Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.93, the stock trades at a trailing P/E ratio of 43x. Average trailing P/E is 14x in the Metals and Mining industry in Greece. Total loss to shareholders of 29% over the past three years. New Risk • May 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 128% 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 Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€22.4m market cap, or US$26.0m). New Risk • Apr 13
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 Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 42% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (€20.2m market cap, or US$23.7m). Announcement • Mar 18
Sidma Steel S.A., Annual General Meeting, Jun 09, 2026 Sidma Steel S.A., Annual General Meeting, Jun 09, 2026. New Risk • Dec 31
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x 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 (0.2x net interest cover). Share price has been highly volatile over the past 3 months (7.4% average weekly change). Earnings have declined by 42% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€22.7m market cap, or US$26.6m). New Risk • Aug 12
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 5.1% 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 have declined by 23% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Market cap is less than US$100m (€22.1m market cap, or US$25.7m). Reported Earnings • Apr 17
Full year 2024 earnings released: €0.28 loss per share (vs €0.29 loss in FY 2023) Full year 2024 results: €0.28 loss per share (improved from €0.29 loss in FY 2023). Revenue: €186.3m (down 19% from FY 2023). Net loss: €3.23m (loss narrowed 18% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. New Risk • Apr 15
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 5.8% 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 have declined by 4.3% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (€18.0m market cap, or US$20.3m). Announcement • Apr 15
Sidma S.A. Steel Products, Annual General Meeting, Jun 04, 2025 Sidma S.A. Steel Products, Annual General Meeting, Jun 04, 2025. New Risk • Apr 13
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 Earnings have declined by 4.3% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€16.4m market cap, or US$18.6m). New Risk • Nov 12
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 4.1% 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 have declined by 4.3% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.1% average weekly change). Market cap is less than US$100m (€21.1m market cap, or US$22.4m). Reported Earnings • Oct 01
First half 2024 earnings released: €0.11 loss per share (vs €0.023 loss in 1H 2023) First half 2024 results: €0.11 loss per share (further deteriorated from €0.023 loss in 1H 2023). Revenue: €92.4m (down 11% from 1H 2023). Net loss: €1.54m (loss widened 383% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. New Risk • Sep 27
New major risk - Revenue and earnings growth Earnings have declined by 4.6% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€22.1m market cap, or US$24.7m). Announcement • Sep 24
Sidma S.A. Steel Products to Report First Half, 2024 Results on Sep 25, 2024 Sidma S.A. Steel Products announced that they will report first half, 2024 results on Sep 25, 2024 New Risk • Jul 28
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 4.6% 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 (4.6% average weekly change). Market cap is less than US$100m (€23.0m market cap, or US$24.9m). Announcement • Apr 23
Sidma S.A. Steel Products to Report Q4, 2023 Results on Apr 23, 2024 Sidma S.A. Steel Products announced that they will report Q4, 2023 results on Apr 23, 2024 New Risk • Apr 09
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (€28.5m market cap, or US$31.0m). New Risk • Oct 01
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 5.6% 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 (5.6% average weekly change). Market cap is less than US$100m (€29.6m market cap, or US$31.3m). Reported Earnings • Sep 28
First half 2023 earnings released: €0.06 loss per share (vs €0.88 profit in 1H 2022) First half 2023 results: €0.06 loss per share (down from €0.88 profit in 1H 2022). Revenue: €118.8m (down 19% from 1H 2022). Net loss: €821.5k (down 107% from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €2.27, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 7x in the Metals and Mining industry in Greece. Total returns to shareholders of 354% over the past three years. Announcement • May 09
Sidma S.A. Steel Products, Annual General Meeting, May 31, 2023 Sidma S.A. Steel Products, Annual General Meeting, May 31, 2023, at 10:30 E. Europe Standard Time. Location: LIFE GALLERY,103 Thisseos Avenue, 14578 Ekali Athens Greece Reported Earnings • May 07
Full year 2022 earnings released: EPS: €0.58 (vs €1.89 in FY 2021) Full year 2022 results: EPS: €0.58 (down from €1.89 in FY 2021). Revenue: €265.3m (up 17% from FY 2021). Net income: €7.93m (down 69% from FY 2021). Profit margin: 3.0% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. 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 Non-Executive Director Sotirios Vardaramatos was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 25
First half 2022 earnings released: EPS: €0.88 (vs €1.89 in 1H 2021) First half 2022 results: EPS: €0.88 (down from €1.89 in 1H 2021). Revenue: €145.6m (up 37% from 1H 2021). Net income: €11.9m (down 54% from 1H 2021). Profit margin: 8.2% (down from 24% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Announcement • Sep 01
Sidma S.A. Steel Products to Report First Half, 2022 Results on Sep 16, 2022 Sidma S.A. Steel Products announced that they will report first half, 2022 results on Sep 16, 2022 Announcement • May 02
Sidma S.A. Steel Products, Annual General Meeting, May 26, 2022 Sidma S.A. Steel Products, Annual General Meeting, May 26, 2022, at 07:00 Coordinated Universal Time. Location: 188, Megaridos avenue, 19300 Aspropirgos Athens Greece Board Change • Apr 27
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. CFO & Director Michael Samonas was the last 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 13
Full year 2021 earnings released: EPS: €1.89 (vs €0.057 loss in FY 2020) Full year 2021 results: EPS: €1.89 (up from €0.057 loss in FY 2020). Revenue: €226.4m (up 70% from FY 2020). Net income: €25.6m (up €26.4m from FY 2020). Profit margin: 11% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year whereas the company’s share price has increased by 119% per year. Announcement • Apr 12
Sidma S.A. Steel Products to Report Q4, 2021 Results on Apr 11, 2022 Sidma S.A. Steel Products announced that they will report Q4, 2021 results on Apr 11, 2022 Reported Earnings • Sep 23
First half 2021 earnings released: EPS €1.89 (vs €0.17 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €106.4m (up 74% from 1H 2020). Net income: €25.6m (up €27.3m from 1H 2020). Profit margin: 24% (up from net loss in 1H 2020). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 20
New 90-day high: €0.77 The company is up 50% from its price of €0.51 on 20 November 2020. The Greek market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: €0.73 The company is up 86% from its price of €0.39 on 15 October 2020. The Greek market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: €0.61 The company is up 25% from its price of €0.49 on 18 September 2020. The Greek market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 24% over the same period. Announcement • Dec 03
Sidma S.A. Steel Products, Annual General Meeting, Dec 03, 2020 Sidma S.A. Steel Products, Annual General Meeting, Dec 03, 2020, at 10:30 E. Europe Standard Time. Location: 188, Megaridos Avenue 19300, Attikis Aspropirgos Greece Is New 90 Day High Low • Nov 13
New 90-day high: €0.60 The company is up 23% from its price of €0.49 on 14 August 2020. The Greek market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 29% over the same period. Reported Earnings • Sep 27
First half earnings released Over the last 12 months the company has reported total losses of €3.43m, with losses widening by 49% from the prior year. Total revenue was €126.7m over the last 12 months, down 7.4% from the prior year.