Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to €3.13, the stock trades at a trailing P/E ratio of 10.3x. Average forward P/E is 12x in the Chemicals industry in the United Kingdom. Total loss to shareholders of 34% over the past three years. New Risk • May 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Shares are highly illiquid. High level of non-cash earnings (44% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (4.4% net profit margin). Board Change • May 07
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.35, the stock trades at a trailing P/E ratio of 6.1x. Average forward P/E is 12x in the Chemicals industry in the United Kingdom. Total loss to shareholders of 55% over the past three years. New Risk • Apr 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Earnings are forecast to decline by an average of 94% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Board Change • Mar 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. 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 • Nov 18
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. 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 • Oct 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Oct 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 65% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. Earnings are forecast to decline by an average of 109% per year for the foreseeable future. High level of non-cash earnings (65% accrual ratio). New Risk • Oct 08
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 8.7% 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 (8.7% operating cash flow to total debt). Shares are highly illiquid. Earnings are forecast to decline by an average of 109% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.05, the stock trades at a trailing P/E ratio of 8.2x. Average forward P/E is 15x in the Chemicals industry in the United Kingdom. Total returns to shareholders of 2.3% over the past year. Board Change • Sep 22
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. 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 • Aug 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. 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 • Jul 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Jun 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 45% 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 Risks Interest payments are not well covered by earnings (0.2x net interest cover). Shares are highly illiquid. Earnings are forecast to decline by an average of 87% per year for the foreseeable future. High level of non-cash earnings (45% accrual ratio). Board Change • Jun 09
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 10 experienced directors. 1 highly experienced director. 4 independent directors (6 non-independent directors). Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • May 27
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x 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 (0.5x net interest cover). Shares are highly illiquid. Earnings are forecast to decline by an average of 86% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • May 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 86% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Shares are highly illiquid. Earnings are forecast to decline by an average of 86% per year for the foreseeable future. New Risk • Apr 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 2024. 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 Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Board Change • Apr 01
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director & Advisor Antonio Guglielmi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.9m (US$99.2m) 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: Major Risk Shares are highly illiquid. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€15m net loss in 2 years). Market cap is less than US$100m (€90.9m market cap, or US$99.2m). Board Change • Feb 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 03
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Nov 25
No longer forecast to breakeven The 2 analysts covering Seri Industrial no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of €12.5m in 2025. New consensus forecast suggests the company will make a loss of €10.9m in 2025. Reported Earnings • Oct 02
First half 2024 earnings released First half 2024 results: Revenue: €94.2m (up 4.9% from 1H 2023). Net loss: €5.72m (loss narrowed 18% from 1H 2023). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 5.6% decline forecast for the Chemicals industry in the United Kingdom. Board Change • Sep 13
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 04
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 25
First half 2023 earnings released First half 2023 results: Revenue: €89.8m (down 4.2% from 1H 2022). Net loss: €7.04m (loss widened 37% from 1H 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in the United Kingdom. New Risk • Jul 13
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€24m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€24m free cash flow). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Breakeven Date Change • Jul 12
Forecast breakeven date pushed back to 2024 The 2 analysts covering Seri Industrial previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 58% to 2023. The company is expected to make a profit of €18.4m in 2024. Average annual earnings growth of 83% is required to achieve expected profit on schedule. New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€24m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€24m free cash flow). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (10% increase in shares outstanding). Board Change • Jun 09
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 25
Full year 2022 earnings released Full year 2022 results: Revenue: €204.1m (up 23% from FY 2021). Net loss: €4.44m (loss widened 190% from FY 2021). Revenue is forecast to grow 60% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Electrical industry in the United Kingdom. Board Change • Mar 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 25
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 03
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 09
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 29
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Jun 14
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • May 06
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent President of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent President of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 23
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent President of the Board Roberto Maviglia was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.