Reported Earnings • Apr 02
Full year 2025 earnings released: €2.01 loss per share (vs €1.44 loss in FY 2024) Full year 2025 results: €2.01 loss per share (further deteriorated from €1.44 loss in FY 2024). Revenue: €19.8m (down 26% from FY 2024). Net loss: €9.17m (loss widened 39% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Reported Earnings • Sep 30
First half 2025 earnings released: €0.74 loss per share (vs €0.56 loss in 1H 2024) First half 2025 results: €0.74 loss per share (further deteriorated from €0.56 loss in 1H 2024). Revenue: €9.88m (down 17% from 1H 2024). Net loss: €3.38m (loss widened 32% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 52% per year, which means it is performing significantly worse than earnings. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings have declined by 47% 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 47% per year over the past 5 years. Market cap is less than US$10m (€4.39m market cap, or US$5.01m). Reported Earnings • Mar 30
Full year 2024 earnings released: €1.45 loss per share (vs €0.13 profit in FY 2023) Full year 2024 results: €1.45 loss per share (down from €0.13 profit in FY 2023). Revenue: €26.7m (down 7.6% from FY 2023). Net loss: €6.60m (down €7.18m from profit in FY 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Media 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 fallen by 60% per year, which means it is performing significantly worse than earnings. New Risk • Jan 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% 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 Risks Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Market cap is less than US$10m (€9.13m market cap, or US$9.50m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€3.3m net loss in 2 years). Share price has been volatile over the past 3 months (9.1% average weekly change). New Risk • Jan 08
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 8.2% 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 Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Share price has been volatile over the past 3 months (8.2% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (€10.7m market cap, or US$11.0m). New Risk • Dec 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.04m (US$9.41m) 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 (€9.04m market cap, or US$9.41m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Reported Earnings • Sep 27
First half 2024 earnings released First half 2024 results: Revenue: €11.7m (down 5.7% from 1H 2023). Net loss: €2.60m (loss widened 499% from 1H 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Media industry in France. New Risk • Sep 27
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €1.6m Forecast net loss in 2 years: €1.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (€17.1m market cap, or US$19.1m). Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to €5.00, the stock trades at a trailing P/E ratio of 39.6x. Average forward P/E is 10x in the Media industry in France. Total loss to shareholders of 73% over the past three years. New Risk • Aug 12
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). Earnings are forecast to decline by an average of 31% per year for the foreseeable future. High level of non-cash earnings (31% accrual ratio). Minor Risks Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (€20.4m market cap, or US$22.3m). Major Estimate Revision • Jul 26
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €33.4m to €29.2m. Forecast losses increased from -€0.22 to -€0.41 per share. Media industry in France expected to see average net income growth of 16% next year. Consensus price target down from €13.00 to €9.00. Share price fell 9.2% to €4.24 over the past week. New Risk • Jul 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% 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 Risks Earnings are forecast to decline by an average of 32% per year for the foreseeable future. High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€23.1m market cap, or US$25.0m). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €4.20, the stock trades at a trailing P/E ratio of 33.3x. Average forward P/E is 12x in the Media industry in France. Total loss to shareholders of 66% over the past three years. Announcement • Jun 14
Invibes Advertising N.V., Annual General Meeting, Jun 26, 2024 Invibes Advertising N.V., Annual General Meeting, Jun 26, 2024, at 09:00 Romance Standard Time. Location: notary public barbara glorieux at 9051, gent sint denijs westrem, drie koningenstraat 9, Belgium New Risk • May 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€24.1m market cap, or US$26.1m). New Risk • Apr 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risk Market cap is less than US$100m (€28.0m market cap, or US$29.9m). Price Target Changed • Mar 29
Price target increased by 18% to €13.00 Up from €11.00, the current price target is provided by 1 analyst. New target price is 77% above last closing price of €7.34. Stock is up 47% over the past year. Announcement • Mar 28
An unknown buyer acquired ML2Grow BVBA from Invibes Advertising N.V. (ENXTPA:ALINV). An unknown buyer acquired ML2Grow BVBA from Invibes Advertising N.V. (ENXTPA:ALINV) in March 2024.An unknown buyer completed the acquisition of ML2Grow BVBA from Invibes Advertising N.V. (ENXTPA:ALINV) in March 2024. Reported Earnings • Mar 28
Full year 2023 earnings released Full year 2023 results: Revenue: €28.9m (up 3.4% from FY 2022). Net income: €557.0k (up €8.47m from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Media industry in France. Major Estimate Revision • Oct 27
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €30.7m to €28.1m. Losses expected to increase from €0.36 per share to €0.55. Media industry in France expected to see average net income growth of 22% next year. Consensus price target down from €13.00 to €11.00. Share price rose 37% to €4.96 over the past week. New Risk • Oct 26
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 12% 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 Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.1m net loss in 2 years). Market cap is less than US$100m (€20.1m market cap, or US$21.2m). Price Target Changed • Oct 26
Price target decreased by 9.9% to €11.00 Down from €12.22, the current price target is provided by 1 analyst. New target price is 144% above last closing price of €4.50. Stock is down 35% over the past year. The company is forecast to post a net loss per share of €0.36 next year compared to a net loss per share of €1.78 last year. Reported Earnings • Sep 25
First half 2023 earnings released First half 2023 results: Revenue: €12.4m (down 6.2% from 1H 2022). Net loss: €446.0k (loss narrowed 74% from 1H 2022). Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Media industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Market cap is less than US$100m (€22.0m market cap, or US$24.4m). Major Estimate Revision • Jul 04
Consensus EPS estimates fall by 1,700% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €32.6m to €30.7m. Losses expected to increase from €0.02 per share to €0.36. Media industry in France expected to see average net income growth of 20% next year. Consensus price target down from €12.22 to €11.22. Share price fell 16% to €5.60 over the past week. Price Target Changed • Jul 03
Price target decreased by 12% to €11.22 Down from €12.72, the current price target is an average from 2 analysts. New target price is 87% above last closing price of €6.00. Stock is down 66% over the past year. The company is forecast to post a net loss per share of €0.02 next year compared to a net loss per share of €1.78 last year. Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Revenue: €28.0m (up 21% from FY 2021). Net loss: €7.97m (down €8.39m from profit in FY 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Media industry in France. Announcement • Jan 26
Invibes Advertising N.V. to Report Fiscal Year 2022 Results on Mar 28, 2023 Invibes Advertising N.V. announced that they will report fiscal year 2022 results After-Market on Mar 28, 2023 Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Chairman of the Supervisory Board Daniel Daum was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 21
Price target decreased to €22.98 Down from €25.48, the current price target is an average from 2 analysts. New target price is 191% above last closing price of €7.90. Stock is down 57% over the past year. The company is forecast to post a net loss per share of €0.13 compared to earnings per share of €0.13 last year. Reported Earnings • Oct 10
First half 2022 earnings released: €0.40 loss per share (vs €0.054 loss in 1H 2021) First half 2022 results: €0.40 loss per share (further deteriorated from €0.054 loss in 1H 2021). Revenue: €13.3m (up 52% from 1H 2021). Net loss: €1.70m (loss widened €1.54m from 1H 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Media industry in France. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 09
First half 2022 earnings released: EPS: €0 (vs €0.09 in 1H 2021) First half 2022 results: EPS: €0 (down from €0.09 in 1H 2021). Revenue: €13.3m (up 52% from 1H 2021). Net loss: €1.74m (down €2.05m from profit in 1H 2021). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Media industry in France. Price Target Changed • Sep 08
Price target decreased to €26.39 Down from €28.55, the current price target is an average from 2 analysts. New target price is 103% above last closing price of €13.00. Stock is down 30% over the past year. The company is forecast to post earnings per share of €0.015 for next year compared to €0.13 last year. Major Estimate Revision • Jul 22
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €37.3m to €35.7m. EPS estimate also fell from €0.10 per share to €0.07 per share. Net income forecast to shrink 52% next year vs 1.0% decline forecast for Media industry in France. Consensus price target down from €28.55 to €27.39. Share price fell 4.3% to €16.75 over the past week. Price Target Changed • Jul 21
Price target decreased to €27.39 Down from €30.64, the current price target is an average from 2 analysts. New target price is 57% above last closing price of €17.40. Stock is up 12% over the past year. The company is forecast to post earnings per share of €0.095 for next year compared to €0.13 last year. Buying Opportunity • Jun 14
Now 22% undervalued Over the last 90 days, the stock is up 6.7%. The fair value is estimated to be €21.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 41% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 35% per annum. Earnings is also forecast to grow by 82% per annum over the same time period. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Philippe Houdouin was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 20% share price gain to €17.80, the stock trades at a forward P/E ratio of 1245x. Average forward P/E is 10x in the Media industry in France. Total returns to shareholders of 242% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €19.00, the stock trades at a forward P/E ratio of 1329x. Average forward P/E is 13x in the Media industry in France. Total returns to shareholders of 217% over the past three years. Price Target Changed • Nov 20
Price target increased to €28.29 Up from €21.28, the current price target is provided by 1 analyst. New target price is 47% above last closing price of €19.20. Stock is up 176% over the past year. The company is forecast to post earnings per share of €0.44 for next year compared to €0.087 last year. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 19% share price gain to €20.00, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 14x in the Media industry in France. Total returns to shareholders of 296% over the past three years. Price Target Changed • May 07
Price target increased to €14.06 Up from €12.01, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €13.70. Stock is up 136% over the past year. Major Estimate Revision • Apr 29
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.24 to €0.19. Revenue forecast unchanged from €15.3m at last update. Net income forecast to grow 136% next year vs 37% growth forecast for Media industry in France. Consensus price target broadly unchanged at €12.09. Share price rose 14% to €11.00 over the past week. Reported Earnings • Mar 25
Full year 2020 earnings released: EPS €0.087 (vs €0.22 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €11.5m (up 19% from FY 2019). Net income: €254.0k (down 59% from FY 2019). Profit margin: 2.2% (down from 6.4% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 15% share price gain to €10.90, the stock is trading at a trailing P/E ratio of 62.6x, up from the previous P/E ratio of 54.3x. This compares to an average P/E of 13x in the Media industry in France. Total returns to shareholders over the past three years are 98%. Is New 90 Day High Low • Feb 08
New 90-day high: €11.10 The company is up 61% from its price of €6.90 on 09 November 2020. The French market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment improved over the past week After last week's 16% share price gain to €8.90, the stock is trading at a trailing P/E ratio of 51.1x, up from the previous P/E ratio of 44.2x. This compares to an average P/E of 13x in the Media industry in France. Total returns to shareholders over the past three years are 81%. Is New 90 Day High Low • Jan 23
New 90-day high: €8.75 The company is up 25% from its price of €7.00 on 15 October 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: €7.60 The company is up 6.0% from its price of €7.20 on 06 October 2020. The French market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 21% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: €6.50 The company is down 13% from its price of €7.50 on 30 July 2020. The French market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 4.0% over the same period. Reported Earnings • Sep 30
First half earnings released Over the last 12 months the company has reported total profits of €523.0k, down 22% from the prior year. Total revenue was €9.75m over the last 12 months, up 20% from the prior year.