New Risk • 6h
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 Italian stocks, typically moving 8.1% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (€3.79m market cap, or US$4.34m). Reported Earnings • Jun 02
Full year 2025 earnings released Full year 2025 results: Revenue: €17.9m (down 21% from FY 2024). Net loss: €2.47m (down €2.56m from profit in FY 2024). New Risk • May 21
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 Italian stocks, typically moving 7.9% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 8.8% per year over the past 5 years. Market cap is less than US$10m (€5.64m market cap, or US$6.55m). 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 (7.9% average weekly change). New Risk • Apr 20
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 8.8% per year over the past 5 years. Market cap is less than US$10m (€4.13m market cap, or US$4.85m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). New Risk • Oct 05
New major risk - Revenue and earnings growth Earnings have declined by 8.8% 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings have declined by 8.8% per year over the past 5 years. Market cap is less than US$10m (€6.78m market cap, or US$7.96m). New Risk • Aug 13
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 Italian stocks, typically moving 7.9% 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 (1.5x net interest cover). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$10m (€7.66m market cap, or US$8.96m). Minor Risk Profit margins are more than 30% lower than last year (0.4% net profit margin). New Risk • Jul 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 Italian stocks, typically moving 5.4% 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 Risks Interest payments are not well covered by earnings (1.5x net interest cover). Market cap is less than US$10m (€6.30m market cap, or US$7.44m). Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.00, the stock trades at a trailing P/E ratio of 79.8x. Average forward P/E is 17x in the Machinery industry in Italy. Total loss to shareholders of 37% over the past three years. Announcement • Apr 15
Tenax International S.p.A., Annual General Meeting, Apr 28, 2025 Tenax International S.p.A., Annual General Meeting, Apr 28, 2025, at 17:30 W. Europe Standard Time. New Risk • Apr 03
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: 0.4% Last year net profit margin: 3.3% 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: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Market cap is less than US$10m (€7.07m market cap, or US$7.79m). Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Nov 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.28m (US$9.84m) 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (24% accrual ratio). Market cap is less than US$10m (€9.28m market cap, or US$9.84m). Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Oct 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (24% accrual ratio). Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (€10.5m market cap, or US$11.6m). Reported Earnings • Apr 04
Full year 2023 earnings released Full year 2023 results: Revenue: €21.2m (up 20% from FY 2022). Net income: €699.0k (up 112% from FY 2022). Profit margin: 3.3% (up from 1.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Machinery industry in Italy. Reported Earnings • Oct 06
First half 2023 earnings released First half 2023 results: Revenue: €9.41m (up 41% from 1H 2022). Net income: €203.2k (up €352.3k from 1H 2022). Profit margin: 2.2% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Machinery industry in Italy. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: €0.094 (vs €0.069 in FY 2021) Full year 2022 results: EPS: €0.094 (up from €0.069 in FY 2021). Revenue: €17.6m (up 62% from FY 2021). Net income: €329.9k (up 39% from FY 2021). Profit margin: 1.9% (down from 2.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Machinery industry in Italy. Price Target Changed • Apr 19
Price target increased by 17% to €5.26 Up from €4.49, the current price target is provided by 1 analyst. New target price is 62% above last closing price of €3.24. Stock is down 4.4% over the past year. Reported Earnings • Apr 19
Full year 2021 earnings released: EPS: €0.069 (vs €0.054 in FY 2020) Full year 2021 results: EPS: €0.069 (up from €0.054 in FY 2020). Revenue: €10.8m (up 33% from FY 2020). Net income: €237.5k (up 40% from FY 2020). Profit margin: 2.2% (in line with FY 2020). Over the next year, revenue is forecast to grow 18%, compared to a 17% growth forecast for the industry in Italy.