Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: €37.75 (vs €14.84 in FY 2024) Full year 2025 results: EPS: €37.75 (up from €14.84 in FY 2024). Revenue: €766.0m (up 110% from FY 2024). Net income: €56.6m (up 154% from FY 2024). Profit margin: 7.4% (up from 6.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year whereas the company’s share price has increased by 55% per year. Buy Or Sell Opportunity • Mar 31
Now 21% overvalued Over the last 90 days, the stock has fallen 7.1% to €195. The fair value is estimated to be €161, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 52%. Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: €37.75 (vs €14.84 in FY 2024) Full year 2025 results: EPS: €37.75 (up from €14.84 in FY 2024). Revenue: €768.2m (up 110% from FY 2024). Net income: €56.6m (up 154% from FY 2024). Profit margin: 7.4% (up from 6.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year whereas the company’s share price has increased by 51% per year. Announcement • Mar 28
Campine NV Proposes to Pay A Gross Dividend Based on the 2025 Results Campine NV Board of Directors proposes to the General Meeting a gross dividend of €10 per share, more than doubling last year’s dividend. The total dividend distribution based on the 2025 results amounts to €15 million. In determining the dividend level, the Board considered that part of the net result includes exceptional non-cash accounting elements, which is why the distribution is slightly below the usual one-third of net profit. New Risk • Mar 19
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 High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (6.3% average weekly change). Buy Or Sell Opportunity • Jan 02
Now 23% overvalued Over the last 90 days, the stock has fallen 1.7% to €228. The fair value is estimated to be €185, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 35%. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €170, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 16x in the Metals and Mining industry in Europe. Total returns to shareholders of 315% over the past three years. Buy Or Sell Opportunity • Oct 14
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €285. The fair value is estimated to be €205, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 35%. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €237, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 15x in the Metals and Mining industry in Europe. Total returns to shareholders of 512% over the past three years. Buy Or Sell Opportunity • Sep 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €255. The fair value is estimated to be €212, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 35%. New Risk • Sep 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.5% average weekly change). High level of non-cash earnings (24% accrual ratio). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €265, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 13x in the Metals and Mining industry in Europe. Total returns to shareholders of 611% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €259, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 13x in the Metals and Mining industry in Europe. Total returns to shareholders of 575% over the past three years. Declared Dividend • Jun 04
Dividend of €3.15 announced Shareholders will receive a dividend of €3.15. Ex-date: 11th June 2025 Payment date: 13th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 46% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 03
Campine NV announces Annual dividend, payable on June 13, 2025 Campine NV announced Annual dividend of EUR 3.1500 per share payable on June 13, 2025, ex-date on June 11, 2025 and record date on June 12, 2025. Announcement • May 29
ampine NV (ENXTBR:CAMB) entered into an binding offer to acquire Two battery recycling plant and One semi-finished lead speciality of Ecobat from Ecobat, LLC. Campine NV (ENXTBR:CAMB) entered into an binding offer to acquire Two battery recycling plant and One semi-finished lead speciality of Ecobat from Ecobat, LLC on May 27, 2025. The deal would comprise the recycling facilities in Bazoches-les-Gallerandes (100 km south of Paris) and Pont Sainte Maxence (50 km north of Paris), which would add 70.000 tons of battery recycling capacity resulting in 40.000 tons of lead-metal alloys. A 3rd factory, producing semi-finished lead products located in Estrees St Denis (north of Paris) is an integrated downstream operation making amongst others anodes for the Zinc and Copper industries. The consolidated revenue of the French target assets amounted to about €100 million in 2024 and generated a positive EBITDA. Campine expects to sustain these revenues and implement synergies to optimise profits after the acquisition. The contemplated transaction is subject to the information and consultation of the works councils of Ecobat Resources affiliates in France and subject to customary merger control and FDI approvals. The closing could be expected earliest in July. Rothschild & Co acted as financial advisor and White & Case acted as legal advisor to Ecobat on the transaction. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €209, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 380% over the past three years. Reported Earnings • Apr 29
Full year 2024 earnings released: EPS: €14.84 (vs €9.10 in FY 2023) Full year 2024 results: EPS: €14.84 (up from €9.10 in FY 2023). Revenue: €365.5m (up 13% from FY 2023). Net income: €22.3m (up 63% from FY 2023). Profit margin: 6.1% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 04
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change). Announcement • Mar 13
Campine NV, Annual General Meeting, May 28, 2025 Campine NV, Annual General Meeting, May 28, 2025, at 11:00 Romance Standard Time. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: €14.84 (vs €9.10 in FY 2023) Full year 2024 results: EPS: €14.84 (up from €9.10 in FY 2023). Revenue: €368.2m (up 14% from FY 2023). Net income: €22.3m (up 63% from FY 2023). Profit margin: 6.0% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 12
Campine NV Proposes to Pay A Gross Dividend Campine NV proposed to the general meeting to pay a gross dividend of €4.5 per share, which is 50% higher than last year. The total dividend based on the 2024 results is amounting to a total of €6.75 mio. This dividend reflects the policy to distribute about 1/3 of the net result. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €117, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 11x in the Metals and Mining industry in Europe. Total returns to shareholders of 245% over the past three years. Announcement • Dec 13
Campine NV Provides Consolidated Financial Guidance for the Year 2024 Campine NV provided consolidated financial guidance for the year 2024. Campine’s 2024 total consolidated revenues are expected to be approximately €360 million, up 12% from the €322 million in 2023. The increased revenues are mainly related to the high antimony metal prices. Announcement • Nov 07
Campine Announces Board Changes Campine announced that on its last meeting, the board of directors of Campine elected Dina Brughmans as new chair to succeed Patrick De Groote, who retires at the end of this year. Dina Brughmans joined the board of Campine as an independent non-executive director in 2018 and has been active as well in the audit committee as in Campine’s remuneration committee. The nomination will be effective 1/1/2025, as Mr. De Groote expressed his will to retire from the board and consequently steps down on 31/12/2024. Mr. De Groote has been on the board of Campine for 17 years and was one of the main driving forces to transform the company into what it became today. He was elected chairman of the board in 2016 and was instrumental in implementing a new business plan, amongst others including a change in management leadership. His contribution to the success of Campine is numerous and the list of achievements too long to highlight. During his term as chairman, Campine knew a period of growth and prosperity. Reported Earnings • Sep 06
First half 2024 earnings released: EPS: €7.41 (vs €6.29 in 1H 2023) First half 2024 results: EPS: €7.41 (up from €6.29 in 1H 2023). Revenue: €169.2m (down 2.1% from 1H 2023). Net income: €11.1m (up 18% from 1H 2023). Profit margin: 6.6% (up from 5.5% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €83.50, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 15x in the Metals and Mining industry in Europe. Total returns to shareholders of 174% over the past three years. Announcement • Aug 21
Campine NV to Report First Half, 2024 Results on Sep 02, 2024 Campine NV announced that they will report first half, 2024 results on Sep 02, 2024 Upcoming Dividend • Jun 05
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Belgian dividend payers (6.8%). In line with average of industry peers (3.8%). Declared Dividend • May 08
Dividend of €2.10 announced Shareholders will receive a dividend of €2.10. Ex-date: 12th June 2024 Payment date: 14th June 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 45% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
Full year 2023 earnings released: EPS: €9.10 (vs €10.54 in FY 2022) Full year 2023 results: EPS: €9.10 (down from €10.54 in FY 2022). Revenue: €322.2m (up 1.4% from FY 2022). Net income: €13.7m (down 14% from FY 2022). Profit margin: 4.2% (down from 5.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 33% per year. Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: €9.10 (vs €10.54 in FY 2022) Full year 2023 results: EPS: €9.10 (down from €10.54 in FY 2022). Revenue: €324.1m (up 2.0% from FY 2022). Net income: €13.7m (down 14% from FY 2022). Profit margin: 4.2% (down from 5.0% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 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: Minor Risks High level of debt (40% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Jan 27
Campine NV, Annual General Meeting, May 22, 2024 Campine NV, Annual General Meeting, May 22, 2024, at 11:00 Central European Standard Time. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: €6.29 (vs €5.39 in 1H 2022) First half 2023 results: EPS: €6.29 (up from €5.39 in 1H 2022). Revenue: €172.9m (up 11% from 1H 2022). Net income: €9.43m (up 17% from 1H 2022). Profit margin: 5.5% (up from 5.2% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 45% per year. Upcoming Dividend • May 31
Upcoming dividend of €1.75 per share at 4.1% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 09 June 2023. Trailing yield: 4.1%. Lower than top quartile of Belgian dividend payers (6.8%). Lower than average of industry peers (9.0%). Announcement • Jan 05
Campine NV Provides Consolidated Earnings Guidance for the Year 2022 Campine NV provided consolidated earnings guidance for the year 2022. For the year, the company expected revenue to be approximately EUR 315 million, up 40% from the EUR 226 million in 2021. The increased sales are related to the high metal prices in 2022 and the consolidation of 6 months of sales from the 2 new battery breaker plants in France and plastics recycling company C2P. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 16% share price gain to €53.00, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 101% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 29
First half 2022 earnings released: EPS: €5.39 (vs €4.40 in 1H 2021) First half 2022 results: EPS: €5.39 (up from €4.40 in 1H 2021). Revenue: €156.9m (up 47% from 1H 2021). Net income: €8.08m (up 23% from 1H 2021). Profit margin: 5.2% (down from 6.2% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 16% share price gain to €47.60, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 79% over the past three years. Announcement • Jul 08
Campine NV (ENXTBR:CAMB) acquired C2P S.A.S. and two lead battery recycling plants from Recylex S.A. (ENXTPA:RX) for €0.75 million. Campine NV (ENXTBR:CAMB) acquired C2P S.A.S. and two lead battery recycling plants from Recylex S.A. (ENXTPA:RX) for €0.75 million on July 6, 2022. The transaction is completely debt free and none of the Recylex debt-liabilities is transferred to Campine. As a result of the transaction, Campine will maintain employment in the 3 factories. The 2021 yearly sales revenue of the acquired assets amounts to about €88 million. The transaction was approved by the commercial court of Paris on July 6, 2022.Campine NV (ENXTBR:CAMB) completed the acquisition of C2P S.A.S. and two lead battery recycling plants from Recylex S.A. (ENXTPA:RX) on July 6, 2022. Upcoming Dividend • Jun 01
Upcoming dividend of €1.96 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 10 June 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.8%. Within top quartile of Belgian dividend payers (5.7%). Lower than average of industry peers (7.5%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: €9.01 (vs €1.86 in FY 2020) Full year 2021 results: EPS: €9.01 (up from €1.86 in FY 2020). Revenue: €226.6m (up 35% from FY 2020). Net income: €13.5m (up 385% from FY 2020). Profit margin: 6.0% (up from 1.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Mar 31
Campine NV, Annual General Meeting, May 25, 2022 Campine NV, Annual General Meeting, May 25, 2022, at 11:00 Central European Standard Time. Location: Grand Hotel Casselbergh, Hoogstraat 6, 8000 Brugge Brugge Belgium Agenda: To consider Reading and discussion about the report of the board of directors, the annual accounts and consolidated annual accounts of the financial year closed on 31 December 2021; to consider Reading of and discussion about the auditor’s report on the above-mentioned accounts; to consider Approval of the annual accounts of the financial year closed on 31 December 2021; to consider Approval of the appropriation of the result of the financial year closed on 31 December 2021; to consider Approval of the Remuneration Policy of the company; to consider Approval of the remuneration report of the financial year closed on 31 December 2021; to consider; to consider Discharge to the board members for the financial year closed on 31 December 2021; to consider Discharge to the auditor for the financial year closed on 31 December 2021; and to consider Appointment of Mr Hans-Rudolf Orgs as director. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €9.01 (up from €1.86 in FY 2020). Revenue: €227.7m (up 36% from FY 2020). Net income: €13.5m (up 385% from FY 2020). Profit margin: 5.9% (up from 1.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 06
First half 2021 earnings released: EPS €4.40 (vs €0.07 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €106.5m (up 28% from 1H 2020). Net income: €6.60m (up €6.49m from 1H 2020). Profit margin: 6.2% (up from 0.1% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improved over the past week After last week's 23% share price gain to €40.20, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 11x in the Metals and Mining industry in Europe. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Jun 03
Upcoming dividend of €0.46 per share Eligible shareholders must have bought the stock before 09 June 2021. Payment date: 11 June 2021. Trailing yield: 2.2%. Lower than top quartile of Belgian dividend payers (4.4%). Lower than average of industry peers (4.3%). Reported Earnings • Mar 25
Full year 2020 earnings released: EPS €1.86 (vs €5.34 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €166.9m (down 13% from FY 2019). Net income: €2.78m (down 65% from FY 2019). Profit margin: 1.7% (down from 4.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 04
New 90-day high: €29.00 The company is up 17% from its price of €24.80 on 03 December 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 7.0% over the same period. Is New 90 Day High Low • Feb 11
New 90-day high: €28.80 The company is up 35% from its price of €21.40 on 12 November 2020. The Belgian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €25.00 The company is up 19% from its price of €21.00 on 09 October 2020. The Belgian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 18% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: €19.40 The company is down 16% from its price of €23.00 on 06 August 2020. The Belgian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 3.0% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total profits of €5.79m, up 65% from the prior year. Total revenue was €172.5m over the last 12 months, down 14% from the prior year.