Buy Or Sell Opportunity • May 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to €1.51. The fair value is estimated to be €1.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 17
DF Deutsche Forfait AG to Report Fiscal Year 2025 Results on Apr 30, 2026 DF Deutsche Forfait AG announced that they will report fiscal year 2025 results on Apr 30, 2026 Announcement • Sep 28
DF Deutsche Forfait AG to Report Q2, 2025 Results on Sep 30, 2025 DF Deutsche Forfait AG announced that they will report Q2, 2025 results at 12:00 PM, Central European Standard Time on Sep 30, 2025 Announcement • Jul 22
DF Deutsche Forfait AG, Annual General Meeting, Aug 29, 2025 DF Deutsche Forfait AG, Annual General Meeting, Aug 29, 2025, at 10:00 W. Europe Standard Time. Announcement • May 02
DF Deutsche Forfait AG to Report Fiscal Year 2024 Results on Apr 30, 2025 DF Deutsche Forfait AG announced that they will report fiscal year 2024 results at 9:00 AM, Central European Standard Time on Apr 30, 2025 Announcement • May 01
DF Deutsche Forfait AG announces Annual dividend, payable on September 03, 2025 DF Deutsche Forfait AG announced Annual dividend of EUR 0.0600 per share payable on September 03, 2025, ex-date on September 01, 2025 and record date on September 02, 2025. Reported Earnings • Sep 29
First half 2024 earnings released: EPS: €0.12 (vs €0.16 in 1H 2023) First half 2024 results: EPS: €0.12 (down from €0.16 in 1H 2023). Revenue: €4.96m (down 80% from 1H 2023). Net income: €1.47m (down 24% from 1H 2023). Profit margin: 30% (up from 7.7% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Sep 23
DF Deutsche Forfait AG to Report First Half, 2024 Results on Sep 24, 2024 DF Deutsche Forfait AG announced that they will report first half, 2024 results on Sep 24, 2024 Announcement • May 25
DF Deutsche Forfait AG, Annual General Meeting, Jul 02, 2024 DF Deutsche Forfait AG, Annual General Meeting, Jul 02, 2024, at 11:00 W. Europe Standard Time. New Risk • May 14
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 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 (5.6% net profit margin). Market cap is less than US$100m (€20.0m market cap, or US$21.6m). Reported Earnings • May 02
Full year 2023 earnings released: EPS: €0.14 (vs €0.45 in FY 2022) Full year 2023 results: EPS: €0.14 (down from €0.45 in FY 2022). Revenue: €29.5m (up 170% from FY 2022). Net income: €1.66m (down 69% from FY 2022). Profit margin: 5.6% (down from 49% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
DF Deutsche Forfait AG to Report Fiscal Year 2023 Results on Apr 30, 2024 DF Deutsche Forfait AG announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Apr 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 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 High level of non-cash earnings (29% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Short dividend paying track record (1 year of continuous dividend payments). Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (€18.0m market cap, or US$19.1m). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.60, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 11x in the Diversified Financial industry in Germany. Total loss to shareholders of 3.0% over the past three years. Reported Earnings • Oct 05
First half 2023 earnings released: EPS: €0.17 (vs €0.17 in 1H 2022) First half 2023 results: EPS: €0.17 (in line with 1H 2022). Revenue: €25.4m (up 386% from 1H 2022). Net income: €1.95m (down 1.9% from 1H 2022). Profit margin: 7.7% (down from 38% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. New Risk • Oct 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (17% net profit margin). Market cap is less than US$100m (€25.4m market cap, or US$26.9m). Announcement • Sep 29
DF Deutsche Forfait AG to Report Q2, 2023 Results on Sep 29, 2023 DF Deutsche Forfait AG announced that they will report Q2, 2023 results on Sep 29, 2023 New Risk • Jul 14
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 7.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (€32.6m market cap, or US$36.6m). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.74, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 26x in the Diversified Financial industry in Germany. Total returns to shareholders of 147% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of €0.04 per share at 1.8% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 04 July 2023. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (5.8%). Announcement • May 20
DF Deutsche Forfait AG, Annual General Meeting, Jun 29, 2023 DF Deutsche Forfait AG, Annual General Meeting, Jun 29, 2023, at 11:00 Central European Standard Time. Location: KOMED, Im Mediapark 6 in 50670 Cologne Germany Reported Earnings • May 01
Full year 2022 earnings released: EPS: €0.45 (vs €0.57 in FY 2021) Full year 2022 results: EPS: €0.45 (down from €0.57 in FY 2021). Revenue: €11.0m (up 11% from FY 2021). Net income: €5.40m (down 20% from FY 2021). Profit margin: 49% (down from 68% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 18% share price gain to €2.24, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 25x in the Diversified Financial industry in Germany. Total returns to shareholders of 57% over the past three years. Reported Earnings • Oct 04
First half 2022 earnings released: EPS: €0.17 (vs €0.13 in 1H 2021) First half 2022 results: EPS: €0.17 (up from €0.13 in 1H 2021). Revenue: €5.28m (up 24% from 1H 2021). Net income: €1.99m (up 27% from 1H 2021). Profit margin: 38% (in line with 1H 2021). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 17% share price gain to €2.24, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 23x in the Diversified Financial industry in Germany. Total returns to shareholders of 38% over the past three years. Reported Earnings • May 03
Full year 2021 earnings released: EPS: €0.57 (vs €0.57 in FY 2020) Full year 2021 results: EPS: €0.57 (down from €0.57 in FY 2020). Revenue: €9.95m (up 12% from FY 2020). Net income: €6.76m (flat on FY 2020). Profit margin: 68% (down from 77% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 18% share price gain to €1.80, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 11x in the Diversified Financial industry in Germany. Total returns to shareholders of 307% over the past three years. Reported Earnings • Oct 01
First half 2021 earnings released: EPS €0.13 (vs €0.10 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €4.26m (up 1.8% from 1H 2020). Net income: €1.57m (up 33% from 1H 2020). Profit margin: 37% (up from 28% in 1H 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 126% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €1.44, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 22x in the Diversified Financial industry in Germany. Total returns to shareholders of 1,008% over the past three years. Valuation Update With 7 Day Price Move • May 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.74, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 18x in the Diversified Financial industry in Germany. Total returns to shareholders of 320% over the past three years. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improved over the past week After last week's 16% share price gain to €1.60, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 36x in the Diversified Financial industry in Germany. Total returns to shareholders of 382% over the past three years. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 28% share price gain to €1.61, the stock is trading at a trailing P/E ratio of 4.3x, up from the previous P/E ratio of 3.4x. This compares to an average P/E of 35x in the Diversified Financial industry in Germany. Total returns to shareholders over the past three years are 213%. Is New 90 Day High Low • Feb 26
New 90-day high: €1.35 The company is up 12% from its price of €1.21 on 27 November 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Diversified Financial industry, which is up 13% over the same period. Is New 90 Day High Low • Feb 10
New 90-day high: €1.30 The company is up 7.0% from its price of €1.22 on 11 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 21% over the same period. Is New 90 Day High Low • Nov 04
New 90-day high: €1.34 The company is up 30% from its price of €1.03 on 05 August 2020. The German market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 16% over the same period. Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 24% share price gain to €1.34, the stock is trading at a trailing P/E ratio of 3.2x, up from the previous P/E ratio of 2.6x. This compares to an average P/E of 32x in the Diversified Financial industry in Germany. Total returns to shareholders over the past three years are 100%. Is New 90 Day High Low • Sep 25
New 90-day high: €1.27 The company is up 25% from its price of €1.02 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is down 17% over the same period. 
