Reported Earnings • Apr 26
Full year 2025 earnings released: EPS: €2.64 (vs €3.18 in FY 2024) Full year 2025 results: EPS: €2.64 (down from €3.18 in FY 2024). Revenue: €641.9m (up 8.5% from FY 2024). Net income: €47.1m (down 17% from FY 2024). Profit margin: 7.3% (down from 9.6% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 12
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: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Feb 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. New Risk • Dec 18
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 Luxembourger stocks, typically moving 6.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 28
First half 2025 earnings released: EPS: €2.80 (vs €1.51 in 1H 2024) First half 2025 results: EPS: €2.80 (up from €1.51 in 1H 2024). Revenue: €384.7m (up 23% from 1H 2024). Net income: €49.9m (up 85% from 1H 2024). Profit margin: 13% (up from 8.6% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. New Risk • Jun 16
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 Luxembourger stocks, typically moving 6.7% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €16.30, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 16x in the Food industry in Europe. Total returns to shareholders of 12% over the past three years. Reported Earnings • May 02
Full year 2024 earnings released: EPS: €3.18 (vs €1.58 in FY 2023) Full year 2024 results: EPS: €3.18 (up from €1.58 in FY 2023). Revenue: €597.3m (up 6.1% from FY 2023). Net income: €56.8m (up 101% from FY 2023). Profit margin: 9.5% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. 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: 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 (7.2% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Apr 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 Luxembourger stocks, typically moving 6.8% 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: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). New Risk • Dec 09
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 Luxembourger stocks, typically moving 5.9% 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: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (4.3% net profit margin). Reported Earnings • Sep 27
First half 2024 earnings released: EPS: €1.51 (vs €1.76 in 1H 2023) First half 2024 results: EPS: €1.51 (down from €1.76 in 1H 2023). Revenue: €313.0m (down 3.8% from 1H 2023). Net income: €27.0m (down 14% from 1H 2023). Profit margin: 8.6% (down from 9.6% in 1H 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: €1.58 (vs €4.24 in FY 2022) Full year 2023 results: EPS: €1.58 (down from €4.24 in FY 2022). Revenue: €574.7m (down 11% from FY 2022). Net income: €28.2m (down 63% from FY 2022). Profit margin: 4.9% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. 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). Share price has been volatile over the past 3 months (4.9% average weekly change). Profit margins are more than 30% lower than last year (8.0% net profit margin). Reported Earnings • Sep 26
First half 2023 earnings released: EPS: €1.76 (vs €3.26 in 1H 2022) First half 2023 results: EPS: €1.76 (down from €3.26 in 1H 2022). Revenue: €331.3m (down 10% from 1H 2022). Net income: €31.4m (down 46% from 1H 2022). Profit margin: 9.5% (down from 16% in 1H 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Sep 25
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: 7.9% Last year net profit margin: 14% 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 Risk Share price has been highly volatile over the past 3 months (6.1% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (7.9% net profit margin). New Risk • Jul 20
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 Luxembourger stocks, typically moving 6.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 26
Full year 2022 earnings released: EPS: €4.24 (vs €4.04 in FY 2021) Full year 2022 results: EPS: €4.24 (up from €4.04 in FY 2021). Revenue: €653.2m (up 21% from FY 2021). Net income: €75.6m (up 4.9% from FY 2021). Profit margin: 12% (down from 13% 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 85% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.80, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 17x in the Food industry in Europe. Total returns to shareholders of 44% over the past three years. 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 not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 1 independent director (7 non-independent directors). Independent Director Frederic Lemaire was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 26
First half 2022 earnings released: EPS: €3.26 (vs €2.36 in 1H 2021) First half 2022 results: EPS: €3.26 (up from €2.36 in 1H 2021). Revenue: €372.4m (up 29% from 1H 2021). Net income: €58.1m (up 38% from 1H 2021). Profit margin: 16% (up from 15% in 1H 2021). The increase in margin was driven by higher revenue. 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
Full year 2021 earnings released: EPS: €4.04 (vs €0.22 loss in FY 2020) Full year 2021 results: EPS: €4.04 (up from €0.22 loss in FY 2020). Revenue: €544.1m (up 30% from FY 2020). Net income: €72.0m (up €75.9m from FY 2020). Profit margin: 13% (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 101% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 8 highly experienced directors. 1 independent director (10 non-independent directors). Independent Director Pierre Lemaire was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 15% share price gain to €9.80, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 19x in the Food industry in Europe. Total loss to shareholders of 28% over the past three years. Reported Earnings • Sep 28
First half 2021 earnings released: EPS €2.36 (vs €0.48 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €289.3m (up 30% from 1H 2020). Net income: €42.1m (up 395% from 1H 2020). Profit margin: 15% (up from 3.8% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
Full year 2020 earnings released: €0.22 loss per share (vs €0.088 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: €421.6m (up 6.0% from FY 2019). Net loss: €3.88m (down 346% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Dec 30
New 90-day high: €11.30 The company is up 33% from its price of €8.50 on 01 October 2020. The Luxembourger market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 16% share price gain to €11.00, the stock is trading at a trailing P/E ratio of 27.3x, up from the previous P/E ratio of 23.4x. This compares to an average P/E of 17x in the Food industry in Europe. Total return to shareholders over the past three years is a loss of 36%. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 16% share price gain to €9.75, the stock is trading at a trailing P/E ratio of 24.2x, up from the previous P/E ratio of 20.8x. This compares to an average P/E of 16x in the Food industry in Europe. Total return to shareholders over the past three years is a loss of 43%. Is New 90 Day High Low • Nov 16
New 90-day high: €9.85 The company is up 11% from its price of €8.85 on 18 August 2020. The Luxembourger market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is down 2.0% over the same period. Valuation Update With 7 Day Price Move • Nov 16
Market bids up stock over the past week After last week's 16% share price gain to €9.85, the stock is trading at a trailing P/E ratio of 24.4x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 17x in the Food industry in Europe. Total return to shareholders over the past three years is a loss of 43%. Is New 90 Day High Low • Oct 24
New 90-day low: €8.05 The company is down 2.0% from its price of €8.20 on 24 July 2020. The Luxembourger market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is down 3.0% over the same period. Reported Earnings • Sep 21
First half earnings released Over the last 12 months the company has reported total profits of €7.19m, up 47% from the prior year. Total revenue was €432.5m over the last 12 months, up 14% from the prior year.