Buy Or Sell Opportunity • Jun 30
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 40% to €2.73. The fair value is estimated to be €2.24, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 5.3% in a year. Earnings are forecast to grow by 67% in the next year. Announcement • May 20
Ekinops Launches Network-As-A-Service Solutions in Belgium Ekinops announced the launch in Belgium of a new generation of network solutions, Network-as-a-Service (NaaS). This initiative notably relies on the high-bandwidth, proven infrastructure of Proximus Wholesale (wholesale telecom services market), enabling local operators to deliver digital services that are more agile, faster to deploy and fully software-driven. At the heart of this collaboration is ONE (Open Network Ecosystem), the new strategic product portfolio from Proximus Wholesale. ONE combines Proximus' reliable, high-performance national connectivity with Ekinops' advanced software technologies, including universal customer premises equipment (uCPE), the virtualization solution layer OneOS6-LIM, and the OneManage management and monitoring system dedicated to automated service orchestration and lifecycle management. This ecosystem allows partners to activate services remotely through a secure marketplace of virtual network functions (VNFs), covering routing, security, SD-WAN and voice solutions. By replacing dedicated hardware appliances with virtualized solutions hosted on a single uCPE, wholesale partners gain agility, reduce delivery lead times and simplify the entire service lifecycle. The software-driven ONE approach enables on-demand bandwidth, automated provisioning and remote updates, with no need for on-site physical intervention. This approach reduces installation times, improves reliability and accelerates the deployment of new services. By introducing a single uCPE deployable at the network edge as the foundation of the ONE portfolio, we enable our partners to operate in a much simpler and more efficient way. Fewer on-site devices, fewer technical interventions and faster service activation all contribute to a smoother, more scalable operating model for Belgian service providers, telecom operators and their customers. This unified approach represents a major step toward flexible, software-based networks at the edge. Buy Or Sell Opportunity • Apr 27
Now 35% overvalued after recent price rise Over the last 90 days, the stock has risen 8.8% to €2.66. The fair value is estimated to be €1.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 6.1% in a year. Earnings are forecast to grow by 58% in the next year. Announcement • Apr 23
Ekinops Confirms Earnings Guidance for the Year 2026 Ekinops confirmed earnings guidance for the year 2026. for the period, the company confirmed its ability to achieve single-digit revenue growth for the full year, notably supported by the first deliveries of new DCI and SASE solutions expected by the end of 2026. Major Estimate Revision • Apr 23
Consensus EPS estimates upgraded to €0.11 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -€0.133 to -€0.113 per share. Revenue forecast steady at €111.5m. Communications industry in France expected to see average net income growth of 53% next year. Consensus price target up from €2.72 to €3.03. Share price fell 12% to €2.45 over the past week. Announcement • Apr 23
EKINOPS S.A., Annual General Meeting, May 27, 2026 EKINOPS S.A., Annual General Meeting, May 27, 2026. Location: 14 avenue d eylau, paris France Announcement • Mar 24
EKINOPS S.A. (ENXTPA:EKI) entered into an agreement to acquire Chimere. EKINOPS S.A. (ENXTPA:EKI) entered into an agreement to acquire Chimere on March 24, 2026.
The transaction will be completed before March 31, 2026. Ekinops does not expect any significant impact on its 2026 financial statements due to this transaction. Buy Or Sell Opportunity • Mar 15
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at €1.83. The fair value is estimated to be €2.39, 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 14% in 2 years. Earnings are forecast to grow by 98% in the next 2 years. Announcement • Mar 03
Ekinops Enables O2 Telefonica High Availability and Speeds for Fixed Mobile B2B Connectivity Services Ekinops and O2 Telefonica announced the launch of a co-developed 5G mobile fixed line extension solution to provide high speed 5G connectivity to enterprise customers even in difficult coverage locations. O2 Telefonica will be able to extend its "high-performance connection for every workplace" solution to customers who require connectivity deep inside buildings, allowing to address complex or near impossible installations. It is aimed at businesses that need to connect new locations to the internet without major expansion projects and want to use fixed-network connectivity where failure is not an option. The promise is to make sure outdoor coverage matches outdoor coverage and deployment is achieved in record time. The new MRU-5G (MRU- Managed Remote Unit), a centrally manageable outdoor 5G unit, has been co-developed by Ekinops and O2 TeleFonica. Coupled with the Ekinops enterprise routers, powered by the OneOS6 software, it can deliver gigabit services with 5G backup. Main benefits of this new solution: Can be deployed up to 100m away from the data room, with zero dB (decibel) loss and full throughput. Fastest deployment of fixed wireless access due to flexible installation options, reducing the need for complex civil works. Efficient methodology and tools to install the 5G antenna at the best possible location using a dedicated installer application. Fastest service activation due to template-based configuration and powerful CLI, enabling highly industrialized processes, Nearly 10 times existing performance compared to conventional outdoor antennas. Enterprise-class transparent networking, supports full VLAN isolation, highly secured, ready for large offices with many concurrent users. Fully supervised and managed remotely. Fully integrated in the product portfolio of the business customer brand of O2 Telefonica - O2 Business' management and provisioning systems, with perfect visibility for customer service assurance. Announcement • Jan 10
Ekinops Announces Chief Executive Officer Changes The Board of Directors of EKINOPS announced the appointment of Lionel Chmilewsky as Chief Executive Officer (CEO), effective January 12, 2026. Lionel Chmilewsky brings extensive international experience in technology, telecommunications and cybersecurity, notably in the United Kingdom and the United States, and is recognized for leading strategic growth initiatives and complex transformation plans as well as building and managing high-performing multinational teams. Prior to joining Ekinops, Lionel Chmilewsky notably served as President and CEO of TrustBuilder, a leading European SaaS cybersecurity company, specializing in multi-factor authentication and identity & access management. Previously, as CEO of Corero Network Security plc., an anti-DDoS cybersecurity leader listed on London Stock Exchange, he doubled revenue and ARR delivered sustained profitability and significantly accelerated growth in the US market. Lionel Chmilewsky also served as CEO of Cambridge Broadband Networks and Comverse IP Communications. He also serves as Chairman of Hive Streaming. The company thanks Philippe Moulin for his commitment and successful leadership during the transition period. Philippe will carry on as Chief Operating officer. Buy Or Sell Opportunity • Dec 10
Now 23% overvalued Over the last 90 days, the stock has fallen 37% to €1.97. The fair value is estimated to be €1.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Nov 24
Now 27% overvalued Over the last 90 days, the stock has fallen 51% to €1.57. The fair value is estimated to be €1.23, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. New Risk • Oct 15
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 7.1% 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 (7.1% average weekly change). Minor Risk Market cap is less than US$100m (€75.5m market cap, or US$87.7m). Price Target Changed • Oct 15
Price target decreased by 10% to €4.78 Down from €5.32, the current price target is an average from 5 analysts. New target price is 158% above last closing price of €1.85. Stock is down 54% over the past year. The company is forecast to post a net loss per share of €0.022 next year compared to a net loss per share of €0.26 last year. New Risk • Aug 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.2m (US$99.4m) This is considered a minor 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: Minor Risks Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (€85.2m market cap, or US$99.4m). Price Target Changed • Aug 03
Price target decreased by 10% to €4.78 Down from €5.32, the current price target is an average from 5 analysts. New target price is 42% above last closing price of €3.37. Stock is up 0.1% over the past year. The company is forecast to post earnings per share of €0.10 next year compared to a net loss per share of €0.26 last year. Buy Or Sell Opportunity • Jul 30
Now 26% undervalued Over the last 90 days, the stock has risen 6.1% to €3.49. The fair value is estimated to be €4.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Jul 29
EKINOPS S.A. Provides Earnings Guidance for the Full Year 2025 EKINOPS S.A. provided earnings guidance for the full year 2025. For the year, the company expects consolidated full-year revenue of between €110 million and €120 million (compared to €117.7 million in 2024) and plans to further strengthen its cost-control efforts (operating expenses down -7% in Fiscal Year 2024 and -2% in H1 2025). Buy Or Sell Opportunity • Jul 11
Now 30% undervalued Over the last 90 days, the stock has risen 33% to €4.22. The fair value is estimated to be €5.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 18
Ekinops Upgrades Submarine Cable for Global Caribbean Network Ekinops announced that Global Caribbean Network (GCN) has upgraded its existing subsea cable network using the Ekinops360 WDM platform with FlexRate™? technology. GCN operates a cable system in the Guadeloupe region of the Caribbean consisting of critical routes unserved by other cables. With service areas separated by long spans that have challenging optical requirements, GCN needed a solution that could support services from 10G to 100G on extended links over 350Km. Using the 400FRS04-SF module, ROADMs and low noise amplifiers from Ekinops, GCN is now able to deliver the bandwidth needed for the local service providers throughout the region to offer high bandwidth internet services to the local populations. GCN built its original cable system as part of a public service delegation contract with the regional council of Guadeloupe. By its nature, the contract requires control of the cable be returned to the regional government after a fixed period of time. As a pre- requisite GCN needed to modernize the infrastructure with a future-proof network capable of supporting higher capacities. Recognizing Ekinops' ability to deliver the solution, services and support it needed within a tight schedule, GCN selected the Ekinops360 even after comparing it to purpose-built submarine systems. Buy Or Sell Opportunity • Jun 12
Now 20% undervalued Over the last 90 days, the stock has risen 22% to €4.63. The fair value is estimated to be €5.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • May 15
EKINOPS S.A. (ENXTPA:EKI) signed an agreement to acquire Olfeo, SAS from its founding shareholders, financial investors and employee shareholders. EKINOPS S.A. (ENXTPA:EKI) signed an agreement to acquire Olfeo, SAS from its founding shareholders, financial investors and employee shareholders on May 15, 2025. A cash consideration will be paid by EKINOPS S.A. As part of consideration, an undisclosed value is paid towards common equity of Olfeo, SAS. This acquisition is fully financed in cash, using Ekinops’ own funds and the syndicated credit line dedicated to external growth, provided by its banking partners. As part of the acquisition, Alexandre Souillé, founder and CEO of Olfeo, along with his team, will continue to develop the cybersecurity activity within Ekinops.
For the period ending December 31, 2024, Olfeo, SAS reported total revenue of €6.3 million.
The completion of the transaction is subject to customary conditions and is expected to occur in the coming weeks. Announcement • Apr 17
EKINOPS S.A., Annual General Meeting, May 22, 2025 EKINOPS S.A., Annual General Meeting, May 22, 2025. Location: 14 avenue d eylau, paris France New Risk • Apr 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 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). Market cap is less than US$100m (€90.9m market cap, or US$99.6m). New Risk • Apr 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.3m (US$95.6m) This is considered a minor 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 09
Full year 2024 earnings released Full year 2024 results: Revenue: €117.7m (down 8.8% from FY 2023). Net loss: €7.00m (down 293% from profit in FY 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Communications industry in France. Price Target Changed • Jan 20
Price target decreased by 7.3% to €5.68 Down from €6.13, the current price target is an average from 6 analysts. New target price is 79% above last closing price of €3.18. Stock is down 33% over the past year. The company is forecast to post a net loss per share of €0.043 compared to earnings per share of €0.14 last year. New Risk • Dec 05
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). Shareholders have been diluted in the past year (4.9% increase in shares outstanding). New Risk • Nov 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €94.1m (US$99.3m) This is considered a minor 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: Minor Risks Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Market cap is less than US$100m (€94.1m market cap, or US$99.3m). Announcement • Nov 20
EKINOPS Adds Edge-Optimized 100G Solution to Ekinops360 WDM Portfolio EKINOPS has released its new PM_100HDF01 pluggable module for the Ekinops360 WDM optical transport system. Cost-optimized to address the growing demand for 100G at the network edge, the PM_100HDF also has the high performance required for long haul applications over thousands of kilometers. Driven by the growth of edge applications such as 5G mobile, edge computing, artificial intelligence and even standard broadband access, bandwidth demand is exploding in the access portion of the network. In order to meet that demand, service providers are now migrating their existing 10G networks to 100G requiring a cost-effective solution that can be quickly and easily deployed across thousands of network locations. While pluggable optics would seem to be the ideal solution, coherent 100G transceivers in the QSFP28 form factor are not readily available in commercial quantities now and those that are offer low performance and lack certain key functionalities service providers need. As a transponder-based solution, the new PM 100HDF01 offers the performance needed to deliver connectivity to any location from the edge to ultra-long haul. What's more, unlike pluggable solutions, it enables a managed service demarcation point that simplifies SLA monitoring and service delivery. As a pure transport solution, it fits neatly into existing service provider operational models to simplify troubleshooting and speed issue resolution. The PM 100HDF01 is built on Ekinops' long-running and highly successful 200G FlexRate optical technology that has been cost-optimized for 100G. It can be deployed as a capacity upgrade in any type of network whether it's a new-build greenfield network, an existing brownfield network or even as an alien wavelength over a third-party line system providing simple scalable bandwidth with rapid ROI. Compatible with Ekinops 10G aggregation modules, service providers can use it to deliver low speed services over high-speed links allowing them to maintain their revenue base and migrate services over time. Ekinops PM 100HDF01 is currently generally available and has already received considerable interest from several new and existing customers. Price Target Changed • Sep 10
Price target increased by 9.2% to €5.92 Up from €5.42, the current price target is an average from 6 analysts. New target price is 74% above last closing price of €3.41. Stock is down 53% over the past year. The company is forecast to post earnings per share of €0.17 for next year compared to €0.14 last year. Major Estimate Revision • Jul 31
Consensus EPS estimates increase by 105% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €0.074 to €0.152. Revenue forecast steady at €121.6m. Net income forecast to grow 16% next year vs 33% growth forecast for Communications industry in France. Consensus price target up from €5.42 to €5.57. Share price rose 11% to €3.36 over the past week. Announcement • Jul 30
EKINOPS S.A. Provides Revenue Guidance for the Third Quarter 2024 EKINOPS S.A. provided revenue guidance for the third quarter 2024. For the quarter, the company expects revenue to follow the same trend as previous quarters, with a more marked improvement in business targeted for fourth quarter 2024. New Risk • Jul 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.9% 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 (8.4% average weekly change). Profit margins are more than 30% lower than last year (2.8% net profit margin). Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Market cap is less than US$100m (€82.6m market cap, or US$89.9m). Price Target Changed • Jul 18
Price target decreased by 9.7% to €5.42 Down from €6.00, the current price target is an average from 6 analysts. New target price is 76% above last closing price of €3.08. Stock is down 58% over the past year. The company is forecast to post earnings per share of €0.074 for next year compared to €0.14 last year. Major Estimate Revision • Jul 16
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €127.6m to €123.7m. EPS estimate also fell from €0.143 per share to €0.088 per share. Net income forecast to shrink 14% next year vs 33% growth forecast for Communications industry in France . Consensus price target down from €6.00 to €5.67. Share price fell 13% to €3.21 over the past week. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.81, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 22x in the Communications industry in France. Total loss to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.86 per share. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.40, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Communications industry in France. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.94 per share. Announcement • May 30
EKINOPS S.A. (ENXTPA:EKI) commences an Equity Buyback, under the authorization approved on May 23, 2024. EKINOPS S.A. (ENXTPA:EKI) commences share repurchases on May 24, 2024, under the program mandated by the shareholders in the Combined General Meeting held on May 23, 2024. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital at the time of acquisition. The shares will be repurchased at a maximum price of €15 per share. The purpose of the program is to repurchase shares to allow animation and liquidity of the company's securities through an investment service provider acting independently within the framework of a liquidity contract; to honor obligations linked to stock option programs, free share allocations, employee savings or other share allocations to employees or former employees and managers or former managers of the company and companies linked to it; to deliver the shares upon the exercise of rights attached to securities giving access to capital; and or the cancellation of all or part of the securities thus repurchased; the retention of shares and their subsequent delivery in payment or exchange as part of a merger, division or contribution transaction; and or carrying out any operation in compliance with the regulations in force. The program is valid for 18 months. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €3.98, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Communications industry in France. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.87 per share. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.14 (down from €0.46 in FY 2022). Revenue: €129.1m (up 1.2% from FY 2022). Net income: €3.63m (down 70% from FY 2022). Profit margin: 2.8% (down from 9.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Communications industry in France. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 26
Ekinops Delivers 800G Solution, Doubles Capacity and Extends Reach Ekinops announced the availability of its new PM_800FR04 pluggable module for the Ekinops360 WDM optical transport system based on its FlexRate™ technology. With the market for 800G transport reaching critical mass, Ekinops now offers a high-performance solution capable of regional distances at full line rate and long-haul transport at 400G. Optical transport solutions based on GEN120P (120 Gbaud+) technology are radically transforming the market landscape. To date, 800G has been limited to early adopters, mainly Tier 1 service providers, looking to reduce the number of wavelengths they have to manage as capacity growth accelerates. With this technology and Ekinops' expertise in improving the performance over cost ratio, its proprietary optical interface, all operators are now provided the option of utilizing 800G to improve ROI and network efficiency. The PM_800FR04 provides multi-protocol, multi-rate client support for 100GbE, OTU4 and 400GbE services and can be combined with other Ekinops360 line cards for low-speed service aggregation onto 800G links. Compatible with existing Ekinops360 chassis, it makes Ekinops one of a limited few equipment vendors able to offer 800G capability in standard 300mm telco form factor. New Risk • Mar 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.4% 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 Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (€86.5m market cap, or US$93.8m). Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 68% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €134.9m to €128.7m. EPS estimate also fell from €0.345 per share to €0.11 per share. Net income forecast to shrink 58% next year vs 40% growth forecast for Communications industry in France . Consensus price target down from €7.76 to €6.95. Share price fell 9.4% to €3.62 over the past week. Price Target Changed • Mar 07
Price target decreased by 16% to €7.27 Down from €8.68, the current price target is an average from 6 analysts. New target price is 101% above last closing price of €3.62. Stock is down 60% over the past year. The company is forecast to post earnings per share of €0.28 for next year compared to €0.46 last year. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.61, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Communications industry in Europe. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.64 per share. New Risk • Oct 13
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 5.8% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €4.34, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Communications industry in Europe. Total loss to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.71 per share. Buying Opportunity • Oct 12
Now 28% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be €6.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 53%. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 8.5% in the next 2 years. Price Target Changed • Oct 12
Price target decreased by 19% to €8.64 Down from €10.63, the current price target is an average from 7 analysts. New target price is 82% above last closing price of €4.75. Stock is down 32% over the past year. The company is forecast to post earnings per share of €0.36 for next year compared to €0.46 last year. Announcement • Jul 12
EKINOPS S.A. to Report First Half, 2023 Results on Jul 27, 2023 EKINOPS S.A. announced that they will report first half, 2023 results on Jul 27, 2023 Price Target Changed • Apr 14
Price target increased by 7.9% to €10.87 Up from €10.07, the current price target is an average from 6 analysts. New target price is 26% above last closing price of €8.65. Stock is up 27% over the past year. The company is forecast to post earnings per share of €0.48 for next year compared to €0.46 last year. Reported Earnings • Apr 09
Full year 2022 earnings released: EPS: €0.46 (vs €0.19 in FY 2021) Full year 2022 results: EPS: €0.46 (up from €0.19 in FY 2021). Revenue: €127.6m (up 23% from FY 2021). Net income: €12.0m (up 150% from FY 2021). Profit margin: 9.4% (up from 4.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Communications industry in France. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
EKINOPS S.A. Announces Availability of New Cfp2-Based 400G Transport Solution EKINOPS S.A. announces the availability of its new PM_400FR05-C2A pluggable module for the Ekinops360 WDM optical transport system. This new line card is the first coherent module from Ekinops based on 400G pluggable line interfaces, offering lower cost, lower power coherent solutions than what is offered by high-performance embedded optics. Since their debut in 2021, pluggable 400G transceivers have been quickly adapted for use in communications networks. Though initially designed for short reach data center connectivity, newer versions with higher optical launch powers are now being deployed in broader applications including metro and regional service provider transport networks. According to market research firm Cignal AI, these transceivers will represent more than 20% of all 100G+ telecom bandwidth deployed in 2022, growing to 30% by 2024. The PM_400FR05-C2A provides multiple client options capable of supporting either 100GbE or OTU4 as well as 400GbE connectivity. The line interface is programmable from 100G to 400G. As a standards-based solution, the PM_400FR05-C2A is fully interoperable with other third-party compliant interfaces making it easy and inexpensive for service providers to interconnect switch/router ports. While most pluggable 400G optics are limited to point-to-point connectivity, the PM_400FR05-C2A is also deployable on meshed optical networks with multi-point connectivity, a key differentiator that significantly expands the scope of potential applications. Another differentiator is the availability of an optional Ekinops proprietary enhanced performance mode that extends the reach of the line output more than 20% compared to standardized modes of performance. Advanced transmission technology developed by Ekinops provides a cleaner transmission signal that can eliminate the need for additional amplifiers and regeneration points to further lower overall network cost. The PM_400FR05-C2A is already attracting customer interest. It is currently in lab trials with general availability beginning in the first quarter of 2023. Announcement • Jan 12
EKINOPS S.A. to Report Fiscal Year 2022 Results on Mar 07, 2023 EKINOPS S.A. announced that they will report fiscal year 2022 results on Mar 07, 2023 Major Estimate Revision • Nov 24
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €128.9m to €130.4m. EPS estimate increased from €0.30 to €0.34 per share. Net income forecast to grow 18% next year vs 5.4% growth forecast for Communications industry in France. Consensus price target of €9.87 unchanged from last update. Share price was steady at €7.10 over the past week. 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. 3 experienced directors. 3 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Lori Gonnu was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Oct 13
Consensus EPS estimates increase by 35% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €123.2m to €128.9m. EPS estimate increased from €0.28 to €0.38 per share. Net income forecast to grow 33% next year vs 13% growth forecast for Communications industry in France. Consensus price target reaffirmed at €9.87. Share price rose 10% to €6.96 over the past week.