Buy Or Sell Opportunity • Jun 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to €0.14. The fair value is estimated to be €0.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company became loss making. New Risk • Jun 13
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 9.9% 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 (€8.33m market cap, or US$9.64m). Minor Risks Share price has been volatile over the past 3 months (9.9% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Significant insider selling over the past 3 months (€73k sold). Reported Earnings • Jun 05
Full year 2025 earnings released: UK£0.019 loss per share (vs UK£0.017 profit in FY 2024) Full year 2025 results: UK£0.019 loss per share (down from UK£0.017 profit in FY 2024). Revenue: UK£12.4m (up 9.4% from FY 2024). Net loss: UK£1.11m (down 212% from profit in FY 2024). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 04
Finseta Plc, Annual General Meeting, Jun 30, 2026 Finseta Plc, Annual General Meeting, Jun 30, 2026. Location: the office of gracechurch group, 48 gracechurch street, ec3v oej, london United Kingdom Board Change • Jun 01
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Director John Burns was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Non-Executive Director John Burns was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 17
Finseta Plc has completed a Follow-on Equity Offering in the amount of £0.067922 million. Finseta Plc has completed a Follow-on Equity Offering in the amount of £0.067922 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 799,087
Price\Range: £0.085 Announcement • Jan 15
Finseta plc Provides Earnings Guidance for Year Ended December 31, 2025 Finseta Plc provided earnings guidance for year ended December 31, 2025. The Group expects to report Fiscal Year 2025 revenue of £12.4 million (FY 2024: £11.4 million), an increase of 9%. Announcement • Sep 01
Finseta Plc to Report First Half, 2025 Results on Sep 10, 2025 Finseta Plc announced that they will report first half, 2025 results on Sep 10, 2025 Announcement • Jul 09
Finseta plc Provides Unaudited Earnings Guidance for the Six Months Ended June 30, 2025 Finseta Plc Provides unaudited earnings guidance for the six months ended June 30, 2025. For the period, the group expects to report an increase in revenue of approximately 16% to £5.9 million (H1 2024: £5.1 million), driven by an increase in active customers to 1,101 (H1 2024: 952). The Group expects to report a gross margin for H1 2025 of approximately 62% (H1 2024: 65.7%), which is due to revenue mix, reflecting the investment in the Group's new strategic initiatives, which have substantially broadened the Group's capabilities and are expected to significantly accelerate sales growth and increase profitability in the medium term. Announcement • Apr 23
Finseta Plc, Annual General Meeting, Jun 12, 2025 Finseta Plc, Annual General Meeting, Jun 12, 2025. Location: the office of gracechurch group, 48 gracechurch street, ec3v oej, london United Kingdom Announcement • Apr 16
Finseta Plc to Report Fiscal Year 2024 Final Results on Apr 23, 2025 Finseta Plc announced that they will report fiscal year 2024 final results at 8:00 AM, Coordinated Universal Time on Apr 23, 2025 Announcement • Mar 12
Finseta plc Receives Category 3D Licence from the Dubai Financial Services Authority Finseta plc announced that it has been granted a Category 3D licence from the Dubai Financial Services Authority, which authorises the Group to provide payment services within the United Arab Emirates. The receipt of DFSA Licence, which has been granted to a wholly-owned Dubai-registered subsidiary of the Company, is a key milestone in the Group's delivery on its stated strategy to expand its geographic footprint and regulatory capabilities. The UAE, and the Dubai International Financial Centre ("DIFC") in particular, represent a considerable market opportunity for the Group as one of the world's leading financial hubs. It contains a diverse ecosystem of international businesses, including a large presence of professional services firms that the Group can leverage through its introducer-led customer acquisition model. The Group has an existing presence in Dubai, where it has been building a partner network. The DFSA Licence will enable the Group to significantly expand its activities by now being able to service corporate and professional clients in the UAE as well as to benefit from local payment rails. The Group has established a new office in the DIFC and expects to make a series of key hires over the coming months in its sales and regulatory and compliance support functions to facilitate business development activities, including broadening partner relationships, and the onboarding of new clients in compliance with local regulations. The expanded UAE business is expected to make a positive contribution to Group profitability from 2026. The expansion of activities in the UAE together with the Group's intended investment in sales, compliance and overhead functions in 2025 to exploit the growth opportunity in the Canadian market following the receipt of a regulatory licence in 2024, and to support the scale-up of the Group's corporate card programme following its commercial launch, as announced on 3 March 2025, operating expenses are expected to be higher than previously forecast. These investments will increase Group operating expenses from the current year onwards but are expected to drive incremental sales growth in the current year, and significantly accelerate sales growth and increase profitability in the medium term. Announcement • Mar 03
Finseta plc Announces the Commercial Availability of the Finseta Corporate Card Finseta plc announced the commercial availability of the Finseta Corporate Card, a payment card scheme for corporate customers. The Finseta Corporate Card offering will provide the Group with an additional, repeatable revenue stream from business customers and will expand its addressable target market. The Group will receive a proportion of the value of each customer card transaction and initial revenues are expected from corporate cards from first quarter of 2025. Finseta anticipates that the corporate card scheme, which carries a higher gross margin than its existing service offering, will begin to contribute to operating profits from 2026. The Finseta corporate Card is co-branded and supported by Mastercard and is available to businesses as virtual or physical cards, has multi-currency capability and can be used in over 210 countries. The Group will market the new offering initially to its existing customer base with this additional service providing corporate customers with greater choice and flexibility in managing their ongoing business expenses. Finseta will also target new corporate customers where the primary potential service provision is a corporate card scheme. New Risk • Jul 26
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 11% 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 (11% average weekly change). High level of non-cash earnings (44% accrual ratio). Minor Risks Significant insider selling over the past 3 months (€155k sold). Market cap is less than US$100m (€23.5m market cap, or US$25.5m). Recent Insider Transactions • Jul 16
Board Member recently sold €155k worth of stock On the 12th of July, William Timothy Newton sold around 338k shares on-market at roughly €0.46 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €103k more than they bought in the last 12 months. Announcement • Jul 09
Finseta Plc to Report First Half, 2024 Results on Sep 10, 2024 Finseta Plc announced that they will report first half, 2024 results on Sep 10, 2024 Announcement • Jun 06
An unknown buyer completed the acquisition of Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million An unknown buyer entered into a share purchase agreement to acquire Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million on September 20, 2023.
An unknown buyer completed the acquisition of Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) on June 5, 2024. Announcement • May 10
Cornerstone FS plc, Annual General Meeting, Jun 20, 2024 Cornerstone FS plc, Annual General Meeting, Jun 20, 2024. Location: the office of gracechurch group, 48 gracechurch street, ec3v 0ej, london United Kingdom Reported Earnings • May 08
Full year 2023 earnings released: EPS: UK£0.038 (vs UK£0.17 loss in FY 2022) Full year 2023 results: EPS: UK£0.038 (up from UK£0.17 loss in FY 2022). Revenue: UK£9.65m (up 100% from FY 2022). Net income: UK£2.13m (up UK£7.75m from FY 2022). Profit margin: 22% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Diversified Financial industry in Germany. New Risk • May 08
New major risk - Revenue and earnings growth Earnings have declined by 45% 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 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (€26.7m market cap, or US$28.7m). Announcement • Apr 17
Cornerstone FS plc to Report Fiscal Year 2023 Results on May 08, 2024 Cornerstone FS plc announced that they will report fiscal year 2023 results on May 08, 2024 New Risk • Mar 30
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: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€20.1m market cap, or US$21.7m). Announcement • Feb 13
Cornerstone FS plc Receives Money Services Business Licence from the Financial Transactions and Reports Analysis Centre of Canada Cornerstone FS plc announced that it is now authorised to operate in Canada through the receipt of a Money Services Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The gaining of the MSB licence, which has been granted to a wholly owned Canada-registered subsidiary of the Company, allows the Group to operate a payments company in Canada and provide payments services to Canadian businesses and individuals. The Group intends to develop a full-service office in Canada, which will allow it to provide customers with the high-touch service-led approach that is core to the Cornerstone offer. The gaining of the MSB licence and establishment of an office in Canada will represent a key milestone on the Group's stated strategy to expand its geographic footprint and regulatory capabilities. The Board believes that this will accelerate the Group's medium to long-term growth ambitions andplay a key part in its long-term domestic and global growth strategy. Breakeven Date Change • Jan 24
Forecast breakeven date pushed back to 2024 The 2 analysts covering Cornerstone FS previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of UK£653.0k in 2024. Average annual earnings growth of 86% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 07
Forecast breakeven date moved forward to 2023 The 2 analysts covering Cornerstone FS previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of UK£90.8k in 2023. Earnings growth of 87% is required to achieve expected profit on schedule. Board Change • Oct 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). CFO & Director Judy Happe is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director John Burns was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Sep 21
An unknown buyer entered into a share purchase agreement to acquire Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million. An unknown buyer entered into a share purchase agreement to acquire Capital Currencies Limited from Cornerstone FS plc (AIM:CSFS) for £0.15 million on September 20, 2023. Reported Earnings • Sep 17
First half 2023 earnings released: EPS: UK£0.001 (vs UK£0.13 loss in 1H 2022) First half 2023 results: EPS: UK£0.001 (up from UK£0.13 loss in 1H 2022). Revenue: UK£3.60m (up 90% from 1H 2022). Net income: UK£34.9k (up UK£3.05m from 1H 2022). Profit margin: 1.0% (up from net loss in 1H 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Diversified Financial industry in Germany. Board Change • Jul 26
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). CFO & Director Judy Happe is the most experienced director on the board, commencing their role in 2020. Independent Non-Executive Director John Burns was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jul 12
Cornerstone FS plc to Report First Half, 2023 Results on Sep 12, 2023 Cornerstone FS plc announced that they will report first half, 2023 results on Sep 12, 2023 Announcement • May 16
Cornerstone FS plc, Annual General Meeting, Jun 20, 2023 Cornerstone FS plc, Annual General Meeting, Jun 20, 2023, at 10:00 Coordinated Universal Time. Location: At the offices of Gracechurch Group, 48 Gracechurch Street London United Kingdom 
