Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.65, the stock trades at a trailing P/E ratio of 72.2x. Average forward P/E is 10x in the Industrials industry in Europe. Total loss to shareholders of 34% over the past three years. Buy Or Sell Opportunity • Jul 16
Now 21% undervalued Over the last 90 days, the stock has risen 31% to €6.55. The fair value is estimated to be €8.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has declined by 56%. Declared Dividend • Jun 29
Dividend of лв0.052 announced Shareholders will receive a dividend of лв0.052. Ex-date: 3rd July 2026 Payment date: 17th August 2026 Dividend yield will be 0.8%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (2% cash payout ratio). The dividend has increased by an average of 12% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 15% to shift the payout ratio to a potentially unsustainable range, which is less than the 39% EPS decline seen over the last 5 years. New Risk • Jun 09
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 79% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks High level of debt (79% net debt to equity). Dividend is not well covered by earnings (280% payout ratio). Share price has been volatile over the past 3 months (7.2% 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). Market cap is less than US$100m (€40.5m market cap, or US$46.7m). Reported Earnings • May 26
First quarter 2026 earnings released First quarter 2026 results: Revenue: €92.2m (up 42% from 1Q 2025). Net loss: €2.46m (down €2.90m from profit in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Industrials industry in Europe. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 07
Now 22% undervalued Over the last 90 days, the stock has risen 3.5% to €5.95. The fair value is estimated to be €7.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 59%. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €6.15, the stock trades at a trailing P/E ratio of 10.6x. Average forward P/E is 12x in the Industrials industry in Europe. Total loss to shareholders of 41% over the past three years. New Risk • Mar 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 71% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (35% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risks High level of debt (71% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€37.8m market cap, or US$43.8m). Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: лв1.14 (vs лв2.83 in FY 2024) Full year 2025 results: EPS: лв1.14 (down from лв2.83 in FY 2024). Revenue: лв869.7m (up 40% from FY 2024). Net income: лв7.64m (down 60% from FY 2024). Profit margin: 0.9% (down from 3.1% in FY 2024). The decrease in margin was driven by higher expenses. 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 26% per year, which means it has not declined as severely as earnings. New Risk • Feb 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.9% Last year net profit margin: 3.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Earnings have declined by 16% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.9% net profit margin). Market cap is less than US$100m (€36.5m market cap, or US$43.0m). New Risk • Jan 01
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 Bulgarian stocks, typically moving 15% 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 (15% average weekly change). Earnings have declined by 8.8% per year over the past 5 years. Minor Risks High level of debt (94% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (лв94.5m market cap, or US$56.8m). New Risk • Dec 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 94% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.8% per year over the past 5 years. Minor Risks High level of debt (94% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (лв92.5m market cap, or US$55.2m). New Risk • Sep 25
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 1.5% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 1.0% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Large one-off items impacting financial results. Market cap is less than US$100m (лв120.8m market cap, or US$72.6m). New Risk • Aug 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x 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 (1.3x net interest cover). Earnings have declined by 1.0% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (лв128.3m market cap, or US$76.3m). Reported Earnings • Aug 20
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: лв221.2m (up 22% from 2Q 2024). Net loss: лв4.09m (down 316% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • May 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (лв155.3m market cap, or US$89.9m). Reported Earnings • May 29
First quarter 2025 earnings released: EPS: лв0.13 (vs лв0.90 loss in 1Q 2024) First quarter 2025 results: EPS: лв0.13 (up from лв0.90 loss in 1Q 2024). Revenue: лв131.8m (up 9.8% from 1Q 2024). Net income: лв869.0k (up лв6.98m from 1Q 2024). Profit margin: 0.7% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • May 19
Agria Group Holding AD, Annual General Meeting, Jun 26, 2025 Agria Group Holding AD, Annual General Meeting, Jun 26, 2025, at 11:00 FLE Standard Time. Location: varna at 111 knyaz boris i blvd., fl. 9, Bulgaria New Risk • May 12
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 Bulgarian stocks, typically moving 5.2% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (лв149.9m market cap, or US$84.9m). New Risk • Mar 25
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 Bulgarian 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 Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (лв151.2m market cap, or US$83.5m). New Risk • Mar 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (лв137.7m market cap, or US$73.8m). Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: лв2.81 (vs лв4.25 in FY 2023) Full year 2024 results: EPS: лв2.81 (down from лв4.25 in FY 2023). Revenue: лв652.2m (down 10% from FY 2023). Net income: лв19.1m (down 34% from FY 2023). Profit margin: 2.9% (down from 4.0% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: лв1.33 (vs лв5.43 in 3Q 2023) Third quarter 2024 results: EPS: лв1.33 (down from лв5.43 in 3Q 2023). Revenue: лв169.7m (down 21% from 3Q 2023). Net income: лв9.14m (down 75% from 3Q 2023). Profit margin: 5.4% (down from 17% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 12
Now 21% overvalued Over the last 90 days, the stock has fallen 2.5% to лв19.50. The fair value is estimated to be лв16.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 8.1%. Buy Or Sell Opportunity • Oct 25
Now 21% overvalued Over the last 90 days, the stock has fallen 3.4% to лв19.60. The fair value is estimated to be лв16.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 8.1%. Announcement • Oct 11
Agria Group Holding AD (BUL:AGH) acquired remaining 0.74% stake in Kristera JSC. Agria Group Holding AD (BUL:AGH) acquired remaining 0.74% stake in Kristera JSC on October 9, 2024. On completion, Agria Group Holding AD was to hold 100% stake in Kristera JSC.
Agria Group Holding AD (BUL:AGH) completed the acquisition of remaining 0.74% stake in Kristera JSC on October 9, 2024. Buy Or Sell Opportunity • Sep 24
Now 22% overvalued Over the last 90 days, the stock has fallen 4.4% to лв19.70. The fair value is estimated to be лв16.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 8.1%. Buy Or Sell Opportunity • Aug 29
Now 21% overvalued Over the last 90 days, the stock has fallen 9.3% to лв19.40. The fair value is estimated to be лв16.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 8.1%. New Risk • Aug 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.7x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (лв132.3m market cap, or US$75.3m). Reported Earnings • Aug 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: лв186.2m (flat on 2Q 2023). Net income: лв1.89m (down 33% from 2Q 2023). Profit margin: 1.0% (down from 1.5% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Jun 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (лв144.5m market cap, or US$80.3m). Reported Earnings • Jun 04
First quarter 2024 earnings released First quarter 2024 results: Revenue: лв123.1m (down 17% from 1Q 2023). Net loss: лв6.11m (down лв6.72m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to лв23.70, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 23x in the Industrials industry in Europe. Total returns to shareholders of 207% over the past three years. Announcement • Feb 02
Agria Group Holding AD (BUL:AGH) completed the acquisition of Komerce EOOD from Agricorn Star EAD. Agria Group Holding AD (BUL:AGH) acquired KOMERCE from Agricorn Star for BGN 0.3 million on November 30, 2023. As part of the deal, Agria Group will acquire direct ownership of 100% of Komerce's equity capital, which amounts to BGN 298,000 ($166,350/152,360 euro). The transaction aims to sustainably develop Agria Group's cereals trade and processing business in the long term, adding value at the group level. In the year ending December 31, 2022, Komerce reported revenue of BGN 46.1 million. Bulgaria's competition authority the Commission on Protection of Competition (CPC) has approved the transaction. Agria Group Holding AD (BUL:AGH) completed the acquisition of Komerce EOOD from Agricorn Star EAD on February 1, 2024. Announcement • Dec 21
Agria Group Holding AD (BUL:AGH) agreed to acquire KOMERCE from Agricorn Star for BGN 0.3 million. Agria Group Holding AD (BUL:AGH) acquired KOMERCE from Agricorn Star for BGN 0.3 million on November 30, 2023. As part of the deal, Agria Group will acquire direct ownership of 100% of Komerce's equity capital, which amounts to BGN 298,000 ($166,350/152,360 euro). The transaction aims to sustainably develop Agria Group's cereals trade and processing business in the long term, adding value at the group level. In the year ending December 31, 2022, Komerce reported revenue of BGN 46.1 million. Bulgaria's competition authority the Commission on Protection of Competition (CPC) has approved the transaction. New Risk • Dec 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (лв139.7m market cap, or US$78.6m). Reported Earnings • Dec 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: лв220.5m (up 23% from 3Q 2022). Net income: лв36.6m (up 1.3% from 3Q 2022). Profit margin: 17% (down from 20% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 21
Second quarter 2023 earnings released: EPS: лв0.42 (vs лв3.48 in 2Q 2022) Second quarter 2023 results: EPS: лв0.42 (down from лв3.48 in 2Q 2022). Revenue: лв186.5m (down 6.0% from 2Q 2022). Net income: лв2.81m (down 88% from 2Q 2022). Profit margin: 1.5% (down from 12% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (лв163.4m market cap, or US$89.8m). Reported Earnings • May 25
First quarter 2023 earnings released First quarter 2023 results: Revenue: лв149.3m (up 18% from 1Q 2022). Net income: лв610.0k (down 97% from 1Q 2022). Profit margin: 0.4% (down from 18% in 1Q 2022). The decrease in margin was driven by higher expenses. 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 60% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: лв11.59 (vs лв3.76 in FY 2021) Full year 2022 results: EPS: лв11.59 (up from лв3.76 in FY 2021). Revenue: лв733.4m (up 69% from FY 2021). Net income: лв78.2m (up 206% from FY 2021). Profit margin: 11% (up from 5.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 60% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: лв184.1m (down 6.7% from 3Q 2021). Net income: лв36.2m (up 490% from 3Q 2021). Profit margin: 20% (up from 3.1% in 3Q 2021). The increase in margin was driven by lower expenses. Announcement • Nov 19
Agria Group Holding AD (BUL:AGH) completed the acquisition of Almagest AD. Agria Group Holding AD (BUL:AGH) made an offer to acquire Almagest AD on October 11, 2022. Following the successful completion of negotiations and an empowering decision by the corporate management of Agria Group, a deal is to be concluded for the acquisition of ownership of Almagest.
Agria Group Holding AD (BUL:AGH) completed the acquisition of Almagest AD on November 17, 2022. Board Change • Nov 16
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. 4 experienced directors. 1 highly experienced director. Independent Director Deyan Ovcharov was the last director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Oct 13
Agria Group Holding AD (BUL:AGH) made an offer to acquire Almagest AD. Agria Group Holding AD (BUL:AGH) made an offer to acquire Almagest AD on October 11, 2022. Following the successful completion of negotiations and an empowering decision by the corporate management of Agria Group, a deal is to be concluded for the acquisition of ownership of Almagest. Announcement • Oct 01
Agria Group Holding AD (BUL:AGH) commences an Equity Buyback for 204,000 shares, under the authorization granted on June 28, 2022. Agria Group Holding AD (BUL:AGH) commences share repurchases on September 27, 2022, under the program mandated by the shareholders in the Ordinary General Meeting held on June 28, 2022. As per the mandate, the company is authorized to repurchase up to 204,000 shares. The shares will be repurchased at a maximum price of BGN 40 per share and at a minimum price of BGN 28 per share. The purpose of the program is to increase the liquidity of shares. The repurchases will commence on June 30, 2022, and the authority shall expire on June 30, 2023.
On September 26, 2022, the company announces a share repurchase program. Under the program, the company will repurchase up to 50,000 shares. The repurchases will commence on September 27, 2022. Upcoming Dividend • Jul 04
Upcoming dividend of лв0.37 per share Eligible shareholders must have bought the stock before 11 July 2022. Payment date: 15 August 2022. Payout ratio is a comfortable 2.5% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Bulgarian dividend payers (6.7%). Lower than average of industry peers (3.3%). Reported Earnings • May 28
First quarter 2022 earnings released First quarter 2022 results: Revenue: лв128.2m (up 61% from 1Q 2021). Net income: лв22.3m (up 194% from 1Q 2021). Profit margin: 17% (up from 9.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 7.1% growth forecast for the industry in Europe. Board Change • Apr 27
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. 4 experienced directors. 1 highly experienced director. Independent Director Deyan Ovcharov was the last director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 16% share price gain to лв17.30, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 19x in the Industrials industry in Europe. Total returns to shareholders of 61% over the past three years. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: лв440.2m (up 30% from FY 2020). Net income: лв25.6m (up 156% from FY 2020). Profit margin: 5.8% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 23% share price gain to лв15.30, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 19x in the Industrials industry in Europe. Total returns to shareholders of 69% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues exceed analyst expectations Third quarter 2021 results: Revenue: лв201.5m (up 46% from 3Q 2020). Net income: лв6.13m (up 258% from 3Q 2020). Profit margin: 3.0% (up from 1.2% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 25% share price gain to лв10.30, the stock trades at a trailing P/E ratio of 7x. Average forward P/E is 20x in the Industrials industry in Europe. Total loss to shareholders of 6.4% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 24% share price gain to лв8.30, the stock trades at a trailing P/E ratio of 4.4x. Average forward P/E is 23x in the Industrials industry in Europe. Total loss to shareholders of 26% over the past three years. Is New 90 Day High Low • Jan 22
New 90-day high: лв6.30 The company is up 49% from its price of лв4.22 on 23 October 2020. The Bulgarian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: лв5.75 The company is up 37% from its price of лв4.20 on 09 October 2020. The Bulgarian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: лв5.20 The company is up 18% from its price of лв4.40 on 16 September 2020. The Bulgarian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: лв4.90 The company is up 11% from its price of лв4.42 on 04 September 2020. The Bulgarian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is flat over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS лв0.25 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: лв137.9m (down 7.6% from 3Q 2019). Net income: лв1.71m (down 58% from 3Q 2019). Profit margin: 1.2% (down from 2.7% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 17
New 90-day high: лв4.72 The company is up 7.0% from its price of лв4.40 on 19 August 2020. The Bulgarian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is down 1.0% over the same period. 
