New Risk • May 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (13% average weekly change). Market cap is less than US$10m (€6.05m market cap, or US$6.52m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Price Target Changed • Mar 11
Price target decreased by 67% to €0.50 Down from €1.50, the current price target is provided by 1 analyst. New target price is 17% below last closing price of €0.60. Stock is down 73% over the past year. The company is forecast to post a net loss per share of €0.73 next year compared to a net loss per share of €0.71 last year. New Risk • Mar 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.50m (US$9.19m) This is considered a major 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (16% average weekly change). Market cap is less than US$10m (€8.50m market cap, or US$9.19m). New Risk • Nov 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (22% average weekly change). Minor Risk Market cap is less than US$100m (€12.8m market cap, or US$13.9m). New Risk • Nov 13
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 Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (€6.70m market cap, or US$7.16m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Nov 09
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 French stocks, typically moving 10% 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 (10% average weekly change). Market cap is less than US$10m (€6.49m market cap, or US$6.96m). New Risk • Oct 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.30m (US$9.79m) This is considered a major 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 Risk Market cap is less than US$10m (€9.30m market cap, or US$9.79m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). New Risk • Aug 22
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 French 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). Market cap is less than US$100m (€17.5m market cap, or US$18.9m). Major Estimate Revision • Jul 27
Consensus EPS estimates fall from profit to €0.10 loss The consensus outlook for fiscal year 2023 has been updated. Expected to report loss instead of -€0.10 instead of €0.09 per share profit previously forecast. Revenue forecast unchanged at €190.0m Consumer Durables industry in France expected to see average net income growth of 20% next year. Consensus price target down from €3.00 to €2.20. Share price fell 2.0% to €1.20 over the past week. Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: €155.8m (down 2.5% from FY 2021). Net loss: €9.13m (down €9.23m from profit in FY 2021). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Consumer Durables industry in France. Price Target Changed • Nov 16
Price target decreased to €5.00 Down from €7.00, the current price target is provided by 1 analyst. New target price is 85% above last closing price of €2.70. Stock is down 54% over the past year. The company is forecast to post earnings per share of €0.01 for next year compared to €0.0077 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Martine Collonge was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 22
First half 2022 earnings released: EPS: €0 (vs €0.13 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.13 in 1H 2021). Revenue: €79.8m (down 12% from 1H 2021). Net loss: €248.0k (down 115% from profit in 1H 2021). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Durables industry in France. Major Estimate Revision • Jul 29
Consensus revenue estimates fall by 22% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from €194.9m to €151.9m. EPS estimate fell from €0.33 to €0.01 per share. Net income forecast to grow 1.0% next year vs 40% growth forecast for Consumer Durables industry in France. Consensus price target down from €7.00 to €5.00. Share price fell 4.4% to €3.05 over the past week. Upcoming Dividend • Jun 15
Upcoming dividend of €0.10 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 24 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.8%. Lower than top quartile of French dividend payers (5.1%). Lower than average of industry peers (3.2%). Reported Earnings • Apr 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €0.008 (down from €0.42 in FY 2020). Revenue: €159.9m (down 9.1% from FY 2020). Net income: €99.0k (down 98% from FY 2020). Profit margin: 0.1% (down from 3.1% in FY 2020). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 22%, compared to a 7.1% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target decreased to €7.00 Down from €9.00, the current price target is provided by 1 analyst. New target price is 87% above last closing price of €3.75. Stock is down 41% over the past year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Martine Collonge was the last independent director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €159.9m (down 9.1% from FY 2020). Net income: €99.0k (down 98% from FY 2020). Profit margin: 0.1% (down from 3.1% in FY 2020). Revenue missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 24%, compared to a 6.3% growth forecast for the industry in France. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 21% share price decline to €3.79, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Consumer Durables industry in France. Total loss to shareholders of 3.6% over the past three years. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 19% share price gain to €6.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Consumer Durables industry in France. Total returns to shareholders of 22% over the past three years. Price Target Changed • Nov 04
Price target decreased to €9.00 Down from €9.70, the current price target is provided by 1 analyst. New target price is 50% above last closing price of €6.00. Stock is up 62% over the past year. The company is forecast to post earnings per share of €0.31 for next year compared to €0.42 last year. Reported Earnings • Sep 24
First half 2021 earnings released: EPS €0.13 (vs €0.09 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €90.3m (up 12% from 1H 2020). Net income: €1.68m (up 42% from 1H 2020). Profit margin: 1.9% (up from 1.5% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Price Target Changed • Sep 21
Price target increased to €9.70 Up from €9.00, the current price target is provided by 1 analyst. New target price is 40% above last closing price of €6.92. Stock is up 91% over the past year. Major Estimate Revision • Jul 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.54 to €0.43. Revenue forecast unchanged from €188.9m at last update. Net income forecast to grow 1.0% next year vs 25% growth forecast for Consumer Durables industry in France. Consensus price target up from €9.00 to €9.50. Share price rose 11% to €6.90 over the past week. Upcoming Dividend • Jun 16
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 23 June 2021. Payment date: 25 June 2021. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (3.7%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 29
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €175.8m (down 13% from FY 2019). Net income: €5.44m (up 107% from FY 2019). Profit margin: 3.1% (up from 1.3% in FY 2019). Reported Earnings • Mar 26
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: €175.8m (down 13% from FY 2019). Net income: €5.44m (up 107% from FY 2019). Profit margin: 3.1% (up from 1.3% in FY 2019). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 21% share price gain to €5.90, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Consumer Durables industry in France. Total loss to shareholders of 18% over the past three years. Is New 90 Day High Low • Mar 11
New 90-day high: €4.94 The company is up 13% from its price of €4.36 on 10 December 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 4.0% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: €4.54 The company is up 23% from its price of €3.70 on 06 November 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €4.36 The company is up 31% from its price of €3.32 on 10 September 2020. The French market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 15% share price decline to €3.40, the stock is trading at a trailing P/E ratio of 14.9x, down from the previous P/E ratio of 17.6x. This compares to an average P/E of 21x in the Consumer Durables industry in France. Total return to shareholders over the past three years is a loss of 56%. Reported Earnings • Sep 26
First half earnings released Over the last 12 months the company has reported total profits of €3.06m, down 5.8% from the prior year. Total revenue was €174.5m over the last 12 months, down 19% from the prior year. Major Estimate Revision • Sep 24
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.22 to €0.25. No change was made to the revenue estimate which at the last update was €170.3m. Net income is expected to grow by 22% next year compared to 15% growth forecast for the Consumer Durables industry in France. The consensus price target increased from €4.20 to €4.50. Share price is up 12% to €3.62 over the past week.