New Risk • Jun 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Earnings have declined by 38% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risk Market cap is less than US$100m (€32.4m market cap, or US$37.8m). New Risk • May 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Earnings have declined by 38% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risk Market cap is less than US$100m (€33.1m market cap, or US$38.5m). Buy Or Sell Opportunity • May 16
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to €11.15. The fair value is estimated to be €8.55, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €11.15, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 32x in the Communications industry in Europe. Total loss to shareholders of 8.2% over the past three years. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €9.94, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 37x in the Communications industry in Europe. Total loss to shareholders of 28% over the past three years. Reported Earnings • Feb 13
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: €15.5m (up 121% from 2Q 2025). Net income: €2.74m (up €2.51m from 2Q 2025). Profit margin: 18% (up from 3.2% in 2Q 2025). The increase in margin was driven by higher revenue. 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 Latvian stocks, typically moving 3.2% 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 41% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (3.2% average weekly change). Market cap is less than US$100m (€19.4m market cap, or US$22.6m). Announcement • Nov 15
SAF Tehnika A/S, Annual General Meeting, Dec 16, 2025 SAF Tehnika A/S, Annual General Meeting, Dec 16, 2025, at 10:00 FLE Standard Time. Reported Earnings • Nov 14
First quarter 2026 earnings released First quarter 2026 results: Revenue: €8.08m (down 5.2% from 1Q 2025). Net income: €692.6k (down 15% from 1Q 2025). Profit margin: 8.6% (in line with 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 20
Full year 2025 earnings released: €0.28 loss per share (vs €0.80 loss in FY 2024) Full year 2025 results: €0.28 loss per share (improved from €0.80 loss in FY 2024). Revenue: €26.8m (down 1.0% from FY 2024). Net loss: €820.2k (loss narrowed 65% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • May 16
Third quarter 2025 earnings released: €0.32 loss per share (vs €0.32 loss in 3Q 2024) Third quarter 2025 results: €0.32 loss per share (in line with 3Q 2024). Revenue: €5.52m (down 19% from 3Q 2024). Net loss: €949.4k (flat on 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €7.18m (down 20% from 2Q 2024). Net income: €228.7k (down 56% from 2Q 2024). Profit margin: 3.2% (down from 5.9% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 15
First quarter 2025 earnings released: EPS: €0.27 (vs €0.50 loss in 1Q 2024) First quarter 2025 results: EPS: €0.27 (up from €0.50 loss in 1Q 2024). Revenue: €8.57m (up 59% from 1Q 2024). Net income: €813.9k (up €2.29m from 1Q 2024). Profit margin: 9.5% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Nov 05
SAF Tehnika A/S, Annual General Meeting, Dec 04, 2024 SAF Tehnika A/S, Annual General Meeting, Dec 04, 2024, at 10:00 FLE Standard Time. Announcement • Nov 03
Saf Tehnika Unveils Freemile 60 Peraso Inc. announced that SAF Tehnika JSC ("SAF") has released the FreeMile 60 (FreeMile) radio to provide fixed wireless access (FWA) using Peraso's Perspectus mmWave modules with the X720 chipset. Utilizing the unlicensed 60 GHz band, FreeMile's 90-degree multipoint setup enables wireless Internet service providers (WISPs) to maximize network coverage with minimal infrastructure. With one antenna providing 90° beamforming coverage and optional antenna kits for enhanced directionality, FreeMile's modular design delivers flexibility and efficiency. FreeMile has been released with FCC and CE regulatory certification and is available immediately in North America, Europe and other locations throughout SAF's distribution network. Peraso has been a pioneer of high-performance mmWave phased array solutions for more than a decade. As one of the only providers of solutions for all mmWave communication bands (24GHz - 71GHz), Peraso believes its technology is attractive to WISPs of all sizes. Peraso's fully integrated, unlicensed 60GHz solutions are being deployed and used worldwide for a variety of applications, as demand for alternative FWA broadband platforms continues to grow. New Risk • Sep 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 Latvian stocks, typically moving 3.8% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (3.8% average weekly change). Market cap is less than US$100m (€13.5m market cap, or US$14.9m). Reported Earnings • Aug 20
Full year 2024 earnings released: €0.80 loss per share (vs €1.19 profit in FY 2023) Full year 2024 results: €0.80 loss per share (down from €1.19 profit in FY 2023). Revenue: €28.0m (down 25% from FY 2023). Net loss: €2.39m (down 168% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
Third quarter 2024 earnings released: €0.32 loss per share (vs €0.33 loss in 3Q 2023) Third quarter 2024 results: €0.32 loss per share (improved from €0.33 loss in 3Q 2023). Revenue: €6.87m (up 3.5% from 3Q 2023). Net loss: €942.1k (loss narrowed 3.2% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 08
Second quarter 2024 earnings released: EPS: €0.18 (vs €0.34 in 2Q 2023) Second quarter 2024 results: EPS: €0.18 (down from €0.34 in 2Q 2023). Revenue: €8.22m (down 22% from 2Q 2023). Net income: €522.9k (down 48% from 2Q 2023). Profit margin: 6.4% (down from 9.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Buying Opportunity • Nov 13
Now 29% undervalued after recent price drop Over the last 90 days, the stock is down 32%. The fair value is estimated to be €9.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Meanwhile, the company became loss making. Announcement • Nov 13
SAF Tehnika A/S, Annual General Meeting, Dec 13, 2023 SAF Tehnika A/S, Annual General Meeting, Dec 13, 2023, at 10:00 E. Europe Standard Time. Location: 24a, Ganibu dambis Riga Latvia Agenda: To consider approval of report of the Board of Directors and the Supervisory Council; to consider approval of the annual report for the financial year 2022/2023 and release the Board of Directors from responsibility for financial year 2022/2023; to consider taking a decision regarding distribution of FY 2022/2023 profit; to consider appointment of the auditor for the financial year 2023/2024 and determination of reward for the auditor; to consider approval of Management Board and Supervisory Council remuneration report; to consider amendments to the wording of the Articles of Association. Reported Earnings • Nov 12
First quarter 2024 earnings released: €0.50 loss per share (vs €0.86 profit in 1Q 2023) First quarter 2024 results: €0.50 loss per share (down from €0.86 profit in 1Q 2023). Revenue: €6.31m (down 45% from 1Q 2023). Net loss: €1.47m (down 158% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €8.38, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 19x in the Communications industry in Europe. Total returns to shareholders of 124% over the past three years. Reported Earnings • Aug 12
Full year 2023 earnings released: EPS: €1.14 (vs €2.05 in FY 2022) Full year 2023 results: EPS: €1.14 (down from €2.05 in FY 2022). Revenue: €37.5m (up 11% from FY 2022). Net income: €3.39m (down 44% from FY 2022). Profit margin: 9.0% (down from 18% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year and the company’s share price has also increased by 41% per year. Reported Earnings • May 11
Third quarter 2023 earnings released: €0.33 loss per share (vs €0.56 profit in 3Q 2022) Third quarter 2023 results: €0.33 loss per share (down from €0.56 profit in 3Q 2022). Revenue: €6.73m (down 22% from 3Q 2022). Net loss: €973.7k (down 159% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 10
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €10.6m (up 16% from 2Q 2022). Net income: €1.00m (down 49% from 2Q 2022). Profit margin: 9.5% (down from 22% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 12
Upcoming dividend of €0.68 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 21 December 2022. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of Latvian dividend payers (4.7%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 19
Full year 2022 earnings released: EPS: €2.01 (vs €1.31 in FY 2021) Full year 2022 results: EPS: €2.01 (up from €1.31 in FY 2021). Revenue: €34.4m (up 37% from FY 2021). Net income: €5.96m (up 54% from FY 2021). Profit margin: 17% (up from 16% in FY 2021). The increase in margin was driven by higher revenue. 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 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to €11.60, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 22x in the Communications industry in Europe. Total returns to shareholders of 377% over the past three years. Reported Earnings • Feb 10
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: €0.66 (up from €0.26 in 2Q 2021). Revenue: €9.22m (up 37% from 2Q 2021). Net income: €1.97m (up 157% from 2Q 2021). Profit margin: 21% (up from 11% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 73% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 14
Upcoming dividend of €0.67 per share Eligible shareholders must have bought the stock before 21 December 2021. Payment date: 23 December 2021. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of Latvian dividend payers (3.2%). Higher than average of industry peers (2.0%). Reported Earnings • Aug 12
Full year 2021 earnings released: EPS €1.40 (vs €0.15 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: €26.3m (up 57% from FY 2020). Net income: €4.15m (up €3.71m from FY 2020). Profit margin: 16% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 34% share price gain to €10.10, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 47x in the Communications industry in Europe. Total returns to shareholders of 158% over the past three years. Reported Earnings • May 17
Third quarter 2021 earnings released: EPS €0.33 (vs €0.05 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €6.21m (up 38% from 3Q 2020). Net income: €967.1k (up €808.1k from 3Q 2020). Profit margin: 16% (up from 3.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 25
New 90-day high: €6.20 The company is up 45% from its price of €4.28 on 27 November 2020. The Latvian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is flat over the same period. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 19% share price gain to €5.95, the stock is trading at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 12.9x. This compares to an average P/E of 36x in the Communications industry in Europe. Total returns to shareholders over the past three years are 16%. Reported Earnings • Feb 12
Second quarter 2021 earnings released: EPS €0.26 (vs €0.07 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €6.71m (up 42% from 2Q 2020). Net income: €766.1k (up 297% from 2Q 2020). Profit margin: 11% (up from 4.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 04
New 90-day high: €4.98 The company is up 21% from its price of €4.10 on 06 November 2020. The Latvian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 11% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: €4.94 The company is up 36% from its price of €3.64 on 20 October 2020. The Latvian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is flat over the same period. Reported Earnings • Nov 12
First quarter 2021 earnings released: EPS €0.13 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €4.71m (up 18% from 1Q 2020). Net income: €378.1k (up 46% from 1Q 2020). Profit margin: 8.0% (up from 6.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 05
New 90-day high: €4.02 The company is up 7.0% from its price of €3.74 on 07 August 2020. The Latvian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 10.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: €3.58 The company is down 6.0% from its price of €3.80 on 23 July 2020. The Latvian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is down 5.0% over the same period. 
