New Risk • May 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (30% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 320% Market cap is less than US$10m (€1.26m market cap, or US$1.37m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). New Risk • Mar 29
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 25% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (25% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 320% Market cap is less than US$10m (€1.90m market cap, or US$2.05m). Minor Risk Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Price Target Changed • Feb 20
Price target decreased by 10% to €2.60 Down from €2.90, the current price target is an average from 2 analysts. New target price is 129% above last closing price of €1.14. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.12 for next year compared to €0.19 last year. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.18, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Electronic industry in Germany. Total loss to shareholders of 37% over the past three years. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: €0.042 (vs €0.09 in 3Q 2022) Third quarter 2023 results: EPS: €0.042 (down from €0.09 in 3Q 2022). Revenue: €94.9m (down 33% from 3Q 2022). Net income: €546.9k (down 58% from 3Q 2022). Profit margin: 0.6% (down from 0.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • Oct 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% 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 High level of debt (41% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Market cap is less than US$100m (€14.7m market cap, or US$15.6m). Major Estimate Revision • Jul 20
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €498.5m to €477.8m. EPS estimate also fell from €0.22 per share to €0.18 per share. Net income forecast to grow 18% next year vs 26% growth forecast for Electronic industry in Germany. Consensus price target down from €3.35 to €2.90. Share price fell 25% to €1.02 over the past week. Price Target Changed • Jul 18
Price target decreased by 13% to €2.90 Down from €3.35, the current price target is an average from 2 analysts. New target price is 179% above last closing price of €1.04. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of €0.18 for next year compared to €0.19 last year. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: €0.005 (vs €0.091 in 2Q 2022) Second quarter 2023 results: EPS: €0.005 (down from €0.091 in 2Q 2022). Revenue: €87.9m (down 12% from 2Q 2022). Net income: €81.0k (down 94% from 2Q 2022). Profit margin: 0.1% (down from 1.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • Jul 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 7.5% 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 High level of debt (51% 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 (7.5% average weekly change). Market cap is less than US$100m (€16.2m market cap, or US$18.2m). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1.36, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 18x in the Electronic industry in Germany. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Jul 03
Upcoming dividend of €0.12 per share at 7.7% yield Eligible shareholders must have bought the stock before 10 July 2023. Payment date: 12 July 2023. Trailing yield: 7.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.2%). Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: €0.19 (vs €0.12 in FY 2021) Full year 2022 results: EPS: €0.19 (up from €0.12 in FY 2021). Revenue: €460.0m (up 32% from FY 2021). Net income: €2.90m (up 68% from FY 2021). Profit margin: 0.6% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 16
Price target increased to €3.10 Up from €2.73, the current price target is provided by 1 analyst. New target price is 164% above last closing price of €1.18. Stock is down 31% over the past year. The company is forecast to post earnings per share of €0.23 for next year compared to €0.11 last year. Major Estimate Revision • Oct 31
Consensus revenue estimates increase by 35% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from €314.2m to €424.6m. EPS estimate increased from €0.14 to €0.23 per share. Net income forecast to grow 158% next year vs 23% growth forecast for Electronic industry in Germany. Consensus price target up from €2.73 to €3.10. Share price was steady at €1.16 over the past week. Reported Earnings • Oct 26
Second quarter 2022 earnings released: EPS: €0.10 (vs €0.054 in 2Q 2021) Second quarter 2022 results: EPS: €0.10 (up from €0.054 in 2Q 2021). Revenue: €100.3m (down 4.0% from 2Q 2021). Net income: €1.37m (up 70% from 2Q 2021). Profit margin: 1.4% (up from 0.8% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Price Target Changed • Oct 26
Price target increased to €3.10 Up from €2.80, the current price target is provided by 1 analyst. New target price is 163% above last closing price of €1.18. Stock is down 42% over the past year. The company is forecast to post earnings per share of €0.23 for next year compared to €0.11 last year. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 20% share price gain to €1.27, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Electronic industry in Germany. Total loss to shareholders of 4.8% over the past three years. Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: €0.10 (vs €0.054 in 2Q 2021) Second quarter 2022 results: EPS: €0.10 (up from €0.054 in 2Q 2021). Revenue: €100.3m (down 4.0% from 2Q 2021). Net income: €1.37m (up 70% from 2Q 2021). Profit margin: 1.4% (up from 0.8% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.1%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • Jun 29
Upcoming dividend of €0.07 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 08 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.2%). Major Estimate Revision • Jun 01
Consensus revenue estimates fall by 15% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €369.1m to €314.2m. EPS estimate fell from €0.24 to €0.14 per share. Net income forecast to grow 494% next year vs 8.6% growth forecast for Electronic industry in Germany. Consensus price target down from €3.90 to €2.80. Share price rose 5.5% to €1.03 over the past week. Price Target Changed • May 31
Price target decreased to €2.80 Down from €4.05, the current price target is provided by 1 analyst. New target price is 180% above last closing price of €1.00. Stock is down 57% over the past year. The company is forecast to post earnings per share of €0.24 for next year compared to €0.11 last year. Announcement • May 21
UniDevice AG, Annual General Meeting, Jul 05, 2022 UniDevice AG, Annual General Meeting, Jul 05, 2022. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €1.09, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 22x in the Electronic industry in Germany. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.73, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 23x in the Electronic industry in Germany. Total returns to shareholders of 14% over the past three years. Reported Earnings • Oct 30
Third quarter 2021 earnings released: EPS €0.055 (vs €0.086 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €71.3m (down 35% from 3Q 2020). Net income: €827.4k (down 36% from 3Q 2020). Profit margin: 1.2% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Sep 09
UniDevice AG Revises Earnings Guidance for the Year 2021 UniDevice AG revised earnings guidance for the year 2021. For the year, the company announced that the profit for the period in the first eight months of the financial year was higher than forecast and the profit forecast should therefore be raised from EUR 3.84 million to more than EUR 4.00 million for the complete year 2021. Reported Earnings • Aug 01
Second quarter 2021 earnings released: EPS €0.054 (vs €0.062 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: €104.6m (up 12% from 2Q 2020). Net income: €806.5k (down 13% from 2Q 2020). Profit margin: 0.8% (down from 1.0% in 2Q 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jun 22
Upcoming dividend of €0.12 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 July 2021. Trailing yield: 5.3%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (0.7%). Price Target Changed • May 21
Price target increased to €4.60 Up from €4.05, the current price target is provided by 1 analyst. New target price is 100% above last closing price of €2.30. Stock is up 67% over the past year. Announcement • May 21
UniDevice AG Proposes Dividend for the Fiscal Year 2020 UniDevice AG proposed a dividend 12 cents per share, an increase of 71%, for the fiscal year 2020, to the annual general meeting to be held on June 28, 2021. Announcement • Jan 19
UniDevice AG, Annual General Meeting, Jun 28, 2021 UniDevice AG, Annual General Meeting, Jun 28, 2021. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 16% share price gain to €2.86, the stock is trading at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 31x in the Electronic industry in Germany. Total returns to shareholders over the past year are 103%. Is New 90 Day High Low • Jan 06
New 90-day high: €2.52 The company is up 14% from its price of €2.22 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Electronic industry, which is also up 14% over the same period. Major Estimate Revision • Nov 03
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.21 to €0.25. No change was made to the revenue estimate which at the last update was €410.8m. Net income is expected to grow by 32% next year compared to 49% growth forecast for the Electronic industry in Germany. The consensus price target increased from €3.85 to €4.15. Share price is down by 4.3% to €2.20 over the past week. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of €3.22m, up 47% from the prior year. Total revenue was €401.3m over the last 12 months, up 12% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day low: €2.02 The company is down 7.0% from its price of €2.18 on 23 July 2020. The German market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 21
Market pulls back on stock over the past week After last week's 19% share price decline to €2.02, the stock is trading at a trailing P/E ratio of 11x, down from the previous P/E ratio of 13.5x. This compares to an average P/E of 30x in the Electronic industry in Germany. Total returns to shareholders over the past year are 41%. Is New 90 Day High Low • Oct 05
New 90-day low: €2.04 The company is down 5.0% from its price of €2.14 on 07 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is down 1.0% over the same period.