New Risk • Apr 20
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 24% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 34% 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 (€20.4m market cap, or US$24.1m). New Risk • Mar 16
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 Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 34% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (€12.9m market cap, or US$14.7m). New Risk • Dec 10
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 15% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 34% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€17.1m market cap, or US$19.9m). New Risk • Sep 04
New major risk - Revenue and earnings growth Earnings have declined by 20% 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€68.0m market cap, or US$79.2m). Announcement • May 29
KAP AG, Annual General Meeting, Jul 11, 2025 KAP AG, Annual General Meeting, Jul 11, 2025, at 10:00 W. Europe Standard Time. New Risk • May 02
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% 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 (47% net debt to equity). Market cap is less than US$100m (€76.9m market cap, or US$87.2m). Reported Earnings • May 02
Full year 2024 earnings released: €3.12 loss per share (vs €0.047 loss in FY 2023) Full year 2024 results: €3.12 loss per share (further deteriorated from €0.047 loss in FY 2023). Revenue: €252.5m (down 25% from FY 2023). Net loss: €24.3m (loss widened €23.9m from FY 2023). 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. Announcement • Apr 19
KAP AG Announces Change on the Management Board Dr. Hartmut Sauer has notified the Supervisory Board of KAP AG (“KAP”), a medium-sized industrial holding company listed on the stock exchange (German securities identification number: WKN 620840; ISIN DE0006208408), that he wishes to resign from his office on the Management Board with effect from 15 April 2025 and thereby step down from the Management Board. The Supervisory Board has assented to his request. Marten Julius will take over Dr. Sauer’s Management Board duties and manage KAP AG – in accordance with its Articles of Association – as sole member of the Management Board. Appointed to KAP AG’s Management Board in September 2023, Dr. Hartmut Sauer was responsible particularly for the development of the surface technologies segment. He has served the KAP Group in various capacities since 2019. New Risk • Mar 17
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€83.1m market cap, or US$90.4m). Announcement • Dec 20
KAP AG to Report Fiscal Year 2024 Results on Mar 13, 2025 KAP AG announced that they will report fiscal year 2024 results on Mar 13, 2025 Reported Earnings • Sep 02
First half 2024 earnings released: €0.63 loss per share (vs €4.23 profit in 1H 2023) First half 2024 results: €0.63 loss per share (down from €4.23 profit in 1H 2023). Revenue: €168.4m (down 16% from 1H 2023). Net loss: €4.89m (down 115% from profit in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. New Risk • Aug 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% 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 (43% net debt to equity). Market cap is less than US$100m (€79.2m market cap, or US$87.8m). Announcement • Jul 11
KAP AG to Report Q2, 2024 Results on Aug 29, 2024 KAP AG announced that they will report Q2, 2024 results on Aug 29, 2024 Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €10.50, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 15x in the Industrials industry in Germany. Total loss to shareholders of 19% over the past three years. New Risk • Mar 17
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). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (€84.7m market cap, or US$92.2m). New Risk • Mar 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.0m (US$94.7m) This is considered a minor 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: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (€87.0m market cap, or US$94.7m). Announcement • Aug 22
KAP AG Revises Earnings Guidance for the Full Year 2023 KAP AG revised earnings guidance for the full year 2023. For the year, significantly lower revenue is now predicted, each with an anticipated year-on-year deviation in the low double-digit % range. Previously, revenue was expected to be slightly above the previous year. Announcement • Jul 24
KAP AG to Report Q2, 2023 Results on Aug 29, 2023 KAP AG announced that they will report Q2, 2023 results on Aug 29, 2023 Upcoming Dividend • Jul 10
Upcoming dividend of €1.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 19 July 2023. The company is not currently making a profit and its cash payout ratio is 83%. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (3.1%). Reported Earnings • May 02
Full year 2022 earnings released: €0.36 loss per share (vs €2.79 profit in FY 2021) Full year 2022 results: €0.36 loss per share (down from €2.79 profit in FY 2021). Revenue: €433.5m (up 25% from FY 2021). Net loss: €2.76m (down 113% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €18.00, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 13x in the Industrials industry in Europe. Total returns to shareholders of 5.5% over the past three years. Reported Earnings • Nov 25
Third quarter 2022 earnings released Third quarter 2022 results: Net income: (down €2.21m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Sep 01
KAP AG Approves Dividend The shareholders of KAP AG on 31 August 2022 approved all proposed resolutions at its 36th Annual General Meeting. Due to the COVID-19 pandemic, the Annual General Meeting was held virtually. KAP AG's shareholders were able to vote on the agenda items via the shareholder portal. Roughly 85% of the shareholders exercised their voting rights. Among other matters, the joint proposal for the appropriation of profits by the Management Board and the Supervisory Board to distribute a dividend of EUR 1.00 per voting share was approved by a majority vote. The Management Board and Supervisory Board had proposed the dividend to allow shareholders to participate in the good business and earnings performance in the 2021 financial year. Consistent with KAP AG's attractive dividend policy, this move yet again underscores the reliability of its shares in terms of dividend payments. Reported Earnings • Aug 30
Second quarter 2022 earnings released Second quarter 2022 results: Net income: (up €533.0k from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 25
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.8%). Upcoming Dividend • Jul 01
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 12 July 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (4.1%). Reported Earnings • May 02
Full year 2021 earnings released: EPS: €2.79 (vs €0.60 loss in FY 2020) Full year 2021 results: EPS: €2.79 (up from €0.60 loss in FY 2020). Revenue: €345.6m (up 7.1% from FY 2020). Net income: €21.6m (up €26.3m from FY 2020). Profit margin: 6.3% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Feb 10
KAP AG (XTRA:IUR) completed the acquisition of Haogenplast Ltd from Kibbutz Haogen and Lahav Fund. KAP AG (XTRA:IUR) agreed to acquire Haogenplast Ltd from Kibbutz Haogen and Lahav Fund for an enterprise value of approximately ILS 150 million on December 30, 2021. The employees of Haogenplast will join KAP Group. The closing of the transaction is subject to various customary market conditions and is expected for the beginning of the first quarter of 2022. The enterprise value is expected to be corresponding to a multiple on expected EBITDA for 2021 of approximately 4.8x (excluding expected synergies).
KAP AG (XTRA:IUR) completed the acquisition of Haogenplast Ltd from Kibbutz Haogen and Lahav Fund on February 9, 2022. Announcement • Dec 31
KAP AG (XTRA:IUR) signed a purchase agreement to acquire Haogenplast Ltd. for an enterprise value of approximately ILS 150 million. KAP AG (XTRA:IUR) signed a purchase agreement to acquire Haogenplast Ltd. for an enterprise value of approximately ILS 150 million on December 30, 2021. The employees of Haogenplast will join KAP Group. The closing of the transaction is subject to various customary market conditions and is expected for the beginning of the first quarter of 2022. The enterprise value is expected to be corresponding to a multiple on expected EBITDA for 2021 of approximately 4.8x (excluding expected synergies). Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: €0.30 (up from €0.26 in 3Q 2020). Revenue: €84.5m (down 3.7% from 3Q 2020). Net income: €2.23m (up 82% from 3Q 2020). Profit margin: 2.6% (up from 1.4% in 3Q 2020). Revenue was in line with analyst estimates. Announcement • Nov 24
KAP AG Revises Earnings Guidance for the Full Year 2021 KAP AG revised earnings guidance for the full year 2021. The positive performance of business in the first half of 2021 exceeded the expectations underlying the original forecast published in the 2020 Annual Report. In response, the company raised its revenue and earnings forecast for the 2021 financial year at the end of August. For the current financial year, the Management Board expects consolidated revenue of between €320 million and €350 million (previously: between €300 million and €330 million). Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €20.40, the stock trades at a trailing P/E ratio of 75.3x. Average trailing P/E is 34x in the Industrials industry in Germany. Total returns to shareholders of 68% over the past year. Reported Earnings • Sep 30
Second quarter 2021 earnings released: €0.067 loss per share (vs €0.13 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: €91.6m (up 24% from 2Q 2020). Net loss: €533.0k (loss narrowed 60% from 2Q 2020). Upcoming Dividend • Sep 24
Upcoming dividend of €1.75 per share Eligible shareholders must have bought the stock before 01 October 2021. Payment date: 05 October 2021. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.3%). Announcement • Jun 30
Former management acquired Mehler Engineering Und Service Gmbh from KAP AG (XTRA:IUR). Former management acquired Mehler Engineering Und Service Gmbh from KAP AG (XTRA:IUR) on June 29, 2021.
Former management completed the acquisition of Mehler Engineering Und Service Gmbh from KAP AG (XTRA:IUR) on June 29, 2021. Reported Earnings • May 28
First quarter 2021 earnings released: EPS €0.61 (vs €0.032 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €90.1m (up 2.9% from 1Q 2020). Net income: €4.72m (up €4.97m from 1Q 2020). Profit margin: 5.2% (up from net loss in 1Q 2020). Reported Earnings • Apr 26
Full year 2020 earnings released: €0.47 loss per share (vs €2.14 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €322.7m (down 9.4% from FY 2019). Net loss: €3.68m (loss narrowed 78% from FY 2019). Announcement • Apr 25
KAP AG Provides Earnings Guidance for the Year 2021 KAP AG provided earnings guidance for the year 2021. The Management Board is forecasting revenue between EUR 300 and EUR 330 million for 2021. Is New 90 Day High Low • Feb 06
New 90-day high: €15.90 The company is up 25% from its price of €12.70 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Industrials industry, which is up 26% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: €11.80 The company is down 14% from its price of €13.70 on 16 September 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is down 3.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: €14.70 The company is up 20% from its price of €12.20 on 26 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is down 5.0% over the same period. Announcement • Sep 30
Kap Ag Appoints Marten Julius as the New Member of the Management Board and Chief Financial Officer The Supervisory Board of KAP AG appointed Marten Julius as the new member of the Management Board and Chief Financial Officer as of 1 October 2020. He succeeds Dr. Alexander Riedel, who has asked the Supervisory Board for personal reasons to release him from his position on the Management Board of KAP AG as of September 30, 2020. Alexander Riedel was a member of the Management Board of KAP AG since May 2018. Marten Julius, 54, was most recently Chief Financial Officer at the Infiana Group in Forchheim, a leading manufacturer of plastic films. Prior to that, he held the position as CFO and Commercial Director at SMC Pneumatik GmbH in Egelsbach, the German subsidiary of the Japanese SMC Corporation. Reported Earnings • Sep 25
First half earnings released Over the last 12 months the company has reported total losses of €16.0m, with losses widening by 154% from the prior year. Total revenue was €343.7m over the last 12 months, down 12% from the prior year. Announcement • Aug 20
KAP AG to Report Q2, 2020 Results on Sep 21, 2020 KAP AG announced that they will report Q2, 2020 results on Sep 21, 2020