New Risk • Nov 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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 (2.4x net interest cover). Minor Risk Market cap is less than US$100m (€23.3m market cap, or US$27.0m). New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 20% 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 Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€23.3m market cap, or US$27.0m). Buy Or Sell Opportunity • Sep 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.0% to €1.48. The fair value is estimated to be €1.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 5.9% per annum over the same time period. New Risk • May 18
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 7.3% 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 Risk Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€22.6m market cap, or US$25.2m). Announcement • May 05
U10 Corp, Annual General Meeting, Jun 11, 2025 U10 Corp, Annual General Meeting, Jun 11, 2025. Location: 1 place giovanni da verrazzano, lyon France New Risk • May 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€25.4m market cap, or US$28.7m). New Risk • Feb 27
New major risk - Revenue and earnings growth Revenue has declined by 9.6% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Risk Revenue has declined by 9.6% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€24.2m market cap, or US$25.4m). New Risk • Nov 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (€26.8m market cap, or US$28.2m). Announcement • May 15
U10 Corp, Annual General Meeting, Jun 19, 2024 U10 Corp, Annual General Meeting, Jun 19, 2024. Location: 1 place giovanni da verrazzano, lyon France Reported Earnings • May 02
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €0.01 (up from €0.001 loss in FY 2022). Revenue: €167.5m (down 8.5% from FY 2022). Net income: €161.0k (up €177.0k from FY 2022). Profit margin: 0.1% (up from 0% in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 4.5% growth forecast for the Consumer Durables industry in France. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 02
Now 39% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €1.40. The fair value is estimated to be €1.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 1.9% in 2 years. Earnings are forecast to grow by 86% in the next 2 years. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings have declined by 20% 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (€18.4m market cap, or US$20.0m). Upcoming Dividend • Jun 23
Upcoming dividend of €0.08 per share at 6.3% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 04 July 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 6.3%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (3.9%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Eric Pouilly was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
First half 2022 earnings released: EPS: €0.001 (vs €0.11 in 1H 2021) First half 2022 results: EPS: €0.001 (down from €0.11 in 1H 2021). Revenue: €84.3m (down 1.8% from 1H 2021). Net income: €23.0k (down 99% from 1H 2021). Profit margin: 0% (down from 2.1% in 1H 2021). Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 3.9% growth forecast for the Consumer Durables industry in France. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to €2.30 Down from €2.60, the current price target is provided by 1 analyst. New target price is 38% above last closing price of €1.67. Stock is down 12% over the past year. The company is forecast to post earnings per share of €0.15 next year compared to a net loss per share of €0.16 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Eric Pouilly was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 07
Price target decreased to €2.30 Down from €2.60, the current price target is provided by 1 analyst. New target price is 28% above last closing price of €1.79. Stock is down 4.8% over the past year. The company is forecast to post earnings per share of €0.15 next year compared to a net loss per share of €0.16 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €1.91, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Consumer Durables industry in France. Total returns to shareholders of 32% over the past three years. Buying Opportunity • Mar 01
Now 21% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be €2.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Feb 14
Now 21% undervalued Over the last 90 days, the stock is up 3.4%. The fair value is estimated to be €2.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.5% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Sep 12
First half 2021 earnings released: EPS €0.11 (vs €0.19 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €85.9m (up 43% from 1H 2020). Net income: €1.82m (up €5.14m from 1H 2020). Profit margin: 2.1% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 11
New 90-day high: €1.74 The company is up 35% from its price of €1.29 on 12 November 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 13% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: €1.56 The company is up 20% from its price of €1.30 on 09 October 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 6.0% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: €1.44 The company is up 6.0% from its price of €1.35 on 15 September 2020. The French market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day low: €1.20 The company is down 6.0% from its price of €1.28 on 29 July 2020. The French market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 2.0% over the same period. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total losses of €1.62m, with earnings decreasing by €2.84m from the prior year. Total revenue was €149.8m over the last 12 months, down 18% from the prior year.