Buy Or Sell Opportunity • Apr 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €0.87. The fair value is estimated to be €1.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 23% in a year. Earnings are forecast to grow by 61% in the next year. Reported Earnings • Apr 26
Full year 2025 earnings released Full year 2025 results: Revenue: €14.7m (up 26% from FY 2024). Net loss: €2.03m (loss narrowed 46% from FY 2024). Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Communications industry in France are expected to remain flat. Announcement • Jan 20
Matthieu Malledan Joins Kerlink Board Kerlink SA announced the appointment of Matthieu Malledant, a veteran CEO and strategic advisor known for steering growth projects, complex transformations, and high- stakes corporate turnarounds, to its board of directors. Malledant has led companies through phases of rapid expansion -- both organic and acquisition-driven -- and has built a reputation for turning struggling organizations into disciplined, profitable operations. His advisory work with mid-sized companies, large SMEs, and investment funds focuses on growth strategy, structuring, and transformation. Malledant has overseen organizations of more than 550 employees, uniting teams around clear purpose, pragmatic governance, and measurable outcomes. His work has been recognized through multiple awards, including the French Tech120 (2021, 2022, 2024), Bpifrance Excellence, and the France 2030 program. He is a former board member of French Tech Rennes, and a founder of French Care. He also serves as a mentor to early-stage entrepreneurs, a senior advisor to mid-sized companies, and a strategic advisor within a major corporate group. Reported Earnings • Oct 16
First half 2025 earnings released First half 2025 results: Revenue: €7.25m (up 16% from 1H 2024). Net loss: €1.13m (loss narrowed 42% from 1H 2024). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Communications industry in France. Announcement • May 20
Kerlink SA, Annual General Meeting, Jun 24, 2025 Kerlink SA, Annual General Meeting, Jun 24, 2025. Location: 1 rue jacqueline auriol, thorigne fouillard France Reported Earnings • Apr 27
Full year 2024 earnings released Full year 2024 results: Revenue: €11.7m (down 15% from FY 2023). Net loss: €3.77m (loss narrowed 19% from FY 2023). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Communications industry in France. Breakeven Date Change • Apr 27
Forecast breakeven date pushed back to 2027 The analyst covering Kerlink previously expected the company to break even in 2026. New forecast suggests losses will reduce by 72% per year to 2026. The company is expected to make a profit of €1.50m in 2027. Average annual earnings growth of 94% is required to achieve expected profit on schedule. New Risk • Feb 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 11% 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 (11% average weekly change). Market cap is less than US$10m (€4.84m market cap, or US$5.02m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€1.3m net loss in 2 years). Reported Earnings • Oct 14
First half 2024 earnings released First half 2024 results: Revenue: €6.24m (down 5.8% from 1H 2023). Net loss: €1.94m (loss narrowed 26% from 1H 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Communications industry in France. Major Estimate Revision • Oct 13
Consensus revenue estimates decrease by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €14.8m to €12.9m. EPS estimate unchanged from -€0.51 per share at last update. Communications industry in France expected to see average net income growth of 26% next year. Consensus price target of €1.10 unchanged from last update. Share price rose 5.5% to €0.54 over the past week. Announcement • Jul 12
Kerlink SA to Report First Half, 2024 Results on Oct 10, 2024 Kerlink SA announced that they will report first half, 2024 results on Oct 10, 2024 Announcement • May 17
Kerlink SA, Annual General Meeting, Jun 19, 2024 Kerlink SA, Annual General Meeting, Jun 19, 2024. Location: 1 rue jacqueline auriol, thorigne fouillard France Reported Earnings • Apr 19
Full year 2023 earnings released Full year 2023 results: Revenue: €13.7m (down 28% from FY 2022). Net loss: €4.65m (loss widened 33% from FY 2022). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Communications industry in France. Announcement • Feb 09
Kerlink SA to Report Fiscal Year 2023 Results on Apr 18, 2024 Kerlink SA announced that they will report fiscal year 2023 results at 5:40 PM, Central European Standard Time on Apr 18, 2024 Breakeven Date Change • Jan 29
Forecast to breakeven in 2025 The analyst covering Kerlink expects the company to break even for the first time. New forecast suggests the company will make a profit of €200.0k in 2025. Average annual earnings growth of 73% is required to achieve expected profit on schedule. New Risk • Nov 28
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: €4.6m Forecast net loss in 2 years: €9.9k 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€4.98m market cap, or US$5.48m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-€7.4m). Currently unprofitable and not forecast to become profitable over next 2 years (€9.9k net loss in 2 years). New Risk • Nov 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (€5.29m market cap, or US$5.75m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €16.1m to €15.0m. Losses expected to increase from €0.40 per share to €0.53. Communications industry in France expected to see average net income growth of 4.0% next year. Consensus price target of €1.00 unchanged from last update. Share price fell 12% to €0.49 over the past week. Major Estimate Revision • Jul 14
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €18.5m to €16.1m. Forecast losses increased from -€0.20 to -€0.40 per share. Communications industry in France expected to see average net income decline 0.5% next year. Consensus price target of €1.00 unchanged from last update. Share price fell 18% to €0.95 over the past week. Buying Opportunity • Jun 26
Now 24% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be €1.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 86% in the next 2 years. Buying Opportunity • Jun 09
Now 24% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be €1.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 61%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 86% in the next 2 years. Reported Earnings • Apr 21
Full year 2022 earnings released Full year 2022 results: Revenue: €18.9m (down 4.9% from FY 2021). Net loss: €3.51m (loss widened 91% from FY 2021). Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Communications industry in France. Price Target Changed • Nov 16
Price target decreased to €5.50 Down from €8.00, the current price target is provided by 1 analyst. New target price is 197% above last closing price of €1.85. Stock is down 60% over the past year. The company is forecast to post a net loss per share of €0.23 next year compared to a net loss per share of €0.28 last year. Board Change • Nov 16
Insufficient new directors 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. Independent Director Catherine Failliet was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 23
First half 2022 earnings released First half 2022 results: Revenue: €10.1m (up 33% from 1H 2021). Net loss: €1.54m (loss widened 25% from 1H 2021). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Communications industry in France. Breakeven Date Change • Sep 22
Forecast breakeven date pushed back to 2024 The analyst covering Kerlink previously expected the company to break even in 2022. New forecast suggests losses will reduce by 67% per year to 2023. The company is expected to make a profit of €1.30m in 2024. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Board Change • Aug 01
Insufficient new directors 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. Independent Director Catherine Failliet was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 02
Insufficient new directors 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. Independent Director Catherine Failliet was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target decreased to €8.00 Down from €10.00, the current price target is provided by 1 analyst. New target price is 98% above last closing price of €4.04. Stock is down 24% over the past year. Buying Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be €5.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Apr 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €5.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Apr 02
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €19.9m (up 78% from FY 2020). Net loss: €1.83m (loss narrowed 68% from FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 27%, compared to a 20% growth forecast for the industry in France. Reported Earnings • Dec 14
First half 2021 earnings: EPS misses analyst expectations First half 2021 results: €0.21 loss per share (up from €0.56 loss in 1H 2020). Revenue: €7.58m (up 59% from 1H 2020). Net loss: €1.23m (loss narrowed 57% from 1H 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 58%, compared to a 21% growth forecast for the industry in France. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Dec 09
Consensus EPS estimates increase to -€0.23 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €17.5m to €19.0m. EPS estimate increased from -€0.26 to -€0.23. Communications industry in France expected to see average net income growth of 20% next year. Consensus price target of €8.00 unchanged from last update. Share price rose 3.1% to €4.34 over the past week. Reported Earnings • Sep 26
First half 2021 earnings released The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €7.58m (up 59% from 1H 2020). Net loss: €1.23m (loss narrowed 57% from 1H 2020). Price Target Changed • Sep 25
Price target decreased to €8.00 Down from €10.00, the current price target is provided by 1 analyst. New target price is 50% above last closing price of €5.35. Stock is up 69% over the past year. Reported Earnings • Apr 18
Full year 2020 earnings released The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: €11.2m (down 14% from FY 2019). Net loss: €5.73m (loss narrowed 42% from FY 2019). Major Estimate Revision • Apr 09
Consensus forecasts updated The consensus outlook for 2020 has been updated. 2020 expected loss increased from -€0.87 to -€1.08 per share. Revenue forecast of €11.2m unchanged since last update. Communications industry in France expected to see average net income growth of 67% next year. Consensus price target up from €3.13 to €5.00. Share price rose 10% to €4.96 over the past week. Is New 90 Day High Low • Jan 04
New 90-day high: €5.40 The company is up 74% from its price of €3.11 on 06 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: €4.78 The company is up 41% from its price of €3.38 on 17 September 2020. The French market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: €4.10 The company is up 11% from its price of €3.69 on 21 August 2020. The French market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is up 4.0% over the same period. Announcement • Nov 19
Richardson RFPD and Kerlink Announce Distribution Agreement Richardson RFPD and Kerlink announced they have entered into a distribution agreement. Kerlink, a leading provider of solutions for designing, launching and operating public and private LoRaWAN IoT networks, offers a comprehensive product portfolio of leading industrial-grade network equipment, best-of-breed network-core, operations and management software and value-added applications. Under the terms of the agreement, Richardson RFPD will represent Kerlink’s IoT network solutions, including LoRa gateways, sensors, devices and its Wanesy network-as-a-service turnkey program that combines key infrastructure, operations, security and professional services. Is New 90 Day High Low • Oct 26
New 90-day low: €2.87 The company is down 15% from its price of €3.36 on 28 July 2020. The French market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 8.0% over the same period. Major Estimate Revision • Oct 01
Analysts update estimates The 2020 consensus revenue estimate was lowered from €14.0m to €11.7m. Earnings per share (EPS) saw an improvement, with analysts raising their estimates from -€0.89 to -€0.82 for the same period. The Communications industry in France is expected to see an average net income growth of 44% next year. The consensus price target was lowered from €6.00 to €5.00. Share price is down by 4.6% to €3.13 over the past week. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total losses of €6.44m, with losses narrowing by 31% from the prior year. Total revenue was €11.3m over the last 12 months, down 24% from the prior year. Is New 90 Day High Low • Sep 26
New 90-day low: €3.16 The company is down 25% from its price of €4.24 on 26 June 2020. The French market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 18% over the same period.