Announcement • Sep 04
Vectron Systems AG's Delisting to Take Effect At the End of 30 September 2024 Following the majority takeover by the listed US group Shift 4, which was completed in June, Vectron Systems AG had already indicated in several publications that the stock exchange listing was to be discontinued. The Frankfurt Stock Exchange has informed Vectron Systems AG that the company's application to revoke the admission of Vectron shares (ISIN: DE000AOKEXC7) to trading on the Scale and Basic Board of the Frankfurt Stock Exchange has been granted. According to the notification of the Frankfurt Stock Exchange, the delisting will take effect at the end of 30 September 2024. Announcement • Jun 16
Vectron Systems AG Shares to Delist Following the Tender Offer The business combination of Vectron Systems AG ("Vectron") with the Shift4 group ("Shift4") announced on 1 June 2024 was previously subject to the condition that Shift4 succeeds in acquiring a total of at least 70% of Vectron's shares (including the shares from the planned capital increase). Shift4 has declared that it waives this condition, respectively that the condition is deemed to be fulfilled because the 70% threshold is nearly met. This means not only that the acquisition of approximately 41.4% of Vectron's share capital from the current CEO Thomas Stümmler and a company controlled by him will be completed, but also that the agreed Business Combination Agreement is finally binding and that the 10% capital increase from authorized capital will be subscribed by Shift4 and completed. The condition is also no longer relevant for the current tender offer for all Vectron shares at an offer price of EUR 10.50 per Vectron share. Following the tender offer a de-listing of the Vectron-share is envisaged with short notice. Announcement • Jun 15
Shift4 Payments, Inc. (NYSE:FOUR) completed the acquisition of remaining 48.6% stake in Vectron Systems AG (XTRA:V3S). Shift4 Payments, Inc. (NYSE:FOUR) launched a tender offer to acquire remaining 48.6% stake in Vectron Systems AG (XTRA:V3S) for €41.1 million on June 1, 2024. The offer price of €10.50 per Vectron share corresponds to a premium of approx. 50.4% on the volume-weighted average share price of EUR 6.97 during the last six months prior to the announcement of the transaction. The Management Board and Supervisory Board of Vectron welcome the attractive offer price, fully support the takeover offer and, subject to review of the offer document once published by Shift4, expect to recommend that shareholders accept the offer. At the same time, Shift4 has entered into a share purchase agreement with the CEO, Thomas Stümmler, and a company controlled by him regarding the purchase of shares representing approx. 41.4% of the share capital of Vectron. In the Business Combination Agreement, Shift4 has further undertaken to subscribe to a capital increase from authorised capital by issuing 805,651 new shares (corresponding to 10% of the current share capital) at a price of €10.50 per share, i.e. issue proceeds of around €8.5 million. The capital increase subscription obligation of Shift4, the consummation of the intended takeover offer and the share purchase agreement with Thomas Stümmler and the company controlled by him are each subject, among other things, to the condition that Shift4 succeeds in acquiring a total of at least 70% of the Vectron shares (taking into account the new shares to be subscribed from the capital increase). In addition, the respective agreements are subject to further customary closing conditions. The transactions are not subject to any regulatory approval requirements or conditions. To this end, Vectron has undertaken to support possible structural measures, in particular a delisting of the Vectron shares from stock exchange trading, the conclusion of a domination agreement, a squeeze-out or other integration measures in due course at the request of Shift4 after completion of the acquisition offer.Such delisting does not trigger any obligation of Shift4 to make a (further) public offer to acquire Vectron Shares. The Vectron Management Board is to remain in office and Vectron is to distribute Shift4's payment processing services in Germany in future.
Shift4 Payments, Inc. (NYSE:FOUR) completed the acquisition of remaining 48.6% stake in Vectron Systems AG (XTRA:V3S) on June 13, 2024. Shift4 has declared today that it waives this condition, respectively that the condition is deemed to be fulfilled because the 70% threshold is nearly met. This means not only that the acquisition of approximately 41.4% of Vectron's share capital from the current CEO Thomas Stümmler and a company controlled by him will be completed, but also that the agreed Business Combination Agreement is finally binding and that the 10% capital increase from authorized capital will be subscribed by Shift4 and completed. The condition is also no longer relevant for the current tender offer for all Vectron shares at an offer price of €10.50 per Vectron share. Following the tender offer a de-listing of the Vectron-share is envisaged with short notice. Announcement • May 15
Vectron Systems AG, Annual General Meeting, Jun 19, 2024 Vectron Systems AG, Annual General Meeting, Jun 19, 2024, at 11:00 W. Europe Standard Time. Price Target Changed • Aug 14
Price target increased by 44% to €9.50 Up from €6.59, the current price target is an average from 3 analysts. New target price is 75% above last closing price of €5.42. Stock is up 49% over the past year. The company is forecast to post a net loss per share of €0.07 next year compared to a net loss per share of €0.65 last year. New Risk • Jul 27
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 6.5% 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 Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (€41.6m market cap, or US$45.7m). Price Target Changed • Jun 02
Price target increased by 44% to €9.50 Up from €6.59, the current price target is an average from 2 analysts. New target price is 138% above last closing price of €3.99. Stock is up 1.0% over the past year. The company is forecast to post a net loss per share of €0.03 next year compared to a net loss per share of €0.65 last year. Major Estimate Revision • Jan 05
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €27.2m to €26.1m. Losses expected to increase from €0.47 per share to €0.53. Electronic industry in Germany expected to see average net income growth of 14% next year. Consensus price target broadly unchanged at €6.38. Share price rose 38% to €4.70 over the past week. Price Target Changed • Nov 16
Price target decreased to €6.28 Down from €6.84, the current price target is an average from 3 analysts. New target price is 80% above last closing price of €3.49. Stock is down 61% over the past year. The company is forecast to post a net loss per share of €0.47 compared to earnings per share of €0.30 last year. Major Estimate Revision • Sep 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -€0.27 to -€0.34 per share. Revenue forecast of €27.6m unchanged since last update. Electronic industry in Germany expected to see average net income growth of 23% next year. Consensus price target down from €6.84 to €6.29. Share price was steady at €3.78 over the past week. Price Target Changed • Sep 13
Price target decreased to €6.29 Down from €7.34, the current price target is an average from 2 analysts. New target price is 70% above last closing price of €3.71. Stock is down 64% over the past year. The company posted earnings per share of €0.30 last year. Reported Earnings • Sep 02
First half 2022 earnings released: €0.12 loss per share (vs €0.32 profit in 1H 2021) First half 2022 results: €0.12 loss per share (down from €0.32 profit in 1H 2021). Revenue: €12.6m (down 41% from 1H 2021). Net loss: €980.0k (down 139% from profit in 1H 2021). Over the next year, revenue is forecast to stay flat compared to a 16% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 30
Price target decreased to €6.84 Down from €7.59, the current price target is provided by 1 analyst. New target price is 100% above last closing price of €3.43. Stock is down 68% over the past year. The company is forecast to post earnings per share of €0.32 for next year compared to €0.30 last year. Major Estimate Revision • Aug 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -€0.23 to -€0.27 per share. Revenue forecast of €27.6m unchanged since last update. Electronic industry in Germany expected to see average net income growth of 25% next year. Consensus price target of €7.34 unchanged from last update. Share price rose 3.1% to €3.70 over the past week. Announcement • Aug 19
Vectron Systems AG Announces Resignation of Jens Reckendorf as Member of Management Board Vectron Systems AG announced that Jens Reckendorf, co-founder and CTO of Vectron Systems AG, has informed the company's Supervisory Board that he will resign as member of the company's Management Board for health reasons and thus at his own request. Mr. Reckendorf and the Supervisory Board agreed on a corresponding termination agreement as of September 30, 2022. Jens Reckendorf will continue to support the company as a consultant in the future. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €30.0m to €27.6m. Losses expected to increase from €0.16 per share to €0.23. Electronic industry in Germany expected to see average net income growth of 16% next year. Consensus price target down from €7.59 to €7.34. Share price fell 7.4% to €3.40 over the past week. Major Estimate Revision • Jun 23
Consensus revenue estimates fall by 12% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €34.0m to €30.0m. Forecast loss of -€0.10, down from profit of €0.05 per share profit previously. Electronic industry in Germany expected to see average net income growth of 8.6% next year. Consensus price target down from €10.49 to €7.59. Share price fell 23% to €3.28 over the past week. Price Target Changed • Jun 22
Price target decreased to €7.59 Down from €10.97, the current price target is an average from 3 analysts. New target price is 133% above last closing price of €3.25. Stock is down 76% over the past year. The company is forecast to post earnings per share of €0.05 for next year compared to €0.30 last year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 16% share price gain to €4.48, the stock trades at a forward P/E ratio of 90x. Average forward P/E is 19x in the Electronic industry in Germany. Total loss to shareholders of 54% over the past three years. Price Target Changed • May 03
Price target decreased to €10.63 Down from €11.78, the current price target is an average from 3 analysts. New target price is 110% above last closing price of €5.06. Stock is down 58% over the past year. The company is forecast to post earnings per share of €0.32 next year compared to a net loss per share of €0.26 last year. Announcement • Mar 04
Vectron Systems AG Provides Earnings Guidance for the Year 2022 Vectron Systems AG provided earnings guidance for the year 2022. For the year 2022, the company expects sales in the range of EUR 33 million to EUR 36 million. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 15% share price gain to €6.50, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 23x in the Electronic industry in Germany. Total loss to shareholders of 12% over the past three years. Price Target Changed • Feb 01
Price target decreased to €11.78 Down from €14.15, the current price target is an average from 3 analysts. New target price is 110% above last closing price of €5.60. Stock is down 41% over the past year. The company is forecast to post earnings per share of €0.32 next year compared to a net loss per share of €0.26 last year. Price Target Changed • Jan 28
Price target increased to €20.00 Up from €14.00, the current price target is an average from 3 analysts. New target price is 242% above last closing price of €5.85. Stock is down 37% over the past year. The company is forecast to post earnings per share of €0.42 next year compared to a net loss per share of €0.26 last year. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €7.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Electronic industry in Germany. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.22 per share. Price Target Changed • Jun 12
Price target increased to €16.65 Up from €15.48, the current price target is an average from 4 analysts. New target price is 14% above last closing price of €14.66. Stock is up 93% over the past year. Reported Earnings • May 09
Full year 2020 earnings released The company reported a soft full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €28.8m (up 13% from FY 2019). Net loss: €2.07m (loss widened 48% from FY 2019). Is New 90 Day High Low • Mar 08
New 90-day high: €11.70 The company is up 22% from its price of €9.56 on 08 December 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.14 per share. Is New 90 Day High Low • Nov 27
New 90-day high: €12.30 The company is up 38% from its price of €8.90 on 28 August 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.20 per share.