New Risk • Mar 30
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (54% average daily change). Market cap is less than US$10m (€38.7k market cap, or US$41.9k). New Risk • Dec 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 Share price has been highly volatile over the past 3 months (56% average daily change). Revenue has declined by 23% over the past year. Market cap is less than US$10m (€15.5k market cap, or US$16.3k). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Announcement • Sep 23
Corsair Gaming, Inc. (NasdaqGS:CRSR) completed the acquisition of Fanatec Sim Racing product line from Endor AG (MUN:E2N). Corsair Gaming, Inc. (NasdaqGS:CRSR) agreed to acquire Fanatec Sim Racing product line from Endor AG (MUN:E2N) on September 13, 2024. Hubert Ampferl, a partner at the law firm Beck & Partner, was appointed as the insolvency administrator. The shares in the foreign subsidiaries will also be transferred. Additionally, CORSAIR will take over all active employment contracts of Endor AG. Endor AG will be fully liquidated as part of the insolvency proceedings and its stock market listing will be terminated shortly. Shareholders should expect not to receive any payments. The company’s real estate remains up for sale. Fanatec Sim Racing product line acquisition includes the existing employees at Endor who manage and operate the Fanatec product line. The headquarters will remain in Landshut and continue to develop future Fanatec Sim Racing products. The transaction is expected to close imminently.
Corsair Gaming, Inc. (NasdaqGS:CRSR) completed the acquisition of Fanatec Sim Racing product line from Endor AG (MUN:E2N) on September 23, 2024. New Risk • Jun 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 Share price has been highly volatile over the past 3 months (41% average weekly change). Earnings have declined by 49% per year over the past 5 years. Market cap is less than US$10m (€4.65m market cap, or US$4.98m). Minor Risk Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Announcement • Feb 03
Endor AG Provides Earnings Guidance for the Year 2024 Endor AG provided earnings guidance for the year 2024. The company expects consolidated revenue in the range of EUR 115 million to EUR 125 million in the current financial year, after generating an expected revenue in the range of EUR 102 million to EUR 106 million in 2023. The expected EBITDA margin (based on revenues) in 2024 is estimated to be in the range of 8% to 10% (2023 expected to be -10% to -15%). New Risk • Jan 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €86.0m (US$93.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 49% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€86.0m market cap, or US$93.2m). Announcement • Oct 27
Endor AG Announces Changes to the Supervisory Board Endor AG announced that at the Annual General Meeting 2023, held on October 25, 2023, the shareholders also approved the election of a new Supervisory Board. Oliver F. Gosemann was newly appointed to the Supervisory Board after the term of office of Supervisory Board member Andreas Potthoff expired at the end of this year’s Annual General Meeting. Announcement • Oct 26
Endor AG Revises Earnings Guidance for the Year 2023 Endor AG revised earnings guidance for the year 2023. For the period, the company expects revenues to be in a range of EUR 105 million - EUR 115 million (previously: EUR 105 million - EUR 125 million). Announcement • Oct 01
Endor AG Announces Matthias Kosch Succeeds Andras Semsey as New CFO, Effective January 1, 2024 Endor AG announced a change in the Management Board. As of November 1, 2023, the Supervisory Board appoints Matthias Kosch (born 1978) to the Management Board of Endor AG. Andras Semsey, who has been a member of the Management Board since 2004, will not renew his contract, which expires on December 31, 2023. Matthias Kosch succeeds Andras Semsey as new CFO. With Matthias Kosch, were able to gain an experienced financial expert who has the relevant expertise as CFO of listed companies as well as 17 years of professional experience in the commercial management of medium-sized companies. Kosch had been working for Blue Cap AG. There he initially worked as an investment manager and later as CFO. In addition to the acquisition and financing of new investments, he improved structures, processes and reporting within the respective operating subsidiaries and led commercial digitalization projects. During his tenure as CFO, the Blue Cap group's revenues more than quadrupled. Before moving into investment management, Kosch completed a degree in business administration at Munich University of Applied Sciences. As CFO, Matthias Kosch will have sole responsibility for the finance department at Endor AG as of January 1, 2024, as well as joint responsibility for the capital market with CEO Thomas Jackermeier. Until this date, the Management Board will operate as a five-member board for a transitional period. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €8.00, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 31x in the Tech industry in Europe. Total loss to shareholders of 10% over the past three years. Valuation Update With 7 Day Price Move • May 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €9.90, the stock trades at a trailing P/E ratio of 49.4x. Average trailing P/E is 32x in the Tech industry in Europe. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 18% share price gain to €13.10, the stock trades at a trailing P/E ratio of 65.4x. Average trailing P/E is 32x in the Tech industry in Europe. Total returns to shareholders of 244% over the past three years. Reported Earnings • Jun 02
Full year 2021 earnings released: EPS: €0.20 (vs €0.80 in FY 2020) Full year 2021 results: EPS: €0.20 (down from €0.80 in FY 2020). Revenue: €82.9m (down 9.1% from FY 2020). Net income: €3.11m (down 75% from FY 2020). Profit margin: 3.7% (down from 14% in FY 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 17% share price gain to €18.20, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 22x in the Tech industry in Europe. Total returns to shareholders of 809% over the past three years. Is New 90 Day High Low • Feb 18
New 90-day high: €180 The company is up 36% from its price of €132 on 19 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 35% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: €179 The company is up 23% from its price of €146 on 30 October 2020. The German market is up 20% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Tech industry, which is also up 23% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: €116 The company is down 13% from its price of €133 on 08 October 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: €120 The company is down 5.0% from its price of €126 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 23% over the same period. Is New 90 Day High Low • Oct 21
New 90-day high: €141 The company is up 11% from its price of €127 on 22 July 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Tech industry, which is up 12% over the same period.