Announcement • Jul 07
Fiera Milano S.p.A. to Report First Half, 2026 Results on Jul 28, 2026 Fiera Milano S.p.A. announced that they will report first half, 2026 results on Jul 28, 2026 New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 28% 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 Risk Earnings are forecast to decline by an average of 28% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • May 14
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Chairperson Carlo Bonomi is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Apr 20
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 29 April 2026. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.6%). Declared Dividend • Mar 19
Dividend increased to €0.25 Dividend of €0.25 is 25% higher than last year. Ex-date: 27th April 2026 Payment date: 29th April 2026 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 6.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 16
Fiera Milano S.p.A., Annual General Meeting, Apr 22, 2026 Fiera Milano S.p.A., Annual General Meeting, Apr 22, 2026, at 15:00 W. Europe Standard Time. New Risk • Mar 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 88% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (88% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 16
Full year 2025 earnings released Full year 2025 results: Revenue: €379.9m (up 39% from FY 2024). Net income: €50.3m (up 161% from FY 2024). Profit margin: 13% (up from 7.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Media industry in the United Kingdom. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €8.14, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 11x in the Media industry in the United Kingdom. Total returns to shareholders of 190% over the past three years. Announcement • Feb 20
Fiera Milano S.p.A. (BIT:FM) signed a binding agreement to acquire 70% stake in Made In Steel S.R.L. from Siderweb S.p.A. for €9.1 million. Fiera Milano S.p.A. (BIT:FM) signed a binding agreement to acquire 70% stake in Made In Steel S.R.L. from Siderweb S.p.A. for €9.1 million on February 18, 2026. The consideration includes an upfront component of up to €7.7 million, payable at closing and subject to adjustment based on net financial position and net working capital. An earn-out mechanism of up to €1.4 million is also envisaged, equal to €0.7 million for each tranche, contingent upon the achievement of specific economic and financial targets for the 2027 and 2029 editions of the event. The transaction will be financed through available cash resources. Siderweb S.p.A. SB, the event’s founder, will retain a 30% stake in the company, ensuring full organizational and brand continuity of the exhibition. In the related transaction, Fiera Milano S.p.A. (BIT:FM) is also the acquisition of Stipa.
For the period ending December 31, 2025, Made In Steel S.R.L. reported total revenue of approximately €4.9 million and EBITDA of approximately €1.7 million. The transaction is expected to close in the first quarter of 2026.
Ernesto Guaragnella of KPMG Advisory S.p.A. acted as financial advisor and financial due diligence provider for Fiera Milano S.p.A. ADVANT Nctm acted as legal advisor for Fiera Milano S.p.A. Giacomo Andreoli of Sovereign Capital Advisory S.R.L. acted as financial advisor for Made In Steel S.R.L. Baker Tilly Italia Legal S.R.L. acted as legal advisor for Made In Steel S.R.L. Announcement • Feb 18
Fiera Milano S.p.A. (BIT:FM) entered into a binding agreement to acquire 51% stake in Stipa Spa for €12.1 million. Fiera Milano S.p.A. (BIT:FM) entered into a binding agreement to acquire 51% stake in Stipa Spa for €12.1 million on February 18, 2026. The transaction will be financed through available cash resources. The agreement also provides for option mechanisms for the potential acquisition of the remaining shares held by current shareholders, exercisable in multiple subsequent time frames.
For the period ending December 31, 2025, Stipa Spa reported total revenue of €15 million and EBITDA of €3 million.
The transaction is expected to be completed in the first quarter of 2026. New Risk • Nov 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 142% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (142% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.4% net profit margin). Reported Earnings • Nov 16
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €53.9m (up 35% from 3Q 2024). Net loss: €6.07m (loss narrowed 14% from 3Q 2024). Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Media industry in the United Kingdom. Board Change • Oct 31
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Chairperson of the Board of Statutory Auditors Alessandro Solidoro 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. Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €114.2m (up 59% from 2Q 2024). Net income: €26.1m (up 73% from 2Q 2024). Profit margin: 23% (up from 21% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, while revenues in the Media industry in the United Kingdom are expected to remain flat. Reported Earnings • May 15
First quarter 2025 earnings released First quarter 2025 results: Revenue: €63.7m (down 12% from 1Q 2024). Net loss: €3.20m (down 142% from profit in 1Q 2024). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, while revenues in the Media industry in the United Kingdom are expected to remain flat. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €5.12, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Media industry in the United Kingdom. Total returns to shareholders of 57% over the past three years. Announcement • Apr 16
Fiera Milano S.p.A. (BIT:FM) agreed to acquire 51% stake in Expotrans SPA for €6.3 million. Fiera Milano S.p.A. (BIT:FM) agreed to acquire 51% stake in Expotrans SPA for €6.3 million on April 15, 2025. A cash consideration of €6.3 million will be paid by Fiera Milano S.p.A. The acquisition will take place for a value of €6.3 million, to be paid at closing, with a price adjustment mechanism primarily based on the net financial position. The entire consideration will be financed through available cash resources. The agreement provides for a Put/Call option on the remaining 49% of the shares, exercisable upon approval of the 2028 financial statements, with a maximum value of €13.7 million for the remaining shares, in addition to the net financial position, bringing the total maximum transaction value to €20 million. This structure is designed to ensure managerial stability and the transfer of know-how, securing the commitment of the current management and strong operational continuity.
For the period ending December 31, 2024, Expotrans SPA reported total revenue of €28.7 million and EBITDA of €2.2 million.
The expected completion of the transaction is the second quarter of 2025.
KPMG Advisory S.p.A. acted as financial advisor for Fiera Milano S.p.A. ADVANT Nctm acted as legal advisor for Fiera Milano S.p.A. KPMG S.p.A. acted as due diligence provider for Fiera Milano S.p.A. Vitale&Co. S.P.A. acted as financial advisor for Expotrans SPA. Giliberti Triscornia e Associati Studio Legale acted as legal advisor for Expotrans SPA. Buy Or Sell Opportunity • Apr 15
Now 20% undervalued Over the last 90 days, the stock has risen 15% to €4.91. The fair value is estimated to be €6.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Declared Dividend • Apr 15
Dividend increased to €0.20 Dividend of €0.20 is 43% higher than last year. Ex-date: 28th April 2025 Payment date: 30th April 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Apr 15
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. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director Elena Vasco is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 05
Full year 2024 earnings released: EPS: €0.27 (vs €0.41 in FY 2023) Full year 2024 results: EPS: €0.27 (down from €0.41 in FY 2023). Revenue: €273.2m (down 3.8% from FY 2023). Net income: €19.3m (down 34% from FY 2023). Profit margin: 7.1% (down from 10% in FY 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 03
Now 20% undervalued Over the last 90 days, the stock has risen 8.4% to €4.89. The fair value is estimated to be €6.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Declared Dividend • Mar 16
Dividend increased to €0.20 Dividend of €0.20 is 43% higher than last year. Ex-date: 28th April 2025 Payment date: 30th April 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 7.4% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Mar 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x 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 Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.1% net profit margin). Board Change • Feb 19
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. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Elena Vasco is the most experienced director on the board, commencing their role in 2017. 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 • Jan 02
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. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Elena Vasco is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Nov 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 14
Third quarter 2024 earnings released Third quarter 2024 results: €0.099 loss per share. Revenue: €40.1m (down 12% from 3Q 2023). Net loss: €7.02m (loss widened 254% from 3Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Media industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €4.15, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Media industry in the United Kingdom. Total returns to shareholders of 19% over the past three years. Reported Earnings • Jul 30
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €72.0m (down 14% from 2Q 2023). Net income: €15.1m (down 13% from 2Q 2023). Profit margin: 21% (in line with 2Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Media industry in the United Kingdom. New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% 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 Risk Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks High level of debt (103% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 15
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.11. Revenue: €72.4m (up 50% from 1Q 2023). Net income: €7.68m (up €15.7m from 1Q 2023). Profit margin: 11% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 22
Upcoming dividend of €0.14 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 02 May 2024. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.92, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 15x in the Commercial Services industry in the United Kingdom. Total returns to shareholders of 13% over the past three years. New Risk • Mar 17
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: 4.1% 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 Earnings are forecast to decline by an average of 9.5% per year for the foreseeable future. Minor Risks High level of debt (212% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 14
Full year 2023 earnings released Full year 2023 results: Revenue: €283.8m (up 29% from FY 2022). Net income: €29.0m (up €34.6m from FY 2022). Profit margin: 10% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Commercial Services industry in the United Kingdom. Reported Earnings • Nov 12
Third quarter 2023 earnings released Third quarter 2023 results: €0.028 loss per share. Revenue: €45.6m (flat on 3Q 2022). Net loss: €1.98m (loss narrowed 55% from 3Q 2022). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Commercial Services industry in the United Kingdom. New Risk • Nov 10
New major risk - Revenue and earnings growth Earnings have declined by 4.0% 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. This is currently the only risk that has been identified for the company. Announcement • Jul 29
Fiera Milano SpA to Report Q3, 2023 Results on Nov 09, 2023 Fiera Milano SpA announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Jul 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €84.1m (down 9.3% from 2Q 2022). Net income: €17.2m (down 5.8% from 2Q 2022). Profit margin: 21% (in line with 2Q 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 12
Fiera Milano SpA to Report First Half, 2023 Results on Jul 26, 2023 Fiera Milano SpA announced that they will report first half, 2023 results on Jul 26, 2023 Reported Earnings • May 03
Full year 2022 earnings released: €0.078 loss per share (vs €0.56 profit in FY 2021) Full year 2022 results: €0.078 loss per share (down from €0.56 profit in FY 2021). Revenue: €220.3m (up 80% from FY 2021). Net loss: €5.60m (down 114% from profit in FY 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Commercial Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: €220.3m (up 70% from FY 2021). Net loss: €5.60m (down 113% from profit in FY 2021). Announcement • Feb 08
Fiera Milano SpA to Report Fiscal Year 2022 Results on Mar 15, 2023 Fiera Milano SpA announced that they will report fiscal year 2022 results on Mar 15, 2023 Board Change • Nov 16
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. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Stefania Chiaruttini is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jul 29
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €92.7m (up €89.6m from 2Q 2021). Net income: €18.3m (up €45.6m from 2Q 2021). Profit margin: 20% (up from net loss in 2Q 2021). Over the next year, revenue is expected to shrink by 6.8% compared to a 14% growth forecast for the industry in the United Kingdom. Reported Earnings • May 28
First quarter 2022 earnings released First quarter 2022 results: €0.18 loss per share. Revenue: €23.5m (up €21.9m from 1Q 2021). Net loss: €12.9m (loss narrowed 46% from 1Q 2021). Over the next year, revenue is forecast to grow 26%, compared to a 17% growth forecast for the industry in the United Kingdom. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Standing Statutory Auditor Piero Capitini was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.62 (up from €0.47 loss in FY 2020). Revenue: €129.8m (up 76% from FY 2020). Net income: €43.2m (up €77.1m from FY 2020). Profit margin: 33% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 30%, compared to a 9.6% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS €0.018 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €35.3m (up 213% from 3Q 2020). Net income: €1.26m (up €21.4m from 3Q 2020). Profit margin: 3.6% (up from net loss in 3Q 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 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: €3.07m (down 63% from 2Q 2020). Net loss: €1.02m (loss narrowed 95% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €1.53m (down 97% from 1Q 2020). Net loss: €24.0m (loss widened €24.0m from 1Q 2020). Reported Earnings • Mar 17
Full year 2020 earnings released: €0.47 loss per share (vs €0.48 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €73.6m (down 74% from FY 2019). Net loss: €33.9m (down 199% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 66% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 10
New 90-day high: €3.22 The company is up 11% from its price of €2.91 on 10 December 2020. The British market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.74 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €2.99 The company is up 10.0% from its price of €2.71 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Commercial Services industry, which is also up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.08 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €2.87 The company is up 14% from its price of €2.52 on 20 August 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Commercial Services industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.06 per share. Is New 90 Day High Low • Oct 16
New 90-day low: €2.16 The company is down 30% from its price of €3.10 on 17 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.88 per share. 
