Aankondiging • Jan 04
Manitex International, Inc. Announces Management Changes This Current Report on Form 8-K is being filed in connection with the closing on January 2, 2025, of the transaction contemplated by that certain Agreement and Plan of Merger dated as of September 12, 2024, by and among Manitex International, Inc., Tadano Ltd., and Lift SPC Inc. Pursuant to the terms and conditions set forth in the Merger Agreement, on January 2, 2025, Merger Sub merged with and into the Company (the “Merger”), with the Company continuing as the surviving corporation (the “Surviving Corporation”). As a result of the Merger, the Company became a wholly owned subsidiary of Tadano. Effective upon the consummation of the Merger, each of Ronald M. Clark, J. Michael Coffey, Takashi Fukui, Frederick B. Knox, David J. Langevin and Stephen J. Tober resigned from the Board of Directors of the Company (the “Board”) and from any and all committees of the Board on which they served and ceased to be directors of the Company, and the directors of Merger Sub immediately prior to the Effective Time were appointed as directors of the Company. In addition, effective upon the consummation of the Merger, each of J. Michael Coffey, David J. Langevin and Joseph Doolan ceased to be executive officers of the Company. Aankondiging • Sep 13
Manitex International's Shares to No Longer Trade on Nasdaq or Any Other Public Market, Upon Completion of the Transaction Manitex International, Inc. ('Manitex' or the 'Company') announced that it has entered into a definitive agreement to be acquired by Tadano Ltd. ('Tadano') in an all-cash transaction at an equity value of $123 million and total transaction value of $223 million, including outstanding debt. Under the terms of the transaction, Manitex shareholders will receive $5.80 per share in cash, which represents a premium of approximately 52.2% over the Company's closing share price of $3.81 on September 11, 2024, the last full trading day before announcement of the transaction, and a premium of approximately 47.9% to the 30-day volume weighted average price of Manitex's shares through September 11, 2024. Upon completion of the transaction, Manitex's shares will no longer trade on NASDAQ or any other public market. New Risk • Sep 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Market cap is less than US$100m (US$77.7m market cap). Reported Earnings • Aug 08
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: US$0.073 (up from US$0.02 in 2Q 2023). Revenue: US$76.2m (up 3.7% from 2Q 2023). Net income: US$1.49m (up 269% from 2Q 2023). Profit margin: 2.0% (up from 0.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Aankondiging • Aug 08
Manitex International, Inc. Revises Earnings Guidance for the Year 2024 Manitex International, Inc. revised earnings guidance for the year 2024. The company is lowering full-year 2024 revenue guidance to a range of $290 million to $300 million compared to the previous guidance of $300 million to $310 million. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$4.32, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the Machinery industry in the US. Total loss to shareholders of 39% over the past three years. Aankondiging • Aug 02
Manitex International, Inc. to Report Q2, 2024 Results on Aug 07, 2024 Manitex International, Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 07, 2024 Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$4.76, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 18x in the Machinery industry in the US. Total loss to shareholders of 37% over the past three years. Price Target Changed • Jun 19
Price target increased by 11% to US$10.00 Up from US$9.00, the current price target is provided by 1 analyst. New target price is 113% above last closing price of US$4.69. Stock is down 6.4% over the past year. The company is forecast to post earnings per share of US$0.37 for next year compared to US$0.36 last year. Aankondiging • Jun 18
Manitex International Announces Board Changes Manitex International, Inc. announced resignation of Shinichi Iimura as Company’s Board of Directors. Mr. Iimura resigned for personal health reasons and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Company has appointed Takashi Fukui to the Board of Directors to replace Mr. Iimura, effective June 18, 2024. Mr. Fukui has meaningful experience in the heavy equipment industry with specialized expertise in international business, strategy, and manufacturing and distribution. Before joining Tadano in 2021, Mr. Fukui spent 30 years with Marubeni Corporation, mainly with its earth moving equipment business, with over 13 years of overseas assignments for distributor operations in the United Kingdom, Australia and Peru. Mr. Fukui concurrently serves on the Boards of Directors for Tadano’s subsidiaries in America, Australia, Singapore, Thailand and India. New Risk • Jun 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$98.2m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (US$98.2m market cap). Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$5.22, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Machinery industry in the US. Total loss to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$6.47, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Machinery industry in the US. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$12.90 per share. Reported Earnings • May 03
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.11 (up from US$0.003 in 1Q 2023). Revenue: US$73.3m (up 8.1% from 1Q 2023). Net income: US$2.28m (up US$2.23m from 1Q 2023). Profit margin: 3.1% (up from 0.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 120%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Aankondiging • May 01
Manitex International, Inc., Annual General Meeting, Jun 25, 2024 Manitex International, Inc., Annual General Meeting, Jun 25, 2024, at 11:00 Central Daylight. Location: Marriott of Burr Ridge, 1200 Burr Ridge Pkwy, Burr Ridge, IL 60527 United States Agenda: To Elect six (6) directors of the Company to hold office for one year or until their successors are duly elected and qualified; to Ratify the appointment of Grant Thornton LLP as our Independent Registered Public Accounting Firm for fiscal 2024; to Consider an advisory vote on the compensation of the Company's named executive officers; and to Transact such other business as may properly come before the meeting or any adjournments thereof. Aankondiging • Apr 27
Manitex International, Inc. to Report Q1, 2024 Results on May 02, 2024 Manitex International, Inc. announced that they will report Q1, 2024 results Pre-Market on May 02, 2024 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$6.25, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 19x in the Machinery industry in the US. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$11.48 per share. Reported Earnings • Mar 01
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$0.36 (up from US$0.24 loss in FY 2022). Revenue: US$291.4m (up 6.4% from FY 2022). Net income: US$7.36m (up US$12.3m from FY 2022). Profit margin: 2.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 64%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Aankondiging • Mar 01
Manitex International, Inc. Provides Earnings Guidance for the Full Year 2024 Manitex International, Inc. provided earnings guidance for the full year 2024. for the year, the company expects total revenue of $300 million to $310 million. Aankondiging • Feb 21
Manitex International, Inc. to Report Q4, 2023 Results on Feb 29, 2024 Manitex International, Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 29, 2024 Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$6.75, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 19x in the Machinery industry in the US. Total loss to shareholders of 12% over the past three years. Aankondiging • Jan 25
Manitex International Announces Board Changes Manitex International, Inc. announced the appointment of Shinichi Iimura to its Board of Directors, effective January 30, 2024, succeeding Takashi Kiso, who has served as a director since January 30, 2023. Both Mr. Iimura and Mr. Kiso are representatives of Tadano Ltd, the largest equity shareholder of Manitex. Mr. Iimura is currently Chairman of Tadano America Corporation and CEO & President of Tadano America Holdings Inc. Previously, Mr. Iimura was the former Head of Tadano Singapore from 1998 to 2001, President of Tadano Faun GmbH Germany from 2002 to 2009, and had oversight of Faun Products Europe. Mr. Iimura has executive oversight of Pan-American Operations at Tadano, maintaining an office in Houston, Texas. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$8.65, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 20x in the Machinery industry in the US. Total returns to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$11.58 per share. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$7.50, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the Machinery industry in the US. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$11.00 per share. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to US$5.23, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Machinery industry in the US. Total returns to shareholders of 19% over the past three years. Aankondiging • Nov 04
Manitex International, Inc. Provides Revenue Guidance for the Full-Year 2023 Manitex International, Inc. provided revenue guidance for the Full-Year 2023. For the year, company expects Total Revenue of $285 million to $290 million. New Risk • Nov 03
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (US$82.8m market cap). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.084 (vs US$0.17 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.084 (up from US$0.17 loss in 3Q 2022). Revenue: US$71.3m (up 9.7% from 3Q 2022). Net income: US$1.70m (up US$5.07m from 3Q 2022). Profit margin: 2.4% (up from net loss in 3Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Aankondiging • Oct 26
Manitex International, Inc. to Report Q3, 2023 Results on Nov 02, 2023 Manitex International, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 02, 2023 Aankondiging • Sep 15
Manitex International, Inc. Provides Revenue Guidance for the Full-Year 2023 Manitex International, Inc. provided revenue Guidance for the full-year 2023. For the year, the company reported Revenue of $282 million to $287 million. Reported Earnings • Aug 04
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: US$0.02 (up from US$0.11 loss in 2Q 2022). Revenue: US$73.5m (up 5.7% from 2Q 2022). Net income: US$404.0k (up US$2.66m from 2Q 2022). Profit margin: 0.5% (up from net loss in 2Q 2022). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 67%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 26
Manitex International, Inc. to Report Q2, 2023 Results on Aug 03, 2023 Manitex International, Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 03, 2023 New Risk • Jul 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.0m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$18m). Market cap is less than US$100m (US$99.0m market cap). Reported Earnings • May 06
First quarter 2023 earnings released: EPS: US$0.003 (vs US$0.012 in 1Q 2022) First quarter 2023 results: EPS: US$0.003 (down from US$0.012 in 1Q 2022). Revenue: US$67.9m (up 12% from 1Q 2022). Net income: US$53.0k (down 77% from 1Q 2022). Profit margin: 0.1% (down from 0.4% in 1Q 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$0.24 loss per share (further deteriorated from US$0.23 loss in FY 2021). Revenue: US$273.9m (up 30% from FY 2021). Net loss: US$4.90m (loss widened 7.2% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 5% per year. Aankondiging • Feb 17
Manitex International Announces the Appointment of Paolo Balugani to General Manager of Manitex Valla Manitex International announced the appointment of Paolo Balugani to General Manager of Manitex Valla, the Company’s electric crane division. Paolo will oversee all operations of Manitex Valla from the Company’s manufacturing operations in Panaro, Italy, where he will report to Manitex International’s Vice President and Italian Managing Director, Giovanni Tacconi. Aankondiging • Feb 08
Manitex International, Inc. to Report Q4, 2022 Results on Mar 08, 2023 Manitex International, Inc. announced that they will report Q4, 2022 results Pre-Market on Mar 08, 2023 Aankondiging • Feb 01
Manitex International, Inc. Announces Board Changes Manitex International, Inc. announced that it has appointed Takashi Kiso to its Board of Directors, effective immediately. Mr. Kiso joins the Manitex Board of Directors, currently serving as Senior Administrator in the Global Office of Tadano Ltd. (“Tadano”). Mr. Kiso has 37 years of experience in the automotive and industrial transportation industries and has held executive leadership roles for multiple international companies, with assignments in Europe, Asia, and North America. Prior to joining Tadano, he was Chairman, Marubeni Automotive Aftermarket Holdings in Houston, Texas. Mr. Kiso will replace Mr. Ingo Schiller, Advisor of Tadano Ltd., who has served on Board since Tadano’s initial investment in the Company in 2018. Board Change • Nov 16
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. 1 experienced director. 6 highly experienced directors. CEO & Director Michael Coffey was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 05
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: US$0.17 loss per share (further deteriorated from US$0.055 loss in 3Q 2021). Revenue: US$65.0m (up 28% from 3Q 2021). Net loss: US$3.37m (loss widened 206% from 3Q 2021). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) missed analyst estimates by 114%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Machinery industry in the US. 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 4% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 02
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$271.5m to US$260.1m. Now expected to report a loss of US$0.16 per share instead of US$0.29 per share profit previously forecast. Machinery industry in the US expected to see average net income growth of 21% next year. Consensus price target down from US$13.00 to US$8.00. Share price fell 5.3% to US$5.49 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: US$0.11 loss per share (down from US$0.27 profit in 2Q 2021). Revenue: US$69.6m (up 16% from 2Q 2021). Net loss: US$2.26m (down 142% from profit in 2Q 2021). Revenue exceeded analyst estimates by 5.7%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 24%, compared to a 19% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 21
Price target increased to US$13.00 Up from US$10.25, the current price target is provided by 1 analyst. New target price is 87% above last closing price of US$6.94. Stock is down 7.1% over the past year. The company is forecast to post earnings per share of US$0.29 next year compared to a net loss per share of US$0.23 last year. Reported Earnings • May 05
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.012 (up from US$0.039 loss in 1Q 2021). Revenue: US$60.4m (up 28% from 1Q 2021). Net income: US$230.0k (up US$1.00m from 1Q 2021). Profit margin: 0.4% (up from net loss in 1Q 2021). Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 13% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target increased to US$10.25 Up from US$9.25, the current price target is provided by 1 analyst. New target price is 36% above last closing price of US$7.55. Stock is down 0.2% over the past year. The company is forecast to post earnings per share of US$0.09 next year compared to a net loss per share of US$0.23 last year. Board Change • Apr 27
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. 1 experienced director. 6 highly experienced directors. Special Advisor & Director Steve Filipov was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 19
Price target increased to US$10.25 Up from US$9.25, the current price target is provided by 1 analyst. New target price is 35% above last closing price of US$7.60. Stock is down 5.4% over the past year. The company is forecast to post earnings per share of US$0.09 next year compared to a net loss per share of US$0.23 last year. Board Change • Apr 19
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. 1 experienced director. 6 highly experienced directors. CEO & Director Steve Filipov was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2021 earnings released: US$0.055 loss per share (vs US$0.073 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$50.9m (up 40% from 3Q 2020). Net loss: US$1.10m (loss narrowed 24% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.27 (vs US$0.12 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$60.0m (up 62% from 2Q 2020). Net income: US$5.37m (up US$7.77m from 2Q 2020). Profit margin: 8.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Board Change • Aug 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. 2 experienced directors. 5 highly experienced directors. CEO & Director Steve Filipov was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 09
First quarter 2021 earnings released: US$0.039 loss per share (vs US$0.36 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: US$47.2m (down 3.2% from 1Q 2020). Net loss: US$772.0k (loss narrowed 89% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 14
Price target raised to US$7.25 Up from US$6.00, the current price target is an average from 2 analysts. The new target price is 13% below the current share price of US$8.29. As of last close, the stock is up 91% over the past year. Reported Earnings • Mar 13
Full year 2020 earnings released: US$0.64 loss per share (vs US$0.43 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$167.5m (down 26% from FY 2019). Net loss: US$12.7m (loss widened 50% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 36% 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. 