Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €1.26, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 14x in the Forestry industry in Europe. Total returns to shareholders of 179% over the past three years. New Risk • Apr 14
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€10.5m market cap, or US$11.9m). Announcement • Apr 01
Akritas S.A., Annual General Meeting, Jun 19, 2025 Akritas S.A., Annual General Meeting, Jun 19, 2025. New Risk • Mar 01
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.62m (US$9.98m) This is considered a major 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 Market cap is less than US$10m (€9.62m market cap, or US$9.98m). Minor Risk Share price has been volatile over the past 3 months (5.0% average weekly change). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Eleni Gotzamani was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jan 07
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 Greek stocks, typically moving 4.7% 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: Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Market cap is less than US$100m (€10.3m market cap, or US$10.6m). New Risk • Oct 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.17m (US$9.91m) This is considered a major 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. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 01
First half 2024 earnings released: EPS: €0.017 (vs €1.24 in 1H 2023) First half 2024 results: EPS: €0.017 (down from €1.24 in 1H 2023). Revenue: €20.1m (down 3.7% from 1H 2023). Net income: €220.5k (down 99% from 1H 2023). Profit margin: 1.1% (down from 77% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Akritas S.A., Annual General Meeting, May 24, 2024 Akritas S.A., Annual General Meeting, May 24, 2024, at 11:00 E. Europe Standard Time. Location: 3STR SOKRATI IKONOMOY Alexandroupolis Greece Announcement • Apr 21
Akritas S.A. to Report Q4, 2023 Results on Apr 26, 2024 Akritas S.A. announced that they will report Q4, 2023 results on Apr 26, 2024 New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (50% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€12.3m market cap, or US$13.1m). Announcement • Dec 07
Akritas S.A., Annual General Meeting, Dec 29, 2023 Akritas S.A., Annual General Meeting, Dec 29, 2023, at 11:00 E. Europe Standard Time. Location: 3STR SOKRATI IKONOMOY, ALEXANDROUPOLIS 68100 Alexandroupolis Greece New Risk • Dec 05
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 Greek stocks, typically moving 9.4% 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 Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (9.4% average weekly change). High level of non-cash earnings (50% accrual ratio). Minor Risk Market cap is less than US$100m (€12.0m market cap, or US$13.0m). New Risk • Oct 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 50% 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 (0.9x net interest cover). High level of non-cash earnings (50% accrual ratio). Market cap is less than US$10m (€9.23m market cap, or US$9.69m). Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). Announcement • Jul 01
Akritas S.A., Annual General Meeting, Jul 12, 2023 Akritas S.A., Annual General Meeting, Jul 12, 2023, at 11:00 E. Europe Standard Time. Location: 3STR SOKRATI IKONOMOY Alexandroupolis Greece Reported Earnings • Sep 30
First half 2022 earnings released: EPS: €0.04 (vs €0.007 loss in 1H 2021) First half 2022 results: EPS: €0.04 (up from €0.007 loss in 1H 2021). Revenue: €22.1m (up 31% from 1H 2021). Net income: €524.0k (up €612.7k from 1H 2021). Profit margin: 2.4% (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Jun 09
Akritas S.A., Annual General Meeting, Jun 30, 2022 Akritas S.A., Annual General Meeting, Jun 30, 2022, at 11:00 E. Europe Standard Time. Location: , 3STR SOKRATI IKONOMOY Alexandroupolis Greece Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Non-Executive Deputy Chairman Eleni Papanikolaou 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. Reported Earnings • Apr 22
Full year 2021 earnings released: €0.031 loss per share (vs €0.17 loss in FY 2020) Full year 2021 results: €0.031 loss per share (up from €0.17 loss in FY 2020). Revenue: €36.8m (up 54% from FY 2020). Net loss: €404.6k (loss narrowed 81% from FY 2020). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Akritas S.A. to Report Q4, 2021 Results on Apr 20, 2022 Akritas S.A. announced that they will report Q4, 2021 results on Apr 20, 2022 Reported Earnings • Sep 26
First half 2021 earnings released: €0.007 loss per share (vs €0.13 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €16.9m (up 62% from 1H 2020). Net loss: €88.7k (loss narrowed 95% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 12
New 90-day low: €0.31 The company is down 33% from its price of €0.46 on 14 October 2020. The Greek market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: €0.36 The company is down 22% from its price of €0.46 on 23 September 2020. The Greek market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 14% over the same period. Reported Earnings • Oct 04
First half earnings released Over the last 12 months the company has reported total losses of €3.99m, with losses narrowing by 28% from the prior year. Total revenue was €24.4m over the last 12 months, down 17% from the prior year. Announcement • Jul 05
Akritas S.A. Auditor Raises 'Going Concern' Doubt Akritas S.A. filed its Annual on Jun 29, 2020 for the period ending Dec 31, 2019. In this report its auditor, Grant Thornton, gave an unqualified opinion expressing doubt that the company can continue as a going concern.