Major Estimate Revision • May 02
Consensus revenue estimates decrease by 25% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €446.1m to €332.6m. EPS estimate unchanged from €0.01 per share at last update. Communications industry in Spain expected to see average net income growth of 67% next year. Consensus price target up from €0.19 to €0.23. Share price was steady at €0.19 over the past week. Price Target Changed • Apr 30
Price target increased by 17% to €0.23 Up from €0.19, the current price target is an average from 2 analysts. New target price is 21% above last closing price of €0.19. Stock is up 28% over the past year. The company is forecast to post earnings per share of €0.005 for next year compared to €0.0025 last year. New Risk • Mar 09
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 39% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Share price has been highly volatile over the past 3 months (6.8% average weekly change). High level of non-cash earnings (39% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). New Risk • Mar 05
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 Spanish stocks, typically moving 6.7% 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 (2.5x net interest cover). Share price has been highly volatile over the past 3 months (6.7% average weekly change). High level of non-cash earnings (41% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Feb 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 (2.5x net interest cover). High level of non-cash earnings (41% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (5.7% average weekly change). Buy Or Sell Opportunity • Feb 03
Now 22% undervalued Over the last 90 days, the stock has risen 30% to €0.18. The fair value is estimated to be €0.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. Buy Or Sell Opportunity • Jan 09
Now 20% undervalued Over the last 90 days, the stock has risen 43% to €0.19. The fair value is estimated to be €0.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 34% per annum over the same time period. New Risk • Jan 02
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 Spanish stocks, typically moving 4.4% 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 Risks Interest payments are not well covered by earnings (2.5x net interest cover). High level of non-cash earnings (41% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (4.4% average weekly change). Reported Earnings • Aug 05
First half 2025 earnings released: EPS: €0.002 (vs €0.002 loss in 1H 2024) First half 2025 results: EPS: €0.002 (up from €0.002 loss in 1H 2024). Revenue: €174.6m (down 17% from 1H 2024). Net income: €3.78m (up €6.55m from 1H 2024). Profit margin: 2.2% (up from net loss in 1H 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Communications industry in Europe. New Risk • Aug 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 41% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Share price has been highly volatile over the past 3 months (6.9% average weekly change). High level of non-cash earnings (41% accrual ratio). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). New Risk • Jul 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% 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 Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (6.9% average weekly change). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. New Risk • Jul 23
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 Spanish stocks, typically moving 6.6% 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 (2.8x net interest cover). Share price has been highly volatile over the past 3 months (6.6% average weekly change). Minor Risk Large one-off items impacting financial results. Board Change • Jul 01
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. 8 experienced directors. No highly experienced directors. Director Jose Gonzalez was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Jun 10
Price target increased by 20% to €0.18 Up from €0.15, the current price target is an average from 2 analysts. New target price is 16% above last closing price of €0.15. Stock is up 48% over the past year. The company is forecast to post earnings per share of €0.01 for next year compared to €0.0026 last year. Announcement • May 27
Amper, S.A., Annual General Meeting, Jun 27, 2025 Amper, S.A., Annual General Meeting, Jun 27, 2025. Location: calle de virgilio 2, edificio 3, pozuelo de alarcon, Spain New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 (2.0x net interest cover). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 35% 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Shareholders have been substantially diluted in the past year (35% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (4.6% average weekly change). Announcement • Jan 01
Mutares SE & Co. KGaA (XTRA:MUX) signed an agreement to acquire Nervion Industries, Engineering and Services, S.L. from Amper, S.A. (BME:AMP) for €23 million. Mutares SE & Co. KGaA (XTRA:MUX) signed an agreement to acquire Nervion Industries, Engineering and Services, S.L. from Amper, S.A. (BME:AMP) for €23 million on December 30, 2024. The company will strengthen the Goods & Services segment of Mutares as a new platform investment. Nervion Industries, Engineering and Services, which was put up for sale this year within the framework of the reorganization process of the Spanish company along with other divestments. The operation entails a capital gain of €15 million. With this sale, the Amper Group concludes all divestments in non-core assets initially planned in the 2023-2026 Strategic Plan, according to the established schedule.
For the period ending December 31, 2023, Nervion Industries, Engineering and Services, S.L. reported total revenue of €200 million. Closing of the transaction is subject to customary merger control requirements and bank approvals. The completion of the transaction is subject to prior authorization from the Spanish National Markets and Competition Commission (CNMC). The transaction is expected to close in Q1 2025.
JB Capital acted as exclusive financial advisor, while CMS Albiñana & Suárez de Lezo acted as legal advisor to Amper. Meanwhile, Cuatrecasas provided legal counsel to the German company Mutares. New Risk • Dec 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.4% average weekly change). Shareholders have been diluted in the past year (35% increase in shares outstanding). Announcement • Nov 07
Amper, S.A. (BME:AMP) signed a letter of intent to acquire remaining 49% stake in Electrotécnica Industrial y Naval S.L. from Muñiz García family for €30.5 million. Amper, S.A. (BME:AMP) signed a letter of intent to acquire remaining 49% stake in Electrotécnica Industrial y Naval S.L. from Muñiz García family for €30.5 million on November 6, 2024. As a part of acquisition, Amper’s Board of Directors has approved the acquisition of a 49% stake in the share capital of its subsidiary Elinsa, which it does not yet control. Consequently, after the initial investment in September 2020, Amper will become the direct owner of 100% of the share capital of this entity. Under the terms of agreement, purchase price of this stake would be approximately €30.5 million, 50% of which would be paid in cash, in accordance with a three-year payment schedule, and the remaining 50% would be paid through the issue of new Amper shares, to be subscribed by the sellers (the Muñiz García family). The new Amper shares, which would represent approximately 6.79% of the Company’s share capital after this capital increase, would be issued at a price of €0.15 per share (i.e. €0.05 par value and €0.10 share premium). In addition, the sellers would have the right to propose to the General Meeting of the Company the appointment, if appropriate, of a proprietary director. This purchase operation takes place in the context of the recent signing by Elinsa of a framework contract for the manufacture and supply of power electronics equipment for energy storage during the period 2025-2027, extendable to 2030, with eks Energy, with an estimated value of 155 million euros, which could reach €340 million with its extension.
The transaction is subject to reaching an agreement on the sale and purchase agreement with the sellers and to the approval of the aforementioned increase in Amper’s share capital by the General Shareholders’ Meeting, which would be convened after the signing of the aforementioned agreement. Announcement • Jul 24
QEI, LLC acquired Energy Computer Systems S A/S from Amper, S.A. (BME:AMP) for $6 million. QEI, LLC acquired Energy Computer Systems S A/S from Amper, S.A. (BME:AMP) for $6 million on July 22, 2024. The funds obtained from this divestment will allow Amper to optimize the debt structure , as well as boost the group's growth strategy, both organic (CAPEX) and inorganic (M&A). The transaction is approved by the competent governing bodies.
QEI, LLC completed the acquisition of Energy Computer Systems S A/S from Amper, S.A. (BME:AMP) on July 22, 2024. Buy Or Sell Opportunity • May 07
Now 21% undervalued Over the last 90 days, the stock has risen 50% to €0.12. The fair value is estimated to be €0.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 59% per annum over the same time period. New Risk • Mar 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 35% 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: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.3% average weekly change). Profit margins are more than 30% lower than last year (0.05% net profit margin). Shareholders have been diluted in the past year (35% increase in shares outstanding). New Risk • Feb 13
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: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). 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 (5.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (€89.8m market cap, or US$96.7m). Reported Earnings • Jul 29
First half 2023 earnings released First half 2023 results: Revenue: €187.6m (up 9.1% from 1H 2022). Net income: €1.13m (down 9.5% from 1H 2022). Profit margin: 0.6% (down from 0.7% in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 03
Full year 2022 earnings released Full year 2022 results: Revenue: €348.8m (up 13% from FY 2021). Net income: €2.32m (down 72% from FY 2021). Profit margin: 0.7% (down from 2.7% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. 1 experienced director. No highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director Fernando Moreno is the most experienced director on the board, commencing their role in 2018. Independent Director Maria Luisa Garcia was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Nov 02
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. 1 experienced director. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Director Fernando Moreno is the most experienced director on the board, commencing their role in 2018. Independent Director Maria Luisa Garcia was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €97.9m (up 23% from 2Q 2021). Net income: €922.0k (down 47% from 2Q 2021). Profit margin: 0.9% (down from 2.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €321.8m (up 60% from FY 2020). Net income: €8.21m (up 318% from FY 2020). Profit margin: 2.6% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 8.4% compared to a 6.9% growth forecast for the industry in Spain. Reported Earnings • Sep 24
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €75.7m (up 124% from 2Q 2020). Net income: €1.72m (up €4.29m from 2Q 2020). Profit margin: 2.3% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 15% per year. Is New 90 Day High Low • Dec 09
New 90-day high: €0.23 The company is up 37% from its price of €0.17 on 10 September 2020. The Spanish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 4.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: €0.21 The company is up 21% from its price of €0.17 on 25 August 2020. The Spanish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 6.0% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: €0.003 loss per share The company reported a soft third quarter result with weaker earnings and control over expenses, although revenues were improved. Third quarter 2020 results: Revenue: €50.2m (up 13% from 3Q 2019). Net loss: €2.83m (down 132% from profit in 3Q 2019). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.