New Risk • Jun 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 43% This is considered a major 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 Risks Negative equity (-€434k). Shareholders have been substantially diluted in the past year (43% increase in shares outstanding). Market cap is less than US$10m (€7.48m market cap, or US$8.48m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€3.6m). Share price has been volatile over the past 3 months (9.1% average weekly change). Announcement • May 14
Largo SA, Annual General Meeting, Jun 19, 2026 Largo SA, Annual General Meeting, Jun 19, 2026. Location: 4 rue jean mermoz, sainte luce sur loire France Major Estimate Revision • Apr 15
Consensus EPS estimates upgraded to €0.20 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -€0.24 to -€0.20 per share. Revenue forecast unchanged from €39.8m at last update. Specialty Retail industry in France expected to see average net income growth of 44% next year. Consensus price target down from €4.30 to €3.80. Share price fell 12% to €1.50 over the past week. Reported Earnings • Apr 06
Full year 2025 earnings released Full year 2025 results: Revenue: €32.4m (down 7.6% from FY 2024). Net loss: €3.30m (loss widened 55% from FY 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Specialty Retail industry in France. New Risk • Apr 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 8.6% 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: Major Risk Market cap is less than US$10m (€6.79m market cap, or US$7.83m). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • Oct 20
First half 2025 earnings released First half 2025 results: Revenue: €14.5m (down 8.9% from 1H 2024). Net loss: €1.82m (flat on 1H 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Specialty Retail industry in France. Major Estimate Revision • Oct 18
Consensus revenue estimates decrease by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from €41.6m to €34.1m. EPS estimate unchanged from -€0.55 per share at last update. Specialty Retail industry in France expected to see average net income growth of 45% next year. Consensus price target down from €4.50 to €3.95. Share price was steady at €2.19 over the past week. New Risk • Oct 17
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: €2.1m Forecast net loss in 2 years: €80k 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 (€80k net loss in 2 years). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€9.20m market cap, or US$10.8m). Breakeven Date Change • Oct 16
Forecast breakeven date pushed back to 2027 The analyst covering Largo previously expected the company to break even in 2026. New forecast suggests the company will make a profit of €500.0k in 2027. Average annual earnings growth of 74% is required to achieve expected profit on schedule. Price Target Changed • Jul 23
Price target decreased by 12% to €4.50 Down from €5.10, the current price target is an average from 2 analysts. New target price is 94% above last closing price of €2.32. Stock is up 17% over the past year. The company is forecast to post a net loss per share of €0.22 next year compared to a net loss per share of €0.61 last year. Major Estimate Revision • Jul 23
Consensus EPS estimates fall by 633% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €45.2m to €41.6m. Losses expected to increase from €0.03 per share to €0.22. Specialty Retail industry in France expected to see average net income growth of 42% next year. Consensus price target broadly unchanged at €5.00. Share price fell 3.3% to €2.32 over the past week. New Risk • Jul 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% 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 Less than 1 year of cash runway based on current free cash flow (-€3.2m). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (€9.97m market cap, or US$11.7m). Major Estimate Revision • Jun 29
Consensus EPS estimates fall by 50% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.02 to -€0.03 per share. Revenue forecast of €45.2m unchanged since last update. Specialty Retail industry in France expected to see average net income growth of 42% next year. Consensus price target down from €5.30 to €5.10. Share price was steady at €2.40 over the past week. Announcement • May 08
Largo SA, Annual General Meeting, Jun 12, 2025 Largo SA, Annual General Meeting, Jun 12, 2025. Location: 4 rue jean mermoz, sainte luce sur loire France Price Target Changed • Apr 27
Price target increased by 20% to €6.10 Up from €5.10, the current price target is provided by 1 analyst. New target price is 142% above last closing price of €2.52. Stock is down 2.7% over the past year. New Risk • Apr 20
New major risk - Revenue and earnings growth Earnings have declined by 18% 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 18% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€9.39m market cap, or US$10.7m). Major Estimate Revision • Apr 04
Consensus EPS estimates fall from profit to €0.045 loss The consensus outlook for fiscal year 2025 has been updated. Forecast loss of -€0.045 per share in 2025, versus previous forecasts of €0.015 per share. Revenue forecast unchanged from €45.1m at last update. Specialty Retail industry in France expected to see average net income growth of 42% next year. Consensus price target up from €5.10 to €5.30. Share price fell 7.2% to €2.56 over the past week. Breakeven Date Change • Apr 03
Forecast breakeven date pushed back to 2026 The 2 analysts covering Largo previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €900.0k in 2026. Average annual earnings growth of 106% is required to achieve expected profit on schedule. Breakeven Date Change • Oct 19
Forecast breakeven date moved forward to 2025 The 2 analysts covering Largo previously expected the company to break even in 2026. New consensus forecast suggests losses will reduce by 59% to 2024. The company is expected to make a profit of €50.0k in 2025. Average annual earnings growth of 100% is required to achieve expected profit on schedule. Major Estimate Revision • May 28
Consensus EPS estimates fall by 45% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -€0.39 to -€0.565 per share. Revenue forecast of €35.0m unchanged since last update. Specialty Retail industry in France expected to see average net income growth of 28% next year. Consensus price target down from €5.75 to €5.00. Share price fell 2.0% to €2.44 over the past week. Breakeven Date Change • May 27
Forecast breakeven date pushed back to 2026 The 2 analysts covering Largo previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of €1.80m in 2026. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Announcement • May 17
Largo SA, Annual General Meeting, Jun 20, 2024 Largo SA, Annual General Meeting, Jun 20, 2024. Location: 4 rue jean mermoz, sainte luce sur loire France New Risk • May 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (€9.01m market cap, or US$9.70m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€85k net loss in 2 years). Major Estimate Revision • Apr 24
Consensus estimates of losses per share improve by 78% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €32.7m to €35.0m. EPS estimate increased from -€0.465 per share to -€0.10 per share. Specialty Retail industry in France expected to see average net income growth of 24% next year. Consensus price target up from €4.55 to €5.75. Share price rose 13% to €2.61 over the past week. Price Target Changed • Apr 24
Price target increased by 24% to €5.75 Up from €4.65, the current price target is an average from 2 analysts. New target price is 120% above last closing price of €2.61. Stock is up 113% over the past year. The company is forecast to post a net loss per share of €1.42 next year compared to a net loss per share of €1.42 last year. Breakeven Date Change • Apr 23
No longer forecast to breakeven The 2 analysts covering Largo no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €1.10m in 2025. New consensus forecast suggests the company will make a loss of €900.0k in 2025. Major Estimate Revision • Jan 26
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €24.2m to €21.2m. Forecast losses increased from -€1.16 to -€1.42 per share. Specialty Retail industry in France expected to see average net income decline 1.2% next year. Consensus price target down from €4.65 to €4.55. Share price rose 6.4% to €2.34 over the past week. Breakeven Date Change • Jan 25
Forecast to breakeven in 2025 The 2 analysts covering Largo expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 25% per year to 2024. The company is expected to make a profit of €2.30m in 2025. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Major Estimate Revision • Oct 26
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €24.7m to €24.2m. Losses expected to increase from €0.92 per share to €1.16. Specialty Retail industry in France expected to see average net income growth of 3.3% next year. Consensus price target down from €4.85 to €4.65. Share price was steady at €1.61 over the past week. Reported Earnings • Oct 22
First half 2023 earnings released First half 2023 results: Revenue: €8.54m (down 8.6% from 1H 2022). Net loss: €2.97m (loss widened 5.4% from 1H 2022). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Specialty Retail industry in France. Breakeven Date Change • Jul 14
Forecast to breakeven in 2025 The 2 analysts covering Largo expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 52% per year to 2024. The company is expected to make a profit of €450.0k in 2025. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Reported Earnings • Apr 23
Full year 2022 earnings released Full year 2022 results: Revenue: €21.0m (up 19% from FY 2021). Net loss: €5.02m (loss widened 13% from FY 2021). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Specialty Retail industry in France. Major Estimate Revision • Jan 20
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €22.0m to €21.0m. Losses expected to increase from €1.20 per share to €1.46. Specialty Retail industry in France expected to see average net income decline 8.0% next year. Consensus price target down from €9.30 to €3.60. Share price fell 26% to €2.38 over the past week. Breakeven Date Change • Jan 20
No longer forecast to breakeven The analyst covering Largo no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €500.0k in 2023. New forecast suggests the company will make a loss of €2.70m in 2023. Price Target Changed • Nov 16
Price target decreased to €9.30 Down from €14.70, the current price target is provided by 1 analyst. New target price is 224% above last closing price of €2.87. Stock is down 65% over the past year. The company is forecast to post a net loss per share of €1.20 next year compared to a net loss per share of €1.26 last year. Breakeven Date Change • Nov 16
Forecast breakeven date pushed back to 2024 The analyst covering Largo previously expected the company to break even in 2023. New forecast suggests losses will reduce by 31% per year to 2023. The company is expected to make a profit of €200.0k in 2024. Average annual earnings growth of 73% is required to achieve expected profit on schedule. Reported Earnings • Nov 02
First half 2022 earnings released First half 2022 results: Revenue: €9.37m (up 50% from 1H 2021). Net loss: €2.82m (loss widened 27% from 1H 2021). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Specialty Retail industry in France. Breakeven Date Change • Oct 22
Forecast breakeven date pushed back to 2024 The analyst covering Largo previously expected the company to break even in 2023. New forecast suggests losses will reduce by 31% per year to 2023. The company is expected to make a profit of €200.0k in 2024. Average annual earnings growth of 58% is required to achieve expected profit on schedule. Price Target Changed • Oct 21
Price target decreased to €9.30 Down from €15.10, the current price target is provided by 1 analyst. New target price is 161% above last closing price of €3.56. Stock is down 61% over the past year. The company is forecast to post a net loss per share of €0.50 next year compared to a net loss per share of €1.26 last year.