Upcoming Dividend • May 22
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 29 May 2026. Payment date: 02 June 2026. Payout ratio is on the higher end at 95%, and the cash payout ratio is above 100%. Trailing yield: 7.6%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €14.70, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 29x in the Healthcare Services industry in Europe. Total returns to shareholders of 49% over the past three years. Buy Or Sell Opportunity • Apr 28
Now 21% overvalued Over the last 90 days, the stock has fallen 2.3% to €13.00. The fair value is estimated to be €10.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Declared Dividend • Apr 19
Dividend increased to €1.00 Dividend of €1.00 is 33% higher than last year. Ex-date: 29th May 2026 Payment date: 2nd June 2026 Dividend yield will be 7.9%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but not covered by cash flows (170% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 28% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Buy Or Sell Opportunity • Apr 13
Now 20% overvalued Over the last 90 days, the stock has fallen 2.3% to €12.50. The fair value is estimated to be €10.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Reported Earnings • Apr 12
Full year 2025 earnings released: EPS: €1.05 (vs €1.04 in FY 2024) Full year 2025 results: EPS: €1.05 (up from €1.04 in FY 2024). Revenue: €56.6m (up 5.2% from FY 2024). Net income: €5.33m (up 1.0% from FY 2024). Profit margin: 9.4% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • May 22
Upcoming dividend of €0.75 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 02 June 2025. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (1.1%). Declared Dividend • Apr 17
Dividend increased to €0.75 Dividend of €0.75 is 50% higher than last year. Ex-date: 29th May 2025 Payment date: 2nd June 2025 Dividend yield will be 8.1%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio). However, it is well covered by cash flows (39% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control, which is more than the 11% EPS growth achieved over the last 5 years. Reported Earnings • Apr 13
Full year 2024 earnings released: EPS: €1.04 (vs €0.45 in FY 2023) Full year 2024 results: EPS: €1.04 (up from €0.45 in FY 2023). Revenue: €54.6m (up 2.3% from FY 2023). Net income: €5.28m (up 133% from FY 2023). Profit margin: 9.7% (up from 4.3% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. New Risk • Feb 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 7.0% 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 Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (104% payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (€57.8m market cap, or US$60.7m). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €10.10, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 27x in the Healthcare Services industry in Europe. Total loss to shareholders of 53% over the past three years. Reported Earnings • Sep 26
First half 2024 earnings released: EPS: €0.37 (vs €0.34 in 1H 2023) First half 2024 results: EPS: €0.37 (up from €0.34 in 1H 2023). Revenue: €24.4m (down 6.8% from 1H 2023). Net income: €1.87m (up 10% from 1H 2023). Profit margin: 7.7% (up from 6.5% 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 55% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings have declined by 4.3% 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 4.3% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (104% payout ratio). Profit margins are more than 30% lower than last year (4.7% net profit margin). Market cap is less than US$100m (€37.8m market cap, or US$42.1m). Upcoming Dividend • May 23
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 03 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: €0.45 (vs €1.25 in FY 2022) Full year 2023 results: EPS: €0.45 (down from €1.25 in FY 2022). Revenue: €53.4m (down 12% from FY 2022). Net income: €2.27m (down 64% from FY 2022). Profit margin: 4.3% (down from 10% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. New Risk • Apr 17
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). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€45.7m market cap, or US$48.6m). Reported Earnings • Oct 05
First half 2023 earnings released: EPS: €0.34 (vs €0.42 in 1H 2022) First half 2023 results: EPS: €0.34 (down from €0.42 in 1H 2022). Revenue: €26.2m (down 11% from 1H 2022). Net income: €1.70m (down 19% from 1H 2022). Profit margin: 6.5% (down from 7.1% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. New Risk • Jul 30
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 7.0% 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 High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (€53.4m market cap, or US$58.8m). Upcoming Dividend • May 25
Upcoming dividend of €0.75 per share at 5.8% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 05 June 2023. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.40, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 24x in the Healthcare Services industry in Germany. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 16% share price gain to €15.05, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 26x in the Healthcare Services industry in Germany. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improved over the past week After last week's 21% share price gain to €15.25, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 23x in the Healthcare Services industry in Germany. Total returns to shareholders of 78% over the past three years. Upcoming Dividend • May 25
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of German dividend payers (4.3%). Higher than average of industry peers (1.3%). Buying Opportunity • May 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €23.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 47% over the last 3 years. Earnings per share has grown by 61%. Reported Earnings • Apr 16
Full year 2021 earnings released: EPS: €2.27 (vs €1.83 in FY 2020) Full year 2021 results: EPS: €2.27 (up from €1.83 in FY 2020). Revenue: €86.4m (up 37% from FY 2020). Net income: €11.4m (up 24% from FY 2020). Profit margin: 13% (down from 15% 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 61% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €20.40, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 37x in the Healthcare Services industry in Germany. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 21% share price gain to €30.90, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 55x in the Healthcare Services industry in Germany. Total returns to shareholders of 294% over the past three years. Upcoming Dividend • May 24
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 02 June 2021. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.1%). Reported Earnings • Apr 18
Full year 2020 earnings released: EPS €1.83 (vs €0.63 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €63.7m (up 97% from FY 2019). Net income: €9.20m (up 193% from FY 2019). Profit margin: 14% (up from 9.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €24.30, the stock trades at a trailing P/E ratio of 28.1x. Average trailing P/E is 51x in the Healthcare Services industry in Germany. Total returns to shareholders of 154% over the past three years. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €25.80, the stock is trading at a trailing P/E ratio of 29.9x, down from the previous P/E ratio of 35.4x. This compares to an average P/E of 48x in the Healthcare Services industry in Europe. Total returns to shareholders over the past three years are 150%. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improved over the past week After last week's 18% share price gain to €26.80, the stock is trading at a trailing P/E ratio of 31x, up from the previous P/E ratio of 26.4x. This compares to an average P/E of 42x in the Healthcare Services industry in Europe. Total returns to shareholders over the past three years are 182%. Is New 90 Day High Low • Feb 06
New 90-day high: €26.80 The company is up 57% from its price of €17.10 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 1.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day high: €24.60 The company is up 51% from its price of €16.30 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: €21.80 The company is up 59% from its price of €13.70 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is flat over the same period. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 29% share price gain to €21.80, the stock is trading at a trailing P/E ratio of 25.2x, up from the previous P/E ratio of 19.6x. This compares to an average P/E of 44x in the Healthcare Services industry in Europe. Total returns to shareholders over the past three years are 147%. Is New 90 Day High Low • Oct 08
New 90-day high: €16.30 The company is up 55% from its price of €10.50 on 10 July 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare Services industry, which is up 8.0% over the same period. Announcement • Jul 31
DocCheck AG (XTRA:AJ91) acquired MediShopXL. DocCheck AG (XTRA:AJ91) acquired MediShopXL in the first quarter of 2020.
DocCheck AG (XTRA:AJ91) completed the acquisition of MediShopXL in the first quarter of 2020.