Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.29, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 20x in the Personal Products industry in Europe. Total returns to shareholders of 37% over the past year. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.39, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 19x in the Personal Products industry in Europe. Total returns to shareholders of 87% over the past year. Reported Earnings • Dec 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: лв6.85m (up 37% from 3Q 2024). Net income: лв597.0k (down 1.3% from 3Q 2024). Profit margin: 8.7% (down from 12% in 3Q 2024). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: лв0.12 (vs лв0.11 in 2Q 2024) Second quarter 2025 results: EPS: лв0.12 (up from лв0.11 in 2Q 2024). Revenue: лв7.56m (down 11% from 2Q 2024). Net income: лв1.10m (up 8.2% from 2Q 2024). Profit margin: 15% (up from 12% in 2Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to лв2.16, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 21x in the Personal Products industry in Europe. Total loss to shareholders of 24% over the past three years. Buy Or Sell Opportunity • Jul 04
Now 25% undervalued Over the last 90 days, the stock has risen 8.0% to лв2.16. The fair value is estimated to be лв2.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Declared Dividend • Jun 12
Dividend increased to лв0.08 Dividend of лв0.08 is 167% higher than last year. Ex-date: 23rd June 2025 Payment date: 1st January 1970 Dividend yield will be 3.2%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has remained flat since 6 years ago. However, payments have been volatile during that time. Earnings per share has grown by 5.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: лв5.83m (down 3.3% from 1Q 2024). Net income: лв437.0k (down 17% from 1Q 2024). Profit margin: 7.5% (down from 8.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to лв2.44, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 20x in the Personal Products industry in Europe. Total loss to shareholders of 26% over the past three years. Announcement • May 08
Lavena AD, Annual General Meeting, Jun 10, 2025 Lavena AD, Annual General Meeting, Jun 10, 2025, at 13:00 FLE Standard Time. Location: in the town of shumen, industrial zone, Bulgaria Reported Earnings • Feb 09
Full year 2024 earnings released: EPS: лв0.22 (vs лв0.17 in FY 2023) Full year 2024 results: EPS: лв0.22 (up from лв0.17 in FY 2023). Revenue: лв26.0m (up 10.0% from FY 2023). Net income: лв2.22m (up 34% from FY 2023). Profit margin: 8.5% (up from 7.0% 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 23% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to лв1.35, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 24x in the Personal Products industry in Europe. Total loss to shareholders of 63% over the past three years. Board Change • Jan 09
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to лв1.70, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 21x in the Personal Products industry in Europe. Total loss to shareholders of 51% over the past three years. New Risk • Aug 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: лв17.2m (US$9.59m) 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 Shares are highly illiquid. Market cap is less than US$10m (лв17.2m market cap, or US$9.59m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jul 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 23
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 30
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Dec 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: лв6.74m (up 13% from 3Q 2022). Net income: лв346.0k (up 118% from 3Q 2022). Profit margin: 5.1% (up from 2.7% in 3Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to лв1.75, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 27x in the Personal Products industry in Europe. Total loss to shareholders of 54% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to лв1.99, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 30x in the Personal Products industry in Europe. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to лв1.35, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 30x in the Personal Products industry in Europe. Total loss to shareholders of 62% over the past three years. Reported Earnings • Sep 02
Second quarter 2023 earnings released: EPS: лв0.11 (vs лв0.064 in 2Q 2022) Second quarter 2023 results: EPS: лв0.11 (up from лв0.064 in 2Q 2022). Revenue: лв7.03m (up 12% from 2Q 2022). Net income: лв1.11m (up 76% from 2Q 2022). Profit margin: 16% (up from 10.0% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year and the company’s share price has also fallen by 21% per year. New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: лв17.4m (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 Shares are highly illiquid. Market cap is less than US$10m (лв17.4m market cap, or US$9.77m). Minor Risk Profit margins are more than 30% lower than last year (4.7% net profit margin). Upcoming Dividend • Jun 08
Upcoming dividend of лв0.02 per share at 1.1% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 12 July 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Bulgarian dividend payers (6.3%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to лв1.79, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 30x in the Personal Products industry in Europe. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to лв1.90, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 32x in the Personal Products industry in Europe. Total loss to shareholders of 48% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of лв0.02 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 01 August 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Bulgarian dividend payers (7.0%). Lower than average of industry peers (2.4%). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: лв0.15 (down from лв0.22 in FY 2020). Revenue: лв19.1m (down 3.4% from FY 2020). Net income: лв1.46m (down 34% from FY 2020). Profit margin: 7.7% (down from 11% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: лв0.11 (up from лв0.066 in 3Q 2020). Revenue: лв6.10m (up 14% from 3Q 2020). Net income: лв1.07m (up 63% from 3Q 2020). Profit margin: 18% (up from 12% in 3Q 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 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of лв0.03 per share Eligible shareholders must have bought the stock before 28 June 2021. Payment date: 01 August 2021. Trailing yield: 0.8%. Lower than top quartile of Bulgarian dividend payers (5.2%). Lower than average of industry peers (1.9%). Reported Earnings • Mar 13
Full year 2020 earnings released: EPS лв0.22 (vs лв0.091 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: лв20.0m (up 12% from FY 2019). Net income: лв2.22m (up 147% from FY 2019). Profit margin: 11% (up from 5.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS лв0.066 The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: лв5.51m (flat on 3Q 2019). Net income: лв656.0k (up 27% from 3Q 2019). Profit margin: 12% (up from 9.5% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. 
