New Risk • Jul 07
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 British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.6% average weekly change). Buy Or Sell Opportunity • May 20
Now 48% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to €1.36. The fair value is estimated to be €2.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 19
First quarter 2026 earnings released: €0.054 loss per share (vs €0.005 loss in 1Q 2025) First quarter 2026 results: €0.054 loss per share (further deteriorated from €0.005 loss in 1Q 2025). Revenue: €120.1m (down 13% from 1Q 2025). Net loss: €10.2m (loss widened €9.27m from 1Q 2025). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 11
Upcoming dividend of €0.092 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.4%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.1%). Buy Or Sell Opportunity • Apr 17
Now 47% undervalued after recent price drop Over the last 90 days, the stock has fallen 54% to €1.36. The fair value is estimated to be €2.55, 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. New Risk • Apr 02
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 4.6% 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: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Mar 20
Full year 2025 earnings released: €0.043 loss per share (vs €0.076 profit in FY 2024) Full year 2025 results: €0.043 loss per share (down from €0.076 profit in FY 2024). Revenue: €580.4m (up 21% from FY 2024). Net loss: €8.22m (down €10.1m from profit in FY 2024). Revenue is forecast to grow 8.4% 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 fallen by 9% per year but the company’s share price has fallen by 59% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Feb 26
Now 36% undervalued after recent price drop Over the last 90 days, the stock has fallen 45% to €1.36. The fair value is estimated to be €2.11, 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. New Risk • Feb 20
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 British stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (14% average weekly change). Buy Or Sell Opportunity • Feb 11
Now 40% undervalued after recent price drop Over the last 90 days, the stock has fallen 46% to €1.36. The fair value is estimated to be €2.24, 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. Buy Or Sell Opportunity • Jan 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 53% to €1.36. The fair value is estimated to be €1.77, 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. Buy Or Sell Opportunity • Dec 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 57% to €1.36. The fair value is estimated to be €1.70, 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. Buy Or Sell Opportunity • Nov 28
Now 55% undervalued after recent price drop Over the last 90 days, the stock has fallen 52% to €1.36. The fair value is estimated to be €3.03, 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. Buy Or Sell Opportunity • Oct 31
Now 47% undervalued after recent price drop Over the last 90 days, the stock has fallen 46% to €1.36. The fair value is estimated to be €2.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Oct 16
Now 50% undervalued after recent price drop Over the last 90 days, the stock has fallen 41% to €1.36. The fair value is estimated to be €2.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 30
Now 47% undervalued after recent price drop Over the last 90 days, the stock has fallen 44% to €1.36. The fair value is estimated to be €2.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 15
Now 41% undervalued after recent price drop Over the last 90 days, the stock has fallen 39% to €1.36. The fair value is estimated to be €2.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 29
Now 52% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to €1.36. The fair value is estimated to be €2.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 05
Now 49% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to €1.36. The fair value is estimated to be €2.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 516% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment deteriorates as stock falls 43% After last week's 43% share price decline to €1.36, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 86% over the past three years. Buy Or Sell Opportunity • Jul 21
Now 53% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €1.36. The fair value is estimated to be €2.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 441% in the next 2 years. Announcement • Jul 19
doValue S.p.A. (BIT:DOV) signed a binding agreement to acquire coeo Inkasso GmbH from Tom Haverkamp, Waterland Private Equity Investments BV and other shareholders for €390 million. doValue S.p.A. (BIT:DOV) signed a binding agreement to acquire coeo Inkasso GmbH from Tom Haverkamp, Waterland Private Equity Investments BV and other shareholders for €390 million on July 18, 2025. DoValue is buying COEO for an initial cash base consideration, including net debt that will be refinanced at closing, of €350 million, plus a €40 million earn-out component to be paid in 2028 that is subject to the achievement of certain financial targets. The transaction will be financed through a bridge-to-bond facility provided by a pool of international banks in the amount of €325 million.
In 2024, the coeo Inkasso GmbH generated revenues of over €260 million.
The transaction is subject to regulatory approval by financial supervisory authorities and is expected to close in the coming months. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 44% After last week's 44% share price decline to €1.36, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 85% over the past three years. Buy Or Sell Opportunity • Jul 04
Now 51% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €1.36. The fair value is estimated to be €2.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 454% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to €1.36, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 86% over the past three years. Buy Or Sell Opportunity • Jun 18
Now 50% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to €1.36. The fair value is estimated to be €2.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 454% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 43% After last week's 43% share price decline to €1.36, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.61 per share. Buy Or Sell Opportunity • Jun 02
Now 48% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to €1.36. The fair value is estimated to be €2.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to grow by 454% in the next 2 years. New Risk • May 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to €1.36, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 88% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.44 per share. Buy Or Sell Opportunity • May 16
Now 45% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to €1.36. The fair value is estimated to be €2.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.9% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 66% per annum over the same time period. New Risk • Apr 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% 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: Major Risks Interest payments are not well covered by earnings (2.7x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (over 5x increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 03
Full year 2024 earnings released: EPS: €0.08 (vs €1.13 loss in FY 2023) Full year 2024 results: EPS: €0.08 (up from €1.13 loss in FY 2023). Revenue: €484.1m (flat on FY 2023). Net income: €1.90m (up €19.7m from FY 2023). Profit margin: 0.4% (up from net loss in FY 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 13 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to €1.36, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 88% over the past three years. Announcement • Mar 24
doValue S.p.A., Annual General Meeting, Apr 29, 2025 doValue S.p.A., Annual General Meeting, Apr 29, 2025. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €1.36, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 86% over the past three years. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.36, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €1.63, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Commercial Services industry in the United Kingdom. Total loss to shareholders of 86% over the past three years. New Risk • Jan 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 11x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 14x cash flows per share. Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Minor Risk Large one-off items impacting financial results. New Risk • Dec 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% 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: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 146% Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (€22.2m market cap, or US$23.4m). New Risk • Nov 25
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 British stocks, typically moving 29% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (29% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 116% Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€16.4m market cap, or US$17.2m). Announcement • Nov 23
doValue S.p.A. has filed a Follow-on Equity Offering in the amount of €149.723512 million. doValue S.p.A. has filed a Follow-on Equity Offering in the amount of €149.723512 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 170,140,355
Price\Range: €0.88
Transaction Features: Rights Offering Reported Earnings • Nov 14
Third quarter 2024 earnings released: €0.33 loss per share (vs €0.083 profit in 3Q 2023) Third quarter 2024 results: €0.33 loss per share (down from €0.083 profit in 3Q 2023). Revenue: €101.1m (down 7.8% from 3Q 2023). Net loss: €5.15m (down 453% from profit in 3Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 14 percentage points per year, which is a significant difference in performance. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€83.6m market cap, or US$90.3m). New Risk • Oct 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €89.0m (US$98.3m) 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 Paying a dividend despite being loss-making. Market cap is less than US$100m (€89.0m market cap, or US$98.3m). Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: €0.29 (vs €0.10 in 2Q 2023) Second quarter 2024 results: EPS: €0.29 (up from €0.10 in 2Q 2023). Revenue: €116.9m (down 7.0% from 2Q 2023). Net income: €22.6m (up 221% from 2Q 2023). Profit margin: 19% (up from 5.6% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 25 percentage points per year, which is a significant difference in performance. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 29% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • Jul 12
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 29% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). Board Change • May 29
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Regular Statutory Auditor Massimo Campanelli was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • May 16
New major risk - Revenue and earnings growth Earnings have declined by 29% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 29% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Reported Earnings • Feb 26
Full year 2023 earnings released: €0.24 loss per share (vs €0.21 profit in FY 2022) Full year 2023 results: €0.24 loss per share (down from €0.21 profit in FY 2022). Revenue: €485.7m (down 13% from FY 2022). Net loss: €18.9m (down 214% from profit in FY 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 34% growth forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. New Risk • Feb 25
New major risk - Revenue and earnings growth Earnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 367% Earnings have declined by 24% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.4% average weekly change). New Risk • Jan 15
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 British stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 367% Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Announcement • Dec 13
doValue S.p.A. (BIT:DOV) signed an agreement to acquire Team 4 Collection and Consulting SLU from arvato Holding AS. doValue S.p.A. (BIT:DOV) signed an agreement to acquire Team 4 Collection and Consulting SLU from arvato Holding AS on December 11, 2023. This integration accelerates doValue Spain’s strategy to expand its capabilities in the management of small unsecured tickets, a rapidly growing market segment in the region and in Europe, and is consistent with its strategy aimed at growing its business through increased diversification and a wider base of clients. Under the agreement Team4 will continue to serve Arvato Group and Arvato Group’s multinational’s customers operating in Spain. Team4 recorded €3.5 million of net revenue in 2022 with €2.5 billion of asset under management (GBV) and is expected to achieve €4.2 million of net revenues in the current year.The transaction is subject to minor standard CPs and is expected to be closed before end of year. The acquisition is neutral in terms of net leverage and net financial position of doValue. The acquisition is expected to generate immediate synergies through the internalization of outsourcing services that currently doValue Spain sources from external companies for managing unsecured tickets. Reported Earnings • Nov 13
Third quarter 2023 earnings released: EPS: €0.017 (vs €0.22 in 3Q 2022) Third quarter 2023 results: EPS: €0.017 (down from €0.22 in 3Q 2022). Revenue: €109.7m (down 29% from 3Q 2022). Net income: €1.46m (down 91% from 3Q 2022). Profit margin: 1.3% (down from 11% in 3Q 2022). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.10 (vs €0.17 in 2Q 2022) Second quarter 2023 results: EPS: €0.10 (down from €0.17 in 2Q 2022). Revenue: €125.8m (down 9.7% from 2Q 2022). Net income: €7.03m (down 48% from 2Q 2022). Profit margin: 5.6% (down from 9.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €4.59, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 16x in the Diversified Financial industry in the United Kingdom. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.14 per share. Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Elena Lieskovska was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 12
First quarter 2023 earnings released: €0.03 loss per share (vs €0.11 profit in 1Q 2022) First quarter 2023 results: €0.03 loss per share (down from €0.11 profit in 1Q 2022). Revenue: €101.2m (down 23% from 1Q 2022). Net loss: €2.74m (down 131% from profit in 1Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 27% growth forecast for the Diversified Financial industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 01
Upcoming dividend of €0.60 per share at 9.4% yield Eligible shareholders must have bought the stock before 08 May 2023. Payment date: 10 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.4%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (6.4%). Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: €0.21 (vs €0.30 in FY 2021) Full year 2022 results: EPS: €0.21 (down from €0.30 in FY 2021). Revenue: €558.2m (down 1.0% from FY 2021). Net income: €16.5m (down 31% from FY 2021). Profit margin: 3.0% (down from 4.2% in FY 2021). Revenue is expected to decline by 2.6% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in the United Kingdom are expected to grow by 25%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.22 (vs €0.052 in 3Q 2021) Third quarter 2022 results: EPS: €0.22 (up from €0.052 in 3Q 2021). Revenue: €155.1m (up 17% from 3Q 2021). Net income: €16.9m (up 294% from 3Q 2021). Profit margin: 11% (up from 3.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.8% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in the United Kingdom are expected to grow by 30%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: €0.22 (vs €0.052 in 3Q 2021) Third quarter 2022 results: EPS: €0.22 (up from €0.052 in 3Q 2021). Revenue: €155.1m (up 17% from 3Q 2021). Net income: €16.9m (up 294% from 3Q 2021). Profit margin: 11% (up from 3.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in the United Kingdom are expected to grow by 30%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: €0.17 (vs €0.038 in 2Q 2021) Second quarter 2022 results: EPS: €0.17 (up from €0.038 in 2Q 2021). Revenue: €139.3m (up 9.3% from 2Q 2021). Net income: €13.4m (up 332% from 2Q 2021). Profit margin: 9.6% (up from 2.4% in 2Q 2021). Over the next year, revenue is expected to shrink by 5.5% compared to a 54% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Buying Opportunity • Aug 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €7.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 3.8% in 2 years. Earnings is forecast to grow by 102% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €6.22, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Diversified Financial industry in the United Kingdom. Total loss to shareholders of 40% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.46 per share. Buying Opportunity • Jun 06
Now 21% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be €9.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 3.4% in 2 years. Earnings is forecast to grow by 109% in the next 2 years. Reported Earnings • May 14
First quarter 2022 earnings released: EPS: €0.11 (vs €0.04 in 1Q 2021) First quarter 2022 results: EPS: €0.11 (up from €0.04 in 1Q 2021). Revenue: €131.1m (up 6.0% from 1Q 2021). Net income: €8.87m (up 183% from 1Q 2021). Profit margin: 6.8% (up from 2.5% in 1Q 2021). Over the next year, revenue is expected to shrink by 3.3% compared to a 48% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Buying Opportunity • May 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be €9.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Upcoming Dividend • Apr 27
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 04 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.2%. Within top quartile of British dividend payers (4.6%). Lower than average of industry peers (6.9%). Reported Earnings • Apr 09
Full year 2021 earnings released: EPS: €0.30 (vs €0.28 loss in FY 2020) Full year 2021 results: EPS: €0.30 (up from €0.28 loss in FY 2020). Revenue: €565.1m (up 35% from FY 2020). Net income: €23.7m (up €45.7m from FY 2020). Profit margin: 4.2% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the next year, revenue is expected to shrink by 2.5% compared to a 53% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Buying Opportunity • Mar 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be €9.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €6.12, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Diversified Financial industry in the United Kingdom. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.48 per share. Buying Opportunity • Mar 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €8.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.36 (up from €0.28 loss in FY 2020). Revenue: €572.1m (up 37% from FY 2020). Net income: €28.3m (up €50.3m from FY 2020). Profit margin: 5.0% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 14% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Buying Opportunity • Feb 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be €9.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS €0.052 (vs €0.094 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €133.0m (up 14% from 3Q 2020). Net income: €4.29m (down 48% from 3Q 2020). Profit margin: 3.2% (down from 7.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS €0.067 (vs €0.18 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €126.7m (up 57% from 2Q 2020). Net income: €5.41m (up €20.1m from 2Q 2020). Profit margin: 4.3% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jun 15
Upcoming dividend of €0.26 per share Eligible shareholders must have bought the stock before 21 June 2021. Payment date: 23 June 2021. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (4.0%). Lower than average of industry peers (6.2%). Reported Earnings • May 19
First quarter 2021 earnings released: EPS €0.04 (vs €0.05 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €123.7m (up 47% from 1Q 2020). Net income: €3.14m (up €6.88m from 1Q 2020). Profit margin: 2.5% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance.