Announcement • May 23
Elis Sa Approves Dividend for the Financial Year 2025, Payable on May 28, 2026 Elis SA at the next Annual General Meeting of shareholders on May 21, 2026, approved the distribution of a sum of €0.48 per share. The ex-dividend date is May 26, 2026 and the distribution will be paid on May 28, 2026. Upcoming Dividend • May 19
Upcoming dividend of €0.48 per share Eligible shareholders must have bought the stock before 26 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (2.1%). Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.1% to €26.91. The fair value is estimated to be €33.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 6.0% per annum over the same time period. Announcement • May 05
Elis SA to Report First Half, 2026 Results on Jul 29, 2026 Elis SA announced that they will report first half, 2026 results on Jul 29, 2026 Declared Dividend • Apr 20
Dividend increased to €0.48 Dividend of €0.48 is 6.7% higher than last year. Ex-date: 26th May 2026 Payment date: 28th May 2026 Dividend yield will be 1.8%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: €1.57 (vs €1.43 in FY 2024) Full year 2025 results: EPS: €1.57 (up from €1.43 in FY 2024). Revenue: €4.80b (up 4.9% from FY 2024). Net income: €366.6m (up 8.5% from FY 2024). Profit margin: 7.6% (up from 7.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Buy Or Sell Opportunity • Mar 08
Now 20% undervalued Over the last 90 days, the stock has risen 2.4% to €24.22. The fair value is estimated to be €30.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Announcement • Feb 20
Elis Announces Resignation of Amy Flikerski from Supervisory Board, Effective February 18, 2026 Elis announced that Amy Flikerski, a member of the Supervisory Board of Elis since June 2020, originally proposed by CPP Investments, has informed Elis that she was resigning from her duties of the Supervisory Board of Elis, effective February 18, 2026. In this role, she also served on the Corporate Social Responsibility Committee. Announcement • Dec 24
Elis SA (ENXTPA:ELIS) acquired Adrett-Textil-Service-GmbH. Elis SA (ENXTPA:ELIS) acquired Adrett-Textil-Service-GmbH on December 23, 2025. The revenue from this acquisition, estimated at approximately €12 million in 2025, will be consolidated into Elis’ revenue from January 1, 2026.
Elis SA (ENXTPA:ELIS) completed the acquisition of Adrett-Textil-Service-GmbH on December 23, 2025. Announcement • Dec 04
Elis SA (ENXTPA:ELIS) acquired Societe J.P. Muller - Entretien Textiles. Elis SA (ENXTPA:ELIS) acquired Societe J.P. Muller - Entretien Textiles on December 3, 2025. J.P. Muller - Entretien Textiles will be consolidated in the financial statements from December 1, 2025.
For the period ending December 31, 2024, Societe J.P. Muller - Entretien Textiles reported total revenue of €7 million.
Elis SA (ENXTPA:ELIS) completed the acquisition of Societe J.P. Muller - Entretien Textiles on December 3, 2025. Buy Or Sell Opportunity • Nov 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to €24.51. The fair value is estimated to be €31.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Announcement • Nov 06
Elis SA (ENXTPA:ELIS) acquired Lavanderia Hospitalar Acqua Flash Ltda. Elis SA (ENXTPA:ELIS) acquired Lavanderia Hospitalar Acqua Flash Ltda on November 5, 2025. As part of the acquisition, Elis SA acquired 100% stake in Lavanderia Hospitalar Acqua Flash Ltda. The acquisition is fully in line with Elis’ growth strategy in Latin America and strengthens its position in Brazil. The transaction enhances the Group’s territorial coverage and its ability to support healthcare customers across the country. The integration of Acquaflash will be effective in the Elis SA's consolidated accounts as of November 1, 2025.
For the period ending December 31, 2024, Lavanderia Hospitalar Acqua Flash Ltda reported total revenue of €6 million and employs around 380 people.
Elis SA (ENXTPA:ELIS) completed the acquisition of Lavanderia Hospitalar Acqua Flash Ltda on November 5, 2025. Announcement • Nov 01
Elis SA Confirms Earnings Guidance for the Year 2025 Elis SA confirmed earnings guidance for the year 2025. For the year, the company expects Full-year organic revenue growth expected slightly below +4%, after a negative calendar effect of around -0.3%, headline net income per share (fully diluted) expected slightly higher than in 2024. Announcement • Oct 31
Elis SA to Report Fiscal Year 2025 Results on Mar 11, 2026 Elis SA announced that they will report fiscal year 2025 results Pre-Market on Mar 11, 2026 Buy Or Sell Opportunity • Oct 29
Now 20% undervalued Over the last 90 days, the stock has risen 2.6% to €24.86. The fair value is estimated to be €31.23, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Buy Or Sell Opportunity • Oct 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.7% to €24.22. The fair value is estimated to be €30.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Announcement • Aug 08
Elis SA (ENXTPA:ELIS) signed an agreement to acquire O.c.l. Laundry Services Limited. Elis SA (ENXTPA:ELIS) signed an agreement to acquire O.c.l. Laundry Services Limited on August 7, 2025.
For the period ending December 31, 2024, O.c.l. Laundry Services Limited reported total revenue of €17 million.
The transaction is subject to approval by regulatory board / committee. Reported Earnings • Aug 01
First half 2025 earnings released: EPS: €0.65 (vs €0.51 in 1H 2024) First half 2025 results: EPS: €0.65 (up from €0.51 in 1H 2024). Revenue: €2.34b (up 4.3% from 1H 2024). Net income: €152.5m (up 28% from 1H 2024). Profit margin: 6.5% (up from 5.3% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Announcement • Jun 03
Elis SA (ENXTPA:ELIS) acquired Bugaderia Neutral Sl. Elis SA (ENXTPA:ELIS) acquired Bugaderia Neutral Sl on June 3, 2025. In 2024, Bugadería Neutral delivered €12 million revenue.
Elis SA (ENXTPA:ELIS) completed the acquisition of Bugaderia Neutral Sl on June 3, 2025. Announcement • May 05
Elis SA to Report First Half, 2025 Results on Jul 30, 2025 Elis SA announced that they will report first half, 2025 results on Jul 30, 2025 Declared Dividend • Apr 21
Dividend of €0.43 announced Shareholders will receive a dividend of €0.43. Ex-date: 26th May 2025 Payment date: 28th May 2025 Dividend yield will be 2.0%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 15
Elis SA, Annual General Meeting, May 22, 2025 Elis SA, Annual General Meeting, May 22, 2025. Location: la maison des travaux publics, 3 rue de berri, paris France Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: €1.43 (vs €1.13 in FY 2023) Full year 2024 results: EPS: €1.43 (up from €1.13 in FY 2023). Revenue: €4.57b (up 6.1% from FY 2023). Net income: €337.8m (up 29% from FY 2023). Profit margin: 7.4% (up from 6.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Dec 20
Elis SA (ENXTPA:ELIS) acquired Wascherei Ernst GmbH. Elis SA (ENXTPA:ELIS) acquired Wascherei Ernst GmbH on December 19, 2024. Ernst currently employs 120 people its management team will remain in place and will continue to grow the business. This new acquisition strengthens the Elis network in Germany, notably in Hospitality, a particularly dynamic market in the country. The acquisition will be consolidated in the Financial Statements from January 1, 2025. For the period ending December 31, 2023 Wascherei Ernst GmbH reported total revenue of €17 million.
Elis SA (ENXTPA:ELIS) completed the acquisition of Wascherei Ernst GmbH on December 19, 2024. Announcement • Oct 30
Elis SA to Report Fiscal Year 2024 Results on Mar 06, 2025 Elis SA announced that they will report fiscal year 2024 results Pre-Market on Mar 06, 2025 Announcement • Oct 04
Elis Reportedly to Make Rebuffed Takeover Offer for UniFirst Elis SA (ENXTPA:ELIS), the Paris-listed provider of uniform and linen cleaning services, made an informal takeover proposal to US peer UniFirst Corporation (NYSE:UNF), according to people familiar with the matter, the second move by the French company to pursue an American acquisition. Massachusetts-based UniFirst reached out to Elis to gauge its appetite for a deal after Elis’s takeover approach to rival Vestis Corporation (NYSE:VSTS) became public last month, said the people, who asked not to be identified because discussions are private. The French company made a non-binding proposal for UniFirst, whose board rejected it in recent days, and the companies aren’t currently in talks, the people said. It remains to be seen whether the interest in UniFirst, which is valued at $3.7 billion, will be revised, they said. Shares of Elis fell as much as 0.6% in October 4, 2024 morning trading. They were down 0.5% at 9:22 a.m. in Paris, giving the company a market capitalization of €4.4 billion ($4.8 billion). Representatives for Elis, UniFirst and Vestis declined to comment. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €18.56, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €21.14 per share. Reported Earnings • Jul 26
First half 2024 earnings released: EPS: €0.51 (vs €0.60 in 1H 2023) First half 2024 results: EPS: €0.51 (down from €0.60 in 1H 2023). Revenue: €2.25b (up 6.9% from 1H 2023). Net income: €119.1m (down 14% from 1H 2023). Profit margin: 5.3% (down from 6.6% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jul 02
Elis SA (ENXTPA:ELIS) acquired Wonway Manufacturing Sdn. Bhd. Elis SA (ENXTPA:ELIS) acquired Wonway Manufacturing Sdn. Bhd. on July 1, 2024. In 2023, Wonway Manufacturing Sdn. Bhd. reported total revenue of MYR 29 million.Elis SA (ENXTPA:ELIS) completed the acquisition of Wonway Manufacturing Sdn. Bhd. on July 1, 2024. Announcement • May 24
Elis Approves the Distribution, Payable on May 29, 2024 The Combined General Shareholders’ Meeting of Elis held on May 23, 2024, approved the distribution of a sum of €0.43 per share. The amount will be detached on May 27, 2024 and paid on May 29, 2024. Upcoming Dividend • May 20
Upcoming dividend of €0.43 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (2.1%). New Risk • May 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 High level of debt (87% net debt to equity). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • May 08
Elis SA to Report First Half, 2024 Results on Jul 24, 2024 Elis SA announced that they will report first half, 2024 results on Jul 24, 2024 Declared Dividend • Apr 18
Dividend increased to €0.43 Dividend of €0.43 is 4.9% higher than last year. Ex-date: 27th May 2024 Payment date: 29th May 2024 Dividend yield will be 2.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 2.6% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: €1.13 (vs €0.89 in FY 2022) Full year 2023 results: EPS: €1.13 (up from €0.89 in FY 2022). Revenue: €4.31b (up 13% from FY 2022). Net income: €262.5m (up 28% from FY 2022). Profit margin: 6.1% (up from 5.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Elis SA (ENXTPA:ELIS) completed the acquisition of Moderna Holding B.V. Elis SA (ENXTPA:ELIS) signed an agreement to acquire Moderna Holding B.V. on January 10, 2024. The transaction is subject to regulatory reviews and is expected to close before the end of Q1 2024. Elis SA (ENXTPA:ELIS) completed the acquisition of Moderna Holding B.V. on February 26, 2024. In year 2023 Moderna Holding had a revenue close to €50 million. The acquisition will be consolidated from 1 March 2024. Announcement • Jan 10
Elis SA (ENXTPA:ELIS) signed an agreement to acquire Moderna Holding B.V. Elis SA (ENXTPA:ELIS) signed an agreement to acquire Moderna Holding B.V. on January 10, 2024. The transaction is subject to regulatory reviews and is expected to close before the end of Q1 2024. Announcement • Dec 19
Elis SA, Annual General Meeting, May 23, 2024 Elis SA, Annual General Meeting, May 23, 2024. Announcement • Nov 03
Elis SA (ENXTPA:ELIS) acquired Compañia De Tratamientos Levante Sociedad Limitada Elis SA (ENXTPA:ELIS) acquired Compañia De Tratamientos Levante Sociedad Limitada on November 1, 2023. Compañia De Tratamientos Levante generated revenue of €4 million in 2022.Elis SA (ENXTPA:ELIS) completed the acquisition of Compañia De Tratamientos Levante Sociedad Limitada on November 1, 2023. Announcement • Oct 28
Elis Sa Provides Earnings Guidance for the Year 2023 Elis SA provided earnings guidance for the year 2023. For the period, the company expects organic revenue growth expected at +12%. headline net income expected above €410 million. headline net income per share expected above €1.65 on a fully diluted basis (up at least +13% yoy). Announcement • Oct 27
Elis SA Appoints Alexis Martineau as Board Observer of the Supervisory Board Elis SA announced that the Elis Supervisory Board held on October 26, 2023, appointed Mr. Alexis Martineau as board observer (censeur) of the Supervisory Board for a period of 4 years. Mr. Alexis Martineau has been the European representative of BWGI since January 2019. He was previouslyManaging Director at the private equity firm CVC in the Paris office (2011-2015) and in São Paulo (2016-2019).He began his career in the private equity firm, the Carlyle Group (2000-2011), which he joined after obtaining adiploma from HEC. Buying Opportunity • Oct 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be €19.50, 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 74%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 31% in the next 2 years. Announcement • Oct 12
Crédit Agricole Assurances S.A. completed the acquisition of a 6.2% stake in Elis SA from Crédit Agricole Assurances S.A. Crédit Agricole Assurances S.A. signed an agreement to acquire a 6.2% stake in Elis SA from Crédit Agricole Assurances S.A. on October 9, 2023. The transaction is expected to be closed on October 11, 2023.Crédit Agricole Assurances S.A. completed the acquisition of a 6.2% stake in Elis SA from Crédit Agricole Assurances S.A. on October 11, 2023. Following this transaction, Crédit Agricole Assurances no longer directly holds Elis shares and its representative to the Elis Supervisory Board has resigned from her position. New Risk • Aug 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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 High level of debt (99% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Jul 28
First half 2023 earnings released: EPS: €0.60 (vs €0.23 in 1H 2022) First half 2023 results: EPS: €0.60 (up from €0.23 in 1H 2022). Revenue: €2.10b (up 18% from 1H 2022). Net income: €138.8m (up 158% from 1H 2022). Profit margin: 6.6% (up from 3.0% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jul 27
Elis SA Provides Earnings Guidance for the Year 2023 Elis SA provided earnings guidance for the year 2023. For the year, the company expects full-year organic revenue growth expected at +12% . Headline net income expected above €410 million. Headline net income per share expected above €1.65 on a fully diluted basis (up at least +13% yoy). New Risk • Jun 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% 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 High level of debt (99% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Announcement • Jun 14
Elis SA (ENXTPA:ELIS) acquired Gruppo Indaco S.R.L. Elis SA (ENXTPA:ELIS) acquired Gruppo Indaco S.R.L. on June 14, 2023. This acquisition will be consolidated from June 1, 2023.Elis SA (ENXTPA:ELIS) completed the acquisiton of Gruppo Indaco S.R.L. on June 14, 2023. Upcoming Dividend • May 23
Upcoming dividend of €0.41 per share at 2.3% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.5%). Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: €0.89 (vs €0.51 in FY 2021) Full year 2022 results: EPS: €0.89 (up from €0.51 in FY 2021). Revenue: €3.82b (up 25% from FY 2021). Net income: €204.6m (up 79% from FY 2021). Profit margin: 5.4% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Dec 11
Elis SA to Report Fiscal Year 2022 Results on Mar 08, 2023 Elis SA announced that they will report fiscal year 2022 results at 7:00 AM, Central European Standard Time on Mar 08, 2023 Buying Opportunity • Nov 16
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €15.44, 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. Earnings per share has grown by 2.8%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 82% in the next 2 years. Reported Earnings • Jul 28
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €17.0m from profit in 1H 2021). Profit margin: (down from 1.2% in 1H 2021). Over the next year, revenue is forecast to grow 9.7%, compared to a 14% growth forecast for the industry in the United Kingdom. Upcoming Dividend • May 18
Upcoming dividend of €0.37 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 16 June 2022. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (4.8%). Higher than average of industry peers (2.0%). Buying Opportunity • May 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €17.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 27%. For the next 3 years, revenue is forecast to grow by 7.7% per annum. Earnings is also forecast to grow by 26% per annum over the same time period. Buying Opportunity • Apr 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €15.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 27%. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is also forecast to grow by 27% per annum over the same time period. Reported Earnings • Mar 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.51 (up from €0.018 in FY 2020). Revenue: €3.05b (up 8.6% from FY 2020). Net income: €114.5m (up €110.6m from FY 2020). Profit margin: 3.8% (up from 0.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 10% growth forecast for the 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 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €12.52, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 5.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.66 per share. Buying Opportunity • Feb 11
Now 20% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be €20.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% per annum over the last 3 years. Earnings per share has declined by 33% per annum over the last 3 years. Buying Opportunity • Jan 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.6%. The fair value is estimated to be €20.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% per annum over the last 3 years. Earnings per share has declined by 33% per annum over the last 3 years. Reported Earnings • Jul 30
First half 2021 earnings released: EPS €0.08 (vs €0.094 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €1.38b (up 1.8% from 1H 2020). Net income: €17.0m (up €37.9m from 1H 2020). Profit margin: 1.2% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 33% 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. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS €0.02 (vs €0.63 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €2.81b (down 14% from FY 2019). Net income: €3.90m (down 97% from FY 2019). Profit margin: 0.1% (down from 4.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue beats expectations Revenue exceeded analyst estimates by 0.0007%. Over the next year, revenue is forecast to grow 6.9%, compared to a 5.0% growth forecast for the Commercial Services industry in the United Kingdom. Is New 90 Day High Low • Feb 23
New 90-day high: €14.68 The company is up 6.0% from its price of €13.85 on 25 November 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.84 per share. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 27% share price gain to €12.89, the stock is trading at a trailing P/E ratio of 50.8x, up from the previous P/E ratio of 40.1x. This compares to an average P/E of 39x in the Commercial Services industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 39%. Is New 90 Day High Low • Nov 10
New 90-day high: €12.89 The company is up 14% from its price of €11.35 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.06 per share. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 17% share price decline to €9.39, the stock is trading at a trailing P/E ratio of 36.5x, down from the previous P/E ratio of 44.1x. This compares to an average P/E of 31x in the Commercial Services industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 57%. 
