New Risk • Jun 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-€2.6m). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€44.9m market cap, or US$51.0m). Reported Earnings • Jun 04
Full year 2025 earnings released Full year 2025 results: Revenue: €92.7m (up 27% from FY 2024). Net loss: €9.06m (loss narrowed 57% from FY 2024). Announcement • May 19
HWA AG, Annual General Meeting, Jun 25, 2026 HWA AG, Annual General Meeting, Jun 25, 2026, at 11:00 W. Europe Standard Time. New Risk • May 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (€34.5m market cap, or US$40.6m). Reported Earnings • Oct 28
First half 2025 earnings released First half 2025 results: €0.58 loss per share. Revenue: €40.8m (up 26% from 1H 2024). Net loss: €5.70m (loss narrowed 6.0% from 1H 2024). New Risk • Jul 15
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 German stocks, typically moving 21% 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 (21% average weekly change). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€5.9m). Market cap is less than US$100m (€48.7m market cap, or US$56.4m). Reported Earnings • May 22
Full year 2024 earnings released Full year 2024 results: Revenue: €74.0b (up €74.0b from FY 2023). Net loss: €21.0b (loss widened €21.0b from FY 2023). Announcement • May 20
HWA AG, Annual General Meeting, Jun 25, 2025 HWA AG, Annual General Meeting, Jun 25, 2025, at 12:00 W. Europe Standard Time. New Risk • May 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€29.1m market cap, or US$32.5m). New Risk • Feb 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€27.8m market cap, or US$28.9m). Reported Earnings • Oct 30
First half 2024 earnings released First half 2024 results: Revenue: €32.4m (down 24% from 1H 2023). Net loss: €6.07m (loss widened 33% from 1H 2023). New Risk • Sep 27
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 German stocks, typically moving 31% 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 Risk Share price has been highly volatile over the past 3 months (31% average weekly change). Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (€23.6m market cap, or US$26.4m). Reported Earnings • Jun 26
Full year 2023 earnings released Full year 2023 results: Revenue: €93.7m (flat on FY 2022). Net loss: €469.6k (down 125% from profit in FY 2022). Announcement • Jun 25
HWA AG, Annual General Meeting, Jul 30, 2024 HWA AG, Annual General Meeting, Jul 30, 2024, at 11:00 W. Europe Standard Time. Buy Or Sell Opportunity • Jun 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to €3.88. The fair value is estimated to be €5.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • May 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€29.3m market cap, or US$31.6m). Buy Or Sell Opportunity • Feb 28
Now 20% overvalued Over the last 90 days, the stock has fallen 3.1% to €6.35. The fair value is estimated to be €5.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • Feb 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Market cap is less than US$100m (€43.8m market cap, or US$47.3m). New Risk • Jul 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% 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 (20% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (€47.6m market cap, or US$52.0m). Reported Earnings • Jul 02
Full year 2022 earnings released Full year 2022 results: Revenue: €95.4m (up 11% from FY 2021). Net income: €1.87m (up 201% from FY 2021). Profit margin: 2.0% (up from 0.7% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €9.95, the stock trades at a trailing P/E ratio of 25.9x. Average trailing P/E is 6x in the Auto industry in Germany. Total loss to shareholders of 26% over the past three years. Reported Earnings • Oct 31
First half 2022 earnings released First half 2022 results: Revenue: €42.3m (flat on 1H 2021). Net income: €305.2k (up €1.68m from 1H 2021). Profit margin: 0.7% (up from net loss in 1H 2021). Reported Earnings • May 20
Full year 2021 earnings released Full year 2021 results: Revenue: €90.1m (up 37% from FY 2020). Net income: €620.5k (up €12.0m from FY 2020). Profit margin: 0.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Reported Earnings • Oct 31
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €42.0m (up 39% from 1H 2020). Net loss: €1.37m (loss narrowed 63% from 1H 2020). Is New 90 Day High Low • Mar 01
New 90-day high: €9.45 The company is up 1.0% from its price of €9.35 on 01 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: €8.85 The company is down 10.0% from its price of €9.85 on 17 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 9.0% over the same period. Reported Earnings • Nov 01
First half earnings released Over the last 12 months the company has reported total losses of €10.4m, with earnings decreasing by €10.7m from the prior year. Total revenue was €74.8m over the last 12 months, down 36% from the prior year. Is New 90 Day High Low • Sep 30
New 90-day low: €9.15 The company is down 9.0% from its price of €10.10 on 02 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto industry, which is up 8.0% over the same period. Announcement • Jul 17
HWA AG to Report First Half, 2020 Results on Oct 27, 2020 HWA AG announced that they will report first half, 2020 results on Oct 27, 2020