New Risk • Apr 29
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 Portuguese stocks, typically moving 6.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €7.70, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 15x in the Entertainment industry in Europe. Total returns to shareholders of 106% over the past three years. Announcement • Apr 11
Sport Lisboa e Benfica - Futebol, SAD announced that it expects to receive €40 million in funding Sport Lisboa e Benfica - Futebol, SAD announced that it will issue bonds for the gross proceeds of €40 million in a round of funding on April 9, 2026. The bonds will bear a interest of 4.65% per annum. New Risk • Jul 01
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (30% accrual ratio). New Risk • Jun 12
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 Portuguese stocks, typically moving 10% 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 Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (30% accrual ratio). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €5.98, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 17x in the Entertainment industry in Europe. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €4.87, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 17x in the Entertainment industry in Europe. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €3.98, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 16x in the Entertainment industry in Europe. Total returns to shareholders of 22% over the past three years. New Risk • Apr 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 Portuguese 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. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (€90.2m market cap, or US$98.7m). New Risk • Mar 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% 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 Risk High level of non-cash earnings (30% accrual ratio). Minor Risk Market cap is less than US$100m (€74.3m market cap, or US$80.4m). New Risk • Mar 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€72.0m market cap, or US$74.7m). Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.54, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 13x in the Entertainment industry in Europe. Total loss to shareholders of 33% over the past three years. New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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: 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 (8.3% average weekly change). Earnings have declined by 33% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (€73.6m market cap, or US$81.5m). New Risk • Aug 12
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 Portuguese stocks, typically moving 7.4% 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 (7.4% average weekly change). Earnings have declined by 33% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (€90.4m market cap, or US$98.8m). New Risk • Mar 24
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 45% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (€63.3m market cap, or US$68.3m). New Risk • Oct 25
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 Portuguese stocks, typically moving 5.7% 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. 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 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (€65.8m market cap, or US$69.6m). New Risk • Aug 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 50% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (€78.9m market cap, or US$85.5m). Reported Earnings • Mar 03
First half 2023 earnings released First half 2023 results: Revenue: €111.5m (up 16% from 1H 2022). Net loss: €13.3m (loss narrowed 58% from 1H 2022). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board & CEO Luís Ferreira Vieira was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Sep 30
Now 20% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be €4.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • May 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board & CEO Luís Ferreira Vieira was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 05
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: €1.38 loss per share (down from €0.36 profit in 1H 2021). Revenue: €95.9m (up 79% from 1H 2021). Net loss: €31.7m (down 485% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 11
Full year 2021 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: €94.0m (down 33% from FY 2020). Net loss: €17.4m (down 142% from profit in FY 2020). Is New 90 Day High Low • Feb 26
New 90-day low: €2.24 The company is down 15% from its price of €2.65 on 27 November 2020. The Portuguese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 24
New 90-day low: €2.53 The company is down 8.0% from its price of €2.75 on 24 September 2020. The Portuguese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 02
New 90-day low: €2.56 The company is down 11% from its price of €2.87 on 03 September 2020. The Portuguese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 4.0% over the same period.