New Risk • May 04
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 Belgian stocks, typically moving 7.1% 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 Risk Share price has been highly volatile over the past 3 months (7.1% average weekly change). Minor Risk Market cap is less than US$100m (€21.3m market cap, or US$25.0m). Announcement • Apr 27
Belysse Group NV, Annual General Meeting, May 27, 2026 Belysse Group NV, Annual General Meeting, May 27, 2026, at 11:00 Romance Standard Time. Reported Earnings • Mar 17
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: €254.2m (down 9.3% from FY 2024). Net loss: €6.62m (down 163% from profit in FY 2024). Revenue missed analyst estimates by 5.9%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Europe. Reported Earnings • Sep 08
First half 2025 earnings released: €0.002 loss per share (vs €0.29 profit in 1H 2024) First half 2025 results: €0.002 loss per share (down from €0.29 profit in 1H 2024). Revenue: €134.6m (down 7.0% from 1H 2024). Net loss: €79.0k (down 101% from profit in 1H 2024). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Sep 05
Now 25% undervalued Over the last 90 days, the stock has risen 41% to €1.00. The fair value is estimated to be €1.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to €1.01, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Consumer Durables industry in Europe. Total loss to shareholders of 38% over the past three years. New Risk • Aug 20
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 Belgian stocks, typically moving 7.3% 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 (1.3x net interest cover). Share price has been highly volatile over the past 3 months (7.3% average weekly change). Earnings are forecast to decline by an average of 6.0% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (€30.6m market cap, or US$35.6m). Reported Earnings • Apr 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €0.29 (up from €0.31 loss in FY 2023). Revenue: €280.4m (down 6.8% from FY 2023). Net income: €10.6m (up €21.7m from FY 2023). Profit margin: 3.8% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years compared to a 6.4% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Announcement • Apr 28
Belysse Group NV, Annual General Meeting, May 28, 2025 Belysse Group NV, Annual General Meeting, May 28, 2025, at 11:00 Romance Standard Time. Major Estimate Revision • Apr 27
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €284.6m to €276.4m. EPS estimate also fell from €0.10 per share to €0.06 per share. Net income forecast to shrink 79% next year vs 19% growth forecast for Consumer Durables industry in Belgium . Consensus price target of €1.60 unchanged from last update. Share price was steady at €0.79 over the past week. Reported Earnings • Mar 09
Full year 2024 earnings released Full year 2024 results: Revenue: €280.4m (down 6.8% from FY 2023). Net income: €10.6m (up €21.7m from FY 2023). Profit margin: 3.8% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Consumer Durables industry in Europe. Announcement • Feb 11
Belysse Group NV to Report First Half, 2025 Results on Sep 05, 2025 Belysse Group NV announced that they will report first half, 2025 results on Sep 05, 2025 Announcement • Oct 21
Belysse Group NV to Report Fiscal Year 2024 Results on Mar 07, 2025 Belysse Group NV announced that they will report fiscal year 2024 results on Mar 07, 2025 Reported Earnings • Aug 26
First half 2024 earnings released: EPS: €0.29 (vs €0.28 loss in 1H 2023) First half 2024 results: EPS: €0.29 (up from €0.28 loss in 1H 2023). Revenue: €144.7m (down 7.0% from 1H 2023). Net income: €10.5m (up €20.5m from 1H 2023). Profit margin: 7.3% (up from net loss in 1H 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. New Risk • Aug 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Share price has been highly volatile over the past 3 months (6.8% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (€30.6m market cap, or US$34.2m). Reported Earnings • Apr 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.31 loss per share (improved from €0.37 loss in FY 2022). Revenue: €300.9m (down 11% from FY 2022). Net loss: €11.1m (loss narrowed 17% from FY 2022). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 130%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Board Change • Apr 25
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. 6 non-independent directors. Independent director Vanessa Temple was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 22
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.31 loss per share (improved from €0.37 loss in FY 2022). Revenue: €300.9m (down 11% from FY 2022). Net loss: €11.1m (loss narrowed 17% from FY 2022). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) also missed analyst estimates by 130%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Consumer Durables industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Announcement • Apr 21
Belysse Group NV, Annual General Meeting, May 22, 2024 Belysse Group NV, Annual General Meeting, May 22, 2024, at 11:00 Central European Standard Time. Location: Franklin Rooseveltlaan 172-174 Waregem Belgium Announcement • Mar 27
Belysse Group NV to Report First Half, 2024 Results on Aug 23, 2024 Belysse Group NV announced that they will report first half, 2024 results on Aug 23, 2024 Reported Earnings • Mar 03
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: €300.9m (down 11% from FY 2022). Net loss: €11.1m (loss narrowed 17% from FY 2022). Revenue missed analyst estimates by 2.7%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Consumer Durables industry in Europe. New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€23.7m market cap, or US$25.5m). Announcement • Jan 24
Belysse Group NV to Report Fiscal Year 2023 Results on Mar 01, 2024 Belysse Group NV announced that they will report fiscal year 2023 results on Mar 01, 2024 Breakeven Date Change • Oct 26
Forecast breakeven date pushed back to 2024 The 2 analysts covering Belysse Group previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 99% to 2023. The company is expected to make a profit of €8.14m in 2024. Average annual earnings growth of 118% is required to achieve expected profit on schedule. Reported Earnings • Mar 04
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: €337.4m (up 22% from FY 2021). Net loss: €13.3m (loss narrowed 20% from FY 2021). Revenue exceeded analyst estimates by 11%. Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Consumer Durables industry in Europe. Price Target Changed • Nov 16
Price target increased to €4.35 Up from €4.00, the current price target is an average from 2 analysts. New target price is 207% above last closing price of €1.42. Stock is down 44% over the past year. The company is forecast to post earnings per share of €0.37 next year compared to a net loss per share of €0.46 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tzachi Wiesenfeld was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 28
First half 2022 earnings released: €1.73 loss per share (vs €0.09 loss in 1H 2021) First half 2022 results: €1.73 loss per share (down from €0.09 loss in 1H 2021). Revenue: €164.2m (down 48% from 1H 2021). Net loss: €7.19m (loss widened 117% from 1H 2021). Over the next year, revenue is forecast to stay flat compared to a 5.2% growth forecast for the Consumer Durables industry in Belgium. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 27
Price target increased to €4.35 Up from €4.00, the current price target is an average from 2 analysts. New target price is 34% above last closing price of €3.24. Stock is up 24% over the past year. The company is forecast to post earnings per share of €0.37 next year compared to a net loss per share of €0.46 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Tzachi Wiesenfeld was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 06
Victoria plc (AIM:VCP) completed the acquisition of Rugs & UK Carpet Divisions from Balta Group NV (ENXTBR:BALTA). Victoria plc (AIM:VCP) agreed to acquire Rugs & UK Carpet Divisions from Balta Group NV (ENXTBR:BALTA) for approximately €140 million on November 29, 2021. The purchase price will be funded entirely from the Group's cash balances along with additional preferred equity to be provided by KED, a substantial shareholder in Victoria. For the 12 months ended March 31, 2021, the Divisions generated unaudited total revenues of €307.0 million, and EBITDA of €35.5 million. The acquisition will be immediately earnings-accretive. The transaction is expected to complete at the beginning of Quarter second of 2022. Robrecht Coppens, Mathias Hendrickx, Céline De Vuyst, Marc Vermylen, Filip Saelens, Stéphanie De Smedt, Julien Lecler, Wannes Buelens, Eline De Ryck, Eugénie Mennig, Marc Wiggers, Robin Struijlaart, Robert Fröger, Michael Scott, Madeleine Marques, Diogo Morgado Filipe of Loyens & Loeff acted as a Legal Advisor to Balta Group. Rick Thompson, Phil Davies, Alex Bond of Singer Capital Markets acted as Financial Advisor to Victoria plc. Moelis & Company acted ad financial advisor to Balta NV.
Victoria plc (AIM:VCP) completed the acquisition of Rugs & UK Carpet Divisions from Balta Group NV (ENXTBR:BALTA) on April 5, 2022. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €276.8m (down 51% from FY 2020). Net loss: €16.5m (loss widened 31% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 90%, compared to a 9.4% growth forecast for the industry in Belgium. Major Estimate Revision • Dec 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.41 to €0.19 per share. Revenue forecast steady at €629.9m. Net income forecast to grow 1,023% next year vs 14% growth forecast for Consumer Durables industry in Belgium. Consensus price target up from €3.00 to €4.00. Share price rose 9.6% to €2.85 over the past week. Announcement • Nov 30
Victoria plc (AIM:VCP) agreed to acquire Rugs & UK Carpet Divisions of Balta Group NV from Balta Group NV (ENXTBR:BALTA) for £117 million. Victoria plc (AIM:VCP) agreed to acquire Rugs & UK Carpet Divisions of Balta Group NV from Balta Group NV (ENXTBR:BALTA) for £117 million on November 29, 2021. The consideration can be adjusted depending on the working capital movements and cash generation of the Divisions up to completion. In addition, the Divisions have approximately £48 million) of debt (excluding IFRS 16 leases), which is expected to remain in place following completion. The consideration will be funded entirely from the Group's cash balances along with additional preferred equity to be provided by KED, a substantial shareholder in Victoria. Completion of the Acquisition is subject to the conclusion of the carve-out of the Divisions from the rest of the Balta Group and is expected in April 2022. The Acquisition will be immediately earnings-accretive and is a continued step in Victoria's strategy of growing its business with earnings-enhancing acquisitions, and then using available synergies to drive further increases in margin and revenue. Rick Thompson, Phil Davies and Alex Bond of Singer Capital Markets Advisory LLP acting as an advisor to Victoria plc. Berenberg and Peel Hunt acting as a joint broker in the transaction. Announcement • Nov 24
Victoria in Talks to Buy A Part of Balta Victoria plc (AIM:VCP) said on November 22, 2021 that it is in talks about the possible acquisition of part of Balta Group NV (ENXTBR:BALTA). In a brief statement in response to press speculation, the company said: "Whilst speculative details in the article are inaccurate, the board can confirm that it is in discussions to potentially acquire a profitable, growing part of Balta's group that it believes possesses good synergy opportunities with Victoria's existing business. "For the avoidance of doubt, the board confirms that Victoria is not contemplating an acquisition of Balta as a whole." Victoria said there is no guarantee any transaction will take place, but, if it did, terms would be in line with its usual acquisition criteria, including being materially earnings accretive. Any deal could be funded entirely from existing resources and in line with the board’s financial policy, it said. Reported Earnings • Aug 29
First half 2021 earnings released: €0.09 loss per share (vs €0.47 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €318.3m (up 20% from 1H 2020). Net loss: €3.32m (loss narrowed 80% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 10
Price target increased to €3.00 Up from €2.50, the current price target is an average from 2 analysts. New target price is 6.8% above last closing price of €2.81. Stock is up 146% over the past year. Reported Earnings • Apr 29
Full year 2020 earnings released: €0.35 loss per share (vs €0.29 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €561.8m (down 16% from FY 2019). Net loss: €12.6m (down 221% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue beats expectations Revenue exceeded analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 15%, compared to a 17% growth forecast for the Consumer Durables industry in Belgium. Reported Earnings • Mar 11
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €561.8m (down 16% from FY 2019). Net loss: €12.6m (down 221% from profit in FY 2019). Is New 90 Day High Low • Feb 20
New 90-day high: €2.50 The company is up 28% from its price of €1.95 on 20 November 2020. The Belgian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables 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 €3.53 per share. Price Target Changed • Nov 11
Price target raised to €1.43 Up from €1.33, the current price target is an average from 2 analysts. The new target price is 5.4% above the current share price of €1.36. As of last close, the stock is down 48% over the past year. Major Estimate Revision • Nov 11
Analysts update estimates The company's losses in 2020 are expected to improve with analysts raising their consensus EPS forecasts from -€0.58 to -€0.47. Revenue estimate was approximately flat at €545.1m. The Consumer Durables industry in Belgium is expected to see an average net income growth of 20% next year. The consensus price target increased from €1.33 to €1.43. Share price is up 15% to €1.36 over the past week. Announcement • Nov 06
Balta Group NV to Report Fiscal Year 2020 Results on Mar 10, 2021 Balta Group NV announced that they will report fiscal year 2020 results on Mar 10, 2021 Is New 90 Day High Low • Nov 05
New 90-day high: €1.26 The company is up 14% from its price of €1.10 on 07 August 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables 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 €3.07 per share. Is New 90 Day High Low • Oct 08
New 90-day low: €1.01 The company is down 13% from its price of €1.16 on 10 July 2020. The Belgian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables 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 €3.07 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €1.03 The company is down 12% from its price of €1.16 on 24 June 2020. The Belgian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables 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 €3.07 per share. 