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Strauss Group Starts 2026 With NIS 3.0b Revenue and Strong Coffee-Led Growth Strauss Group reported Q1 2026 revenues of NIS 3.0b, EBIT of NIS 316m with an EBIT margin of 10.5%, and net profit of NIS 181m.
The company highlighted continued positive momentum from 2025, supported by a focus on its coffee operations.
Management reported progress in turning around the confectionery business in Israel and expanding its joint venture presence in Brazil through 3corações’ acquisition of Yoki, alongside volume growth across all key activities in Q1.
The combination of solid profitability metrics and reported volume growth across core activities indicates that Strauss is currently benefiting from both its operational focus in coffee and the recovery effort in its Israeli confectionery segment.
You may want to monitor how the integration of Yoki into the Brazil joint venture and the ongoing confectionery turnaround affect margins and volumes in coming quarters, since execution risks and regional demand shifts can influence the durability of this performance. New Risk • May 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.2% net profit margin). Announcement • May 05
Strauss Group Ltd. to Report Q1, 2026 Results on May 20, 2026 Strauss Group Ltd. announced that they will report Q1, 2026 results on May 20, 2026 Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: ₪3.47 (vs ₪5.36 in FY 2024) Full year 2025 results: EPS: ₪3.47 (down from ₪5.36 in FY 2024). Revenue: ₪7.82b (up 10% from FY 2024). Net income: ₪404.0m (down 35% from FY 2024). Profit margin: 5.2% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Mar 20
Strauss Group Ltd. to Report Q4, 2025 Results on Mar 25, 2026 Strauss Group Ltd. announced that they will report Q4, 2025 results on Mar 25, 2026 Reported Earnings • Nov 27
Third quarter 2025 earnings released: EPS: ₪1.09 (vs ₪0.85 in 3Q 2024) Third quarter 2025 results: EPS: ₪1.09 (up from ₪0.85 in 3Q 2024). Revenue: ₪2.05b (up 9.7% from 3Q 2024). Net income: ₪127.0m (up 28% from 3Q 2024). Profit margin: 6.2% (up from 5.3% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Nov 23
New major risk - Revenue and earnings growth Earnings have declined by 3.3% 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 Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings have declined by 3.3% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Nov 04
Strauss Group Ltd. to Report Q3, 2025 Results on Nov 26, 2025 Strauss Group Ltd. announced that they will report Q3, 2025 results Pre-Market on Nov 26, 2025 Reported Earnings • Aug 26
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₪0.55 (down from ₪0.70 in 2Q 2024). Revenue: ₪1.88b (up 10% from 2Q 2024). Net income: ₪64.0m (down 22% from 2Q 2024). Profit margin: 3.4% (down from 4.8% in 2Q 2024). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates by 53%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Aug 12
Strauss Group Ltd. to Report Q2, 2025 Results on Aug 26, 2025 Strauss Group Ltd. announced that they will report Q2, 2025 results on Aug 26, 2025 Announcement • Jun 05
Strauss Group Ltd., Annual General Meeting, Jul 09, 2025 Strauss Group Ltd., Annual General Meeting, Jul 09, 2025. Location: company offices, Israel Reported Earnings • May 29
First quarter 2025 earnings released: EPS: ₪0.74 (vs ₪0.44 in 1Q 2024) First quarter 2025 results: EPS: ₪0.74 (up from ₪0.44 in 1Q 2024). Revenue: ₪1.89b (up 9.3% from 1Q 2024). Net income: ₪86.0m (up 69% from 1Q 2024). Profit margin: 4.6% (up from 3.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • May 28
Price target increased by 12% to ₪86.00 Up from ₪77.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₪86.47. Stock is up 41% over the past year. The company posted earnings per share of ₪5.36 last year. Announcement • May 14
Strauss Group Ltd. to Report Q1, 2025 Results on May 28, 2025 Strauss Group Ltd. announced that they will report Q1, 2025 results on May 28, 2025 New Risk • Apr 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 97% 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 have declined by 11% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Declared Dividend • Mar 27
Final dividend of ₪1.37 announced Shareholders will receive a dividend of ₪1.37. Ex-date: 2nd April 2025 Payment date: 10th April 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but not covered by cash flows (dividend approximately 19x free cash flows). The dividend has increased by an average of 11% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 2.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 26
Full year 2024 earnings released: EPS: ₪5.35 (vs ₪4.19 in FY 2023) Full year 2024 results: EPS: ₪5.35 (up from ₪4.19 in FY 2023). Revenue: ₪7.09b (up 4.3% from FY 2023). Net income: ₪624.0m (up 28% from FY 2023). Profit margin: 8.8% (up from 7.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Mar 25
Strauss Group Ltd. Announces Dividend Strauss Group Ltd. announced to distribute dividend of NIS 160 million. Announcement • Mar 13
Strauss Group Ltd. to Report Q4, 2024 Results on Mar 25, 2025 Strauss Group Ltd. announced that they will report Q4, 2024 results on Mar 25, 2025 Announcement • Feb 20
Strauss Group Ltd. announces Annual dividend, payable on March 04, 2025 Strauss Group Ltd. announced Annual dividend of ILS 1.7158 per share payable on March 04, 2025, ex-date on February 25, 2025 and record date on February 25, 2025. Reported Earnings • Nov 26
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₪1.87b (up 7.3% from 3Q 2023). Net income: ₪99.0m (up 24% from 3Q 2023). Profit margin: 5.3% (up from 4.6% in 3Q 2023). The increase in margin was driven by higher revenue. Announcement • Oct 01
Strauss Group Ltd., Annual General Meeting, Nov 05, 2024 Strauss Group Ltd., Annual General Meeting, Nov 05, 2024. Location: co. offices, Israel Reported Earnings • Aug 31
Second quarter 2024 earnings released: EPS: ₪0.70 (vs ₪0.62 in 2Q 2023) Second quarter 2024 results: EPS: ₪0.70 (up from ₪0.62 in 2Q 2023). Revenue: ₪1.70b (up 4.3% from 2Q 2023). Net income: ₪82.0m (up 12% from 2Q 2023). Profit margin: 4.8% (up from 4.5% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 29
Price target decreased by 12% to ₪72.50 Down from ₪82.00, the current price target is an average from 2 analysts. New target price is 26% above last closing price of ₪57.48. Stock is down 30% over the past year. The company posted earnings per share of ₪4.19 last year. Announcement • Aug 20
Strauss Group Ltd. to Report Q2, 2024 Results on Aug 29, 2024 Strauss Group Ltd. announced that they will report Q2, 2024 results on Aug 29, 2024 Reported Earnings • May 28
First quarter 2024 earnings released: EPS: ₪0.44 (vs ₪1.99 in 1Q 2023) First quarter 2024 results: EPS: ₪0.44 (down from ₪1.99 in 1Q 2023). Revenue: ₪1.73b (flat on 1Q 2023). Net income: ₪51.0m (down 78% from 1Q 2023). Profit margin: 3.0% (down from 14% in 1Q 2023). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 26% 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. Buy Or Sell Opportunity • Apr 24
Now 21% overvalued Over the last 90 days, the stock has fallen 3.7% to ₪68.83. The fair value is estimated to be ₪57.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are forecast to decline by 80% per annum over the same time period. New Risk • Apr 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 141% Dividend yield: 3.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 80% per year for the foreseeable future. Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by cash flows (141% cash payout ratio). Reported Earnings • Mar 27
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₪4.19 (up from ₪0.55 in FY 2022). Revenue: ₪6.80b (up 11% from FY 2022). Net income: ₪488.0m (up ₪424.0m from FY 2022). Profit margin: 7.2% (up from 1.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 18
Now 21% overvalued Over the last 90 days, the stock has fallen 2.2% to ₪69.10. The fair value is estimated to be ₪57.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are forecast to decline by 63% per annum over the same time period. Price Target Changed • Jan 15
Price target decreased by 7.3% to ₪82.50 Down from ₪89.00, the current price target is an average from 2 analysts. New target price is 13% above last closing price of ₪73.16. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₪5.21 for next year compared to ₪0.55 last year. Announcement • Jan 01
Strauss Group Ltd. to Report Q3, 2024 Results on Nov 25, 2024 Strauss Group Ltd. announced that they will report Q3, 2024 results on Nov 25, 2024 Reported Earnings • Dec 02
Third quarter 2023 earnings: Revenues miss analyst expectations Third quarter 2023 results: Revenue: ₪1.75b (up 8.6% from 3Q 2022). Net income: ₪80.0m (up 196% from 3Q 2022). Profit margin: 4.6% (up from 1.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.6%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Food industry in Asia. Announcement • Nov 20
Strauss Group Ltd. to Report Q3, 2023 Results on Nov 28, 2023 Strauss Group Ltd. announced that they will report Q3, 2023 results on Nov 28, 2023 Reported Earnings • Aug 17
Second quarter 2023 earnings: Revenues in line with analyst expectations Second quarter 2023 results: Revenue: ₪1.63b (up 15% from 2Q 2022). Net income: ₪73.0m (up 33% from 2Q 2022). Profit margin: 4.5% (up from 3.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Food industry in Asia. Buying Opportunity • Jul 25
Now 21% undervalued Over the last 90 days, the stock is up 4.1%. The fair value is estimated to be ₪103, 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 declined by 31%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is forecast to decline by 56% per annum over the same time period. Buying Opportunity • Jul 03
Now 21% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be ₪103, 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 declined by 31%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is forecast to decline by 56% per annum over the same time period. New Risk • Jun 10
New major risk - Revenue and earnings growth Earnings have declined by 7.6% 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 Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 7.6% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (4.5% net profit margin). Reported Earnings • May 31
First quarter 2023 earnings released: EPS: ₪1.99 (vs ₪0.12 in 1Q 2022) First quarter 2023 results: EPS: ₪1.99 (up from ₪0.12 in 1Q 2022). Revenue: ₪1.71b (up 13% from 1Q 2022). Net income: ₪231.0m (up ₪217.0m from 1Q 2022). Profit margin: 14% (up from 0.9% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • May 10
Strauss Group Ltd. to Report Q2, 2023 Results on Aug 15, 2023 Strauss Group Ltd. announced that they will report Q2, 2023 results on Aug 15, 2023 Buying Opportunity • Apr 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₪97.22, 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 declined by 26%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings is also forecast to grow by 43% per annum over the same time period. Reported Earnings • Mar 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₪0.55 (down from ₪5.25 in FY 2021). Revenue: ₪6.11b (flat on FY 2021). Net income: ₪64.0m (down 90% from FY 2021). Profit margin: 1.0% (down from 10.0% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 66%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Jan 04
Price target decreased to ₪95.50 Down from ₪107, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₪92.05. Stock is down 7.5% over the past year. The company is forecast to post earnings per share of ₪1.62 for next year compared to ₪5.25 last year. Buying Opportunity • Dec 12
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₪109, 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 declined by 5.4%. For the next 3 years, revenue is forecast to grow by 10.0% per annum. Earnings is also forecast to grow by 37% per annum over the same time period. Reported Earnings • Nov 30
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: ₪1.61b (up 4.0% from 3Q 2021). Net income: ₪27.0m (down 86% from 3Q 2021). Profit margin: 1.7% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Food industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Announcement • Nov 22
Strauss Group Ltd. to Report Q3, 2022 Results on Nov 28, 2022 Strauss Group Ltd. announced that they will report Q3, 2022 results on Nov 28, 2022 Board Change • Nov 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. 4 experienced directors. 7 highly experienced directors. 5 independent directors (7 non-independent directors). Independent External Director Tzipi Ozer-Armon was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 01
Strauss Group Announces CEO Changes Strauss Group has appointed a new chief executive. Shai Babad, a former director at Israel's Ministry of Finance, will assume the reins at the snacks, dips and drinks company on 1 December. He will succeed company veteran Giora Bardea, who has spent more than 20 years at Strauss Group and became its CEO in 2018. Babad's most recent role was as chief executive of Israeli holding company Blue Square Group, a position he is said to have had for around six months. From May 2015 to June 2020, Babad was director general of Israel's Ministry of Finance. His career includes a stint heading up the country's TV and radio authority and seven years at shipping business ZIM Integrated Shipping Services. Babad joins Strauss Group as CEO after a challenging period for the company. The firm has spent recent months at the centre of the large product recall Israel has seen. In April, the Israeli government suspended production at the plants in Nof Hagalil, which had been under the spotlight after a nationwide recall of products made by Strauss Group subsidiary Elite. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₪1.42b (down 2.5% from 2Q 2021). Net income: ₪55.0m (down 58% from 2Q 2021). Profit margin: 3.9% (down from 8.9% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 50%, compared to a 15% growth forecast for the Food industry in Israel. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 27
First quarter 2022 earnings released: EPS: ₪0.12 (vs ₪1.75 in 1Q 2021) First quarter 2022 results: EPS: ₪0.12 (down from ₪1.75 in 1Q 2021). Revenue: ₪1.51b (flat on 1Q 2021). Net income: ₪14.0m (down 93% from 1Q 2021). Profit margin: 0.9% (down from 14% in 1Q 2021). Over the next year, revenue is forecast to grow 44%, compared to a 15% growth forecast for the industry in Israel. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent External Director Tzipi Ozer-Armon 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 • Nov 18
Third quarter 2021 earnings released The company reported a solid third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₪1.55b (flat on 3Q 2020). Net income: ₪189.0m (up 13% from 3Q 2020). Profit margin: 12% (up from 11% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Announcement • Aug 19
Strauss Group Ltd. (TASE:STRS) agreed to acquire a majority 51% stake in Wyler Farm Ltd. Strauss Group Ltd. (TASE:STRS) agreed to acquire a majority 51% stake in Wyler Farm Ltd. on August 18, 2021. The deal is subject to approval by Israel's competition authority. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ₪1.46b (up 9.4% from 2Q 2020). Net income: ₪130.0m (up 3.2% from 2Q 2020). Profit margin: 8.9% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. 
