New Risk • Jun 21
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 91% Dividend yield: 14% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (91% payout ratio). Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (€35.6m market cap, or US$40.9m). New Risk • May 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. 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 June 2025 fiscal period end). Share price has been volatile over the past 3 months (9.7% average weekly change). Market cap is less than US$100m (€36.2m market cap, or US$42.6m). New Risk • May 04
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 9.4% 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 (9.4% average weekly change). Market cap is less than US$100m (€37.4m market cap, or US$43.8m). Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €18.90, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 27x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 80% over the past three years. Buy Or Sell Opportunity • Jan 09
Now 21% undervalued Over the last 90 days, the stock has risen 3.1% to €14.75. The fair value is estimated to be €18.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 3.8%. Buy Or Sell Opportunity • Dec 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €15.00. The fair value is estimated to be €18.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 3.8%. Buy Or Sell Opportunity • Nov 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to €14.90. The fair value is estimated to be €18.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 3.8%. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €17.00, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 29x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 151% over the past three years. New Risk • Jul 11
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 5.2% 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: Minor Risks Dividend is not well covered by earnings (109% payout ratio). Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (€40.2m market cap, or US$47.0m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to €14.05, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 38x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 120% over the past three years. Reported Earnings • Jun 20
Full year 2024 earnings released: EPS: €2.29 (vs €2.83 in FY 2023) Full year 2024 results: EPS: €2.29 (down from €2.83 in FY 2023). Revenue: €23.0m (up 4.6% from FY 2023). Net income: €4.59m (down 19% from FY 2023). Profit margin: 20% (down from 26% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 June 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€35.8m market cap, or US$40.8m). Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €18.90, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 15x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 165% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €15.55, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 15x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 137% over the past three years. Reported Earnings • Oct 04
First half 2024 earnings released: EPS: €1.16 (vs €1.51 in 1H 2023) First half 2024 results: EPS: €1.16 (down from €1.51 in 1H 2023). Revenue: €11.4m (up 3.5% from 1H 2023). Net income: €2.33m (down 23% from 1H 2023). Profit margin: 21% (down from 28% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 14
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 6.6% 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 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 (6.6% average weekly change). Market cap is less than US$100m (€32.1m market cap, or US$34.3m). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €17.55, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 22x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 138% over the past three years. Reported Earnings • Apr 26
Full year 2023 earnings released Full year 2023 results: Revenue: €22.0m (up 9.3% from FY 2022). Net income: €5.32m (up 32% from FY 2022). Profit margin: 24% (up from 20% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €20.80, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 20x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 319% over the past three years. New Risk • Oct 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 6.3% 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 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 (6.3% average weekly change). Market cap is less than US$100m (€35.0m market cap, or US$37.0m). New Risk • Jul 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 124% Cash payout ratio: 99% Dividend yield: 18% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 124% Cash payout ratio: 99% Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (€27.1m market cap, or US$29.7m). Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €15.60, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 50x in the Interactive Media and Services industry in France. Total returns to shareholders of 351% over the past three years. 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. No experienced directors. 4 highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Philippe Nicolas was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 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. 1 experienced director. 3 highly experienced directors. 1 independent director (3 non-independent directors). Independent Director Philippe Nicolas was the last independent director to join the board, commencing their role in 2013. 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 17
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €20.9m (up 3.1% from FY 2020). Net income: €4.58m (up 94% from FY 2020). Profit margin: 22% (up from 12% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.9%. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 16% share price gain to €12.50, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 38x in the Interactive Media and Services industry in Europe. Total returns to shareholders of 208% over the past three years. Reported Earnings • Apr 17
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: €20.2m (down 2.1% from FY 2019). Net income: €2.36m (up 69% from FY 2019). Profit margin: 12% (up from 6.7% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Mar 12
New 90-day high: €10.75 The company is up 42% from its price of €7.56 on 11 December 2020. The French market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 4.0% over the same period. Is New 90 Day High Low • Feb 06
New 90-day high: €10.70 The company is up 9.0% from its price of €9.84 on 06 November 2020. The French market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market pulls back on stock over the past week After last week's 18% share price decline to €7.30, the stock is trading at a trailing P/E ratio of 9.9x, down from the previous P/E ratio of 12.1x. This compares to an average P/E of 11x in the Interactive Media and Services industry in France. Total returns to shareholders over the past three years are 75%. Reported Earnings • Nov 04
Second quarter 2020 earnings released: EPS €0.33 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2020 results: Revenue: €5.60m (up 2.2% from 2Q 2019). Net income: €649.6k (up 40% from 2Q 2019). Profit margin: 12% (up from 8.4% in 2Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 04
Upcoming Dividend of €1.70 Per Share Will be paid on the 12th of November to those who are registered shareholders by the 10th of November. The trailing yield of 2.5% is below the top quartile of French dividend payers (5.3%), but it is higher than industry peers (1.4%). Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 27% share price gain to €8.28, the stock is trading at a trailing P/E ratio of 16.7x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 14x in the Interactive Media and Services industry in France. Total returns to shareholders over the past three years are 50%. Is New 90 Day High Low • Nov 02
New 90-day high: €7.68 The company is up 30% from its price of €5.90 on 04 August 2020. The French market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is down 2.0% over the same period. Valuation Update With 7 Day Price Move • Oct 13
Market bids up stock over the past week After last week's 18% share price gain to €7.64, the stock is trading at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 13.1x. This compares to an average P/E of 13x in the Interactive Media and Services industry in France. Total returns to shareholders over the past three years are 45%. Is New 90 Day High Low • Oct 12
New 90-day high: €7.04 The company is up 32% from its price of €5.34 on 14 July 2020. The French market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day high: €6.50 The company is up 18% from its price of €5.52 on 24 June 2020. The French market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Interactive Media and Services industry, which is up 1.0% over the same period. Announcement • Aug 06
PM Equity SARL acquired 18% stake in DNXCorp S.E. (ENXTPA:ALDNX) from Index Capital Ventures for €3.6 million. PM Equity SARL acquired 18% stake in DNXCorp S.E. (ENXTPA:ALDNX) from Index Capital Ventures for €3.6 million on August 3, 2020. PM Equity acquired 0.36 million shares at a price of €10.08 per share in cash. Following this acquisition, PM EQUITY holds 54.3% stake in DNXCorp.
PM Equity SARL completed the acquisition of 18% stake in DNXCorp S.E. (ENXTPA:ALDNX) from Index Capital Ventures on August 3, 2020.