Reported Earnings • Jul 26
First half 2023 earnings released: EPS: €0.17 (vs €0.08 in 1H 2022) First half 2023 results: EPS: €0.17 (up from €0.08 in 1H 2022). Revenue: €118.4m (up 5.4% from 1H 2022). Net income: €4.55m (up 110% from 1H 2022). Profit margin: 3.8% (up from 1.9% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 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: 2.3% Last year net profit margin: 5.9% 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 (27% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.3% net profit margin). New Risk • Jul 11
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 Dutch stocks, typically moving 27% 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 Risk Share price has been highly volatile over the past 3 months (27% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.3% net profit margin). Price Target Changed • Jul 11
Price target increased by 63% to €6.10 Up from €3.75, the current price target is provided by 1 analyst. New target price is 6.5% above last closing price of €5.73. The company is forecast to post earnings per share of €0.27 for next year compared to €0.19 last year. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 94% After last week's 94% share price gain to €5.75, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Specialty Retail industry in Europe. Total returns to shareholders of 169% over the past three years. Announcement • May 11
Beter Bed Holding N.V. Declares Dividend for the Financial Year 2022, Payable on May 22, 2023 Beter Bed Holding N.V. declared a dividend of €0.15 per share for the 2022 financial year. The dividend will be distributed fully in cash. ex-dividend May 12, 2023, record date May 15, 2023 and Payment date May 22, 2023. Upcoming Dividend • May 05
Upcoming dividend of €0.15 per share at 4.9% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 22 May 2023. Payout ratio is on the higher end at 77%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Dutch dividend payers (6.7%). Higher than average of industry peers (3.8%). Major Estimate Revision • Apr 18
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €232.0m to €236.0m. EPS estimate increased from €0.22 to €0.28 per share. Net income forecast to grow 42% next year vs 5.1% growth forecast for Specialty Retail industry in the Netherlands. Consensus price target of €4.00 unchanged from last update. Share price was steady at €3.16 over the past week. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: €0.19 (vs €0.47 in FY 2021) Full year 2022 results: EPS: €0.19 (down from €0.47 in FY 2021). Revenue: €229.4m (up 7.1% from FY 2021). Net income: €5.27m (down 58% from FY 2021). Profit margin: 2.3% (down from 5.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jan 24
Consensus EPS estimates fall by 32%, revenue upgraded The consensus outlook for fiscal year 2022 has been updated. 2022 revenue forecast increased from €224.0m to €229.0m. EPS estimate fell from €0.28 to €0.19 per share. Net income forecast to shrink 48% next year vs 7.4% decline forecast for Specialty Retail industry in the Netherlands. Consensus price target up from €3.75 to €4.00. Share price fell 2.8% to €3.11 over the past week. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €234.1m to €227.0m. EPS estimate also fell from €0.48 per share to €0.29 per share. Net income forecast to shrink 26% next year vs 6.9% growth forecast for Specialty Retail industry in the Netherlands . Consensus price target of €5.00 unchanged from last update. Share price fell 5.3% to €3.94 over the past week. Announcement • Jul 28
Beter Bed Holding N.V. to Report Fiscal Year 2022 Results on Mar 10, 2023 Beter Bed Holding N.V. announced that they will report fiscal year 2022 results on Mar 10, 2023 Reported Earnings • Jul 25
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down €4.07m from profit in 1H 2021). Profit margin: (down from 4.2% in 1H 2021). The decrease in margin was driven by lower expenses. Over the next year, revenue is forecast to stay flat compared to a 7.0% growth forecast for the industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €4.05, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Specialty Retail industry in Europe. Total returns to shareholders of 8.8% over the past three years. Upcoming Dividend • May 06
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 23 May 2022. Trailing yield: 3.2%. Lower than top quartile of Dutch dividend payers (5.8%). Lower than average of industry peers (4.3%). Price Target Changed • Apr 27
Price target decreased to €9.00 Down from €10.00, the current price target is provided by 1 analyst. New target price is 83% above last closing price of €4.92. Stock is down 11% over the past year. The company is forecast to post earnings per share of €0.46 for next year compared to €0.47 last year. Reported Earnings • Mar 13
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: €0.47 (up from €0.37 in FY 2020). Revenue: €214.2m (up 3.3% from FY 2020). Net income: €12.5m (up 36% from FY 2020). Profit margin: 5.9% (up from 4.5% in FY 2020). The increase in margin was driven by higher revenue. Like-for-like sales growth: 1.2% vs FY 2020 Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 79%. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the retail industry in the Netherlands. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €3.59, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Specialty Retail industry in Europe. Total loss to shareholders of 17% over the past three years. Major Estimate Revision • Jan 25
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 consensus EPS estimate fell from €0.33 to €0.28. Revenue forecast reaffirmed at €215.0m. Net income forecast to grow 6.6% next year vs 13% growth forecast for Specialty Retail industry in the Netherlands. Consensus price target down from €10.00 to €9.00. Share price fell 12% to €4.85 over the past week. Reported Earnings • Jul 24
First half 2021 earnings released: EPS €0.15 (vs €0.11 in 1H 2020) The company reported a solid first half result with improved earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: €97.2m (flat on 1H 2020). Net income: €4.07m (up 44% from 1H 2020). Profit margin: 4.2% (up from 2.9% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 23
Consensus EPS estimates fall to €0.42 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €233.0m to €223.0m. EPS estimate also fell from €0.47 to €0.42. Net income forecast to grow 37% next year vs 19% growth forecast for Specialty Retail industry in the Netherlands. Consensus price target of €11.00 unchanged from last update. Share price fell 7.4% to €6.74 over the past week. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improved over the past week After last week's 35% share price gain to €8.40, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Specialty Retail industry in Europe. Total returns to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improved over the past week After last week's 15% share price gain to €6.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Specialty Retail industry in Europe. Total loss to shareholders of 21% over the past three years. Major Estimate Revision • Apr 21
Consensus EPS estimates increase to €0.43 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €220.0m to €225.0m. EPS estimate increased from €0.38 to €0.43 per share. Net income forecast to grow 44% next year vs 26% growth forecast for Specialty Retail industry in the Netherlands. Consensus price target of €7.50 unchanged from last update. Share price was steady at €5.40 over the past week. Major Estimate Revision • Mar 20
Consensus EPS estimates fall to €0.38 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €226.4m to €220.0m. EPS estimate also fell from €0.53 to €0.38. Net income forecast to grow 26% next year vs 29% growth forecast for Specialty Retail industry in the Netherlands. Consensus price target of €7.50 unchanged from last update. Share price was steady at €5.30 over the past week. Reported Earnings • Mar 14
Full year 2020 earnings released: EPS €0.32 (vs €0.19 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €222.1m (up 20% from FY 2019). Net income: €7.94m (up €12.1m from FY 2019). Profit margin: 3.6% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Mar 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.005%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 1.8%, compared to a 19% growth forecast for the Specialty Retail industry in the Netherlands. Is New 90 Day High Low • Jan 07
New 90-day high: €5.60 The company is up 80% from its price of €3.11 on 09 October 2020. The Dutch market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 06
New 90-day high: €4.15 The company is up 63% from its price of €2.54 on 07 August 2020. The Dutch market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 8.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: €3.18 The company is up 55% from its price of €2.06 on 09 July 2020. The Dutch market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €81.32 per share.