Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.08, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 32x in the Communications industry in Europe. Total returns to shareholders of 63% over the past three years. Declared Dividend • May 20
Dividend reduced to €0.55 Dividend of €0.55 is 73% lower than last year. Ex-date: 1st July 2026 Payment date: 3rd July 2026 Dividend yield will be 12%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (dividend approximately 21x free cash flows). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Announcement • May 05
HF Company SA announces Annual dividend, payable on July 03, 2026 HF Company SA announced Annual dividend of EUR 0.5500 per share payable on July 03, 2026, ex-date on July 01, 2026 and record date on July 02, 2026. Announcement • Apr 22
HF Company SA, Annual General Meeting, Jun 12, 2026 HF Company SA, Annual General Meeting, Jun 12, 2026. Location: 14 rue dora maar, tours France Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 7 highly experienced directors. Independent Non-Executive Director Michèle Bellon was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 26
HF Company SA, Annual General Meeting, Jun 18, 2025 HF Company SA, Annual General Meeting, Jun 18, 2025. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€896k net loss in 2 years). Revenue is less than US$5m (€4.4m revenue, or US$4.7m). Market cap is less than US$100m (€14.0m market cap, or US$15.3m). Upcoming Dividend • Jun 26
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 03 July 2024. Payment date: 05 July 2024. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 9.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.8%). New Risk • Nov 14
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 Earnings are forecast to decline by an average of 21% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). 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. Market cap is less than US$100m (€16.1m market cap, or US$17.2m). New Risk • Sep 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 21% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 293% Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 21% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risk Market cap is less than US$100m (€16.0m market cap, or US$17.2m). Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €5.18, the stock trades at a trailing P/E ratio of 29.3x. Average forward P/E is 16x in the Communications industry in Europe. Total loss to shareholders of 6.4% over the past year. Buying Opportunity • Jul 04
Now 22% undervalued Over the last 90 days, the stock is up 6.6%. The fair value is estimated to be €7.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to decline by 118% in the next year. Upcoming Dividend • Jun 26
Upcoming dividend of €0.50 per share at 8.5% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 05 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.5%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.8%). Buying Opportunity • May 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.2%. The fair value is estimated to be €6.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 53% in a year. Earnings is forecast to decline by 92% in the next year. Buying Opportunity • Mar 15
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €7.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 53% in a year. Earnings is forecast to decline by 92% in the next year. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Michèle Bellon was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
First half 2022 earnings released: EPS: €0.17 (vs €0.46 loss in 1H 2021) First half 2022 results: EPS: €0.17 (up from €0.46 loss in 1H 2021). Revenue: €3.16m (down 77% from 1H 2021). Net income: €519.0k (up €1.95m from 1H 2021). Profit margin: 16% (up from net loss in 1H 2021). Revenue is expected to decline by 50% p.a. on average during the next 2 years, while revenues in the Communications industry in Europe are expected to grow by 3.8%. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €5.54, the stock trades at a trailing P/E ratio of 25.5x. Average forward P/E is 17x in the Communications industry in Europe. Upcoming Dividend • Jun 28
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 07 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.5%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (1.8%). Board Change • Apr 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Michèle Bellon was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Jan 04
No longer forecast to breakeven The analyst covering HF Company no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €276.2k in 2022. New forecast suggests the company will make a loss of €118.9k in 2023. Board Change • Jan 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Michèle Bellon was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
