Recent Insider Transactions • Nov 05
Independent Member of Supervisory Board recently sold €4.1m worth of stock On the 31st of October, Paul Willing sold around 206k shares on-market at roughly €20.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €11m more than they bought in the last 12 months. Reported Earnings • Jul 29
Second quarter 2022 earnings released: €0.02 loss per share (vs €0.09 profit in 2Q 2021) Second quarter 2022 results: €0.02 loss per share (down from €0.09 profit in 2Q 2021). Revenue: €152.5m (up 6.4% from 2Q 2021). Net loss: €2.01m (down 125% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 4.6%, compared to a 7.7% growth forecast for the industry in the Netherlands. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 01
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: €0.025 loss per share (down from €0.26 profit in 1Q 2021). Revenue: €147.6m (up 5.2% from 1Q 2021). Net loss: €2.21m (down 109% from profit in 1Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 4.9%, compared to a 6.7% growth forecast for the industry in the Netherlands. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €0.96 to €0.70 per share. Revenue forecast steady at €600.0m. Net income forecast to shrink 3.0% next year vs 24% growth forecast for Professional Services industry in the Netherlands . Consensus price target of €19.00 unchanged from last update. Share price was steady at €19.40 over the past week. Reported Earnings • Feb 11
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €0.72 (up from €0.23 in FY 2020). Revenue: €571.3m (up 1.2% from FY 2020). Net income: €65.3m (up 214% from FY 2020). Profit margin: 11% (up from 3.7% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 5.0%, compared to a 6.6% growth forecast for the industry in the Netherlands. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improved over the past week After last week's 23% share price gain to €20.65, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 22x in the Professional Services industry in Europe. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improved over the past week After last week's 23% share price gain to €20.65, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 22x in the Professional Services industry in Europe. Total returns to shareholders of 51% over the past three years. Price Target Changed • Nov 23
Price target increased to €19.00 Up from €16.13, the current price target is an average from 6 analysts. New target price is 5.9% below last closing price of €20.20. Stock is up 39% over the past year. The company is forecast to post earnings per share of €0.78 for next year compared to €0.23 last year. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 36% share price gain to €17.30, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 22x in the Professional Services industry in Europe. Total returns to shareholders of 26% over the past three years. Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS €0.12 (vs €0.18 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €140.3m (up 1.6% from 3Q 2020). Net income: €11.1m (down 33% from 3Q 2020). Profit margin: 7.9% (down from 12% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% 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. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS €0.09 (vs €0.094 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €143.4m (up 2.8% from 2Q 2020). Net income: €8.13m (up €16.6m from 2Q 2020). Profit margin: 5.7% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 15
Price target decreased to €16.72 Down from €18.20, the current price target is an average from 6 analysts. New target price is 18% above last closing price of €14.22. Stock is down 7.8% over the past year. Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS €0.26 (vs €0.024 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €140.3m (down 1.3% from 1Q 2020). Net income: €23.7m (up €25.8m from 1Q 2020). Profit margin: 17% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. 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 2% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 19
Analysts update estimates The 2021 consensus earning per share (EPS) estimate was lowered from €1.13 to €0.94. Revenue estimate was approximately flat at €577.6m. Net income is expected to grow by 311% next year compared to 34% growth forecast for the Professional Services industry in the Netherlands. The consensus price target of €18.33 was unchanged from the last update. Share price is down by 1.2% to €13.54 over the past week. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.6%. Earnings per share (EPS) also missed analyst estimates by 77%. Over the next year, revenue is forecast to grow 2.7%, compared to a 2.1% growth forecast for the Professional Services industry in the Netherlands. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS €0.23 (vs €1.01 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: €564.5m (up 3.9% from FY 2019). Net income: €20.8m (down 77% from FY 2019). Profit margin: 3.7% (down from 17% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 18
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from €1.14 to €1.01. Revenue estimate was approximately flat at €567.7m. Net income is expected to grow by 264% next year compared to 29% growth forecast for the Professional Services industry in the Netherlands. The consensus price target increased from €17.60 to €18.20. Share price is up 7.7% to €13.38 over the past week. Is New 90 Day High Low • Dec 11
New 90-day low: €12.70 The company is down 17% from its price of €15.34 on 11 September 2020. The Dutch market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €29.12 per share. Major Estimate Revision • Oct 30
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.83 to €1.14. Revenue estimate for the same period was approximately flat at €566.8m. Net income is expected to grow by 261% next year compared to 23% growth forecast for the Professional Services industry in the Netherlands. The consensus price target increased from €17.60 to €17.80. Share price is down by 4.3% to €13.30 over the past week. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of €26.4m, down 73% from the prior year. Total revenue was €570.3m over the last 12 months, up 8.5% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 24
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 0.8% at €138.1m. Revenue is forecast to grow 1.8% over the next year, while the growth in Professional Services industry in the Netherlands is expected to stay flat. Is New 90 Day High Low • Oct 22
New 90-day low: €13.64 The company is down 10.0% from its price of €15.20 on 24 July 2020. The Dutch market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €25.44 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €14.36 The company is down 1.0% from its price of €14.54 on 25 June 2020. The Dutch market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Professional Services industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €27.04 per share.