Recent Insider Transactions • Aug 03
CTO and Executive VP of R&D recently sold €68k worth of stock On the 26th of July, Andrew McCloskey sold around 2k shares on-market at roughly €27.44 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €303k more than they bought in the last 12 months. Upcoming Dividend • Jun 30
Upcoming dividend of UK£0.24 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 05 August 2022. The company is not currently making a profit and its cash payout ratio is 85%. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (2.1%). Reported Earnings • Jun 09
Full year 2022 earnings released: UK£0.21 loss per share (vs UK£0.11 profit in FY 2021) Full year 2022 results: UK£0.21 loss per share (down from UK£0.11 profit in FY 2021). Revenue: UK£1.19b (up 45% from FY 2021). Net loss: UK£62.6m (down 352% from profit in FY 2021). Over the next year, revenue is forecast to grow 12%, compared to a 12% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Board Change • Jun 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Anne Stevens was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • May 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be €30.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Meanwhile, the company became loss making. Board Change • Mar 29
High number of new directors Independent Non-Executive Director Ayesha Khanna was the last director to join the board, commencing their role in 2021. Recent Insider Transactions • Mar 11
CTO and Executive VP of R&D recently sold €192k worth of stock On the 7th of March, Andrew McCloskey sold around 7k shares on-market at roughly €29.03 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €362k more than they sold in the last 12 months. Buying Opportunity • Mar 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be UK£35.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% per annum over the last 3 years. The company became loss making over the last year. Buying Opportunity • Feb 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be UK£41.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% per annum over the last 3 years. The company became loss making over the last year. Buying Opportunity • Jan 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be UK£44.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% per annum over the last 3 years. The company became loss making over the last year. Upcoming Dividend • Dec 30
Upcoming dividend of UK£0.13 per share Eligible shareholders must have bought the stock before 06 January 2022. Payment date: 04 February 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (1.4%). Reported Earnings • Nov 11
First half 2022 earnings released: UK£0.27 loss per share (vs UK£0.13 loss in 1H 2021) The company reported a mediocre first half result with increased losses and weaker control over costs, although revenues improved. First half 2022 results: Revenue: UK£480.9m (up 45% from 1H 2021). Net loss: UK£81.5m (loss widened 302% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Ayesha Khanna was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 01
Upcoming dividend of UK£0.23 per share Eligible shareholders must have bought the stock before 08 July 2021. Payment date: 04 August 2021. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (1.5%). Recent Insider Transactions • Jun 03
CEO & Non-Executive Vice Chairman recently bought €554k worth of stock On the 1st of June, Peter Herweck bought around 14k shares on-market at roughly €41.04 per share. This was the largest purchase by an insider in the last 3 months. Peter has been a buyer over the last 12 months, purchasing a net total of €316k worth in shares. Recent Insider Transactions • Jun 03
CEO & Non-Executive Vice Chairman recently bought €554k worth of stock On the 1st of June, Peter Herweck bought around 14k shares on-market at roughly €41.04 per share. This was the largest purchase by an insider in the last 3 months. Peter has been a buyer over the last 12 months, purchasing a net total of €316k worth in shares. Reported Earnings • May 26
Full year 2021 earnings released: EPS UK£0.11 (vs UK£0.43 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: UK£820.4m (down 1.6% from FY 2020). Net income: UK£24.8m (down 65% from FY 2020). Profit margin: 3.0% (down from 8.4% in FY 2020). Executive Departure • May 21
Finance Director & Company Secretary has left the company On the 17th of May, David Ward's tenure as Finance Director & Company Secretary ended after 3.2 years in the role. As of March 2021, David personally held 10.84k shares (€427k worth at the time). David is the only executive to leave the company over the last 12 months. Recent Insider Transactions • Feb 13
Finance Director & Company Secretary recently sold €173k worth of stock On the 11th of February, David Ward sold around 4k shares on-market at roughly €43.00 per share. In the last 3 months, there was an even bigger sale from another insider worth €305k. Despite this recent sale, insiders have collectively bought €288k more than they sold in the last 12 months. Recent Insider Transactions • Jan 21
Non-Executive Vice Chairman recently sold €305k worth of stock On the 19th of January, Peter Herweck sold around 7k shares on-market at roughly €42.83 per share. This was the largest sale by an insider in the last 3 months. Peter has been a seller over the last 12 months, reducing personal holdings by €139k. Upcoming Dividend • Dec 31
Upcoming Dividend of UK£0.12 Per Share Will be paid on the 5th of February to those who are registered shareholders by the 7th of January. The trailing yield of 1.4% is below the top quartile of German dividend payers (3.6%), but is in line with industry peers (1.4%). Is New 90 Day High Low • Dec 16
New 90-day low: €34.39 The company is down 34% from its price of €52.42 on 17 September 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.30 per share. Is New 90 Day High Low • Nov 26
New 90-day low: €37.31 The company is down 35% from its price of €57.40 on 28 August 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €21.11 per share. Recent Insider Transactions • Nov 20
Deputy CEO recently bought €256k worth of stock On the 16th of November, James Kidd bought around 6k shares on-market at roughly €46.45 per share. This was the largest purchase by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Recent Insider Transactions • Nov 07
Independent Non-Executive Director recently bought €181k worth of stock On the 6th of November, Jennifer Allerton bought around 4k shares on-market at roughly €45.22 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €509k more in shares than they have sold in the last 12 months. Analyst Estimate Surprise Post Earnings • Nov 06
Revenue misses expectations Revenue missed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 5.7%, compared to a 13% growth forecast for the Software industry in Germany. Reported Earnings • Nov 06
First half 2021 earnings released: UK£0.13 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: UK£332.6m (down 15% from 1H 2020). Net loss: UK£20.3m (down 213% from profit in 1H 2020). Is New 90 Day High Low • Nov 04
New 90-day low: €46.35 The company is down 4.0% from its price of €48.30 on 06 August 2020. The German market is down 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is down 28% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.99 per share.