Upcoming Dividend • Jun 03
Upcoming dividend of €7.00 per share Eligible shareholders must have bought the stock before 10 June 2026. Payment date: 12 June 2026. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.4%). Declared Dividend • May 13
Dividend of €7.00 announced Shareholders will receive a dividend of €7.00. Ex-date: 10th June 2026 Payment date: 12th June 2026 Dividend yield will be 3.2%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 52% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 83% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
Full year 2025 earnings released: EPS: €37.75 (vs €14.84 in FY 2024) Full year 2025 results: EPS: €37.75 (up from €14.84 in FY 2024). Revenue: €766.0m (up 110% from FY 2024). Net income: €56.6m (up 154% from FY 2024). Profit margin: 7.4% (up from 6.1% in FY 2024). The increase in margin was driven by higher revenue. Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: €37.75 (vs €14.84 in FY 2024) Full year 2025 results: EPS: €37.75 (up from €14.84 in FY 2024). Revenue: €768.2m (up 110% from FY 2024). Net income: €56.6m (up 154% from FY 2024). Profit margin: 7.4% (up from 6.1% in FY 2024). The increase in margin was driven by higher revenue. Announcement • Mar 28
Campine NV Proposes to Pay A Gross Dividend Based on the 2025 Results Campine NV Board of Directors proposes to the General Meeting a gross dividend of €10 per share, more than doubling last year’s dividend. The total dividend distribution based on the 2025 results amounts to €15 million. In determining the dividend level, the Board considered that part of the net result includes exceptional non-cash accounting elements, which is why the distribution is slightly below the usual one-third of net profit. New Risk • Mar 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Jan 02
Now 25% overvalued Over the last 90 days, the stock has fallen 9.3% to €215. The fair value is estimated to be €172, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 35%. New Risk • Dec 22
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 11% 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 Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €170, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 17x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 336% over the past three years. Buy Or Sell Opportunity • Oct 14
Now 40% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €285. The fair value is estimated to be €203, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 35%. New Risk • Sep 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 High level of non-cash earnings (24% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.8% average weekly change). Buy Or Sell Opportunity • Sep 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to €256. The fair value is estimated to be €211, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 35%. New Risk • Sep 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (24% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €265, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 8x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 586% over the past three years. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €246, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 7x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 528% over the past three years. Declared Dividend • Jun 04
Dividend of €3.15 announced Shareholders will receive a dividend of €3.15. Ex-date: 11th June 2025 Payment date: 13th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 46% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 03
Campine NV announces Annual dividend, payable on June 13, 2025 Campine NV announced Annual dividend of EUR 3.1500 per share payable on June 13, 2025, ex-date on June 11, 2025 and record date on June 12, 2025. Announcement • May 29
ampine NV (ENXTBR:CAMB) entered into an binding offer to acquire Two battery recycling plant and One semi-finished lead speciality of Ecobat from Ecobat, LLC. Campine NV (ENXTBR:CAMB) entered into an binding offer to acquire Two battery recycling plant and One semi-finished lead speciality of Ecobat from Ecobat, LLC on May 27, 2025. The deal would comprise the recycling facilities in Bazoches-les-Gallerandes (100 km south of Paris) and Pont Sainte Maxence (50 km north of Paris), which would add 70.000 tons of battery recycling capacity resulting in 40.000 tons of lead-metal alloys. A 3rd factory, producing semi-finished lead products located in Estrees St Denis (north of Paris) is an integrated downstream operation making amongst others anodes for the Zinc and Copper industries. The consolidated revenue of the French target assets amounted to about €100 million in 2024 and generated a positive EBITDA. Campine expects to sustain these revenues and implement synergies to optimise profits after the acquisition. The contemplated transaction is subject to the information and consultation of the works councils of Ecobat Resources affiliates in France and subject to customary merger control and FDI approvals. The closing could be expected earliest in July. Rothschild & Co acted as financial advisor and White & Case acted as legal advisor to Ecobat on the transaction. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €209, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 10x in the Metals and Mining industry in the United Kingdom. Announcement • Mar 13
Campine NV, Annual General Meeting, May 28, 2025 Campine NV, Annual General Meeting, May 28, 2025, at 11:00 Romance Standard Time. Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: €14.84 (vs €9.10 in FY 2023) Full year 2024 results: EPS: €14.84 (up from €9.10 in FY 2023). Revenue: €368.2m (up 14% from FY 2023). Net income: €22.3m (up 63% from FY 2023). Profit margin: 6.0% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Announcement • Mar 12
Campine NV Proposes to Pay A Gross Dividend Campine NV proposed to the general meeting to pay a gross dividend of €4.5 per share, which is 50% higher than last year. The total dividend based on the 2024 results is amounting to a total of €6.75 mio. This dividend reflects the policy to distribute about 1/3 of the net result. Board Change • Feb 12
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Dec 13
Campine NV Provides Consolidated Financial Guidance for the Year 2024 Campine NV provided consolidated financial guidance for the year 2024. Campine’s 2024 total consolidated revenues are expected to be approximately €360 million, up 12% from the €322 million in 2023. The increased revenues are mainly related to the high antimony metal prices. Announcement • Nov 07
Campine Announces Board Changes Campine announced that on its last meeting, the board of directors of Campine elected Dina Brughmans as new chair to succeed Patrick De Groote, who retires at the end of this year. Dina Brughmans joined the board of Campine as an independent non-executive director in 2018 and has been active as well in the audit committee as in Campine’s remuneration committee. The nomination will be effective 1/1/2025, as Mr. De Groote expressed his will to retire from the board and consequently steps down on 31/12/2024. Mr. De Groote has been on the board of Campine for 17 years and was one of the main driving forces to transform the company into what it became today. He was elected chairman of the board in 2016 and was instrumental in implementing a new business plan, amongst others including a change in management leadership. His contribution to the success of Campine is numerous and the list of achievements too long to highlight. During his term as chairman, Campine knew a period of growth and prosperity. Reported Earnings • Sep 07
First half 2024 earnings released: EPS: €7.41 (vs €6.29 in 1H 2023) First half 2024 results: EPS: €7.41 (up from €6.29 in 1H 2023). Revenue: €169.2m (down 2.1% from 1H 2023). Net income: €11.1m (up 18% from 1H 2023). Profit margin: 6.6% (up from 5.5% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 2.8% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.8% operating cash flow to total debt). Shares are highly illiquid. High level of non-cash earnings (22% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Board Change • Aug 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Aug 21
Campine NV to Report First Half, 2024 Results on Sep 02, 2024 Campine NV announced that they will report first half, 2024 results on Sep 02, 2024 Declared Dividend • Jun 10
Dividend of €2.10 announced Shareholders will receive a dividend of €2.10. Ex-date: 12th June 2024 Payment date: 14th June 2024 Dividend yield will be 2.7%, which is lower than the industry average of 7.3%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 45% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jun 10
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 27
Campine NV, Annual General Meeting, May 22, 2024 Campine NV, Annual General Meeting, May 22, 2024, at 11:00 Central European Standard Time. Board Change • Dec 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jun 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 05
Campine NV Provides Consolidated Earnings Guidance for the Year 2022 Campine NV provided consolidated earnings guidance for the year 2022. For the year, the company expected revenue to be approximately EUR 315 million, up 40% from the EUR 226 million in 2021. The increased sales are related to the high metal prices in 2022 and the consolidation of 6 months of sales from the 2 new battery breaker plants in France and plastics recycling company C2P. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Non-Executive Independent Director Ann De Schepper was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.