Buy Or Sell Opportunity • May 12
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to €0.26. The fair value is estimated to be €0.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 02
Full year 2025 earnings released: €0.03 loss per share (vs €0.029 loss in FY 2024) Full year 2025 results: €0.03 loss per share (further deteriorated from €0.029 loss in FY 2024). Revenue: €149.4m (up 16% from FY 2024). Net loss: €8.93m (loss widened 18% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. New Risk • Feb 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €77.1m (US$90.9m) 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 (15% average weekly change). Earnings have declined by 2.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€77.1m market cap, or US$90.9m). New Risk • Jan 20
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 Finnish stocks, typically moving 14% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 2.1% per year over the past 5 years. Announcement • Dec 22
Afarak Group SE, Annual General Meeting, Jun 09, 2026 Afarak Group SE, Annual General Meeting, Jun 09, 2026. Reported Earnings • Aug 21
First half 2025 earnings released: EPS: €0.01 (vs €0.001 in 1H 2024) First half 2025 results: EPS: €0.01 (up from €0.001 in 1H 2024). Revenue: €77.1m (up 7.9% from 1H 2024). Net income: €2.06m (up €1.84m from 1H 2024). Profit margin: 2.7% (up from 0.3% in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 2.1% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings have declined by 2.1% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€81.6m market cap, or US$95.4m). Announcement • Aug 16
Plantcor Mining And Plant Hire (Pty) Ltd completed the acquisition of Zeerust Chrome Mines Limited from Afarak Group SE (HLSE:AFAGR). Plantcor Mining And Plant Hire (Pty) Ltd signed an agreement to Zeerust Chrome Mines Limited from Afarak Group SE (HLSE:AFAGR) for ZAR 40 million on June 27, 2025.
The transaction is subject to approval of merger agreement by Afarak Group board. The deal has been approved by the Afarak Group board.
Plantcor Mining And Plant Hire (Pty) Ltd completed the acquisition of Zeerust Chrome Mines Limited from Afarak Group SE (HLSE:AFAGR) on August 15, 2025. New Risk • Jul 10
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 Finnish stocks, typically moving 7.5% 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 Risk Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risk Market cap is less than US$100m (€71.6m market cap, or US$84.0m). Announcement • Jun 27
Plantcor Mining And Plant Hire (Pty) Ltd acquired Zeerust Chrome Mines Limited from Afarak Group SE (HLSE:AFAGR) for ZAR 40 million. Plantcor Mining And Plant Hire (Pty) Ltd acquired Zeerust Chrome Mines Limited from Afarak Group SE (HLSE:AFAGR) for ZAR 40 million on June 27, 2025.
The transaction is subject to approval of merger agreement by Afarak Group board. The deal has been approved by the Afarak Group board.
Plantcor Mining And Plant Hire (Pty) Ltd completed the acquisition of Zeerust Chrome Mines Limited from Afarak Group SE (HLSE:AFAGR) on June 27, 2025. Announcement • Jun 03
Afarak Group SE Announces Election of Julien Duniague as New Board Member, Effective June 3, 2025 Afarak Group SE announced that at its AGM held on 3 June 2025, elected Mr. Julien Duniague (Swiss citizen) as a new Board member. The Board Committees and their composition are as follows: Audit and Risk Management Committee: Julien Duniague, chairperson, Jelena Manojlovic, and Thorstein Abrahamsen. Remuneration and Nomination Committee: Jelena Manojlovic, chairperson, Thorstein Abrahamsen, and Julien Duniague. Health, Safety and Sustainable Development Committee: Thorstein Abrahamsen, chairperson, Jelena Manojlovic, Julien Duniague, Guy Konsbruck, Stefano Bonati, and Kylie Gauci. New Risk • Jun 03
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 Finnish stocks, typically moving 6.6% 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 (6.6% average weekly change). Market cap is less than US$100m (€86.3m market cap, or US$98.7m). Reported Earnings • Mar 02
Full year 2024 earnings released: €0.03 loss per share (vs €0.036 profit in FY 2023) Full year 2024 results: €0.03 loss per share (down from €0.036 profit in FY 2023). Revenue: €134.0m (down 13% from FY 2023). Net loss: €7.57m (down 180% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Dec 24
Afarak Group SE Announces Dividend Policy The Board of Directors of Afarak Group SE has decided on Company's dividend policy. The dividend policy: The purpose of the dividend policy is to set the framework for the distribution of dividends by the Company to ensure an attractive and consistent return on investment for the Company’s shareholders. The Company shall distribute to its shareholders in the form of a dividend or a capital redemption all funds surplus to the operating and development needs of the Company as determined by the Board of Directors. The target dividend payout ratio in respect to each financial year shall be minimum 10% of the Afarak Group's EBITDA per full year. The dividend policy in its entirety is attached. The decision on Company’s dividend policy is connected to the release to be published later relating to Afarak’s Board of Directors’ decision to convene Company’s Extraordinary General Meeting to decide on reduction of Company’s share capital and reduction of Company’s share premium reserve. The Extraordinary General Meeting is the first step in the process of aiming to enable the transfer of funds into Company’s unrestricted equity leading to a more flexible capital structure and thus enable more efficient use of the Company's funds. Announcement • Dec 23
Afarak Group SE, Annual General Meeting, Jun 03, 2025 Afarak Group SE, Annual General Meeting, Jun 03, 2025. Reported Earnings • Aug 19
First half 2024 earnings released: EPS: €0.001 (vs €0.04 in 1H 2023) First half 2024 results: EPS: €0.001 (down from €0.04 in 1H 2023). Revenue: €71.4m (down 25% from 1H 2023). Net income: €215.0k (down 98% from 1H 2023). Profit margin: 0.3% (down from 11% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Aug 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 Finnish stocks, typically moving 5.5% 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 (5.5% average weekly change). Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (€69.9m market cap, or US$75.5m). Buy Or Sell Opportunity • Jul 01
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to €0.27. The fair value is estimated to be €0.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jun 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €0.29. The fair value is estimated to be €0.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Apr 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €92.7m (US$98.7m) 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: Minor Risks Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (€92.7m market cap, or US$98.7m). New Risk • Feb 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.1m (US$98.8m) 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: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (6.5% net profit margin). Shareholders have been diluted in the past year (4.0% increase in shares outstanding). Market cap is less than US$100m (€91.1m market cap, or US$98.8m). Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: €0.04 (vs €0.18 in FY 2022) Full year 2023 results: EPS: €0.04 (down from €0.18 in FY 2022). Revenue: €159.4m (down 20% from FY 2022). Net income: €9.45m (down 79% from FY 2022). Profit margin: 5.9% (down from 23% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. New Risk • Feb 23
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 Finnish stocks, typically moving 5.9% 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 (5.9% average weekly change). Shareholders have been diluted in the past year (4.0% increase in shares outstanding). New Risk • Feb 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.0% 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. This is currently the only risk that has been identified for the company. Announcement • Nov 09
Afarak Group Se Appoints Christoph Kemper as Chief Technical Officer The Board of Directors of Afarak Group SE appointed Christoph Kemper, General Manager of Elektrowerk Weisweiler GmbH (“EWW”), as the Chief Technical Officer of Afarak Group as of 7 November 2023. Christoph Kemper will also continue in his current position in EWW. Helsinki, November 7, 2023. Announcement • Nov 08
Afarak Group SE Appoints Christoph Kemper as the Chief Technical Officer The Board of Directors of Afarak Group SE has appointed Christoph Kemper, General Manager of Elektrowerk Weisweiler GmbH (“EWW”), as the Chief Technical Officer of Afarak Group as of 7 November 2023. Christoph Kemper will also continue in his current position in EWW. Announcement • Oct 13
Afarak Group SE Announces CEO Changes Afarak Group SE’s (Company) CEO Dr. Roman Lurf has resigned from his position as the CEO of the Company on 12th October 2023. The resignation entered into force with immediate effect. The Board of Directors of the Company has appointed Mr. Guy Konsbruck as the CEO of the company effective as of 12th October 2023. Mr. Guy Konsbruck has served as the CEO of the company between 15th January 2017 and 30th June 2023. Mr. Guy Konsbruck has also been a Member of the Board of Directors of the company since 5th February 2018. Reported Earnings • Aug 20
First half 2023 earnings released: EPS: €0.04 (vs €0.088 in 1H 2022) First half 2023 results: EPS: €0.04 (down from €0.088 in 1H 2022). Revenue: €95.3m (up 3.6% from 1H 2022). Net income: €10.3m (down 52% from 1H 2022). Profit margin: 11% (down from 23% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 06
Full year 2022 earnings released Full year 2022 results: Revenue: €198.7m (up 148% from FY 2021). Net income: €44.8m (up €44.1m from FY 2021). Profit margin: 23% (up from 1.0% in FY 2021). Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: €0.19 (vs €0.003 in FY 2021) Full year 2022 results: EPS: €0.19 (up from €0.003 in FY 2021). Revenue: €201.3m (up 151% from FY 2021). Net income: €44.8m (up €44.1m from FY 2021). Profit margin: 22% (up from 1.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 1 highly experienced director. CEO & Executive Director Guy Konsbruck was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 20
First half 2022 earnings released: EPS: €0.10 (vs €0.003 loss in 1H 2021) First half 2022 results: EPS: €0.10 (up from €0.003 loss in 1H 2021). Revenue: €92.9m (up 149% from 1H 2021). Net income: €21.3m (up €22.1m from 1H 2021). Profit margin: 23% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. 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 14% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. 1 highly experienced director. CEO & Executive Director Guy Konsbruck was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 05
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €0.003 (up from €0.10 loss in FY 2020). Revenue: €80.3m (up 34% from FY 2020). Net income: €765.0k (up €24.5m from FY 2020). Profit margin: 1.0% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 26
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: €0.04 (up from €0.10 loss in FY 2020). Revenue: €83.9m (up 40% from FY 2020). Net income: €765.0k (up €24.5m from FY 2020). Profit margin: 0.9% (up from net loss in FY 2020). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Board Change • Dec 06
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. 1 highly experienced director. CEO & Executive Director Guy Konsbruck was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 22
First half 2021 earnings released: €0.003 loss per share (vs €0.019 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €37.3m (up 5.2% from 1H 2020). Net loss: €833.0k (loss narrowed 81% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 23
New 90-day high: €0.25 The company is up 48% from its price of €0.17 on 23 October 2020. The Finnish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 31% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: €0.20 The company is down 41% from its price of €0.35 on 26 June 2020. The Finnish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 7.0% over the same period.