New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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 11% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€3.2m net loss in 2 years). Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (€11.2m market cap, or US$13.0m). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 14
Vogo SA, Annual General Meeting, Jun 18, 2026 Vogo SA, Annual General Meeting, Jun 18, 2026. Location: montpellier France Announcement • Jun 04
Abéo SA (ENXTPA:ABEO) intends to acquire remaining 77.50% stake in Vogo SA (ENXTPA:ALVGO) from Christophe CARNIEL, Pierre KEIFLIN, Daniel DEDISSE, Véronique PUYAU and others for €12.3 million. Abéo SA (ENXTPA:ABEO) intends to acquire remaining 77.50% stake in Vogo SA (ENXTPA:ALVGO) from Christophe CARNIEL, Pierre KEIFLIN, Daniel DEDISSE, Véronique PUYAU and others for €12.3 million on June 3, 2025.The Offer will be structured in the form of a mixed public offer according to the following ratio: 3 ABEO shares and €16.40 for 16 VOGO shares. ABEO and VOGO entered into, with the unanimous approval of their respective Boards of Directors, a combination agreement to define the terms and conditions of ABEO’s proposed acquisition of the VOGO shares that ABEO does not currently hold, through a voluntary public offer without the intention of implementing a squeeze-out. This transaction is unanimously supported by the founders of VOGO who have undertaken to contribute all of their shares (representing 28.99% of VOGO's capital ) to the Offer. In accordance with the Combination Agreement , the filing with the Autorité des marchés financiers of the draft Offer remains conditional on (i) the submission by Sorgem Evaluation of a report concluding that the financial conditions of the Offer are fair and (ii) the approval by the annual general meeting of ABEO, convened for July 15, of the resolution (falling within the competence of the extraordinary general meeting) allowing the implementation of a capital increase with removal of the shareholders' preferential subscription right, by the issuance of new ordinary shares of ABEO, in order to remunerate the contributions made to the Offer The Board of Directors of VOGO, meeting on June 3, 2025, unanimously welcomed the principle of the Offer. If the Offer is successful, Christophe CARNIEL is expected to join the executive committee and the Board of Directors of ABEO during the year 2026. The closing of the Offer will not be subject to any waiver threshold (other than the legal lapse threshold set at 50% of the share capital or voting rights) and ABEO's intention to file the Offer is not subject to any financing condition (the financing of the cash component of the Offer is intended to be ensured by recourse to ABEO's equity and/or existing financing lines). The Offer is also not subject to obtaining regulatory authorizations.
Bredin Prat and Lamy Lexel are acting as legal advisors to ABEO. Fieldfisher is acting as legal advisors to VOGO. Announcement • May 05
Vogo SA, Annual General Meeting, Jun 26, 2025 Vogo SA, Annual General Meeting, Jun 26, 2025. Location: 895 rue de la vieille poste, parc majoria pompignane, immeuble la lona, montpellier France New Risk • Sep 27
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended June 2023. 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 Risk Latest financial reports are more than 1 year old (reported June 2023 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (23% increase in shares outstanding). Market cap is less than US$100m (€20.7m market cap, or US$23.1m). 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 6.6% 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 Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (€21.9m market cap, or US$23.8m). Breakeven Date Change • Jul 26
Forecast to breakeven in 2025 The 2 analysts covering Vogo expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €100.0k in 2025. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Buy Or Sell Opportunity • Jul 24
Now 28% overvalued Over the last 90 days, the stock has fallen 9.1% to €3.60. The fair value is estimated to be €2.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last year. Earnings per share has declined by 42%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 65% per annum over the same time period. New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 3 years (€49k net loss in 3 years). Market cap is less than US$100m (€25.8m market cap, or US$28.0m). Breakeven Date Change • May 10
Forecast to breakeven in 2025 The analyst covering Vogo expects the company to break even for the first time. New forecast suggests the company will make a profit of €100.0k in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. Breakeven Date Change • May 09
Forecast to breakeven in 2025 The analyst covering Vogo expects the company to break even for the first time. New forecast suggests the company will make a profit of €100.0k in 2025. Average annual earnings growth of 67% is required to achieve expected profit on schedule. New Risk • Apr 14
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). Currently unprofitable and not forecast to become profitable over next 2 years (€403k net loss in 2 years). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€22.2m market cap, or US$23.6m). Breakeven Date Change • Apr 12
No longer forecast to breakeven The analyst covering Vogo no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €400.0k in 2025. New forecast suggests the company will make a loss of €0 in 2025. New Risk • Oct 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 6.3% 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: Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€14.7m market cap, or US$15.4m). Breakeven Date Change • Jul 28
Forecast breakeven date pushed back to 2025 The 2 analysts covering Vogo previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 33% per year to 2024. The company is expected to make a profit of €400.0k in 2025. Average annual earnings growth of 60% is required to achieve expected profit on schedule. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (€20.6m market cap, or US$22.8m). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Feb 15
Forecast breakeven date pushed back to 2023 The 2 analysts covering Vogo previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 75% per year to 2022. The company is expected to make a profit of €551.1k in 2023. Average annual earnings growth of 96% is required to achieve expected profit on schedule. Board Change • Dec 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Anthony Parker was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.