Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €25.56, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Capital Markets industry in the United Kingdom. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €35.29 per share. Board Change • May 21
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Caroline Terry was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 19
Flow Traders Ltd. Launches Digital Assets OTC Offering with 24/7 Liquidity for Tokenized Assets Flow Traders Ltd. announced the launch of its digital assets OTC offering with 24/7 proprietary, two-way liquidity for tokenized money-market funds, equities and commodities, which includes Franklin Templeton's BENJI and Tether Gold, among others. The launch reflects growing demand for reliable access to tokenized assets across extended trading hours, overnights, and weekends. In tokenized equities and commodities, secondary-market activity has expanded across different instruments and trading sessions, with participation extending into overnight and weekend periods. Flow Traders provides counterparties with 24/7 two-way pricing, supported by risk controls designed for overnight and weekend market conditions. Counterparties can trade and hedge tokenized equity and commodity exposures against fiat or stablecoins, using familiar OTC workflows and defined settlement processes. The offering is delivered through Flow Traders’ Digital Asset OTC platform, in collaboration with leading digital asset issuers and infrastructure providers. Institutions can access liquidity via direct FIX connectivity, OMS/EMS platforms, ECNs or high-touch OTC execution. Asset coverage will continue to evolve in line with counterparty demand, regulatory considerations and supported venues. Product availability may vary by jurisdiction and counterparty eligibility and may be offered by different members of the Flow Traders group, depending on regulatory status. Announcement • Feb 12
Flow Traders Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Flow Traders Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Announcement • Oct 30
Flow Traders Ltd. to Report Q4, 2025 Results on Feb 12, 2026 Flow Traders Ltd. announced that they will report Q4, 2025 results on Feb 12, 2026 Announcement • Apr 24
Flow Traders Ltd. to Report First Half, 2025 Results on Jul 31, 2025 Flow Traders Ltd. announced that they will report first half, 2025 results on Jul 31, 2025 Announcement • Oct 31
Flow Traders Ltd. to Report Q4, 2024 Results on Feb 13, 2025 Flow Traders Ltd. announced that they will report Q4, 2024 results on Feb 13, 2025 Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: €0.84 (vs €2.92 in FY 2022) Full year 2023 results: EPS: €0.84 (down from €2.92 in FY 2022). Revenue: €303.9m (down 55% from FY 2022). Net income: €36.2m (down 72% from FY 2022). Profit margin: 12% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Board Change • Feb 09
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Mike Kuehnel is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 08
Flow Traders Ltd. to Report First Half, 2024 Results on Jul 25, 2024 Flow Traders Ltd. announced that they will report first half, 2024 results on Jul 25, 2024 Board Change • Jan 12
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Mike Kuehnel is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Dec 13
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Mike Kuehnel is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Sep 23
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Mike Kuehnel is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Aug 29
Flow Traders Ltd. Announces Management Changes Flow Traders Ltd. announced the resignation of Folkert Joling as Chief Trading Officer and Executive Director of the Flow Traders Board, and the appointments of Bill Stush, Tamara Maris-Mravunac and Aaron Dimitri as new members of the firm’s Global Executive Committee. Folkert Jolinghas decided to step down as Chief Trading Officer and Executive Director of the Flow TradersLtd. Board. Folkert joined Flow Traders in 2006 as a trader and became Head of Trading in 2011. He was promoted to Global Head of Trading and became member of the Flow Traders B.V. Board in 2016. Folkert was promoted to Chief Trading Officer and member of the Management Board of Flow Traders N.V. in 2018. After more than 17 years at Flow Traders, Folkert has decided to step down as Chief Trading Officer and Executive Director of the Flow Traders Ltd. Board as of 1 September 2023 to pursue other interests outside of Flow Traders. Folkert will be handing over his responsibilities over the coming weeks until the end of his Board agreement on 15 September 2023. In his role as Chief Trading Officer, Folkert was responsible for and had tremendous influence on the development and realization of Flow Traders' trading strategies, business development, trading processes and daily trading operations. Over the past 17 years, Folkert has contributed greatly to the growth of Flow Traders and its evolution into a global trading firm. The Global Executive Committee members representing Trading and Technology will assume Folkert’s duties moving forward and will be supported by the entire Board. Flow Tradersfurther strengthens its Global Executive Committeewith the appointments of Bill Stush, who will lead the development of Flow Traders’U.S. growth strategy and Tamara Maris-Mravunac and Aaron Dimitri, who will focus on bolstering the firm’s global risk and compliance functions. Bill Stush has been appointed as CEOAmericasand member of the Global Executive Committee. As CEO Americas, Bill will be responsible for developing Flow Traders' growth strategy in the region, for the development of the firm’s key regional growth initiatives and for managing relationships with all partners externally. Bill will be responsible for the day-to-day operations of the U.S. offices and will be supported by the broader leadership team in the region. Additionally, he will represent the Americas region within the firm’s Global Executive Committee. Bill joined Flow Traders in 2016 as Head of Sales with a focus on building out the firm’s U.S. counterparty network and off-exchange trading business. Bill succeeds Matheus Haserick-Lara, who served as Managing Director Americas. Matheus recently stepped down from his role at Flow Traders to pursue other opportunities. Tamara Maris-Mravunac has joined Flow Traders as Global Head of Risk and member of the Global Executive Committee. Tamara has been appointed Global Head of Risk and member of the Global Executive Committee as of 1 June 2023. She joins the firm from ING Bank N.V., where during her 23-year tenure she held various senior roles within ING’s Financial Markets division and therefore brings extensive experience in internal and external risk management to the firm. Most recently, she was Head of Financial Markets & Global Business Services for the Netherlands at ING. As Global Head of Risk, Tamara will be responsible for the management of Flow Traders' risk function alongside its underlying risk profile as well as for the systematic enhancement, implementation and management of the firm’s risk framework, policies, and processes. Aaron Dimitri, Global Head of Compliance and General Counsel Americas, has been appointed member of the Global Executive Committee. Aaron Dimitri, Global Head of Compliance and General Counsel Americas at Flow Traders also joined the Global Executive Committee as of 1 June 2023. Aaron joined Flow Traders in 2017 as a Compliance Officer and was appointed Global Head of Compliance in 2022. He oversees Flow Traders' global compliance function and is responsible for compliance protocols as well as representing the firm in regulatory matters, proactively monitoring and advancing the compliance program. Additionally, he advises on all of the firm’s strategic growth initiatives globally to ensure full regulatory compliance. Board Change • Aug 24
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Mike Kuehnel is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jul 29
Flow Traders Ltd. Announces Interim Dividend for the Fiscal Year 2023, Payable on August 18, 2023 Flow Traders Ltd. announced interim dividend of €0.30 per share for the fiscal year 2023 with an ex-dividend date on August 15, 2023. The dividend payable on August 18, 2023 with record date of August 16, 2023. Announcement • Jul 14
Flow Traders Ltd. Elects of Hermien Smeets-Flier as Chief Financial Officer, Effective from 17 July 2023 Flow Traders Ltd. announced the nomination of Hermien Smeets-Flier for election as Chief Financial Officer and Executive Director of the Flow Traders Board. Hermien Smeets-Flier will join Flow Traders on 17 July 2023. Her nomination as Chief Financial Officer and Executive Director of the Flow Traders Board is subject to regulatory and shareholder approval. In her role as Chief Financial Officer, Hermien will be responsible and oversee the firm’s control functions including Finance, Compliance, Risk, Tax, Legal, Investor Relations and ESG. As a Board and Executive Committee member, Hermien will work in close collaboration with Trading and Technology and focus on supporting the execution of Flow Traders’ strategic agenda as well as further developing the control functions in light of the firm’s continued growth. Hermien has over 20 years of experience leading and scaling finance, risk, control and operational functions across insurance and asset management firms. She also has broad expertise in providing audit, financial and M&A advisory services to listed companies. Hermien has extensive board experience having served on several Supervisory and Management Boards and Risk and Audit committees during her career. Prior to joining Flow Traders, Hermien served as Chief Financial and Risk Officer and member of the Management Board at Achmea Investment Management, where she was responsible for the firm’s finance, operations, legal, risk and IT functions as well as managing Achmea IM’s regulatory agenda. Before that, she served as Chief Financial Officer at AEGIS London, during this role she also served as Deputy Chair of the Finance Committee of the Lloyd’s Market Association. Prior to joining AEGIS London, Hermien served as Chief Financial Officer at Amlin Underwriting Ltd. where she was part of the strategic transition of the firm through various M&A transactions. She started her career at KPMG, where for 15 years she provided audit, financial, and M&A advisory services to listed companies. Board Change • Jun 29
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. CEO & Executive Director Mike Kuehnel is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buying Opportunity • Jun 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.9%. The fair value is estimated to be €26.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 50%. Revenue is forecast to decline by 31% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Buying Opportunity • May 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €27.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 50%. Revenue is forecast to decline by 31% in 2 years. Earnings is forecast to grow by 15% in the next 2 years. Buying Opportunity • Apr 21
Now 28% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €31.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to decline by 6.2% per annum. Earnings is forecast to grow by 0.2% per annum over the same time period. Upcoming Dividend • Apr 21
Upcoming dividend of €0.80 per share at 5.7% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (3.4%). Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: €2.92 (vs €2.63 in FY 2021) Full year 2022 results: EPS: €2.92 (up from €2.63 in FY 2021). Revenue: €458.7m (down 15% from FY 2021). Net income: €126.8m (up 10% from FY 2021). Profit margin: 28% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.9% growth forecast for the Capital Markets industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Feb 09
Flow Traders Ltd. Proposes Final Full Year 2022 Dividend, Payable on 4 May 2023 Flow Traders Ltd. proposed a final full year 2022 dividend of €0.80, implying a total dividend of €1.50 for full year 2022. Ex-dividend date is 28 April 2023. Record date is 2 May 2023. Payment date is 4 May 2023. Upcoming Dividend • Aug 10
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 20 August 2021. Trailing yield: 10%. Within top quartile of British dividend payers (3.8%). Higher than average of industry peers (2.5%). Executive Departure • Apr 27
Independent Member of Supervisory Board has left the company On the 23rd of April, Evert Drok's tenure as Independent Member of Supervisory Board ended after 5.8 years in the role. We don't have any record of a personal shareholding under Evert's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • Apr 20
Upcoming dividend of €2.50 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 30 April 2021. Trailing yield: 17%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (2.5%). Analyst Estimate Surprise Post Earnings • Feb 13
Revenue beats expectations Revenue exceeded analyst estimates by 4.4%. Over the next year, revenue is expected to shrink by 65% compared to a 54% growth forecast for the Capital Markets industry in the United Kingdom. Is New 90 Day High Low • Feb 12
New 90-day high: €33.47 The company is up 25% from its price of €26.74 on 13 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets 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 €51.38 per share. Is New 90 Day High Low • Jan 28
New 90-day high: €30.94 The company is up 10.0% from its price of €28.24 on 30 October 2020. The British market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €47.67 per share. Is New 90 Day High Low • Dec 08
New 90-day low: €25.64 The company is down 25% from its price of €34.16 on 09 September 2020. The British market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €88.05 per share. 
