Reported Earnings • Aug 05
First half 2026 earnings released: EPS: €2.63 (vs €1.86 in 1H 2025) First half 2026 results: EPS: €2.63 (up from €1.86 in 1H 2025). Revenue: €425.4m (up 1.3% from 1H 2025). Net income: €25.9m (up 41% from 1H 2025). Profit margin: 6.1% (up from 4.4% in 1H 2025). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Jul 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 119% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Paying a dividend despite having no free cash flows. Earnings have declined by 2.8% per year over the past 5 years. Upcoming Dividend • Jul 06
Upcoming dividend of €7.32 per share Eligible shareholders must have bought the stock before 13 July 2026. Payment date: 15 July 2026. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.8%). Declared Dividend • Jun 04
Dividend of €7.32 announced Dividend of €7.32 is the same as last year. Ex-date: 13th July 2026 Payment date: 15th July 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.6%. Sustainability & Growth The dividend has increased by an average of 8.6% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Jun 01
Pfeiffer Vacuum Technology AG, Annual General Meeting, Jul 10, 2026 Pfeiffer Vacuum Technology AG, Annual General Meeting, Jul 10, 2026, at 10:00 W. Europe Standard Time. New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 2.2% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 152% Dividend per share is over 5x cash flows per share. Earnings have declined by 2.2% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.7% net profit margin). Buy Or Sell Opportunity • Mar 18
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.2% to €166. The fair value is estimated to be €138, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. New Risk • Feb 21
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 152% Dividend per share is over 5x cash flows per share. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.7% net profit margin). Buy Or Sell Opportunity • Jan 21
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to €163. The fair value is estimated to be €136, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. Upcoming Dividend • Jun 26
Upcoming dividend of €7.32 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 07 July 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.5%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (3.4%). Declared Dividend • May 25
Dividend of €7.32 announced Dividend of €7.32 is the same as last year. Ex-date: 3rd July 2025 Payment date: 7th July 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is not covered by earnings (152% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 69% to bring the payout ratio under control. However, EPS has declined by 4.9% over the last 5 years so the company would need to reverse this trend. Announcement • May 23
Pfeiffer Vacuum Technology AG announces Annual dividend, payable on July 07, 2025 Pfeiffer Vacuum Technology AG announced Annual dividend of EUR 7.3200 per share payable on July 07, 2025, ex-date on July 03, 2025 and record date on July 04, 2025. Announcement • May 22
Pfeiffer Vacuum Technology AG, Annual General Meeting, Jul 02, 2025 Pfeiffer Vacuum Technology AG, Annual General Meeting, Jul 02, 2025, at 10:00 W. Europe Standard Time. New Risk • Apr 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 152% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Apr 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.3% Last year net profit margin: 8.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Feb 28
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 Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 282% Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Reported Earnings • Aug 13
First half 2024 earnings released: EPS: €2.50 (vs €4.04 in 1H 2023) First half 2024 results: EPS: €2.50 (down from €4.04 in 1H 2023). Revenue: €451.7m (down 9.1% from 1H 2023). Net income: €24.7m (down 38% from 1H 2023). Profit margin: 5.5% (down from 8.0% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Jul 12
Price target increased by 9.3% to €157 Up from €144, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €154. Stock is up 3.8% over the past year. The company posted earnings per share of €7.81 last year. Upcoming Dividend • Jul 01
Upcoming dividend of €7.32 per share Eligible shareholders must have bought the stock before 08 July 2024. Payment date: 10 July 2024. The company last paid an ordinary dividend in May 2014. The average dividend yield among industry peers is 3.4%. Announcement • Jun 26
Pfeiffer Vacuum Technology AG(XTRA:PFV) dropped from Germany SDAX (Total Return) Index Pfeiffer Vacuum Technology AG has been droppped from Small DAX (Total Return) Index (SDAX) . Announcement • Nov 23
Pfeiffer Vacuum Technology AG to Report Fiscal Year 2023 Results on Mar 26, 2024 Pfeiffer Vacuum Technology AG announced that they will report fiscal year 2023 results on Mar 26, 2024 New Risk • Nov 05
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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: €2.11 (vs €2.43 in 3Q 2022) Third quarter 2023 results: EPS: €2.11 (down from €2.43 in 3Q 2022). Revenue: €241.1m (up 5.7% from 3Q 2022). Net income: €20.8m (down 13% from 3Q 2022). Profit margin: 8.6% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: €1.72 (down from €2.06 in 2Q 2022). Revenue: €243.7m (up 8.5% from 2Q 2022). Net income: €17.0m (down 17% from 2Q 2022). Profit margin: 7.0% (down from 9.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.9%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 19
Upcoming dividend of €0.11 per share at 0.1% yield Eligible shareholders must have bought the stock before 26 May 2023. Payment date: 31 May 2023. Payout ratio is a comfortable 1.3% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.9%). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: €2.31 (vs €2.25 in 1Q 2022) First quarter 2023 results: EPS: €2.31 (up from €2.25 in 1Q 2022). Revenue: €253.1m (up 17% from 1Q 2022). Net income: €22.8m (up 2.8% from 1Q 2022). Profit margin: 9.0% (down from 10% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 04
Pfeiffer Vacuum Technology AG to Report Q1, 2023 Results on May 11, 2023 Pfeiffer Vacuum Technology AG announced that they will report Q1, 2023 results on May 11, 2023 Upcoming Dividend • Apr 26
Upcoming dividend of €0.11 per share at 0.1% yield Eligible shareholders must have bought the stock before 03 May 2023. Payment date: 05 May 2023. Payout ratio is a comfortable 1.3% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.8%). Reported Earnings • Mar 24
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: €8.75 (up from €6.28 in FY 2021). Revenue: €916.7m (up 19% from FY 2021). Net income: €86.4m (up 39% from FY 2021). Profit margin: 9.4% (up from 8.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 22
Price target decreased by 7.9% to €143 Down from €155, the current price target is an average from 3 analysts. New target price is 9.4% below last closing price of €158. Stock is down 11% over the past year. The company is forecast to post earnings per share of €8.72 for next year compared to €6.28 last year. Announcement • Feb 15
Pfeiffer Vacuum Technology AG to Report Fiscal Year 2022 Final Results on Mar 21, 2023 Pfeiffer Vacuum Technology AG announced that they will report fiscal year 2022 final results on Mar 21, 2023 Price Target Changed • Dec 06
Price target increased to €151 Up from €131, the current price target is an average from 3 analysts. New target price is 12% below last closing price of €173. Stock is down 21% over the past year. The company is forecast to post earnings per share of €8.76 for next year compared to €6.28 last year. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 23% share price gain to €171, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 12x in the Machinery industry in Germany. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €86.56 per share. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: €2.43 (vs €1.85 in 3Q 2021) Third quarter 2022 results: EPS: €2.43 (up from €1.85 in 3Q 2021). Revenue: €228.1m (up 24% from 3Q 2021). Net income: €24.0m (up 32% from 3Q 2021). Profit margin: 11% (in line with 3Q 2021). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Germany. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: €2.06 (up from €1.82 in 2Q 2021). Revenue: €224.7m (up 13% from 2Q 2021). Net income: €20.4m (up 13% from 2Q 2021). Profit margin: 9.1% (up from 9.0% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 2.3%, compared to a 9.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 18
Price target decreased to €151 Down from €182, the current price target is an average from 3 analysts. New target price is 6.6% above last closing price of €141. Stock is down 14% over the past year. The company is forecast to post earnings per share of €8.32 for next year compared to €6.28 last year. Upcoming Dividend • May 13
Upcoming dividend of €4.08 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 24 May 2022. Payout ratio is a comfortable 59% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.2%). In line with average of industry peers (2.6%). Reported Earnings • May 03
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: €2.25 (up from €1.62 in 1Q 2021). Revenue: €216.0m (up 13% from 1Q 2021). Net income: €22.2m (up 40% from 1Q 2021). Profit margin: 10% (up from 8.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 5.9%, compared to a 9.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Mar 31
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €6.28 (up from €3.20 in FY 2020). Revenue: €771.4m (up 25% from FY 2020). Net income: €62.0m (up 96% from FY 2020). Profit margin: 8.0% (up from 5.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 6.9%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Price Target Changed • Dec 17
Price target increased to €171 Up from €153, the current price target is an average from 3 analysts. New target price is 18% below last closing price of €210. Stock is up 36% over the past year. The company is forecast to post earnings per share of €6.87 for next year compared to €3.20 last year. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS €1.85 (vs €1.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €184.1m (up 21% from 3Q 2020). Net income: €18.3m (up 62% from 3Q 2020). Profit margin: 9.9% (up from 7.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 10
Consensus EPS estimates increase to €6.50 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €696.0m to €721.0m. EPS estimate increased from €5.74 to €6.50 per share. Net income forecast to grow 33% next year vs 40% growth forecast for Machinery industry in Germany. Consensus price target up from €149 to €153. Share price was steady at €179 over the past week. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS €1.82 (vs €0.47 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €199.5m (up 34% from 2Q 2020). Net income: €17.9m (up 284% from 2Q 2020). Profit margin: 9.0% (up from 3.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Major Estimate Revision • May 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €4.99 to €5.74. Revenue forecast steady at €696.0m. Net income forecast to grow 55% next year vs 88% growth forecast for Machinery industry in Germany. Consensus price target broadly unchanged at €149. Share price was steady at €161 over the past week. Upcoming Dividend • May 06
Upcoming dividend of €1.60 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 18 May 2021. Trailing yield: 1.0%. Lower than top quartile of German dividend payers (3.1%). In line with average of industry peers (1.1%). Reported Earnings • May 05
First quarter 2021 earnings released: EPS €1.61 (vs €0.90 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €191.7m (up 25% from 1Q 2020). Net income: €15.9m (up 80% from 1Q 2020). Profit margin: 8.3% (up from 5.8% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS €3.20 (vs €4.90 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €618.7m (down 2.2% from FY 2019). Net income: €31.6m (down 35% from FY 2019). Profit margin: 5.1% (down from 7.6% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 20% share price gain to €189, the stock is trading at a trailing P/E ratio of 48.4x, up from the previous P/E ratio of 40.3x. This compares to an average P/E of 37x in the Machinery industry in Germany. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Jan 12
New 90-day high: €181 The company is up 1.0% from its price of €180 on 14 October 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €123 per share. Is New 90 Day High Low • Dec 12
New 90-day low: €152 The company is down 14% from its price of €177 on 11 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 Machinery industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €113 per share. Is New 90 Day High Low • Nov 25
New 90-day low: €155 The company is down 6.0% from its price of €164 on 26 August 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €97.58 per share. Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS €1.14 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: €152.0m (down 2.7% from 3Q 2019). Net income: €11.3m (down 1.3% from 3Q 2019). Profit margin: 7.4% (up from 7.3% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 124%. Over the next year, revenue is forecast to grow 3.6% while the growth in Machinery industry in Germany is expected to stay flat. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 124%. Over the next year, revenue is forecast to grow 3.6% while the growth in Machinery industry in Germany is expected to stay flat. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS €1.14 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: €152.0m (down 2.7% from 3Q 2019). Net income: €11.3m (down 1.3% from 3Q 2019). Profit margin: 7.4% (up from 7.3% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.