Upcoming Dividend • May 25
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 03 June 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.6%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (3.6%). Declared Dividend • Apr 27
Final dividend of €0.25 announced Shareholders will receive a dividend of €0.25. Ex-date: 1st June 2026 Payment date: 3rd June 2026 Dividend yield will be 33%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 75% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: €0.22 (vs €0.39 in FY 2024) Full year 2025 results: EPS: €0.22 (down from €0.39 in FY 2024). Revenue: €98.7m (down 33% from FY 2024). Net income: €4.24m (down 45% from FY 2024). Profit margin: 4.3% (down from 5.3% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Media industry in the United Kingdom. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.87, 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 96% over the past year. New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% 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 3.3% per year for the foreseeable future. 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 (4.0% net profit margin). Market cap is less than US$100m (€76.2m market cap, or US$91.2m). Announcement • Jan 28
High Co. SA to Report Q1, 2026 Results on Apr 22, 2026 High Co. SA announced that they will report Q1, 2026 results After-Market on Apr 22, 2026 New Risk • Oct 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% 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 1.0% per year for the foreseeable future. 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 (7.4% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (€79.1m market cap, or US$92.1m). Reported Earnings • Sep 14
First half 2025 earnings released: EPS: €0.17 (vs €0.34 in 1H 2024) First half 2025 results: EPS: €0.17 (down from €0.34 in 1H 2024). Revenue: €45.0m (down 42% from 1H 2024). Net income: €3.24m (down 51% from 1H 2024). Profit margin: 7.2% (down from 8.6% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to decline by 5.6% p.a. on average during the next 3 years, while revenues in the Media industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • Sep 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 7.7% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: 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 (7.2% average weekly change). Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (€74.3m market cap, or US$87.2m). New Risk • Sep 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. 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 (7.2% average weekly change). Market cap is less than US$100m (€71.9m market cap, or US$83.9m). Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €3.69, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Media industry in the United Kingdom. Total returns to shareholders of 19% over the past three years. Upcoming Dividend • Aug 27
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 03 September 2025. Payment date: 05 September 2025. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of British dividend payers (5.4%). Higher than average of industry peers (4.2%). Upcoming Dividend • May 16
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 23 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 6.9%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.2%). Reported Earnings • Apr 23
Full year 2024 earnings released: EPS: €0.39 (vs €0.53 in FY 2023) Full year 2024 results: EPS: €0.39 (down from €0.53 in FY 2023). Revenue: €146.4m (flat on FY 2023). Net income: €7.75m (down 27% from FY 2023). Profit margin: 5.3% (down from 7.3% in FY 2023). Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Media industry in the United Kingdom are expected to grow by 1.3%. Declared Dividend • Apr 22
Dividend increased to €0.25 Dividend of €0.25 is 25% higher than last year. Ex-date: 23rd May 2025 Payment date: 27th May 2025 Dividend yield will be 8.2%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 55% over the next 3 years. Since a fall of 29% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • Apr 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 24% per year for the foreseeable future. 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 (8.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€55.4m market cap, or US$60.7m). Declared Dividend • Mar 31
Dividend increased to €0.25 Dividend of €0.25 is 25% higher than last year. Ex-date: 23rd May 2025 Payment date: 27th May 2025 Dividend yield will be 7.8%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 67% over the next 3 years. Since a fall of 61% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Announcement • Mar 29
High Co. SA, Annual General Meeting, May 19, 2025 High Co. SA, Annual General Meeting, May 19, 2025. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.13, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Media industry in the United Kingdom. Total returns to shareholders of 22% over the past year. Announcement • Mar 20
A group of investors including Albarest Partners SAS and Guillaume Guttin has entered into an agreement to acquire 51% stake in High Connexion from High Co. SA (ENXTPA:HCO). A group of investors including Albarest Partners SAS and Guillaume Guttin has entered into an agreement to acquire 51% stake in High Connexion from High Co. SA (ENXTPA:HCO) on March 19, 2025.
For the period ending December 31, 2024, High Connexion reported total revenue of €146.38 million. Announcement • Feb 06
High Co. SA to Report Fiscal Year 2024 Final Results on Mar 26, 2025 High Co. SA announced that they will report fiscal year 2024 final results at 5:40 PM, Central European Standard Time on Mar 26, 2025 Buy Or Sell Opportunity • Oct 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to €2.60. The fair value is estimated to be €3.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.2%. Revenue is forecast to decline by 15% in 2 years. Earnings are forecast to decline by 44% in the next 2 years. Reported Earnings • Sep 15
First half 2024 earnings released First half 2024 results: Revenue: €77.0m (flat on 1H 2023). Net income: €6.63m (up 4.5% from 1H 2023). Profit margin: 8.6% (up from 8.3% in 1H 2023). Revenue is expected to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Media industry in the United Kingdom are expected to grow by 2.0%. Buy Or Sell Opportunity • May 29
Now 22% undervalued Over the last 90 days, the stock has risen 11% to €2.96. The fair value is estimated to be €3.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to decline by 6.8% per annum. Earnings are also forecast to decline by 33% per annum over the same time period. Upcoming Dividend • May 17
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 24 May 2024. Payment date: 28 May 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.3%). Reported Earnings • Apr 18
Full year 2023 earnings released: EPS: €0.54 (vs €0.088 in FY 2022) Full year 2023 results: EPS: €0.54 (up from €0.088 in FY 2022). Revenue: €145.4m (flat on FY 2022). Net income: €10.7m (up 495% from FY 2022). Profit margin: 7.3% (up from 1.2% in FY 2022). Revenue is expected to decline by 6.8% p.a. on average during the next 3 years, while revenues in the Media industry in the United Kingdom are expected to grow by 2.5%. Declared Dividend • Apr 05
Dividend reduced to €0.20 Dividend of €0.20 is 50% lower than last year. Ex-date: 24th May 2024 Payment date: 28th May 2024 Dividend yield will be 6.9%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 301% to bring the payout ratio under control. EPS is expected to grow by 3.1% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Apr 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% 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 1.7% per year for the foreseeable future. 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 (7.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (€58.0m market cap, or US$63.0m). Buy Or Sell Opportunity • Mar 29
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to €3.00. The fair value is estimated to be €2.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to decline by 13% per annum. Earnings are also forecast to decline by 5.3% per annum over the same time period. Announcement • Mar 28
High Co. SA, Annual General Meeting, May 21, 2024 High Co. SA, Annual General Meeting, May 21, 2024, at 11:00 Central European Standard Time. Location: head office in Aix-en-Provence Aix-en-Provence France Agenda: To propose a dividend of €0.20 per share with respect to FY 2023,. New Risk • Mar 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.3% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 361% Cash payout ratio: 265% Earnings are forecast to decline by an average of 5.3% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (€56.0m market cap, or US$60.4m). Announcement • Mar 28
High Co. SA Proposes Dividend for the Fiscal Year 2023, Payable on 28 May 2024 High Co. SA proposed dividend of dividend payout of €0.20 per share with respect to fiscal year 2023 (€0.40 per share paid in 2023 in respect of Fiscal Year 2022) at the AGM in May 21, 2024 with the payment date scheduled for 28 May 2024 (ex-dividend date of 24 May 2024). Announcement • Mar 06
High Co. SA to Report Q2, 2024 Results on Jul 18, 2024 High Co. SA announced that they will report Q2, 2024 results After-Market on Jul 18, 2024 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €3.16, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 17x in the Media industry in the United Kingdom. Reported Earnings • Aug 28
First half 2022 earnings released: EPS: €0.29 (vs €0.28 in 1H 2021) First half 2022 results: EPS: €0.29 (up from €0.28 in 1H 2021). Revenue: €72.7m (up 5.0% from 1H 2021). Net income: €5.91m (flat on 1H 2021). Profit margin: 8.1% (down from 8.5% in 1H 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.3%, compared to a 4.9% growth forecast for the Media industry in the United Kingdom. 
