Reported Earnings • Mar 03
Full year 2025 earnings released: RON0.30 loss per share (vs RON0.014 profit in FY 2024) Full year 2025 results: RON0.30 loss per share (down from RON0.014 profit in FY 2024). Revenue: RON3.90b (up 14% from FY 2024). Net loss: RON212.0m (down RON222.3m from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Aankondiging • Jan 29
Alro S.A. to Report Fiscal Year 2025 Results on Feb 27, 2026 Alro S.A. announced that they will report fiscal year 2025 results on Feb 27, 2026 Reported Earnings • Nov 17
Third quarter 2025 earnings released: RON0.032 loss per share (vs RON0.17 profit in 3Q 2024) Third quarter 2025 results: RON0.032 loss per share (down from RON0.17 profit in 3Q 2024). Revenue: RON969.0m (up 15% from 3Q 2024). Net loss: RON15.2m (down 113% from profit in 3Q 2024). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 32% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings have declined by 32% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 14
Second quarter 2025 earnings released: RON0.005 loss per share (vs RON0.033 profit in 2Q 2024) Second quarter 2025 results: RON0.005 loss per share (down from RON0.033 profit in 2Q 2024). Revenue: RON974.5m (up 9.1% from 2Q 2024). Net loss: RON3.56m (down 115% from profit in 2Q 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RON1.79, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 13x in the Metals and Mining industry in Europe. Total returns to shareholders of 28% over the past three years. New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 118% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 04
Full year 2024 earnings released: EPS: RON0.008 (vs RON0.64 loss in FY 2023) Full year 2024 results: EPS: RON0.008 (up from RON0.64 loss in FY 2023). Revenue: RON3.41b (up 20% from FY 2023). Net income: RON5.69m (up RON462.6m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: RON0.008 (vs RON0.64 loss in FY 2023) Full year 2024 results: EPS: RON0.008 (up from RON0.64 loss in FY 2023). Revenue: RON3.41b (up 20% from FY 2023). Net income: RON5.69m (up RON462.6m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: RON0.17 (vs RON0.31 loss in 3Q 2023) Third quarter 2024 results: EPS: RON0.17 (up from RON0.31 loss in 3Q 2023). Revenue: RON845.1m (up 24% from 3Q 2023). Net income: RON118.3m (up RON341.6m from 3Q 2023). Profit margin: 14% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: RON0.034 (vs RON0.039 loss in 2Q 2023) Second quarter 2024 results: EPS: RON0.034 (up from RON0.039 loss in 2Q 2023). Revenue: RON893.5m (up 16% from 2Q 2023). Net income: RON23.3m (up RON50.9m from 2Q 2023). Profit margin: 2.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 9.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.4% operating cash flow to total debt). Earnings have declined by 9.5% per year over the past 5 years. Reported Earnings • May 16
First quarter 2024 earnings released: RON0.021 loss per share (vs RON0.055 loss in 1Q 2023) First quarter 2024 results: RON0.021 loss per share (improved from RON0.055 loss in 1Q 2023). Revenue: RON803.6m (up 1.7% from 1Q 2023). Net loss: RON14.9m (loss narrowed 62% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 01
Full year 2023 earnings released: RON0.52 loss per share (vs RON0.57 profit in FY 2022) Full year 2023 results: RON0.52 loss per share (down from RON0.57 profit in FY 2022). Revenue: RON2.85b (down 20% from FY 2022). Net loss: RON455.0m (down 211% from profit in FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2023 earnings released: RON0.30 loss per share (vs RON0.17 loss in 3Q 2022) Third quarter 2023 results: RON0.30 loss per share (further deteriorated from RON0.17 loss in 3Q 2022). Revenue: RON682.8m (down 14% from 3Q 2022). Net loss: RON223.3m (loss widened 79% from 3Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Aug 18
Alro S.A., Annual General Meeting, Sep 19, 2023 Alro S.A., Annual General Meeting, Sep 19, 2023. New Risk • Aug 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. New Risk • Aug 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 10
Second quarter 2023 earnings released: RON0.039 loss per share (vs RON0.047 profit in 2Q 2022) Second quarter 2023 results: RON0.039 loss per share (down from RON0.047 profit in 2Q 2022). Revenue: RON768.5m (down 26% from 2Q 2022). Net loss: RON27.6m (down 182% from profit in 2Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
First quarter 2023 earnings released: RON0.073 loss per share (vs RON0.025 loss in 1Q 2022) First quarter 2023 results: RON0.073 loss per share (further deteriorated from RON0.025 loss in 1Q 2022). Revenue: RON821.8m (down 25% from 1Q 2022). Net loss: RON52.3m (loss widened 189% from 1Q 2022). Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: RON0.57 (vs RON0.037 in FY 2021) Full year 2022 results: EPS: RON0.57 (up from RON0.037 in FY 2021). Revenue: RON3.55b (up 1.5% from FY 2021). Net income: RON410.1m (up RON383.6m from FY 2021). Profit margin: 12% (up from 0.8% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 1.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: RON0.17 loss per share (vs RON0.032 profit in 3Q 2021) Third quarter 2022 results: RON0.17 loss per share (down from RON0.032 profit in 3Q 2021). Revenue: RON798.3m (down 14% from 3Q 2021). Net loss: RON124.7m (down RON147.7m from profit in 3Q 2021). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.3% decline forecast for the Metals and Mining industry in Europe. 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 11% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Non-executive Director Marinel Burduja was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Oct 18
Alro S.A., Annual General Meeting, Nov 22, 2022 Alro S.A., Annual General Meeting, Nov 22, 2022. Location: 116 Pitesti Street, Olt County Slatina Romania Agenda: To consider approval of the Remuneration Policy, to consider approval to empower Mr. Ion Constantinescu to comply with all the formalities for the registration of the Ordinary General Meeting of Shareholders' resolutions, to consider approval of the date of December 23, 2022 as registration date, for the opposability of all the decisions made by the Ordinary General Meeting of the Shareholder; and to discuss other matters. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: RON0.047 (vs RON0.02 in 2Q 2021) Second quarter 2022 results: EPS: RON0.047 (up from RON0.02 in 2Q 2021). Revenue: RON1.03b (up 30% from 2Q 2021). Net income: RON33.5m (up 132% from 2Q 2021). Profit margin: 3.2% (up from 1.8% in 2Q 2021). Over the next year, revenue is expected to shrink by 16% compared to a 20% growth forecast for the industry in Romania. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Price Target Changed • May 31
Price target decreased to RON2.70 Down from RON3.92, the current price target is provided by 1 analyst. New target price is 91% above last closing price of RON1.42. Stock is down 48% over the past year. The company posted earnings per share of RON0.037 last year. Reported Earnings • May 17
First quarter 2022 earnings released: RON0.025 loss per share (vs RON0.087 loss in 1Q 2021) First quarter 2022 results: RON0.025 loss per share (up from RON0.087 loss in 1Q 2021). Revenue: RON1.10b (up 48% from 1Q 2021). Net loss: RON18.1m (loss narrowed 71% from 1Q 2021). Over the next year, revenue is expected to shrink by 7.4% compared to a 39% growth forecast for the industry in Romania. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Non-executive Director Marinel Burduja was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: RON0.037 (vs RON0.47 in FY 2020) Full year 2021 results: EPS: RON0.037 (down from RON0.47 in FY 2020). Revenue: RON3.50b (up 39% from FY 2020). Net income: RON26.4m (down 92% from FY 2020). Profit margin: 0.8% (down from 13% in FY 2020). Over the next year, revenue is expected to shrink by 1.6% compared to a 30% growth forecast for the mining industry in Romania. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 18% share price gain to RON1.66, the stock trades at a trailing P/E ratio of 44.8x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorated over the past week After last week's 21% share price decline to RON1.52, the stock trades at a trailing P/E ratio of 29.5x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total loss to shareholders of 39% over the past three years. Aankondiging • Dec 25
Alro S.A. (BVB:ALR) acquired Vimetco Trading SRL from Vimetco N.V. and Vimetco Management Romania S.r.l. Alro S.A. (BVB:ALR) acquired Vimetco Trading SRL from Vimetco N.V. and Vimetco Management Romania S.r.l. on December 24, 2021.
Alro S.A. (BVB:ALR) completed the acquisition of Vimetco Trading SRL from Vimetco N.V. and Vimetco Management Romania S.r.l. on December 24, 2021. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RON1.80, the stock trades at a trailing P/E ratio of 35x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total loss to shareholders of 31% over the past three years. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS RON0.032 (vs RON0.028 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: RON928.5m (up 60% from 3Q 2020). Net income: RON23.0m (up 17% from 3Q 2020). Profit margin: 2.5% (down from 3.4% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 7% per year. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS RON0.02 (vs RON0.51 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: RON794.0m (up 22% from 2Q 2020). Net income: RON14.4m (down 96% from 2Q 2020). Profit margin: 1.8% (down from 56% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2021 earnings released: RON0.087 loss per share (vs RON0.15 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: RON743.9m (up 4.4% from 1Q 2020). Net loss: RON61.9m (loss narrowed 44% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 29
Full year 2020 earnings released: EPS RON0.47 (vs RON0.095 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: RON2.51b (down 9.5% from FY 2019). Net income: RON334.3m (up RON402.0m from FY 2019). Profit margin: 13% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 04
Full year 2020 earnings released: EPS RON0.46 (vs RON0.095 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: RON2.51b (down 9.5% from FY 2019). Net income: RON328.5m (up RON396.2m from FY 2019). Profit margin: 13% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 45% 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. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 4.3%, compared to a 20% growth forecast for the Metals and Mining industry in Romania. Is New 90 Day High Low • Feb 06
New 90-day high: RON2.47 The company is up 19% from its price of RON2.07 on 06 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 22% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: RON2.33 The company is up 21% from its price of RON1.93 on 08 October 2020. The Romanian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 19
New 90-day high: RON2.21 The company is up 6.0% from its price of RON2.08 on 18 September 2020. The Romanian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 03
New 90-day high: RON2.20 The company is up 3.0% from its price of RON2.13 on 04 September 2020. The Romanian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 17% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS RON0.028 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: RON581.0m (down 11% from 3Q 2019). Net income: RON19.6m (up RON122.1m from 3Q 2019). Profit margin: 3.4% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings.