June 2023, confirmed Dr. Swantje Schulze as a member of the Supervisory Board. Aankondiging • Jun 16
Cancom SE Approves Dividend Cancom SE at its AGM held on June 14, 2023, approved dividend proposal of €1.00 per dividend-bearing share. Upcoming Dividend • Jun 08
Upcoming dividend of €1.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 19 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.5%). Aankondiging • May 26
Cancom SE Updates Financial Forecast for the Financial Year 2023 Cancom SE updated financial forecast for the financial year 2023. For the period, the company expected Revenue of €1,630 - 1,700 million (previously €1,320 - 1,390 million). Aankondiging • May 10
Cancom SE to Report Q1, 2023 Results on May 11, 2023 Cancom SE announced that they will report Q1, 2023 results on May 11, 2023 Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 16% share price gain to €34.01, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 25x in the IT industry in the United Kingdom. Total loss to shareholders of 32% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.03 per share. Aankondiging • Jan 04
Cancom SE (XTRA:COK) signed an agreement to acquire Nwc Services Gmbh. Cancom SE (XTRA:COK) signed an agreement to acquire Nwc Services Gmbh on January 3, 2022. NWC Services generated around €5 million of revenue in the 2021 financial year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.27 (vs €0.29 in 3Q 2021) Third quarter 2022 results: EPS: €0.27 (down from €0.29 in 3Q 2021). Revenue: €335.8m (up 11% from 3Q 2021). Net income: €9.40m (down 15% from 3Q 2021). Profit margin: 2.8% (down from 3.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 17% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: €0.27 (vs €0.29 in 3Q 2021) Third quarter 2022 results: EPS: €0.27 (down from €0.29 in 3Q 2021). Revenue: €335.8m (up 11% from 3Q 2021). Net income: €9.40m (down 15% from 3Q 2021). Profit margin: 2.8% (down from 3.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 17% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: €0.26 (vs €0.29 in 2Q 2021) Second quarter 2022 results: EPS: €0.26 (down from €0.29 in 2Q 2021). Revenue: €300.6m (down 1.5% from 2Q 2021). Net income: €9.22m (down 18% from 2Q 2021). Profit margin: 3.1% (down from 3.7% in 2Q 2021). Over the next year, revenue is forecast to grow 12%, compared to a 17% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 29
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 42%. The fair value is estimated to be €43.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • Jun 22
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 July 2022. Payout ratio is on the higher end at 82% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (5.2%). In line with average of industry peers (2.6%). Buying Opportunity • Jun 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be €45.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.4%. For the next 3 years, revenue is forecast to grow by 7.3% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: €0.30 (vs €0.26 in 1Q 2021) First quarter 2022 results: EPS: €0.30 (up from €0.26 in 1Q 2021). Revenue: €307.2m (down 18% from 1Q 2021). Net income: €11.3m (up 12% from 1Q 2021). Profit margin: 3.7% (up from 2.7% in 1Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 10%, compared to a 15% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €36.41, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 25x in the IT industry in the United Kingdom. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €57.12 per share. Buying Opportunity • Apr 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be €58.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Reported Earnings • Apr 01
Full year 2021 earnings released: EPS: €1.17 (vs €1.60 in FY 2020) Full year 2021 results: EPS: €1.17 (down from €1.60 in FY 2020). Revenue: €1.32b (down 20% from FY 2020). Net income: €44.8m (down 27% from FY 2020). Profit margin: 3.4% (down from 3.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 9.5%, compared to a 16% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS €0.29 (vs €0.65 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €305.3m (down 23% from 3Q 2020). Net income: €11.0m (down 56% from 3Q 2020). Profit margin: 3.6% (down from 6.3% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS €0.31 (vs €0.20 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €344.0m (up 18% from 2Q 2020). Net income: €12.0m (up 56% from 2Q 2020). Profit margin: 3.5% (up from 2.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Jun 23
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 02 July 2021. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (2.1%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS €0.26 (vs €0.23 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €374.2m (up 7.9% from 1Q 2020). Net income: €10.1m (up 16% from 1Q 2020). Profit margin: 2.7% (up from 2.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Feb 04
New 90-day high: €52.80 The company is up 38% from its price of €38.26 on 06 November 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €53.93 per share. Is New 90 Day High Low • Jan 20
New 90-day high: €47.36 The company is up 19% from its price of €39.76 on 22 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT 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 €52.58 per share. Is New 90 Day High Low • Jan 05
New 90-day high: €47.32 The company is up 7.0% from its price of €44.40 on 07 October 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €50.53 per share. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS €0.65 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €396.9m (up 3.0% from 3Q 2019). Net income: €25.1m (up 45% from 3Q 2019). Profit margin: 6.3% (up from 4.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue misses expectations Revenue missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 7.3%, compared to a 7.6% growth forecast for the IT industry in the United Kingdom. Is New 90 Day High Low • Oct 19
New 90-day low: €42.86 The company is down 15% from its price of €50.70 on 21 July 2020. The British market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT 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 €41.52 per share. Is New 90 Day High Low • Oct 02
New 90-day low: €43.52 The company is down 9.0% from its price of €47.72 on 03 July 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €42.98 per share. 
