New Risk • Sep 16
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 12% 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 (12% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.09% net profit margin). Market cap is less than US$100m (€72.3m market cap, or US$80.5m). Reported Earnings • Aug 18
First half 2024 earnings released: EPS: €0.12 (vs €0.09 loss in 1H 2023) First half 2024 results: EPS: €0.12 (up from €0.09 loss in 1H 2023). Revenue: €166.7m (down 3.8% from 1H 2023). Net income: €1.15m (up €2.00m from 1H 2023). Profit margin: 0.7% (up from net loss in 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 20 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 28
Full year 2023 earnings released: €0.18 loss per share (vs €0.76 profit in FY 2022) Full year 2023 results: €0.18 loss per share (down from €0.76 profit in FY 2022). Revenue: €315.2m (down 22% from FY 2022). Net loss: €1.73m (down 123% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 48% per year, which means it is performing significantly worse than earnings. New Risk • Feb 27
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). Dividend is not well covered by earnings (465% payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). New Risk • Feb 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.7m (US$98.9m) 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 Dividend is not well covered by earnings (465% payout ratio). Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (€91.7m market cap, or US$98.9m). New Risk • Jan 31
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 7.3% 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: Minor Risks Dividend is not well covered by earnings (465% payout ratio). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). New Risk • Jul 11
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 6.8% 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 Dividend is not well covered by cash flows (96% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Upcoming Dividend • Jun 21
Upcoming dividend of €0.60 per share at 2.7% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 30 June 2023. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.3%). Buying Opportunity • Jun 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €28.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Jun 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €28.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €28.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 17% share price gain to €25.90, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 15x in the Commercial Services industry in Germany. Total loss to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 25% share price gain to €25.00, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 14x in the Commercial Services industry in Germany. Total loss to shareholders of 44% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of Board of Directors Dirk Beuth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 18% share price gain to €24.50, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 13x in the Commercial Services industry in Germany. Total loss to shareholders of 47% over the past three years. Reported Earnings • Aug 15
First half 2022 earnings released: EPS: €0.55 (vs €0.52 in 1H 2021) First half 2022 results: EPS: €0.55 (up from €0.52 in 1H 2021). Revenue: €246.9m (up 33% from 1H 2021). Net income: €5.40m (up 4.7% from 1H 2021). Profit margin: 2.2% (down from 2.8% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 7.0% compared to a 6.2% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of €4.17 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 June 2022. Trailing yield: 15%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (3.6%). Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 18% share price gain to €30.20, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 13x in the Commercial Services industry in Germany. Total loss to shareholders of 50% over the past three years. Announcement • May 06
ArcelorMittal S.A. (ENXTAM:MT) agreed to acquire ALBA Metall Sud Franken, ALBA Metall Sud Rhein-Main and ALBA Electronics Recycling from ALBA SE (DB:ABA). ArcelorMittal S.A. (ENXTAM:MT) agreed to acquire ALBA Metall Sud Franken, ALBA Metall Sud Rhein-Main and ALBA Electronics Recycling from ALBA SE (DB:ABA) on May 5, 2022. Transaction is subject to Austria's federal competition authority BWB approval. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Chairman of the Administrative Board Dirk Beuth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 23
Upcoming dividend of €3.25 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 30 June 2021. Trailing yield: 5.0%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (3.4%). Reported Earnings • Apr 11
Full year 2020 earnings released: €0.30 loss per share (vs €0.58 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: €264.2m (down 20% from FY 2019). Net loss: €2.96m (loss narrowed 48% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 114 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 16
New 90-day high: €71.50 The company is up 13% from its price of €63.00 on 18 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 32% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: €68.50 The company is up 7.0% from its price of €64.00 on 29 October 2020. The German market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 46% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: €67.00 The company is up 6.0% from its price of €63.50 on 09 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 Commercial Services industry, which is up 30% over the same period. Is New 90 Day High Low • Nov 16
New 90-day high: €66.00 The company is up 3.0% from its price of €64.00 on 18 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Commercial Services industry, which is up 8.0% over the same period.