New Risk • Feb 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 0.2% 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 (0.2% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 22% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€55.7m market cap, or US$66.0m). Reported Earnings • Feb 01
Full year 2025 earnings released: лв0.44 loss per share (vs лв0.30 loss in FY 2024) Full year 2025 results: лв0.44 loss per share (further deteriorated from лв0.30 loss in FY 2024). Revenue: лв552.5m (up 7.9% from FY 2024). Net loss: лв7.89m (loss widened 45% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 04
Third quarter 2025 earnings released: лв0.024 loss per share (vs лв0.051 loss in 3Q 2024) Third quarter 2025 results: лв0.024 loss per share (improved from лв0.051 loss in 3Q 2024). Revenue: лв136.9m (up 1.1% from 3Q 2024). Net loss: лв427.0k (loss narrowed 53% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 31
Second quarter 2025 earnings released: лв0.18 loss per share (vs лв0.095 loss in 2Q 2024) Second quarter 2025 results: лв0.18 loss per share (further deteriorated from лв0.095 loss in 2Q 2024). Revenue: лв133.1m (up 3.2% from 2Q 2024). Net loss: лв3.09m (loss widened 81% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Jun 02
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (0.4% operating cash flow to total debt). Shares are highly illiquid. Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Market cap is less than US$100m (лв115.8m market cap, or US$67.1m). Reported Earnings • Jun 02
First quarter 2025 earnings released: EPS: лв0.01 (vs лв0.092 loss in 1Q 2024) First quarter 2025 results: EPS: лв0.01 (up from лв0.092 loss in 1Q 2024). Revenue: лв165.0m (up 24% from 1Q 2024). Net income: лв118.0k (up лв1.77m from 1Q 2024). Profit margin: 0.1% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • May 16
Alcomet AD, Annual General Meeting, Jun 16, 2025 Alcomet AD, Annual General Meeting, Jun 16, 2025, at 14:00 FLE Standard Time. Location: in the town of shumen, second industrial zone, Bulgaria Buy Or Sell Opportunity • Mar 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.7% to лв6.30. The fair value is estimated to be лв8.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 04
Third quarter 2024 earnings released: лв0.052 loss per share (vs лв0.26 loss in 3Q 2023) Third quarter 2024 results: лв0.052 loss per share (improved from лв0.26 loss in 3Q 2023). Revenue: лв135.5m (up 48% from 3Q 2023). Net loss: лв916.0k (loss narrowed 80% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 03
Second quarter 2024 earnings released: лв0.098 loss per share (vs лв0.076 profit in 2Q 2023) Second quarter 2024 results: лв0.098 loss per share (down from лв0.076 profit in 2Q 2023). Revenue: лв129.0m (up 15% from 2Q 2023). Net loss: лв1.70m (down 224% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Aug 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to лв6.35. The fair value is estimated to be лв8.06, 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. Meanwhile, the company became loss making. New Risk • May 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.3% 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 (6.3% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (лв123.9m market cap, or US$68.1m). Buy Or Sell Opportunity • Mar 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to лв6.50. The fair value is estimated to be лв8.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 100%. Buy Or Sell Opportunity • Feb 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to лв6.70. The fair value is estimated to be лв8.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jan 31
Full year 2023 earnings released: лв0.30 loss per share (vs лв3.14 profit in FY 2022) Full year 2023 results: лв0.30 loss per share (down from лв3.14 profit in FY 2022). Revenue: лв431.2m (down 38% from FY 2022). Net loss: лв5.44m (down 110% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Dec 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 41% 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: Minor Risks High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (лв125.7m market cap, or US$69.9m). New Risk • Nov 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 Bulgarian stocks, typically moving 4.6% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.6% average weekly change). Market cap is less than US$100m (лв132.9m market cap, or US$74.1m). Reported Earnings • Nov 04
Third quarter 2023 earnings released: лв0.24 loss per share (vs лв0.96 profit in 3Q 2022) Third quarter 2023 results: лв0.24 loss per share (down from лв0.96 profit in 3Q 2022). Revenue: лв91.7m (down 38% from 3Q 2022). Net loss: лв4.63m (down 127% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: лв0.079 (vs лв0.62 in 2Q 2022) Second quarter 2023 results: EPS: лв0.079 (down from лв0.62 in 2Q 2022). Revenue: лв112.4m (down 45% from 2Q 2022). Net income: лв1.37m (down 88% from 2Q 2022). Profit margin: 1.2% (down from 5.5% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Jun 22
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 8.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (лв160.7m market cap, or US$89.7m). Upcoming Dividend • Jun 21
Upcoming dividend of лв0.79 per share Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 01 August 2023. The company last paid an ordinary dividend in October 2012. The average dividend yield among industry peers is 8.6%. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: лв0.13 (vs лв0.32 in 1Q 2022) First quarter 2023 results: EPS: лв0.13 (down from лв0.32 in 1Q 2022). Revenue: лв137.3m (down 38% from 1Q 2022). Net income: лв2.34m (down 59% from 1Q 2022). Profit margin: 1.7% (down from 2.6% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 08
Full year 2022 earnings released: EPS: лв3.20 (vs лв0.008 loss in FY 2021) Full year 2022 results: EPS: лв3.20 (up from лв0.008 loss in FY 2021). Revenue: лв689.9m (up 34% from FY 2021). Net income: лв57.4m (up лв57.5m from FY 2021). Profit margin: 8.3% (up from 0% 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 105% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: лв0.97 (vs лв0.016 loss in 3Q 2021) Third quarter 2022 results: EPS: лв0.97 (up from лв0.016 loss in 3Q 2021). Revenue: лв148.3m (up 7.1% from 3Q 2021). Net income: лв17.2m (up лв17.5m from 3Q 2021). Profit margin: 12% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improved over the past week After last week's 21% share price gain to лв8.10, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 1.3% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 18% share price gain to лв8.30, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 5x in the Metals and Mining industry in Europe. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to лв7.10, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 5x in the Metals and Mining industry in Europe. Total loss to shareholders of 38% over the past three years. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: лв0.32 (vs лв0.01 in 1Q 2021) First quarter 2022 results: EPS: лв0.32 (up from лв0.01 in 1Q 2021). Revenue: лв220.5m (up 105% from 1Q 2021). Net income: лв5.67m (up лв5.50m from 1Q 2021). Profit margin: 2.6% (up from 0.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 01
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: лв0.02 loss per share (up from лв0.15 loss in FY 2020). Revenue: лв515.0m (up 50% from FY 2020). Net loss: лв445.0k (loss narrowed 84% from FY 2020). Revenue missed analyst estimates by 2.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • May 09
First quarter 2021 earnings released: EPS лв0.01 (vs лв0.043 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: лв107.6m (up 14% from 1Q 2020). Net income: лв171.0k (up лв943.0k from 1Q 2020). Profit margin: 0.2% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 03
New 90-day low: лв6.30 The company is down 1.0% from its price of лв6.35 on 02 December 2020. The Bulgarian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 19% over the same period. Reported Earnings • Feb 01
Full year 2020 earnings released: лв0.20 loss per share (vs лв0.48 profit in FY 2019) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2020 results: Revenue: лв345.5m (flat on FY 2019). Net loss: лв3.56m (down 142% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% 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. Is New 90 Day High Low • Nov 24
New 90-day high: лв6.70 The company is up 29% from its price of лв5.20 on 25 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 Metals and Mining industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 14
New 90-day high: лв6.25 The company is up 20% from its price of лв5.20 on 15 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 Metals and Mining industry, which is up 4.0% over the same period.