Upcoming Dividend • May 14
Upcoming dividend of €1.90 per share Eligible shareholders must have bought the stock before 21 May 2026. Payment date: 25 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.6%). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: €0.68 (vs €0.93 in 1Q 2025) First quarter 2026 results: EPS: €0.68 (down from €0.93 in 1Q 2025). Revenue: €3.66b (down 10% from 1Q 2025). Net income: €98.0m (down 27% from 1Q 2025). Profit margin: 2.7% (down from 3.3% in 1Q 2025). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Apr 09
Brenntag SE, Annual General Meeting, May 20, 2026 Brenntag SE, Annual General Meeting, May 20, 2026, at 10:00 W. Europe Standard Time. New Risk • Mar 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Dividend is not well covered by earnings (104% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). New Risk • Mar 14
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 104% Dividend yield: 3.9% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (60% net debt to equity). Dividend is not well covered by earnings (104% payout ratio). Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: €1.83 (vs €3.71 in FY 2024) Full year 2025 results: EPS: €1.83 (down from €3.71 in FY 2024). Revenue: €15.2b (down 6.6% from FY 2024). Net income: €264.6m (down 51% from FY 2024). Profit margin: 1.7% (down from 3.3% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Declared Dividend • Mar 06
Dividend reduced to €1.90 Dividend of €1.90 is 9.5% lower than last year. Ex-date: 21st May 2026 Payment date: 25th May 2026 Dividend yield will be 4.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 8.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 05
Brenntag SE announces Annual dividend, payable on May 25, 2026 Brenntag SE announced Annual dividend of EUR 1.9000 per share payable on May 25, 2026, ex-date on May 21, 2026 and record date on May 22, 2026. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: €0.78 (vs €0.82 in 3Q 2024) Third quarter 2025 results: EPS: €0.78 (down from €0.82 in 3Q 2024). Revenue: €3.72b (down 8.6% from 3Q 2024). Net income: €113.1m (down 4.3% from 3Q 2024). Profit margin: 3.0% (in line with 3Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: €0.30 (vs €1.03 in 2Q 2024) Second quarter 2025 results: EPS: €0.30 (down from €1.03 in 2Q 2024). Revenue: €3.87b (down 7.3% from 2Q 2024). Net income: €42.9m (down 71% from 2Q 2024). Profit margin: 1.1% (down from 3.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 16
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 23 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.5%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: €0.93 (vs €0.97 in 1Q 2024) First quarter 2025 results: EPS: €0.93 (down from €0.97 in 1Q 2024). Revenue: €4.07b (up 1.7% from 1Q 2024). Net income: €134.4m (down 5.0% from 1Q 2024). Profit margin: 3.3% (down from 3.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Apr 11
Brenntag SE, Annual General Meeting, May 22, 2025 Brenntag SE, Annual General Meeting, May 22, 2025, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 14
Dividend of €2.10 announced Shareholders will receive a dividend of €2.10. Ex-date: 23rd May 2025 Payment date: 27th May 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 9.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 55% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 13
Brenntag SE announces Annual dividend, payable on May 27, 2025 Brenntag SE announced Annual dividend of EUR 2.1000 per share payable on May 27, 2025, ex-date on May 23, 2025 and record date on May 26, 2025. New Risk • Mar 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. New Risk • Nov 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 47% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 13
Third quarter 2024 earnings released: EPS: €0.82 (vs €1.18 in 3Q 2023) Third quarter 2024 results: EPS: €0.82 (down from €1.18 in 3Q 2023). Revenue: €4.07b (flat on 3Q 2023). Net income: €118.2m (down 33% from 3Q 2023). Profit margin: 2.9% (down from 4.3% in 3Q 2023). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Aug 14
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 52% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Announcement • Aug 02
Brenntag SE (XTRA:BNR) acquired Monarch Chemicals Limited. Brenntag SE (XTRA:BNR) acquired Monarch Chemicals Limited on August 1, 2024. Monarch Chemicals has reported annual sales of £35.1 million in 2023.
Brenntag SE (XTRA:BNR) completed the acquisition of Monarch Chemicals Limited on August 1, 2024. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: €0.97 (vs €1.40 in 1Q 2023) First quarter 2024 results: EPS: €0.97 (down from €1.40 in 1Q 2023). Revenue: €4.00b (down 12% from 1Q 2023). Net income: €141.4m (down 35% from 1Q 2023). Profit margin: 3.5% (down from 4.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 17
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 24 May 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (1.9%). Announcement • May 09
Brenntag SE (XTRA:BNR) agreed to acquire Quimica Delta, S.A. De C.V. Brenntag SE (XTRA:BNR) agreed to acquire Quimica Delta, S.A. De C.V. on May 7, 2024. In 2023, Quimica Delta reported annual sales of $368 million. Closing of the transaction is subject to customary conditions including regulatory approvals and is expected in Q3 of 2024. Announcement • Apr 04
Brenntag SE (XTRA:BNR) acquired Lawrence Industries Limited. Brenntag SE (XTRA:BNR) acquired Lawrence Industries Limited on April 3, 2024. Lawrence Industries to join the Brenntag family. Lawrence Industries generated sales of approximately £30 million in 2023.
Brenntag SE (XTRA:BNR) completed the acquisition of Lawrence Industries Limited on April 3, 2024. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: €4.73 (vs €5.74 in FY 2022) Full year 2023 results: EPS: €4.73 (down from €5.74 in FY 2022). Revenue: €16.8b (down 14% from FY 2022). Net income: €714.9m (down 19% from FY 2022). Profit margin: 4.3% (down from 4.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jan 30
Brenntag SE, Annual General Meeting, May 23, 2024 Brenntag SE, Annual General Meeting, May 23, 2024. Announcement • Dec 22
Brenntag SE (XTRA:BNR) agreed to acquire Solventis Ltd. Brenntag SE (XTRA:BNR) agreed to acquire Solventis Ltd. on December 21, 2023. Closing of the transaction is subject to customary conditions including regulatory approvals and is expected in Q2 of 2024. In 2022, the Solventis group reported annual sales of over €300 million. Announcement • Sep 08
Brenntag SE (XTRA:BNR) signed an agreement to acquire the operating business from Chemgrit SA (Pty) Ltd. Brenntag SE (XTRA:BNR) signed an agreement to acquire the operating business from Chemgrit SA (Pty) Ltd on September 7, 2023. Brenntag Specialties will integrate Chemgrit’s Personal Care operations into its business unit Personal Care & HI&I. The closing is subject to customary conditions and is expected in the 4th quarter of 2023. Announcement • Sep 06
Kuehne Holding AG acquired a 4.82% stake in Brenntag SE. Kuehne Holding AG acquired a 4.82% stake in Brenntag SE on September 4, 2023.
Kuehne Holding AG completed the acquisition of a 4.82% stake in Brenntag SE on September 4, 2023. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: €1.23 (vs €1.86 in 2Q 2022) Second quarter 2023 results: EPS: €1.23 (down from €1.86 in 2Q 2022). Revenue: €4.26b (down 16% from 2Q 2022). Net income: €186.9m (down 35% from 2Q 2022). Profit margin: 4.4% (down from 5.7% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Jun 21
Brenntag SE agreed to acquire Shanghai Saifu Chemical Development Co., Ltd. Brenntag SE agreed to acquire Shanghai Saifu Chemical Development Co., Ltd. on June 20, 2023. As of December 2022, Shanghai Saifu Chemical Development Co., Ltd. reported annual revenue of €71 million. Closing of the transaction is expected in later this year, after the fulfilment of customary closing conditions. Upcoming Dividend • Jun 09
Upcoming dividend of €2.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.0%). Reported Earnings • May 10
First quarter 2023 earnings released: EPS: €1.40 (vs €1.61 in 1Q 2022) First quarter 2023 results: EPS: €1.40 (down from €1.61 in 1Q 2022). Revenue: €4.53b (flat on 1Q 2022). Net income: €215.9m (down 13% from 1Q 2022). Profit margin: 4.8% (down from 5.5% in 1Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: €5.74 (vs €2.90 in FY 2021) Full year 2022 results: EPS: €5.74 (up from €2.90 in FY 2021). Revenue: €19.4b (up 35% from FY 2021). Net income: €886.8m (up 98% from FY 2021). Profit margin: 4.6% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Announcement • Feb 16
Engine Capital Management LP Sends Letter to Brenntag SE On February 14, 2023, Engine Capital Management LP announced that, it has taken a 1% stake in Brenntag SE and urged the chemicals distributor to spin off its specialties unit as they would be more valuable as separate entities. Further, Engine Capital stated that it made demands in a letter to Brenntag's management a month after the Company ended talks with smaller U.S. rival Univar Solutions on a possible takeover. In addition, Arnaud Ajdler and Brad Favreau stated that Brenntag's management acknowledged underperformance and took steps to fix it by separation of certain aspects of Brenntag Specialties from Brenntag Essential. As well as, it stated that if Brenntag Specialties takes recommendation of spin-off, it can maximize its potential trade at about 140 euros per share by the end of 2024 and close the gap with its competitors or else it will lose market share. Further, Engine Capital sought a share buyback program and to add a shareholder representative to Brenntag’s supervisory board. Announcement • Jan 14
Brenntag SE Announces Board Changes, Effective April 1, 2023 Brenntag SE announced the appointment of Michael Friede to the company's Management Board, effective April 1, 2023. He will succeed Henri Nejade as Chief Operating Officer Brenntag Specialties, who has chosen not to extend his contract by the end of June 30, 2023. Michael Friede joins from Akzo Nobel N.V., where he serves as Chief Commercial Officer - Performance Coatings and Member of the Executive Committee. Buying Opportunity • Nov 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be €81.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings is forecast to decline by 0.9% per annum over the same time period. Reported Earnings • Nov 19
Third quarter 2022 earnings released: EPS: €1.60 (vs €1.02 in 3Q 2021) Third quarter 2022 results: EPS: €1.60 (up from €1.02 in 3Q 2021). Revenue: €5.10b (up 36% from 3Q 2021). Net income: €246.9m (up 57% from 3Q 2021). Profit margin: 4.8% (up from 4.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Trade Distributors industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €76.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings is forecast to decline by 3.4% per annum over the same time period. Buying Opportunity • Oct 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be €73.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is forecast to decline by 2.9% per annum over the same time period. Buying Opportunity • Sep 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be €87.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is forecast to decline by 3.1% per annum over the same time period. Upcoming Dividend • Jun 03
Upcoming dividend of €1.45 per share Eligible shareholders must have bought the stock before 10 June 2022. Payment date: 14 June 2022. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.9%). In line with average of industry peers (2.0%). Buying Opportunity • May 31
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €91.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 3.4%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings is also forecast to grow by 6.7% per annum over the same time period. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: €1.61 (vs €0.63 in 1Q 2021) First quarter 2022 results: EPS: €1.61 (up from €0.63 in 1Q 2021). Revenue: €4.53b (up 45% from 1Q 2021). Net income: €249.3m (up 156% from 1Q 2021). Profit margin: 5.5% (up from 3.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.1%, compared to a 6.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €2.90 (down from €3.02 in FY 2020). Revenue: €14.4b (up 22% from FY 2020). Net income: €448.3m (down 3.9% from FY 2020). Profit margin: 3.1% (down from 4.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 5.9%, compared to a 7.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Nov 08
Third quarter 2021 earnings released: EPS €1.02 (vs €0.76 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €3.74b (up 30% from 3Q 2020). Net income: €157.4m (up 34% from 3Q 2020). Profit margin: 4.2% (up from 4.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS €0.87 (vs €0.80 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: €3.47b (up 23% from 2Q 2020). Net income: €134.1m (up 8.7% from 2Q 2020). Profit margin: 3.9% (down from 4.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 04
Upcoming dividend of €1.35 per share Eligible shareholders must have bought the stock before 11 June 2021. Payment date: 15 June 2021. Trailing yield: 1.7%. Lower than top quartile of British dividend payers (4.0%). Higher than average of industry peers (1.2%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.63 (vs €0.74 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: €3.13b (down 2.3% from 1Q 2020). Net income: €97.5m (down 14% from 1Q 2020). Profit margin: 3.1% (down from 3.5% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS €3.02 (vs €3.02 in FY 2019) The company reported a mediocre full year result with weaker revenues, although earnings were flat and profit margins improved. Full year 2020 results: Revenue: €11.8b (down 8.2% from FY 2019). Net income: €466.5m (flat on FY 2019). Profit margin: 4.0% (up from 3.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Analyst Estimate Surprise Post Earnings • Mar 13
Revenue misses expectations Revenue missed analyst estimates by 0.1%. Over the next year, revenue is forecast to grow 3.4%, compared to a 3.7% growth forecast for the Trade Distributors industry in the United Kingdom. Is New 90 Day High Low • Mar 11
New 90-day high: €70.32 The company is up 12% from its price of €62.82 on 10 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €65.19 per share. Is New 90 Day High Low • Jan 21
New 90-day high: €68.22 The company is up 24% from its price of €55.17 on 23 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €64.44 per share. Is New 90 Day High Low • Jan 04
New 90-day high: €65.03 The company is up 19% from its price of €54.74 on 06 October 2020. The British market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €65.38 per share. Is New 90 Day High Low • Dec 17
New 90-day high: €64.76 The company is up 15% from its price of €56.28 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €71.52 per share. Is New 90 Day High Low • Nov 13
New 90-day high: €60.36 The company is up 14% from its price of €52.80 on 14 August 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Trade Distributors industry, which is also up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €63.90 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue misses expectations Revenue missed analyst estimates by 0.8%. Over the next year, revenue is forecast to grow 2.5% while the growth in Trade Distributors industry in the United Kingdom is expected to stay flat. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS €0.76 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: €2.88b (down 12% from 3Q 2019). Net income: €120.6m (down 5.6% from 3Q 2019). Profit margin: 4.2% (up from 3.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Is New 90 Day High Low • Oct 27
New 90-day high: €58.28 The company is up 8.0% from its price of €53.95 on 29 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €59.85 per share. 
