New Risk • Apr 29
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 Belgian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Share price has been volatile over the past 3 months (5.4% average weekly change). Profit margins are more than 30% lower than last year (30% net profit margin). Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: US$1.15 (vs US$3.15 in FY 2024) Full year 2025 results: EPS: US$1.15 (down from US$3.15 in FY 2024). Revenue: US$259.2m (down 26% from FY 2024). Net income: US$74.3m (down 59% from FY 2024). Profit margin: 29% (down from 52% in FY 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Mar 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (90% cash payout ratio). Large one-off items impacting financial results. Announcement • Jan 03
Exmar NV to Report First Half, 2026 Results on Sep 04, 2026 Exmar NV announced that they will report first half, 2026 results on Sep 04, 2026 Upcoming Dividend • Nov 19
Upcoming dividend of €0.52 per share Eligible shareholders must have bought the stock before 26 November 2025. Payment date: 28 November 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 26%. Within top quartile of Belgian dividend payers (6.9%). Higher than average of industry peers (6.0%). Reported Earnings • Sep 06
First half 2025 earnings released: EPS: US$0.77 (vs US$1.20 in 1H 2024) First half 2025 results: EPS: US$0.77 (down from US$1.20 in 1H 2024). Revenue: US$122.4m (down 37% from 1H 2024). Net income: US$44.4m (down 36% from 1H 2024). Profit margin: 36% (in line with 1H 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Sep 01
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major 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 Share price has been highly volatile over the past 3 months (9.5% average weekly change). High level of non-cash earnings (23% accrual ratio). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). New Risk • Aug 09
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 8.3% 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 Share price has been highly volatile over the past 3 months (8.3% average weekly change). High level of non-cash earnings (23% accrual ratio). Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). Buy Or Sell Opportunity • Aug 08
Now 40% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to €10.20. The fair value is estimated to be €16.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has grown by 8.4%. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €10.20, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 11x in the Oil and Gas industry in Europe. Total returns to shareholders of 200% over the past three years. Announcement • Apr 18
Exmar NV, Annual General Meeting, May 20, 2025 Exmar NV, Annual General Meeting, May 20, 2025, at 14:30 Romance Standard Time. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: US$3.15 (vs US$1.25 in FY 2023) Full year 2024 results: EPS: US$3.15 (up from US$1.25 in FY 2023). Revenue: US$455.9m (down 6.5% from FY 2023). Net income: US$181.0m (up 152% from FY 2023). Profit margin: 40% (up from 15% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Dec 03
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 5.6% 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 (5.6% average weekly change). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Valuation Update With 7 Day Price Move • Dec 03
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to €11.18, the stock trades at a trailing P/E ratio of 5.9x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 424% over the past three years. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: US$0.21 (vs US$0.32 in 3Q 2023) Third quarter 2024 results: EPS: US$0.21 (down from US$0.32 in 3Q 2023). Revenue: US$84.8m (down 42% from 3Q 2023). Net income: US$12.4m (down 33% from 3Q 2023). Profit margin: 15% (up from 13% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. Non-Executive Independent Director Maryam Ayati was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Sep 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% 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 Earnings are forecast to decline by an average of 114% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (25% net profit margin). Reported Earnings • Sep 08
Second quarter 2024 earnings released: EPS: US$0.81 (vs US$0.031 in 2Q 2023) Second quarter 2024 results: EPS: US$0.81 (up from US$0.031 in 2Q 2023). Revenue: US$86.6m (down 36% from 2Q 2023). Net income: US$47.5m (up US$45.7m from 2Q 2023). Profit margin: 55% (up from 1.3% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to fall by 84% p.a. on average during the next 2 years compared to a 1.2% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 21
First quarter 2024 earnings released: EPS: US$0.38 (vs US$0.34 in 1Q 2023) First quarter 2024 results: EPS: US$0.38 (up from US$0.34 in 1Q 2023). Revenue: US$128.4m (up 95% from 1Q 2023). Net income: US$22.0m (up 15% from 1Q 2023). Profit margin: 17% (down from 29% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 80% p.a. on average during the next 2 years compared to a 1.5% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 20
Upcoming dividend of €0.66 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 58%. Within top quartile of Belgian dividend payers (6.6%). Higher than average of industry peers (6.1%). Declared Dividend • Mar 30
Final dividend of €0.66 announced Shareholders will receive a dividend of €0.66. Ex-date: 27th May 2024 Payment date: 29th May 2024 Dividend yield will be 62%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (423% earnings payout ratio) nor is it covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 370% to bring the payout ratio under control. However, EPS is expected to decline by 93% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 27
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: US$1.25 (down from US$5.60 in FY 2022). Revenue: US$492.2m (up 216% from FY 2022). Net income: US$72.0m (down 78% from FY 2022). Profit margin: 15% (down from 206% in FY 2022). Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is expected to fall by 70% p.a. on average during the next 2 years compared to a 1.8% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 30% per year. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: US$0.32 (vs US$5.38 in 3Q 2022) Third quarter 2023 results: EPS: US$0.32 (down from US$5.38 in 3Q 2022). Revenue: US$145.2m (up 277% from 3Q 2022). Net income: US$18.4m (down 94% from 3Q 2022). Profit margin: 13% (down from 799% in 3Q 2022). Revenue is expected to fall by 38% p.a. on average during the next 3 years compared to a 3.6% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 52% per year. New Risk • Nov 02
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 9.5% 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 Share price has been highly volatile over the past 3 months (9.5% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Dividend per share is over 25x cash flows per share. Earnings are forecast to decline by an average of 101% per year for the foreseeable future. High level of non-cash earnings (50% accrual ratio). Upcoming Dividend • Oct 26
Upcoming dividend of €4.08 per share Eligible shareholders must have bought the stock before 02 November 2023. Payment date: 06 November 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 79%. Within top quartile of Belgian dividend payers (8.0%). Higher than average of industry peers (8.8%). Reported Earnings • Sep 11
Second quarter 2023 earnings released: EPS: US$0.032 (vs US$0.30 in 2Q 2022) Second quarter 2023 results: EPS: US$0.032 (down from US$0.30 in 2Q 2022). Revenue: US$135.3m (up 313% from 2Q 2022). Net income: US$1.79m (down 90% from 2Q 2022). Profit margin: 1.3% (down from 53% in 2Q 2022). Revenue is expected to fall by 24% p.a. on average during the next 3 years compared to a 5.3% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Announcement • Aug 30
Exmar NV to Report Q1, 2024 Results on May 16, 2024 Exmar NV announced that they will report Q1, 2024 results on May 16, 2024 Major Estimate Revision • Jul 05
Consensus EPS estimates fall by 76% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$142.9m to US$133.8m. EPS estimate also fell from US$0.834 per share to US$0.196 per share. Net income forecast to shrink 97% next year vs 5.0% decline forecast for Oil and Gas industry in Belgium. Consensus price target up from €9.43 to €11.13. Share price fell 2.4% to €10.66 over the past week. Upcoming Dividend • May 15
Upcoming dividend of €0.70 per share at 17% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 17%. Within top quartile of Belgian dividend payers (6.7%). Higher than average of industry peers (8.9%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to €11.62, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 214% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: US$5.60 (up from US$0.20 in FY 2021). Revenue: US$476.8m (up 222% from FY 2021). Net income: US$320.3m (up US$308.7m from FY 2021). Profit margin: 67% (up from 7.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 41%. Earnings per share (EPS) also missed analyst estimates by 3.6%. Revenue is expected to fall by 35% p.a. on average during the next 2 years compared to a 6.8% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Maryam Ayati was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 31
Upcoming dividend of €0.67 per share Eligible shareholders must have bought the stock before 07 November 2022. Payment date: 09 November 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 9.7%. Within top quartile of Belgian dividend payers (7.4%). Higher than average of industry peers (8.1%). Reported Earnings • Sep 11
Second quarter 2022 earnings released: EPS: US$0.31 (vs US$0.61 in 2Q 2021) Second quarter 2022 results: EPS: US$0.31 (down from US$0.61 in 2Q 2021). Revenue: US$35.3m (down 53% from 2Q 2021). Net income: US$17.3m (down 50% from 2Q 2021). Profit margin: 49% (up from 47% in 2Q 2021). Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 7.6% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 01
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: US$0.14 loss per share (down from US$0.038 loss in 1Q 2021). Revenue: US$24.3m (down 28% from 1Q 2021). Net loss: US$7.70m (loss widened 250% from 1Q 2021). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 16%, compared to a 36% growth forecast for the industry in Belgium. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Maryam Ayati was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 17
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.20 (down from US$1.61 in FY 2020). Revenue: US$148.2m (down 48% from FY 2020). Net income: US$11.6m (down 87% from FY 2020). Profit margin: 7.8% (down from 32% in FY 2020). Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 22%. Over the next year, revenue is forecast to grow 4.9%, compared to a 30% growth forecast for the oil industry in Belgium. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 16% share price gain to €5.00, the stock trades at a trailing P/E ratio of 2.7x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 12% over the past three years. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 16% share price gain to €4.52, the stock trades at a trailing P/E ratio of 2.5x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total loss to shareholders of 14% over the past three years. Reported Earnings • Sep 12
Second quarter 2021 earnings released: EPS US$0.61 (vs US$0.21 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$74.9m (up 83% from 2Q 2020). Net income: US$34.9m (up US$47.2m from 2Q 2020). Profit margin: 47% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 18
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. Trailing yield: 3.9%. Lower than top quartile of Belgian dividend payers (4.4%). In line with average of industry peers (3.9%). Reported Earnings • Apr 26
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$33.5m (down 25% from 1Q 2020). Net loss: US$2.20m (down 113% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS US$1.61 (vs US$0.23 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$286.8m (up 108% from FY 2019). Net income: US$91.9m (up US$105.2m from FY 2019). Profit margin: 32% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 17% per year. Is New 90 Day High Low • Jan 06
New 90-day high: €2.95 The company is up 37% from its price of €2.15 on 08 October 2020. The Belgian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: €2.61 The company is up 28% from its price of €2.04 on 04 September 2020. The Belgian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 11% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of US$11.0m, with losses widening by 24% from the prior year. Total revenue was US$185.9m over the last 12 months, up 66% from the prior year.