New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 0.5% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 0.5% per year over the past 5 years. Market cap is less than US$10m (€2.92m market cap, or US$3.43m). Minor Risk Profit margins are more than 30% lower than last year (0.6% net profit margin). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.09, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 14x in the Commercial Services industry in Germany. Total loss to shareholders of 5.2% over the past three years. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.11, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 17x in the Commercial Services industry in Germany. Total loss to shareholders of 3.5% over the past three years. New Risk • Apr 08
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 14% 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 (14% average weekly change). High level of non-cash earnings (51% accrual ratio). Market cap is less than US$10m (€2.67m market cap, or US$3.11m). Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €1.01, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 14x in the Commercial Services industry in Germany. Total loss to shareholders of 7.3% over the past three years. New Risk • Feb 05
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 German stocks, typically moving 8.3% 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: Major Risks High level of non-cash earnings (51% accrual ratio). Market cap is less than US$10m (€2.27m market cap, or US$2.67m). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Dec 14
Third quarter 2025 earnings released: EPS: Ft0.88 (vs Ft6.07 in 3Q 2024) Third quarter 2025 results: EPS: Ft0.88 (down from Ft6.07 in 3Q 2024). Revenue: Ft773.4m (down 14% from 3Q 2024). Net income: Ft2.09m (down 87% from 3Q 2024). Profit margin: 0.3% (down from 1.8% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Sep 26
First half 2025 earnings released: EPS: Ft10.00 (vs Ft15.04 in 1H 2024) First half 2025 results: EPS: Ft10.00 (down from Ft15.04 in 1H 2024). Revenue: Ft1.67b (down 3.5% from 1H 2024). Net income: Ft25.0m (down 31% from 1H 2024). Profit margin: 1.5% (down from 2.1% in 1H 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • Apr 23
Full year 2024 earnings released: EPS: Ft28.00 (vs Ft29.38 in FY 2023) Full year 2024 results: EPS: Ft28.00 (down from Ft29.38 in FY 2023). Revenue: Ft3.60b (up 8.9% from FY 2023). Net income: Ft69.1m (down 4.1% from FY 2023). Profit margin: 1.9% (down from 2.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • Jan 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 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 Market cap is less than US$10m (€2.38m market cap, or US$2.47m). Minor Risk Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). New Risk • Jun 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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: Major Risks High level of non-cash earnings (78% accrual ratio). Market cap is less than US$10m (€2.76m market cap, or US$2.98m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (1.9% net profit margin). Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €1.13, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 19x in the Commercial Services industry in Germany. Total loss to shareholders of 71% over the past three years. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: Ft12.60 (vs Ft12.98 in 3Q 2022) Third quarter 2023 results: EPS: Ft12.60. Revenue: Ft884.9m (up 26% from 3Q 2022). Net income: Ft32.1m (flat on 3Q 2022). Profit margin: 3.6% (down from 4.5% in 3Q 2022). The decrease in margin was driven by higher expenses. New Risk • Sep 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 71% 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (71% accrual ratio). Market cap is less than US$10m (€2.55m market cap, or US$2.74m). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). New Risk • Jul 12
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 German stocks, typically moving 6.7% 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: Major Risk Market cap is less than US$10m (€2.91m market cap, or US$3.24m). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Profit margins are more than 30% lower than last year (1.9% net profit margin). New Risk • Jun 09
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: 1.9% Last year net profit margin: 4.4% 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 Market cap is less than US$10m (€3.27m market cap, or US$3.51m). Minor Risk Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Jun 08
First quarter 2023 earnings released: EPS: Ft1.00 (vs Ft11.00 in 1Q 2022) First quarter 2023 results: EPS: Ft1.00 (down from Ft11.00 in 1Q 2022). Revenue: Ft684.9m (up 16% from 1Q 2022). Net loss: Ft1.98m (down 107% from profit in 1Q 2022). Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 24% share price gain to €1.25, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 13x in the Commercial Services industry in Germany. Total loss to shareholders of 46% over the past three years. Board Change • Nov 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. 5 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Supervisory Board Member Molnarne Aniko was the last director to join the board, commencing their role in 2019. 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 • Aug 31
Investor sentiment deteriorated over the past week After last week's 22% share price decline to €1.02, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 13x in the Commercial Services industry in Germany. Total loss to shareholders of 69% over the past three years. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Supervisory Board Member Molnarne Aniko was the last director to join the board, commencing their role in 2019. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 22% share price gain to €2.18, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 21x in the Commercial Services industry in Germany. Total returns to shareholders of 632% over the past three years. Is New 90 Day High Low • Feb 25
New 90-day low: €2.94 The company is down 19% from its price of €3.65 on 26 November 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 24% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: €27.80 The company is down 6.0% from its price of €29.60 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 2.0% over the same period.