New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 23% 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 23% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€71.4m market cap, or US$82.9m). Upcoming Dividend • Feb 06
Upcoming dividend of €0.33 per share Eligible shareholders must have bought the stock before 13 February 2026. Payment date: 17 February 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (4.1%). Buy Or Sell Opportunity • Nov 24
Now 23% overvalued Over the last 90 days, the stock has fallen 8.5% to €19.30. The fair value is estimated to be €15.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 81%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 319% in the next 2 years. Buy Or Sell Opportunity • Oct 08
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 2.6% to €19.75. The fair value is estimated to be €15.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 81%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 319% in the next 2 years. New Risk • Aug 28
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 6.8% 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 (6.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€62.0m market cap, or US$72.4m). Reported Earnings • Jun 15
First half 2025 earnings released: EPS: €0.52 (vs €0.071 loss in 1H 2024) First half 2025 results: EPS: €0.52 (up from €0.071 loss in 1H 2024). Revenue: €49.0m (up 4.7% from 1H 2024). Net income: €1.57m (up €1.79m from 1H 2024). Profit margin: 3.2% (up from net loss in 1H 2024). Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 11
Price target increased by 9.4% to €26.80 Up from €24.50, the current price target is provided by 1 analyst. New target price is 54% above last closing price of €17.35. Stock is down 0.9% over the past year. The company is forecast to post earnings per share of €1.11 next year compared to a net loss per share of €0.10 last year. Buy Or Sell Opportunity • Mar 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €16.50. The fair value is estimated to be €13.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to €16.20. The fair value is estimated to be €13.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Feb 21
Upcoming dividend of €0.17 per share Eligible shareholders must have bought the stock before 28 February 2025. Payment date: 04 March 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.0%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (3.7%). Buy Or Sell Opportunity • Feb 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to €16.20. The fair value is estimated to be €13.44, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jan 11
Moulinvest S.A., Annual General Meeting, Feb 17, 2025 Moulinvest S.A., Annual General Meeting, Feb 17, 2025. Location: z a de ville, dunieres France Reported Earnings • Dec 12
Full year 2024 earnings released: €0.045 loss per share (vs €3.22 profit in FY 2023) Full year 2024 results: €0.045 loss per share (down from €3.22 profit in FY 2023). Revenue: €93.6m (down 7.6% from FY 2023). Net loss: €311.0k (down 103% from profit in FY 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 17
Consensus EPS estimates fall by 85% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €97.9m to €94.2m. EPS estimate also fell from €2.72 per share to €0.42 per share. Net income forecast to grow 61% next year vs 14% growth forecast for Forestry industry in France. Consensus price target down from €37.70 to €30.20. Share price fell 19% to €16.40 over the past week. Reported Earnings • Jun 16
First half 2024 earnings released First half 2024 results: Revenue: €46.7m (down 11% from 1H 2023). Net loss: €215.0k (down 103% from profit in 1H 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Forestry industry in Europe. Price Target Changed • Jun 13
Price target decreased by 20% to €30.20 Down from €37.70, the current price target is provided by 1 analyst. New target price is 73% above last closing price of €17.50. Stock is down 25% over the past year. The company is forecast to post earnings per share of €0.42 for next year compared to €3.22 last year. New Risk • Jun 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 0.7% per year for the foreseeable future. Minor Risks Profit margins are more than 30% lower than last year (9.6% net profit margin). Market cap is less than US$100m (€61.4m market cap, or US$66.0m). New Risk • Mar 20
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 7.0% 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 (7.0% average weekly change). Profit margins are more than 30% lower than last year (9.6% net profit margin). Market cap is less than US$100m (€59.3m market cap, or US$64.8m). Upcoming Dividend • Feb 16
Upcoming dividend of €0.33 per share at 1.5% yield Eligible shareholders must have bought the stock before 23 February 2024. Payment date: 27 February 2024. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of French dividend payers (5.5%). Lower than average of industry peers (4.5%). New Risk • Dec 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended February 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 Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported February 2023 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (€76.6m market cap, or US$84.7m). New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.6% 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 7.6% per year for the foreseeable future. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€66.0m market cap, or US$72.6m). New Risk • Nov 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 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: Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (€69.2m market cap, or US$73.4m). Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €22.85, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 403% over the past three years. Reported Earnings • Jun 17
First half 2023 earnings released: EPS: €2.51 (vs €3.48 in 1H 2022) First half 2023 results: EPS: €2.51 (down from €3.48 in 1H 2022). Revenue: €53.7m (down 6.1% from 1H 2022). Net income: €7.51m (down 28% from 1H 2022). Profit margin: 14% (down from 18% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 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 Risk Earnings are forecast to decline by an average of 6.0% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported August 2022 fiscal period end). Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (€70.8m market cap, or US$77.4m). Upcoming Dividend • Feb 24
Upcoming dividend of €1.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 03 March 2023. Payment date: 07 March 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (5.0%). Reported Earnings • Dec 14
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: €6.19 (up from €3.64 in FY 2021). Revenue: €114.9m (up 22% from FY 2021). Net income: €18.6m (up 69% from FY 2021). Profit margin: 16% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 5.4% p.a. on average during the next 2 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 25
Price target decreased to €46.00 Down from €57.00, the current price target is provided by 1 analyst. New target price is 23% above last closing price of €37.25. Stock is up 18% over the past year. The company is forecast to post earnings per share of €5.71 for next year compared to €3.64 last year. Price Target Changed • Nov 16
Price target increased to €57.00 Up from €48.00, the current price target is provided by 1 analyst. New target price is 49% above last closing price of €38.35. Stock is up 21% over the past year. The company is forecast to post earnings per share of €5.45 for next year compared to €3.64 last year. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €43.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 1,030% over the past three years. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 17% share price gain to €46.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 1,077% over the past three years. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 23% share price decline to €48.35, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 1,091% over the past three years. Reported Earnings • Jun 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €4.13m from profit in 1H 2021). Profit margin: (down from 9.7% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is expected to shrink by 1.4% compared to a 8.3% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has increased by 141% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to €63.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Forestry industry in Europe. Total returns to shareholders of 1,277% over the past three years. Price Target Changed • Apr 27
Price target increased to €48.00 Up from €40.00, the current price target is provided by 1 analyst. New target price is 19% below last closing price of €59.00. Stock is up 301% over the past year. The company is forecast to post earnings per share of €4.55 for next year compared to €3.64 last year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 17% share price gain to €62.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 1,171% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 17% share price gain to €53.20, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 988% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 17% share price gain to €43.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Forestry industry in Europe. Total returns to shareholders of 716% over the past three years. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 15% share price gain to €39.50, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 806% over the past three years. Reported Earnings • Dec 15
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €94.6m (up 43% from FY 2020). Net income: €11.0m (up 193% from FY 2020). Profit margin: 12% (up from 5.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 3.9% growth forecast for the industry in France. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 17% share price gain to €36.20, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 678% over the past three years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improved over the past week After last week's 16% share price gain to €34.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Forestry industry in Europe. Total returns to shareholders of 459% over the past three years. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improved over the past week After last week's 15% share price gain to €32.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Forestry industry in Europe. Total returns to shareholders of 419% over the past three years. Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €28.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Forestry industry in Europe. Total returns to shareholders of 317% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 32% share price gain to €34.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Forestry industry in Europe. Total returns to shareholders of 401% over the past three years. Major Estimate Revision • Jun 13
Consensus revenue estimates increase to €90.2m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €71.0m to €90.2m. EPS estimate increased from €0.95 to €2.89 per share. Net income forecast to grow 137% next year vs 26% growth forecast for Forestry industry in France. Consensus price target up from €10.10 to €25.00. Share price rose 28% to €23.00 over the past week. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 28% share price gain to €23.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Forestry industry in Europe. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 17% share price gain to €15.85, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 17x in the Forestry industry in Europe. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improved over the past week After last week's 20% share price gain to €15.10, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Forestry industry in Europe. Total returns to shareholders of 137% over the past three years. Is New 90 Day High Low • Jan 07
New 90-day high: €12.70 The company is up 141% from its price of €5.26 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 Forestry industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 22% share price gain to €9.94, the stock is trading at a trailing P/E ratio of 8x, up from the previous P/E ratio of 6.6x. This compares to an average P/E of 14x in the Forestry industry in Europe. Total returns to shareholders over the past three years are 56%. Reported Earnings • Dec 09
Full year 2020 earnings released: EPS €1.26 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €67.1m (up 4.5% from FY 2019). Net income: €3.75m (up 18% from FY 2019). Profit margin: 5.6% (up from 5.0% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Dec 09
Earnings beat expectations Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 57%. Over the next year, revenue is forecast to grow 5.8% compared to a 1.4% decline forecast for the Forestry industry in France. Is New 90 Day High Low • Dec 08
New 90-day high: €8.98 The company is up 84% from its price of €4.87 on 09 September 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 16% share price gain to €7.10, the stock is trading at a trailing P/E ratio of 4.6x, up from the previous P/E ratio of 4x. This compares to an average P/E of 14x in the Forestry industry in Europe. Total returns to shareholders over the past three years were flat. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 16% share price gain to €5.92, the stock is trading at a trailing P/E ratio of 3.8x, up from the previous P/E ratio of 3.3x. This compares to an average P/E of 14x in the Forestry industry in Europe. Total return to shareholders over the past three years is a loss of 13%. Is New 90 Day High Low • Nov 17
New 90-day high: €5.92 The company is up 26% from its price of €4.70 on 19 August 2020. The French market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 14% over the same period. Price Target Changed • Nov 17
Price target raised to €7.00 Up from €4.70, the current price target is provided by 1 analyst. The new target price is 18% above the current share price of €5.92. As of last close, the stock is up 44% over the past year.