Announcement • Nov 04
B&S Group S.A. Announces Board Resignations B&S Group S.A. announced that Mr. B.A. Wissink and Mr. W.A. Blijdorp withdrew their candidacies for the Executive Board and Supervisory Board, respectively. Accordingly, the resolutions concerning their appointments became moot and were not voted on. Announcement • Apr 28
B&S Group S.A. Approves the Dividend for the 2024, Payable on or Around July 3, 2025 B&S Group S.A. approved the dividend proposal. The dividend for the 2024 financial year amounts to EUR 0.19 per Ordinary Share and will be payable on or around July 3, 2025. The ex-dividend date is set for April 29, 2025, and the record date for April 30, 2025. Announcement • Nov 12
B&S Group S.A., Annual General Meeting, Apr 25, 2025 B&S Group S.A., Annual General Meeting, Apr 25, 2025. Reported Earnings • Aug 22
First half 2024 earnings released: EPS: €0.16 (vs €0.08 in 1H 2023) First half 2024 results: EPS: €0.16 (up from €0.08 in 1H 2023). Revenue: €1.10b (up 4.2% from 1H 2023). Net income: €13.2m (up 88% from 1H 2023). Profit margin: 1.2% (up from 0.7% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • May 21
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 28 May 2024. Payment date: 03 July 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.6%). Declared Dividend • Apr 23
Dividend of €0.16 announced Shareholders will receive a dividend of €0.16. Ex-date: 28th May 2024 Payment date: 3rd July 2024 Dividend yield will be 3.5%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 17
Full year 2023 earnings released: EPS: €0.40 (vs €0.31 in FY 2022) Full year 2023 results: EPS: €0.40 (up from €0.31 in FY 2022). Revenue: €2.22b (up 3.3% from FY 2022). Net income: €33.8m (up 29% from FY 2022). Profit margin: 1.5% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 11
Now 21% undervalued Over the last 90 days, the stock has risen 4.2% to €4.11. The fair value is estimated to be €5.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 159% in the next 2 years. New Risk • Mar 08
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 High level of debt (99% net debt to equity). 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. Profit margins are more than 30% lower than last year (0.9% net profit margin). Buying Opportunity • Jan 17
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be €4.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.9% in 2 years. Earnings is forecast to grow by 159% in the next 2 years. Buying Opportunity • Nov 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be €4.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.3% in 2 years. Earnings is forecast to grow by 152% in the next 2 years. Announcement • Nov 08
B&S Group S.A. to Report First Half, 2024 Results on Aug 19, 2024 B&S Group S.A. announced that they will report first half, 2024 results on Aug 19, 2024 Reported Earnings • Aug 22
First half 2023 earnings released: EPS: €0.08 (vs €0.15 in 1H 2022) First half 2023 results: EPS: €0.08 (down from €0.15 in 1H 2022). Revenue: €1.06b (up 7.6% from 1H 2022). Net income: €7.03m (down 43% from 1H 2022). Profit margin: 0.7% (down from 1.2% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Buying Opportunity • May 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be €4.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 3.9%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Upcoming Dividend • May 17
Upcoming dividend of €0.12 per share at 3.0% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: €0.31 (vs €0.46 in FY 2021) Full year 2022 results: EPS: €0.31 (down from €0.46 in FY 2021). Revenue: €2.15b (up 15% from FY 2021). Net income: €26.1m (down 32% from FY 2021). Profit margin: 1.2% (down from 2.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Retail Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.26, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Retail Distributors industry in Europe. Total loss to shareholders of 48% over the past three years. Announcement • Dec 17
B&S Group S.A. Announces Board Changes B&S Group S.A. announced that during the Extraordinary General Meeting of Shareholders held on December 15, 2022, it was resolved to remove Mr. Jan Arie van Barneveld from his position as member of the Supervisory Board effective immediately and consequently Mrs. Kitty Koelemeijer's resignation from her position as a member of the Supervisory Board is also effective immediately. As a consequence of Mr. Jan Arie van Barneveld's removal, the conditionality for the resignation of the independent Supervisory Board member Mrs. Kitty Koelemeijer, as announced in release on October 17, 2022, has been fulfilled and, Mrs. Kitty Koelemeijer's resignation from her position as a Supervisory Board member is therefore effective immediately. The Company expects that the appointment of one or more new independent Supervisory Board members will follow in due course in accordance with applicable law and corporate governance regulations. Announcement • Oct 17
B&S Group S.A. Announces Conditional Resignation of Kitty Koelemeijer as Independent Supervisory Board Member B&S Group S.A. at its Extraordinary General Meeting of Shareholders to be held on November 17, 2022, received the conditional resignation of independent Supervisory Board member Mrs. Kitty Koelemeijer. The resignation of Mrs. Kitty Koelemeijer will become effective upon the Extraordinary General Meeting of Shareholders adopting the proposed resolution, being the dismissal of the chairman of the Supervisory Board. Announcement • Sep 03
B&S Group S.A. Announces the Resignation of Rob Cornelisse as Member of the Supervisory Board B&S Group S.A. announced that Rob Cornelisse for personal reasons has resigned from his position as member of the Supervisory Board of B&S effective immediately. Rob Cornelisse has served B&S as a Supervisory Board member since 2018. Reported Earnings • Aug 24
First half 2022 earnings released: EPS: €0.15 (vs €0.17 in 1H 2021) First half 2022 results: EPS: €0.15 (down from €0.17 in 1H 2021). Revenue: €983.2m (up 19% from 1H 2021). Net income: €12.3m (down 16% from 1H 2021). Profit margin: 1.2% (down from 1.8% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.0%, compared to a 13% growth forecast for the Retail Distributors industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Aug 18
B&S Group S.A. Announces Resignation of Peter Kruithof as Chief Financial Officer, Effective October 31, 2022 B&S Group S.A. announced that Peter Kruithof (41) has resigned from his position as Chief Financial Officer of B&S effective October 31, 2022 to pursue other career opportunities. Pending shareholders' approval, the Supervisory Board appoints Mark Faasse (40) as his successor. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €5.47, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Retail Distributors industry in Europe. Total loss to shareholders of 53% over the past three years. Upcoming Dividend • May 12
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 04 July 2022. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.2%). Higher than average of industry peers (2.1%). Reported Earnings • Mar 01
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.46 (up from €0.26 in FY 2020). Revenue: €1.87b (flat on FY 2020). Net income: €38.5m (up 77% from FY 2020). Profit margin: 2.1% (up from 1.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 6.0%, compared to a 7.4% growth forecast for the retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 27% 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. Reported Earnings • Aug 25
First half 2021 earnings released: EPS €0.17 (vs €0.07 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: €823.6m (down 1.5% from 1H 2020). Net income: €14.7m (up 160% from 1H 2020). Profit margin: 1.8% (up from 0.7% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 35% 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. Upcoming Dividend • May 13
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 02 July 2021. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (1.3%). Announcement • Apr 16
B&S Group S.A. Provides Earnings Guidance for the Year 2021 B&S Group S.A. provides earnings guidance for the year 2021. The company forecasted an organic turnover growth of 7.5% per year, complemented by an acquisitive turnover growth of an average 7.5% per year, also. Is New 90 Day High Low • Feb 25
New 90-day high: €8.26 The company is up 1.0% from its price of €8.16 on 27 November 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.23 per share. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue beats expectations Revenue exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 8.9% while theRetail Distributors industry in Germany is not expected to grow. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS €0.26 (vs €0.56 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.86b (down 5.9% from FY 2019). Net income: €21.7m (down 54% from FY 2019). Profit margin: 1.2% (down from 2.4% in FY 2019). The decrease in margin was driven by lower revenue. Announcement • Feb 16
B&S Group S.A. to Report Fiscal Year 2020 Final Results on Mar 02, 2021 B&S Group S.A. announced that they will report fiscal year 2020 final results on Mar 02, 2021 Announcement • Jan 17
B&S Group S.A. Announces the Appointment of Ken Lageveen as Chief Operations Officer B&S Group S.A. announced the appointment of Ken Lageveen as Chief Operations Officer (COO) of B&S Group to enhance progress on the implementation of its 2021-2023 strategic plan. The appointment is effective immediately.
Before his appointment as COO, Ken Lageveen served as the Managing Director Operations of the HTG segment of B&S Group. He holds over 10 years of experience in senior operational leadership roles. Ken joined the B&S Group in 2003 and grew the HTG Segment in the capacity of Commercial Director and Digital Commerce development before becoming the Managing Director Operations within this segment. Ken is a Dutch national and holds a master degree in Business and Entrepreneurship from Groningen University. Is New 90 Day High Low • Nov 11
New 90-day high: €6.78 The company is up 24% from its price of €5.47 on 12 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €156 per share. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to €6.60, the stock is trading at a trailing P/E ratio of 18.8x, up from the previous P/E ratio of 16.2x. This compares to an average P/E of 18x in the Retail Distributors industry in Europe. Total return to shareholders over the past year is a loss of 36%.