Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €12.44, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 110% over the past three years. Declared Dividend • Jun 29
Dividend of €0.40 announced Shareholders will receive a dividend of €0.40. Ex-date: 1st July 2026 Payment date: 8th July 2026 Dividend yield will be 5.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (39% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 4.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Constantinos Mitropoulos was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Constantinos Mitropoulos was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 28
HELLENiQ ENERGY Holdings S.A., Annual General Meeting, Jun 19, 2025 HELLENiQ ENERGY Holdings S.A., Annual General Meeting, Jun 19, 2025. Announcement • Jan 02
HELLENiQ ENERGY Holdings S.A. to Report Q4, 2024 Results on Feb 27, 2025 HELLENiQ ENERGY Holdings S.A. announced that they will report Q4, 2024 results on Feb 27, 2025 Announcement • Jan 01
Hellenic Republic Asset Development Fund S.A. completed the acquisition of remaining 35% stake in Depa Commercial S.A. from HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE). Hellenic Republic Asset Development Fund S.A. signed an agreement to acquire remaining 35% stake in Depa Commercial S.A. from HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) for €208 million on December 17, 2024. The total consideration is deferred, and its settlement is expected to occur primarily through the offsetting of the Company’s dividends to HRADF, or through the payment of DEPA dividends that HRADF will receive in subsequent years. Upon completion, Hellenic Republic Asset Development Fund S.A. will own 100% stake in Depa Commercial S.A. The transaction is subject to approval by regulatory board / committee. The transaction has been approved by the board of directors of HELLENiQ ENERGY Holdings S.A.
Hellenic Republic Asset Development Fund S.A. completed the acquisition of remaining 35% stake in Depa Commercial S.A. from HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) on December 30, 2024. Announcement • Dec 21
Hellenic Republic Asset Development Fund S.A. signed an agreement to acquire remaining 35% stake in Depa Commercial S.A. from HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) for €208 million. Hellenic Republic Asset Development Fund S.A. signed an agreement to acquire remaining 35% stake in Depa Commercial S.A. from HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) for €208 million on December 17, 2024. The total consideration is deferred, and its settlement is expected to occur primarily through the offsetting of the Company’s dividends to HRADF, or through the payment of DEPA dividends that HRADF will receive in subsequent years. Upon completion, Hellenic Republic Asset Development Fund S.A. will own 100% stake in Depa Commercial S.A. The transaction is subject to approval by regulatory board / committee. The transaction has been approved by the board of directors of HELLENiQ ENERGY Holdings S.A. Announcement • Dec 10
HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) agreed to acquire an additional 50% stake in Elpedison B.V. from Edison S.p.A. (BIT:EDNR) for approximately €200 million. HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) agreed to acquire an additional 50% stake in Elpedison B.V. from Edison S.p.A. (BIT:EDNR) for approximately €200 million on December 9, 2024. The consideration for acquiring 50% of the share capital of Elpedison B.V. amounts to approximately €164m plus an amount of up to €31m due to changes in certain balance sheet items and cash reserves, as stipulated in the agreement reached. The transaction is subject to the signing of a final Share Purchase Agreement. The transaction is expected to conclude in the first half of 2025. Announcement • Oct 16
HELLENiQ ENERGY Holdings S.A. to Report Q3, 2024 Results on Nov 14, 2024 HELLENiQ ENERGY Holdings S.A. announced that they will report Q3, 2024 results on Nov 14, 2024 Announcement • Sep 05
HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) commences an Equity Buyback Plan for 1,000,000 shares, representing 0.33% of its issued share capital, under the authorization approved on June 27, 2024. HELLENiQ ENERGY Holdings S.A. (ATSE:ELPE) commences share repurchases on August 30, 2024, under the program mandated by shareholders in the Annual General Meeting held on June 27, 2024. As per the mandate, the company is authorized to repurchase up to 1,000,000 shares, representing 0.33% of its share capital. The shares should be repurchased between price range of €5 per share to €15 per share. The repurchased shares will be used for distribution to the executives of the Company or/and of affiliated companies or/and non executive BoD members of the Company. The authority will be valid till June 27, 2026. As of June 27, 2024, the company had 305,635,185 issued shares. New Risk • Sep 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (285% cash payout ratio). Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: €0.10 (vs €0.022 in 2Q 2023) Second quarter 2024 results: EPS: €0.10 (up from €0.022 in 2Q 2023). Revenue: €3.27b (up 9.9% from 2Q 2023). Net income: €30.0m (up 346% from 2Q 2023). Profit margin: 0.9% (up from 0.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to fall by 4.5% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Buy Or Sell Opportunity • Aug 16
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to €7.14. The fair value is estimated to be €5.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to decline by 4.8% per annum. Earnings are also forecast to decline by 29% per annum over the same time period. Announcement • Jul 31
HELLENiQ ENERGY Holdings S.A. to Report Q2, 2024 Results on Aug 29, 2024 HELLENiQ ENERGY Holdings S.A. announced that they will report Q2, 2024 results on Aug 29, 2024 Declared Dividend • Jul 01
Dividend of €0.60 announced Shareholders will receive a dividend of €0.60. Ex-date: 10th July 2024 Payment date: 17th July 2024 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (285% cash payout ratio). The dividend has increased by an average of 24% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to decline by 75% over the next 3 years. Since a fall of 39% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Jun 08
HELLENiQ ENERGY Holdings S.A., Annual General Meeting, Jun 27, 2024 HELLENiQ ENERGY Holdings S.A., Annual General Meeting, Jun 27, 2024, at 12:00 GTB Standard Time. Location: in a hybrid manner,i.e. with the physical presence, the grand hyatt athens hotel (room parthenon) leof, andrea siggrou 115, athina117 45, Greece Reported Earnings • May 17
First quarter 2024 earnings released: EPS: €0.59 (vs €0.51 in 1Q 2023) First quarter 2024 results: EPS: €0.59 (up from €0.51 in 1Q 2023). Revenue: €3.28b (up 5.3% from 1Q 2023). Net income: €179.2m (up 15% from 1Q 2023). Profit margin: 5.5% (up from 5.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 3.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
HELLENiQ ENERGY Holdings S.A. to Report Q1, 2024 Results on May 16, 2024 HELLENiQ ENERGY Holdings S.A. announced that they will report Q1, 2024 results on May 16, 2024 Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: €1.56 (vs €2.91 in FY 2022) Full year 2023 results: EPS: €1.56 (down from €2.91 in FY 2022). Revenue: €12.8b (down 12% from FY 2022). Net income: €477.7m (down 46% from FY 2022). Profit margin: 3.7% (down from 6.1% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Helleniq Energy Holdings S.A. Proposes Distribution of Final Dividend HELLENiQ ENERGY Holdings S.A. will propose to the AGM the distribution of a final dividend of €0.60 per share. This will add to the interim dividend of €0.30 per share, which has already been distributed, resulting in a total FY23 dividend of €0.90 per share. Using the 2023 year-end share price, the total dividend represents a higher than 12% dividend yield. Buy Or Sell Opportunity • Mar 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.6% to €8.25. The fair value is estimated to be €6.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 4.2% per annum. Earnings are also forecast to decline by 11% per annum over the same time period. Announcement • Dec 08
HELLENiQ ENERGY Holdings S.A., Annual General Meeting, Dec 28, 2023 HELLENiQ ENERGY Holdings S.A., Annual General Meeting, Dec 28, 2023, at 15:00 E. Europe Standard Time. New Risk • Dec 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% 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 Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks High level of debt (48% net debt to equity). Dividend is not well covered by earnings (106% payout ratio). Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: €0.98 (vs €0.82 in 3Q 2022) Third quarter 2023 results: EPS: €0.98 (up from €0.82 in 3Q 2022). Revenue: €3.41b (down 19% from 3Q 2022). Net income: €300.3m (up 19% from 3Q 2022). Profit margin: 8.8% (up from 6.0% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 6.3% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.8%. 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 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 01
Second quarter 2023 earnings released: EPS: €0.02 (vs €1.71 in 2Q 2022) Second quarter 2023 results: EPS: €0.02 (down from €1.71 in 2Q 2022). Revenue: €2.98b (down 25% from 2Q 2022). Net income: €6.73m (down 99% from 2Q 2022). Profit margin: 0.2% (down from 13% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.9%. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 21
Upcoming dividend of €0.50 per share at 14% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 05 July 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 14%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.2%). Reported Earnings • May 19
First quarter 2023 earnings released: EPS: €0.51 (vs €1.13 in 1Q 2022) First quarter 2023 results: EPS: €0.51 (down from €1.13 in 1Q 2022). Revenue: €3.11b (up 11% from 1Q 2022). Net income: €155.3m (down 55% from 1Q 2022). Profit margin: 5.0% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.2% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: €2.91 (vs €1.10 in FY 2021) Full year 2022 results: EPS: €2.91 (up from €1.10 in FY 2021). Revenue: €14.5b (up 57% from FY 2021). Net income: €889.5m (up 164% from FY 2021). Profit margin: 6.1% (up from 3.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 7.0% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 04
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 11 January 2023. Payment date: 18 January 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.1%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Nikos Vrettos was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: €0.83 (vs €0.16 in 3Q 2021) Third quarter 2022 results: EPS: €0.83 (up from €0.16 in 3Q 2021). Revenue: €4.19b (up 72% from 3Q 2021). Net income: €252.0m (up 410% from 3Q 2021). Profit margin: 6.0% (up from 2.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 5.2% p.a. on average during the next 3 years compared to a 4.6% decline forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 25
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 01 November 2022. Payment date: 08 November 2022. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 5.8%. Within top quartile of German dividend payers (5.3%). Higher than average of industry peers (1.0%). Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: €1.71 (vs €0.17 in 2Q 2021) Second quarter 2022 results: EPS: €1.71 (up from €0.17 in 2Q 2021). Revenue: €3.97b (up 78% from 2Q 2021). Net income: €523.9m (up €471.4m from 2Q 2021). Profit margin: 13% (up from 2.3% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 52% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 20
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 04 July 2022. Payout ratio is a comfortable 5.8% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (1.5%). Reported Earnings • May 15
First quarter 2022 earnings released First quarter 2022 results: Revenue: €2.80b (up 63% from 1Q 2021). Net income: €345.2m (up 126% from 1Q 2021). Profit margin: 12% (up from 8.9% in 1Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 52% growth forecast for the industry in Germany. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 4 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Nikos Vrettos was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Apr 14
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 02 May 2022. Payout ratio is a comfortable 9.1% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (3.9%). Lower than average of industry peers (4.9%). Announcement • Feb 26
Hellenic Petroleum Holdings Societe Anonyme, Annual General Meeting, Jun 09, 2022 Hellenic Petroleum Holdings Societe Anonyme, Annual General Meeting, Jun 09, 2022. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €1.10 (up from €1.30 loss in FY 2020). Revenue: €9.22b (up 60% from FY 2020). Net income: €337.4m (up €733.3m from FY 2020). Profit margin: 3.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 15%, compared to a 75% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS €0.16 (vs €0.15 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €2.44b (up 66% from 3Q 2020). Net income: €49.4m (up €94.5m from 3Q 2020). Profit margin: 2.0% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS €0.17 (vs €0.013 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €2.23b (up 109% from 2Q 2020). Net income: €52.5m (up €48.5m from 2Q 2020). Profit margin: 2.3% (up from 0.4% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 29
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 12 July 2021. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (3.9%). Reported Earnings • May 28
First quarter 2021 earnings released: EPS €0.29 (vs €1.11 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €1.72b (down 10% from 1Q 2020). Net income: €90.1m (up €429.9m from 1Q 2020). Profit margin: 5.2% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 02
Revenue beats expectations Revenue exceeded analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 21%, compared to a 30% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Mar 02
Full year 2020 earnings released: €1.30 loss per share (vs €0.53 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €5.78b (down 35% from FY 2019). Net loss: €395.8m (down 346% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Announcement • Feb 27
Hellenic Petroleum S.A., Annual General Meeting, Jun 17, 2021 Hellenic Petroleum S.A., Annual General Meeting, Jun 17, 2021. Is New 90 Day High Low • Jan 08
New 90-day high: €5.70 The company is up 23% from its price of €4.63 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 36% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.56 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: €0.15 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: €1.47b (down 37% from 3Q 2019). Net loss: €45.1m (down 202% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 97% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 11
Revenue beats expectations Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 4.3%, compared to a 10% growth forecast for the Oil and Gas industry in Germany. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 12%. Over the next year, revenue is forecast to grow 4.3%, compared to a 11% growth forecast for the Oil and Gas industry in Germany. Reported Earnings • Nov 07
Third quarter 2020 earnings released: €0.15 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: €1.47b (down 37% from 3Q 2019). Net loss: €45.1m (down 202% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 97% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day low: €4.15 The company is down 23% from its price of €5.37 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.84 per share. Is New 90 Day High Low • Oct 19
New 90-day low: €4.46 The company is down 26% from its price of €5.99 on 21 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 49% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.82 per share. Is New 90 Day High Low • Sep 30
New 90-day low: €4.55 The company is down 23% from its price of €5.88 on 02 July 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 53% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.80 per share. 
