Reported Earnings • Mar 06
Full year 2025 earnings released: лв0.036 loss per share (vs лв0.083 profit in FY 2024) Full year 2025 results: лв0.036 loss per share (down from лв0.083 profit in FY 2024). Revenue: лв404.5m (up 5.0% from FY 2024). Net loss: лв1.30m (down 140% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 01
Third quarter 2025 earnings released: лв0.003 loss per share (vs лв0.051 profit in 3Q 2024) Third quarter 2025 results: лв0.003 loss per share (down from лв0.051 profit in 3Q 2024). Revenue: лв104.4m (up 11% from 3Q 2024). Net loss: лв276.0k (down 114% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. New Risk • Sep 18
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 4.2% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.2% average weekly change). Market cap is less than US$100m (лв80.2m market cap, or US$48.6m). Reported Earnings • Sep 02
Second quarter 2025 earnings released: лв0.058 loss per share (vs лв0.011 loss in 2Q 2024) Second quarter 2025 results: лв0.058 loss per share (further deteriorated from лв0.011 loss in 2Q 2024). Revenue: лв86.5m (down 2.4% from 2Q 2024). Net loss: лв3.94m (loss widened лв3.52m from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 03
First quarter 2025 earnings released: EPS: лв0.012 (vs лв0.048 in 1Q 2024) First quarter 2025 results: EPS: лв0.012 (down from лв0.048 in 1Q 2024). Revenue: лв103.9m (up 16% from 1Q 2024). Net income: лв308.0k (down 83% from 1Q 2024). Profit margin: 0.3% (down from 2.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% 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. Announcement • May 21
Monbat AD, Annual General Meeting, Jun 23, 2025 Monbat AD, Annual General Meeting, Jun 23, 2025, at 10:30 FLE Standard Time. Location: in sofia at 1 gurko st., grand hotel sofia, serdika hall, Bulgaria New Risk • May 05
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: 0.8% Last year net profit margin: 2.7% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 5.7% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (лв97.4m market cap, or US$56.3m). Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: лв0.17 (vs лв0.24 in FY 2023) Full year 2024 results: EPS: лв0.17 (down from лв0.24 in FY 2023). Revenue: лв388.8m (up 1.3% from FY 2023). Net income: лв6.70m (down 28% from FY 2023). Profit margin: 1.7% (down from 2.4% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. New Risk • Feb 28
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 4.8% 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Market cap is less than US$100m (лв106.0m market cap, or US$56.3m). Reported Earnings • Dec 04
Third quarter 2024 earnings released: EPS: лв0.22 (vs лв0.08 in 3Q 2023) Third quarter 2024 results: EPS: лв0.22. Revenue: лв96.0m (up 4.3% from 3Q 2023). Net income: лв1.99m (down 36% from 3Q 2023). Profit margin: 2.1% (down from 3.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Reported Earnings • Sep 02
Second quarter 2024 earnings released: лв0.022 loss per share (vs лв0.039 profit in 2Q 2023) Second quarter 2024 results: лв0.022 loss per share (down from лв0.039 profit in 2Q 2023). Revenue: лв90.4m (down 2.5% from 2Q 2023). Net loss: лв419.0k (down 128% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 02
Now 18% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to лв2.90. The fair value is estimated to be лв3.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 23%. Buy Or Sell Opportunity • Jun 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to лв2.76. The fair value is estimated to be лв3.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 23%. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: лв0.053 (vs лв0.032 in 1Q 2023) First quarter 2024 results: EPS: лв0.053 (up from лв0.032 in 1Q 2023). Revenue: лв90.0m (down 13% from 1Q 2023). Net income: лв1.86m (up 50% from 1Q 2023). Profit margin: 2.1% (up from 1.2% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Apr 24
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 5.8% 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 Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Dividend is not well covered by earnings (124% payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (лв134.0m market cap, or US$73.3m). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: лв0.23 (vs лв0.18 in FY 2022) Full year 2023 results: EPS: лв0.23 (up from лв0.18 in FY 2022). Revenue: лв387.9m (up 3.2% from FY 2022). Net income: лв9.23m (up 29% from FY 2022). Profit margin: 2.4% (up from 1.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: лв0.08 (vs лв0.068 in 3Q 2022) Third quarter 2023 results: EPS: лв0.08 (up from лв0.068 in 3Q 2022). Revenue: лв92.1m (down 3.8% from 3Q 2022). Net income: лв3.11m (up 17% from 3Q 2022). Profit margin: 3.4% (up from 2.8% in 3Q 2022). The increase in margin was driven by lower expenses. 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 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 06
Upcoming dividend of лв0.10 per share at 3.3% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 08 August 2023. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.3%. Lower than top quartile of Bulgarian dividend payers (6.8%). Higher than average of industry peers (2.1%). Reported Earnings • Jun 04
First quarter 2023 earnings released: EPS: лв0.033 (vs лв0.15 in 1Q 2022) First quarter 2023 results: EPS: лв0.033 (down from лв0.15 in 1Q 2022). Revenue: лв104.8m (up 14% from 1Q 2022). Net income: лв1.24m (down 80% from 1Q 2022). Profit margin: 1.2% (down from 6.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: лв0.20 (vs лв0.077 in FY 2021) Full year 2022 results: EPS: лв0.20 (up from лв0.077 in FY 2021). Revenue: лв389.1m (up 4.3% from FY 2021). Net income: лв7.67m (up 156% from FY 2021). Profit margin: 2.0% (up from 0.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: лв0.067 (vs лв0.088 in 3Q 2021) Third quarter 2022 results: EPS: лв0.067 (down from лв0.088 in 3Q 2021). Revenue: лв106.9m (up 24% from 3Q 2021). Net income: лв2.66m (down 23% from 3Q 2021). Profit margin: 2.5% (down from 4.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
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. 4 non-independent directors. Independent Deputy Chairman Florian Huth was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 22
Monbat AD (BUL:MONB) announces an Equity Buyback for 1,170,000 shares, representing 3% of its issued share capital. Monbat AD (BUL:MONB) announces a share repurchase program. Under the program, the company will repurchase up to 1,170,000 shares, representing 3% of its issued share capital. The shares will be repurchased at a price between BGN 4.51 to BGN 8.75 per share. The program shall be valid for a period of 180 calendar days from September 26, 2022. Reported Earnings • Jun 20
First quarter 2022 earnings released: EPS: лв0.16 (vs лв0.17 in 1Q 2021) First quarter 2022 results: EPS: лв0.16 (down from лв0.17 in 1Q 2021). Revenue: лв95.1m (up 5.9% from 1Q 2021). Net income: лв6.05m (down 9.4% from 1Q 2021). Profit margin: 6.4% (down from 7.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Jun 16
Monbat AD, Annual General Meeting, Jun 14, 2022 Monbat AD, Annual General Meeting, Jun 14, 2022, at 10:30 E. Europe Standard Time. Location: No 1, Gurko Bivd, Grand hotel sofia Triaditza hall, sofia Sofia Bulgaria Agenda: To adoption of the 2021 individual and consolidated annual financial reports of the company; to adoption of the report of the audit committee on 2021; to adoption of the report of the Investor Relations Director on 2021; to adoption of the report on the implementation of the remuneration policy for the members of the managing bodies - Release from liability of the members of the managing bodies for their activity in 2021 - Election of a registered auditor for 2022. Announcement • Jun 15
Monbat AD Announces Dividend The General Meeting of Shareholders of Monbat AD dated 14 June 2022 has taken the following dividend distribution decision for 2021: - Gross dividend per share: BGN 0.141025 The right to a dividend will be entitled to all shareholders registered with the central securities register on the 14th day following the GMS date, i.e. by 28 June 2022 (Record Date). The final date for transacting shares of this company on the Exchange, as a result of which the holder will be entitled to receive a dividend, will be 24 June 2022 (Ex-Dividend Date: 27 June 2022). Announcement • May 26
Power By Britishvolt Limited signed an agreement to acquire EAS Batteries GmbH from Monbat AD (BUL:MONB) for €36 million. Power By Britishvolt Limited signed an agreement to acquire EAS Batteries GmbH from Monbat AD (BUL:MONB) for €36 million on May 24, 2022. The deal is subject to regulatory approvals. Board Change • Apr 27
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. 4 non-independent directors. Independent Deputy Chairman Florian Huth was the last independent director to join the board, commencing their role in 2012. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Monbat AD (BUL:MONB) completed the acquisition of 60% stake in NOUR for DT 10.3 million. Monbat AD (BUL:MONB) agreed to acquire 60% stake in NOUR on May 11, 2021. As per the transaction, Monbat AD will acquire 0.72 million shares representing 60% of NOUR. The acquisition transaction will take place in two stages, the first one is for acquiring and paying the agreed price of 23% of the shares and the remaining 37% will be acquired and paid within December 31, 2021. The transaction will be financed by funds from the raised bond issue and by own funds. The transaction is approved by board of directors of Monbat AD.
Monbat AD (BUL:MONB) completed the acquisition of 60% stake in NOUR for DT 10.3 million on April 7, 2022. The acquisition was primarily financed by using the unutilised part of the proceeds from bond issues emitted in 2018 on the Sofia bourse and with own funds. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to лв5.80, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 21x in the Electrical industry in Europe. Total loss to shareholders of 12% over the past three years. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: EPS: лв0.087 (down from лв0.093 in 3Q 2020). Revenue: лв88.6m (up 6.7% from 3Q 2020). Net income: лв3.44m (down 5.3% from 3Q 2020). Profit margin: 3.9% (down from 4.4% in 3Q 2020). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 60%. Earnings per share (EPS) missed analyst estimates by 60%. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 10% per year. Price Target Changed • Jul 26
Price target decreased to лв5.21 Down from лв9.71, the current price target is provided by 1 analyst. New target price is 14% below last closing price of лв6.05. Stock is up 100% over the past year. Reported Earnings • Jun 05
First quarter 2021 earnings released: EPS лв0.17 (vs лв0.056 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: лв90.0m (up 25% from 1Q 2020). Net income: лв6.67m (up 206% from 1Q 2020). Profit margin: 7.4% (up from 3.0% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • May 13
Monbat AD (BUL:MONB) agreed to acquire 60% stake in NOUR. Monbat AD (BUL:MONB) agreed to acquire 60% stake in NOUR on May 11, 2021. As per the transaction, Monbat AD will acquire 0.72 million shares representing 60% of NOUR. The acquisition transaction will take place in two stages, the first one is for acquiring and paying the agreed price of 23% of the shares and the remaining 37% will be acquired and paid within December 31, 2021. The transaction will be financed by funds from the raised bond issue and by own funds. The transaction is approved by board of directors of Monbat AD. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improved over the past week After last week's 16% share price gain to лв5.20, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 31x in the Electrical industry in Europe. Total loss to shareholders of 39% over the past three years. Reported Earnings • Mar 03
Full year 2020 earnings released: EPS лв0.16 (vs лв0.29 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: лв311.7m (down 7.7% from FY 2019). Net income: лв6.37m (down 44% from FY 2019). Profit margin: 2.0% (down from 3.4% 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 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. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 60%. Is New 90 Day High Low • Jan 27
New 90-day high: лв4.60 The company is up 24% from its price of лв3.70 on 29 October 2020. The Bulgarian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 35% over the same period. Announcement • Jan 22
Monbat AD Announces Executive Changes The Board of Directors of Monbat AD accepts the Management contract concluded with Dimitar Kostadinov by virtue of which he has been elected as an executive member of the Board of Directors, to be terminated by mutual consent. the Board of Directors released Dimitar Kostadinov of his responsibility for the period in which he was a procurator of the Company. The Board of Directors appointed Chavdar Dochev Danev as an executive member of the Board of Directors and assigned Petar Hristov Petrov - a member of the board of Directors to conclude a management contract with the new executive director of the company - Chavdar Danev. Is New 90 Day High Low • Jan 12
New 90-day high: лв4.46 The company is up 18% from its price of лв3.78 on 14 October 2020. The Bulgarian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 25% over the same period. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 18% share price gain to лв4.24, the stock is trading at a trailing P/E ratio of 18x, up from the previous P/E ratio of 15.3x. This compares to an average P/E of 29x in the Electrical industry in Europe. Total return to shareholders over the past three years is a loss of 59%. Reported Earnings • Dec 05
Third quarter 2020 earnings released: EPS лв0.093 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: лв83.1m (up 5.0% from 3Q 2019). Net income: лв3.63m (up 5.3% from 3Q 2019). Profit margin: 4.4% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 12
New 90-day high: лв3.46 The company is up 15% from its price of лв3.00 on 14 July 2020. The Bulgarian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 14% over the same period. Reported Earnings • Oct 03
First half earnings released Over the last 12 months the company has reported total profits of лв8.98m, up 28% from the prior year. Total revenue was лв320.7m over the last 12 months, up 2.1% from the prior year. Reported Earnings • Oct 01
First quarter earnings released Over the last 12 months the company has reported total profits of лв6.60m, down 1.9% from the prior year. Total revenue was лв329.8m over the last 12 months, up 7.0% from the prior year. Announcement • Sep 26
Monbat AD Approves Board Changes Monbat AD announced that at the General shareholders meeting held on September 18, 2020, approved the release of Atanas Bobokov, Plamen Bobokov, Petar Bozadjiev, Stoyan Stalev, Alexanfar Tchaushev, Florian Huth, Evelina Slavcheva, Nikolay Trenchev and Yorfan Karabonov from the Board of Directors and election of Chavdar Danev, Petar Petrov and Dimitar Kostadinov as new members of the Board.