Announcement • Jun 18
Brüder Mannesmann Aktiengesellschaft, Annual General Meeting, Jul 25, 2025 Brüder Mannesmann Aktiengesellschaft, Annual General Meeting, Jul 25, 2025, at 10:00 W. Europe Standard Time. New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 1.4% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risks Revenue has declined by 1.4% over the past year. Market cap is less than US$10m (€5.67m market cap, or US$5.87m). Minor Risks High level of debt (47% net debt to equity). 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 (8.2% average weekly change). New Risk • Sep 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (€5.67m market cap, or US$6.34m). Minor Risks High level of debt (47% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jul 10
Brüder Mannesmann Aktiengesellschaft, Annual General Meeting, Aug 16, 2024 Brüder Mannesmann Aktiengesellschaft, Annual General Meeting, Aug 16, 2024, at 10:00 W. Europe Standard Time. Reported Earnings • Jun 26
Full year 2023 earnings released Full year 2023 results: Revenue: €25.1m (flat on FY 2022). Net loss: €918.1k (down 145% from profit in FY 2022). New Risk • Jun 20
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2022. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2022 fiscal period end). Interest payments are not well covered by earnings (1.1x net interest cover). Revenue has declined by 24% over the past year. High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (€6.36m market cap, or US$6.82m). 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 (8.0% average weekly change). New Risk • Mar 05
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 7.4% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Revenue has declined by 24% over the past year. High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (€5.70m market cap, or US$6.19m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). 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 (7.4% average weekly change). New Risk • Jan 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Interest payments are not well covered by earnings (1.1x net interest cover). Revenue has declined by 24% over the past year. High level of non-cash earnings (97% accrual ratio). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (€5.96m market cap, or US$6.52m). Market cap is less than US$10m (€5.96m market cap, or US$6.52m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 (8.1% average weekly change). Share price has been volatile over the past 3 months (8.1% average weekly change). New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 24% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). Interest payments are not well covered by earnings (1.1x net interest cover). Revenue has declined by 24% over the past year. High level of non-cash earnings (97% accrual ratio). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (€5.96m market cap, or US$6.58m). Market cap is less than US$10m (€5.96m market cap, or US$6.58m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. 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 (9.8% average weekly change). Share price has been volatile over the past 3 months (9.8% average weekly change). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.80, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 10x in the Retail Distributors industry in Europe. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €1.70, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 13x in the Retail Distributors industry in Europe. Total returns to shareholders of 26% over the past three years. New Risk • Aug 13
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 6.8% 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 Risks Interest payments are not well covered by earnings (1.1x net interest cover). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (€6.58m market cap, or US$7.20m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Jun 30
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). High level of non-cash earnings (97% accrual ratio). Market cap is less than US$10m (€6.14m market cap, or US$6.70m). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €1.65, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 11x in the Retail Distributors industry in Europe. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €2.00, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Retail Distributors industry in Europe. Total returns to shareholders of 57% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of €0.04 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 29 June 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of German dividend payers (4.5%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improved over the past week After last week's 16% share price gain to €2.32, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 19x in the Retail Distributors industry in Europe. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 26% share price gain to €2.40, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 15x in the Retail Distributors industry in Europe. Total returns to shareholders of 135% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of €0.08 per share Eligible shareholders must have bought the stock before 28 June 2021. Payment date: 30 June 2021. Trailing yield: 4.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (1.2%). Is New 90 Day High Low • Nov 28
New 90-day high: €1.45 The company is up 1.0% from its price of €1.43 on 28 August 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 13% over the same period.