Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €6.65, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 136% over the past year. Buy Or Sell Opportunity • Mar 31
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to €5.50. The fair value is estimated to be €4.48, 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 50%. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €5.55, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Total returns to shareholders of 106% over the past year. Buy Or Sell Opportunity • Jan 27
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to €4.82. The fair value is estimated to be €3.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 42%. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.64, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 8x in the Consumer Finance industry in Europe. Announcement • Sep 30
Itf Group Launches Innovative Forwardnow Platform to Transform Global Logistics ITF Group announced the launch of ForwardNow, a global freight-forwarding and logistics platform designed to reduce the complexities of global trade. ForwardNow is part of ITF Group's suite of integrated solutions, unveiled along with the company's newly launched website, underscoring the company's strategic evolution into a comprehensive logistics partner. The new ForwardNow platform delivers end-to-end freight forwarding across air, ocean, and road, combined with warehousing, customs, and built-in risk protection to elevate ITF Group's global trade abilities beyond a traditional 3PL. Designed to eliminate blind spots, ForwardNow provides real-time visibility, predictive alerts, and seamless integration of documents, tracking, and insurance all in one place. The solution equips supply chain leaders with the precision, scalability, and control they need to move confidently in a complex global market. Announcement • Jul 31
ITF Group AD (BUL:ITF) agreed to acquire an unknown majority stake in Klear Lending AD. ITF Group AD (BUL:ITF) agreed to acquire an unknown majority stake in Klear Lending AD on July 29, 2025. In a related transaction, ITF Group AD is acquiring 20% stake in FinBiz Technologies.
The transaction is subject to approval of offer by the board of ITF Group AD. The deal has been approved by the board of ITF Group AD. Buy Or Sell Opportunity • Jul 30
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to лв6.80. The fair value is estimated to be лв5.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 44%. Declared Dividend • Jun 27
Dividend increased to лв0.34 Dividend of лв0.34 is 200% higher than last year. Ex-date: 8th July 2025 Payment date: 1st January 1970 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 71% over the last 3 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 21
ITF Group AD, Annual General Meeting, Jun 25, 2025 ITF Group AD, Annual General Meeting, Jun 25, 2025, at 09:00 FLE Standard Time. Location: in sofia at 16 srebarna st., park lane office, center, fl. 8, Bulgaria New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: лв17.5m (US$9.77m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (30% accrual ratio). Market cap is less than US$10m (лв17.5m market cap, or US$9.77m). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Feb 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (лв20.5m market cap, or US$10.8m). New Risk • Oct 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: лв17.7m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (23% accrual ratio). Market cap is less than US$10m (лв17.7m market cap, or US$9.98m). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Mar 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: лв17.6m (US$9.73m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (лв17.6m market cap, or US$9.73m). New Risk • Feb 08
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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (лв18.9m market cap, or US$10.4m). New Risk • Nov 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (21% accrual ratio). Minor Risk Market cap is less than US$100m (лв18.8m market cap, or US$10.5m).