New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €86.2m (US$98.5m) 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 Risk Earnings have declined by 6.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (€86.2m market cap, or US$98.5m). Upcoming Dividend • Jun 19
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 26 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €27.50, the stock trades at a trailing P/E ratio of 26.9x. Average trailing P/E is 21x in the Chemicals industry in France. Total returns to shareholders of 61% over the past three years. New Risk • Jun 10
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 8.1% 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 Earnings have declined by 6.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to €29.80, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 21x in the Chemicals industry in France. Total returns to shareholders of 66% over the past three years. Declared Dividend • May 03
Dividend of €0.30 announced Dividend of €0.30 is the same as last year. Ex-date: 26th June 2026 Payment date: 30th June 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but not covered by cash flows (126% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • May 02
Baikowski SA announces Annual dividend, payable on June 30, 2026 Baikowski SA announced Annual dividend of EUR 0.3000 per share payable on June 30, 2026, ex-date on June 26, 2026 and record date on June 29, 2026. New Risk • Apr 12
New major risk - Revenue and earnings growth Earnings have declined by 6.6% 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 6.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€72.3m market cap, or US$84.8m). Reported Earnings • Apr 12
Full year 2025 earnings released: EPS: €1.02 (vs €1.03 in FY 2024) Full year 2025 results: EPS: €1.02 (down from €1.03 in FY 2024). Revenue: €50.7m (up 6.3% from FY 2024). Net income: €3.75m (down 1.0% from FY 2024). Profit margin: 7.4% (down from 7.9% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 3% per year. Announcement • Apr 11
Baikowski SA, Annual General Meeting, Jun 11, 2026 Baikowski SA, Annual General Meeting, Jun 11, 2026. Announcement • Jan 23
Baikowski SA Announces Chief Executive Officer Changes Baikowski announced a change in its executive management with the resignation of CEO Benoît Grenot, effective January 30, 2026. After more than ten years at the helm of the Group’s executive management, Benoît Grenot has decided to pursue a new professional project. The Board of Directors, chaired by François-Xavier Entremont, acknowledged Grenot's resignation. In the meantime, François-Xavier Entremont, Chairman of the Board of Directors, will assume the role of Chief Executive Officer on an interim basis and will ensure the continued implementation of the Group's development strategy. Announcement • Jul 25
Baikowski SA to Report First Half, 2025 Results on Sep 29, 2025 Baikowski SA announced that they will report first half, 2025 results on Sep 29, 2025 Upcoming Dividend • Jun 19
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 26 June 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of French dividend payers (5.4%). Lower than average of industry peers (2.0%). New Risk • Jun 10
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 7.2% 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 Earnings have declined by 0.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (€80.8m market cap, or US$92.2m). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €22.60, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 19x in the Chemicals industry in France. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €21.40, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 18x in the Chemicals industry in France. Total loss to shareholders of 5.5% over the past three years. Announcement • May 13
Baikowski SA, Annual General Meeting, Jun 16, 2025 Baikowski SA, Annual General Meeting, Jun 16, 2025. Location: 1046 route de chaumontet, poisy France New Risk • Apr 05
New major risk - Revenue and earnings growth Earnings have declined by 0.2% 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 0.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€58.4m market cap, or US$64.0m). Reported Earnings • Sep 25
First half 2024 earnings released: EPS: €0.59 (vs €0.66 in 1H 2023) First half 2024 results: EPS: €0.59 (down from €0.66 in 1H 2023). Revenue: €26.0m (up 13% from 1H 2023). Net income: €2.17m (down 11% from 1H 2023). Profit margin: 8.3% (down from 11% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €15.90, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 22x in the Chemicals industry in France. Total returns to shareholders of 17% over the past three years. New Risk • Apr 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 6.7% 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 (6.7% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (€51.0m market cap, or US$54.3m). New Risk • Apr 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.6% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (€49.2m market cap, or US$53.3m). Reported Earnings • Apr 06
Full year 2023 earnings released: EPS: €0.25 (vs €1.78 in FY 2022) Full year 2023 results: EPS: €0.25 (down from €1.78 in FY 2022). Revenue: €36.0m (down 32% from FY 2022). Net income: €938.0k (down 86% from FY 2022). Profit margin: 2.6% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Buy Or Sell Opportunity • Mar 14
Now 25% overvalued Over the last 90 days, the stock has fallen 25% to €12.70. The fair value is estimated to be €10.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 36%. Reported Earnings • Oct 11
First half 2023 earnings released: EPS: €0.66 (vs €1.05 in 1H 2022) First half 2023 results: EPS: €0.66 (down from €1.05 in 1H 2022). Revenue: €22.9m (down 18% from 1H 2022). Net income: €2.44m (down 37% from 1H 2022). Profit margin: 11% (down from 14% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 21
Upcoming dividend of €0.60 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (5.2%). Higher than average of industry peers (2.0%). Reported Earnings • Apr 21
Full year 2022 earnings released: EPS: €1.78 (vs €1.85 in FY 2021) Full year 2022 results: EPS: €1.78 (down from €1.85 in FY 2021). Revenue: €53.0m (up 18% from FY 2021). Net income: €6.54m (down 3.5% from FY 2021). Profit margin: 12% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Claude Djololian was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 16% share price gain to €30.00, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 18x in the Chemicals industry in France. Total returns to shareholders of 99% over the past three years. 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. 5 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Claude Djololian was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 17% share price gain to €21.80, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 19x in the Chemicals industry in France. Total returns to shareholders of 56% over the past three years. Reported Earnings • Oct 03
First half 2021 earnings released: EPS €0.89 (vs €0.11 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €21.7m (up 33% from 1H 2020). Net income: €3.27m (up €3.68m from 1H 2020). Profit margin: 15% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 24% share price gain to €17.00, the stock trades at a trailing P/E ratio of 48.6x. Average trailing P/E is 21x in the Chemicals industry in France. Total returns to shareholders of 75% over the past year. Is New 90 Day High Low • Jan 19
New 90-day high: €12.70 The company is up 39% from its price of €9.15 on 21 October 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 20% share price gain to €12.00, the stock is trading at a trailing P/E ratio of 27.9x, up from the previous P/E ratio of 23.2x. This compares to an average P/E of 28x in the Chemicals industry in France. Total return to shareholders over the past year is a loss of 10%. Is New 90 Day High Low • Dec 18
New 90-day high: €10.60 The company is up 10.0% from its price of €9.60 on 18 September 2020. The French market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is down 3.0% over the same period. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improved over the past week After last week's 16% share price gain to €10.60, the stock is trading at a trailing P/E ratio of 24.6x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 26x in the Chemicals industry in France. Total return to shareholders over the past year is a loss of 20%. Is New 90 Day High Low • Oct 21
New 90-day low: €9.15 The company is down 5.0% from its price of €9.65 on 22 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 4.0% over the same period. Reported Earnings • Oct 01
First half earnings released Over the last 12 months the company has reported total profits of €1.59m, down 17% from the prior year. Total revenue was €38.8m over the last 12 months, largely unchanged from the prior year.