New Risk • May 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 6.7% 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 (6.7% average weekly change). Earnings have declined by 32% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 22
Full year 2025 earnings released: EPS: €0.39 (vs €0.48 in FY 2024) Full year 2025 results: EPS: €0.39 (down from €0.48 in FY 2024). Revenue: €302.5m (down 5.9% from FY 2024). Net income: €4.86m (down 20% from FY 2024). Profit margin: 1.6% (down from 1.9% in FY 2024). 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 10% per year, which means it is significantly lagging earnings. Announcement • Apr 17
Roularta Media Group NV to Report Fiscal Year 2026 Results on Mar 12, 2027 Roularta Media Group NV announced that they will report fiscal year 2026 results on Mar 12, 2027 New Risk • Mar 29
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 0% Dividend yield: 16% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 0% Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. New Risk • Mar 13
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 5.8% 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 Earnings have declined by 24% per year over the past 5 years. 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 (5.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • Mar 10
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 Earnings have declined by 24% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • Dec 03
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 4.7% 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 Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • Aug 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 71% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 269% Earnings have declined by 24% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). New Risk • Aug 12
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 351% Dividend yield: 21% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 212% Cash payout ratio: 351% Earnings have declined by 17% per year over the past 5 years. Announcement • Jul 31
Roularta Media Group NV announces Annual dividend, payable on August 08, 2025 Roularta Media Group NV announced Annual dividend of EUR 2.1000 per share payable on August 08, 2025, ex-date on August 06, 2025 and record date on August 07, 2025. Reported Earnings • Apr 21
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €0.48 (up from €0.20 in FY 2023). Revenue: €321.6m (down 1.2% from FY 2023). Net income: €6.07m (up 158% from FY 2023). Profit margin: 1.9% (up from 0.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: €0.49 (up from €0.20 in FY 2023). Revenue: €321.6m (down 1.2% from FY 2023). Net income: €6.07m (up 158% from FY 2023). Profit margin: 1.9% (up from 0.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 22%. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €15.05, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Media industry in Europe. Total loss to shareholders of 9.0% over the past three years. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 218% Cash payout ratio: 124% Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Large one-off items impacting financial results. New Risk • Jun 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.9% This is considered a minor 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 Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.7% net profit margin). Shareholders have been diluted in the past year (6.9% increase in shares outstanding). Reported Earnings • Apr 19
Full year 2023 earnings released: EPS: €0.20 (vs €0.65 in FY 2022) Full year 2023 results: EPS: €0.20 (down from €0.65 in FY 2022). Revenue: €325.4m (down 5.9% from FY 2022). Net income: €2.35m (down 69% from FY 2022). Profit margin: 0.7% (down from 2.2% in FY 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: €0.20 (vs €0.65 in FY 2022) Full year 2023 results: EPS: €0.20 (down from €0.65 in FY 2022). Revenue: €325.4m (down 5.9% from FY 2022). Net income: €2.35m (down 69% from FY 2022). Profit margin: 0.7% (down from 2.2% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Media industry in Europe. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Aug 22
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 4.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 154% Cash payout ratio: 143% Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €13.65, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Media industry in Europe. Total returns to shareholders of 19% over the past three years. Board Change • May 18
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. 5 non-independent directors. Independent director Pascale Sioen 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 20
Full year 2022 earnings released: EPS: €0.65 (vs €1.42 in FY 2021) Full year 2022 results: EPS: €0.65 (down from €1.42 in FY 2021). Revenue: €345.9m (up 14% from FY 2021). Net income: €7.62m (down 54% from FY 2021). Profit margin: 2.2% (down from 5.5% in FY 2021). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Rik Vanpeteghem was the last independent director to join the board, commencing their role in 2021. 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 23
First half 2022 earnings released: EPS: €0.66 (vs €0.72 in 1H 2021) First half 2022 results: EPS: €0.66 (down from €0.72 in 1H 2021). Revenue: €171.3m (up 19% from 1H 2021). Net income: €7.69m (down 8.4% from 1H 2021). Profit margin: 4.5% (down from 5.8% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 11% compared to a 4.6% growth forecast for the Media industry in Belgium. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
Roularta Media Group NV to Report Fiscal Year 2022 Results on Mar 03, 2023 Roularta Media Group NV announced that they will report fiscal year 2022 results on Mar 03, 2023 Price Target Changed • Apr 27
Price target increased to €20.00 Up from €16.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €19.30. Stock is up 33% over the past year. The company posted earnings per share of €1.42 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. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Rik Vanpeteghem was the last independent director to join the board, commencing their role in 2021. 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 • Mar 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.42 (up from €0.48 in FY 2020). Revenue: €303.6m (up 17% from FY 2020). Net income: €16.6m (up 177% from FY 2020). Profit margin: 5.5% (up from 2.3% in FY 2020). Revenue exceeded analyst estimates by 7.5%. Over the next year, revenue is expected to shrink by 4.1% compared to a 729% growth forecast for the 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 9% per year, which means it is significantly lagging earnings growth. Announcement • Dec 23
Roularta Media Group NV (ENXTBR:ROU) signed an agreement to acquire New Skool Media B.V. Roularta Media Group NV (ENXTBR:ROU) signed an agreement to acquire New Skool Media B.V. on December 21, 2021. New Skool employs 170 employees. The turnover of New Skool for the year ended December 31, 2020 was approximately €45 million. Transaction is subjected to approval from the Netherlands Authority for Consumers & Markets, a favorable opinion from the Central Works Council and agreement of the management with the Editorial Board of EW. This transaction is expected to have a positive impact on the results of Roularta Media Group for 2022, since the expected revenue and EBITDA of NSM will be included in the consolidated figures for 2022 from the fulfilment of the aforementioned conditions precedent. Announcement • Jul 20
Roularta Media Group NV (ENXTBR:ROU) agreed to acquire Commercial Information Department of Black Tiger Belgium. Roularta Media Group NV (ENXTBR:ROU) agreed to acquire Commercial Information Department of Black Tiger Belgium on July 19, 2021. As a result of transaction, Roularta Media Group NV will be welcoming five qualified staff from Black Tiger Belgium. The closing of the transaction is expected during the fourth quarter of 2021. Reported Earnings • Apr 21
Full year 2020 earnings released: EPS €0.48 (vs €0.86 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €258.5m (down 13% from FY 2019). Net income: €5.98m (down 45% from FY 2019). Profit margin: 2.3% (down from 3.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue misses expectations Revenue missed analyst estimates by 7.9%. Over the next year, revenue is forecast to grow 4,464%, compared to a 1.5% growth forecast for the Media industry in Belgium. Announcement • Mar 09
Roularta Media Group NV to Report First Half, 2021 Results on Aug 17, 2021 Roularta Media Group NV announced that they will report first half, 2021 results on Aug 17, 2021 Reported Earnings • Mar 07
Full year 2020 earnings released The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: 258.5m (down 98% from FY 2019). Net income: 50.7m (down 88% from FY 2019). Profit margin: 20% (up from 3.6% in FY 2019). The increase in margin was driven by lower expenses. Announcement • Jan 16
Roularta Media Group NV, Annual General Meeting, May 18, 2021 Roularta Media Group NV, Annual General Meeting, May 18, 2021. Is New 90 Day High Low • Nov 17
New 90-day high: €13.15 The company is up 5.0% from its price of €12.55 on 19 August 2020. The Belgian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 22% over the same period.