Recent Insider Transactions • Jun 05
Chairman & CEO recently bought €336k worth of stock On the 3rd of June, David Lorber bought around 9k shares on-market at roughly €38.78 per share. This transaction amounted to 3.5% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €1.4m. David has been a buyer over the last 12 months, purchasing a net total of €3.4m worth in shares. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Howard Amster was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 08
PhenixFIN Corporation Declares a Special Dividend, Payable on May 28, 2026 Effective May 5, 2026, the Board of PhenixFIN Corporation declared a special dividend of $0.07 per share to be paid on May 28, 2026, to stockholders of record as of May 18, 2026. Announcement • Jan 30
PhenixFIN Corporation, Annual General Meeting, Mar 20, 2026 PhenixFIN Corporation, Annual General Meeting, Mar 20, 2026. Announcement • Jan 23
PhenixFIN Corporation, Annual General Meeting, Mar 12, 2025 PhenixFIN Corporation, Annual General Meeting, Mar 12, 2025. Announcement • Dec 18
PhenixFIN Corporation (NasdaqGM:PFX) acquired 80% stake in The National Security Group, Inc. PhenixFIN Corporation (NasdaqGM:PFX) acquired 80% stake in The National Security Group, Inc. on October 1, 2024.
PhenixFIN Corporation (NasdaqGM:PFX) completed the acquisition of 80% stake in The National Security Group, Inc. on October 1, 2024. Reported Earnings • Aug 07
Third quarter 2024 earnings released: EPS: US$1.29 (vs US$4.27 in 3Q 2023) Third quarter 2024 results: EPS: US$1.29 (down from US$4.27 in 3Q 2023). Revenue: US$6.23m (up 29% from 3Q 2023). Net income: US$2.61m (down 71% from 3Q 2023). Profit margin: 42% (down from 184% in 3Q 2023). Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.3%. Buy Or Sell Opportunity • Aug 07
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €39.80. The fair value is estimated to be €50.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 5.9% in a year. Earnings are forecast to decline by 73% in the next year. Reported Earnings • May 12
Second quarter 2024 earnings released: EPS: US$2.62 (vs US$3.20 in 2Q 2023) Second quarter 2024 results: EPS: US$2.62 (down from US$3.20 in 2Q 2023). Revenue: US$4.66m (down 5.2% from 2Q 2023). Net income: US$5.37m (down 20% from 2Q 2023). Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to grow by 1.7%. Recent Insider Transactions • Mar 02
Chairman & CEO recently bought €108k worth of stock On the 27th of February, David Lorber bought around 3k shares on-market at roughly €41.15 per share. This transaction amounted to 2.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. David has been a buyer over the last 12 months, purchasing a net total of €384k worth in shares. Announcement • Feb 27
PhenixFIN Corporation, Annual General Meeting, Apr 10, 2024 PhenixFIN Corporation, Annual General Meeting, Apr 10, 2024, at 10:00 US Eastern Standard Time. Agenda: Elect two (2) directors of the Company, to serve for a term of three years, or until their successors are duly elected and qualified; to ratify the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending September 30, 2024; to Provide an advisory vote on executive compensation; and to transact such other business that may properly come before the Annual Meeting. Reported Earnings • Feb 09
First quarter 2024 earnings released: EPS: US$2.19 (vs US$1.88 in 1Q 2023) First quarter 2024 results: EPS: US$2.19 (up from US$1.88 in 1Q 2023). Revenue: US$5.72m (up 22% from 1Q 2023). Net income: US$4.53m (up 15% from 1Q 2023). Profit margin: 79% (down from 84% in 1Q 2023). Revenue is expected to decline by 2.4% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to grow by 6.0%. New Risk • Dec 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 87% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 87% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risk Market cap is less than US$100m (€76.2m market cap, or US$84.6m). New Risk • Dec 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (24% accrual ratio). Minor Risk Market cap is less than US$100m (€74.1m market cap, or US$81.6m). Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Howard Amster was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Aug 18
Chairman & CEO recently bought €176k worth of stock On the 16th of August, David Lorber bought around 5k shares on-market at roughly €34.05 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €557k. David has been a buyer over the last 12 months, purchasing a net total of €1.2m worth in shares. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 52% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Interest payments are not well covered by earnings (2.2x net interest cover). Earnings are forecast to decline by an average of 52% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€70.6m market cap, or US$77.3m). Reported Earnings • Aug 12
Third quarter 2023 earnings released: EPS: US$4.27 (vs US$4.19 loss in 3Q 2022) Third quarter 2023 results: EPS: US$4.27 (up from US$4.19 loss in 3Q 2022). Revenue: US$4.84m (up 32% from 3Q 2022). Net income: US$8.92m (up US$18.1m from 3Q 2022). Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Germany are expected to remain flat. Recent Insider Transactions • Jun 21
Independent Director recently bought €557k worth of stock On the 15th of June, Howard Amster bought around 17k shares on-market at roughly €33.55 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 14
Chairman & CEO recently bought €100k worth of stock On the 7th of June, David Lorber bought around 3k shares on-market at roughly €31.33 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. David has been a buyer over the last 12 months, purchasing a net total of €1.2m worth in shares. Reported Earnings • May 13
Second quarter 2023 earnings released: EPS: US$3.20 (vs US$1.24 in 2Q 2022) Second quarter 2023 results: EPS: US$3.20 (up from US$1.24 in 2Q 2022). Revenue: US$4.91m (up 34% from 2Q 2022). Net income: US$6.71m (up 126% from 2Q 2022). Revenue is forecast to grow 2.9% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Capital Markets industry in Germany. Recent Insider Transactions • Mar 09
Independent Director recently bought €253k worth of stock On the 1st of March, Howard Amster bought around 7k shares on-market at roughly €36.37 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €434k. Insiders have collectively bought €2.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 28
Independent Director recently bought €434k worth of stock On the 21st of February, Howard Amster bought around 12k shares on-market at roughly €35.87 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €2.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 18
Chairman & CEO recently bought €88k worth of stock On the 14th of February, David Lorber bought around 3k shares on-market at roughly €34.21 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €97k. David has been a buyer over the last 12 months, purchasing a net total of €1.5m worth in shares. Reported Earnings • Feb 10
First quarter 2023 earnings released: EPS: US$1.88 (vs US$1.91 in 1Q 2022) First quarter 2023 results: EPS: US$1.88 (down from US$1.91 in 1Q 2022). Revenue: US$4.70m (up 50% from 1Q 2022). Net income: US$3.95m (down 18% from 1Q 2022). Profit margin: 84% (down from 153% in 1Q 2022). Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Capital Markets industry in Germany. 
