Buy Or Sell Opportunity • Jun 28
Now 21% overvalued Over the last 90 days, the stock has fallen 3.7% to RON4.14. The fair value is estimated to be RON3.42, 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. Earnings per share has grown by 2.5%. Buy Or Sell Opportunity • Jun 09
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to RON4.16. The fair value is estimated to be RON3.42, 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. Earnings per share has declined by 6.3%. Announcement • Jun 01
SC Aages SA to Report Q3, 2026 Results on Nov 26, 2026 SC Aages SA announced that they will report Q3, 2026 results on Nov 26, 2026 Reported Earnings • May 24
First quarter 2026 earnings released: EPS: RON0.05 (vs RON0.097 in 1Q 2025) First quarter 2026 results: EPS: RON0.05 (down from RON0.097 in 1Q 2025). Revenue: RON12.5m (up 31% from 1Q 2025). Net income: RON502.2k (down 48% from 1Q 2025). Profit margin: 4.0% (down from 10% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 17
SC Aages SA to Report Q1, 2026 Results on May 20, 2026 SC Aages SA announced that they will report Q1, 2026 results on May 20, 2026 Announcement • Apr 25
SC Aages SA to Report Fiscal Year 2025 Results on Apr 23, 2026 SC Aages SA announced that they will report fiscal year 2025 results on Apr 23, 2026 New Risk • Mar 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RON43.0m (US$9.71m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (RON43.0m market cap, or US$9.71m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.1% net profit margin). Announcement • Mar 13
SC Aages SA announces Annual dividend, payable on July 07, 2026 SC Aages SA announced Annual dividend of RON 0.1100 per share payable on July 07, 2026, ex-date on June 16, 2026 and record date on June 17, 2026. Announcement • Mar 12
SC Aages SA, Annual General Meeting, May 27, 2026 SC Aages SA, Annual General Meeting, May 27, 2026. New Risk • Mar 08
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: 9.1% Last year net profit margin: 19% 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.1% net profit margin). Market cap is less than US$100m (RON47.0m market cap, or US$10.7m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: RON0.001 (vs RON0.032 in 3Q 2024) Third quarter 2025 results: EPS: RON0.001 (down from RON0.032 in 3Q 2024). Revenue: RON7.85m (down 35% from 3Q 2024). Net income: RON5.3k (down 98% from 3Q 2024). Profit margin: 0.1% (down from 2.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Machinery industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Apr 29
Upcoming dividend of RON0.30 per share Eligible shareholders must have bought the stock before 06 May 2025. Payment date: 27 May 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Romanian dividend payers (7.2%). Lower than average of industry peers (14%). Reported Earnings • Apr 23
Full year 2024 earnings released: EPS: RON1.13 (vs RON0.67 in FY 2023) Full year 2024 results: EPS: RON1.13 (up from RON0.67 in FY 2023). Revenue: RON58.5m (up 27% from FY 2023). Net income: RON11.3m (up 68% from FY 2023). Profit margin: 19% (up from 14% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Europe. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 24% per year. Declared Dividend • Mar 21
Dividend increased to RON0.30 Dividend of RON0.30 is 20% higher than last year. Ex-date: 6th May 2025 Payment date: 27th May 2025 Dividend yield will be 4.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 16% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
SC Aages SA announces Annual dividend, payable on May 27, 2025 SC Aages SA announced Annual dividend of RON 0.3000 per share payable on May 27, 2025, ex-date on May 06, 2025 and record date on May 07, 2025. Announcement • Feb 20
SC Aages SA, Annual General Meeting, Apr 16, 2025 SC Aages SA, Annual General Meeting, Apr 16, 2025. New Risk • Nov 22
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Market cap is less than US$100m (RON69.0m market cap, or US$14.4m). New Risk • Aug 30
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 Romanian stocks, typically moving 8.7% 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 (8.7% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (RON74.1m market cap, or US$16.5m). Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to RON5.15, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 28x in the Machinery industry in Romania. Total returns to shareholders of 91% over the past three years. Buy Or Sell Opportunity • Jun 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to RON4.18. The fair value is estimated to be RON3.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 21%. Buy Or Sell Opportunity • May 21
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 8.4% to RON4.14. The fair value is estimated to be RON3.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • May 20
First quarter 2024 earnings released: EPS: RON0.20 (vs RON0.033 in 1Q 2023) First quarter 2024 results: EPS: RON0.20 (up from RON0.033 in 1Q 2023). Revenue: RON13.0m (up 29% from 1Q 2023). Net income: RON1.98m (up RON1.65m from 1Q 2023). Profit margin: 15% (up from 3.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 08
Upcoming dividend of RON0.25 per share Eligible shareholders must have bought the stock before 15 May 2024. Payment date: 04 June 2024. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 8.1%. Within top quartile of Romanian dividend payers (6.5%). Higher than average of industry peers (3.8%). Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: RON0.61 (vs RON0.69 in FY 2022) Full year 2023 results: EPS: RON0.61 (down from RON0.69 in FY 2022). Revenue: RON45.9m (up 1.6% from FY 2022). Net income: RON6.76m (down 2.0% from FY 2022). Profit margin: 15% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: RON0.16 (vs RON0.29 in 3Q 2022) Third quarter 2023 results: EPS: RON0.16 (down from RON0.29 in 3Q 2022). Revenue: RON10.7m (down 20% from 3Q 2022). Net income: RON1.60m (down 46% from 3Q 2022). Profit margin: 15% (down from 22% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: RON0.24 (vs RON0.23 in 2Q 2022) Second quarter 2023 results: EPS: RON0.24 (up from RON0.23 in 2Q 2022). Revenue: RON11.2m (down 8.6% from 2Q 2022). Net income: RON2.43m (up 6.0% from 2Q 2022). Profit margin: 22% (up from 19% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 09
Upcoming dividend of RON0.30 per share at 7.8% yield Eligible shareholders must have bought the stock before 16 May 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 7.8%. Lower than top quartile of Romanian dividend payers (8.2%). Higher than average of industry peers (2.7%). 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. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • May 10
Upcoming dividend of RON0.20 per share Eligible shareholders must have bought the stock before 17 May 2022. Payment date: 09 June 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Romanian dividend payers (6.5%). Higher than average of industry peers (2.7%). Board Change • Apr 27
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. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Aug 30
Second quarter 2021 earnings released: EPS RON0.14 (vs RON0.032 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RON8.32m (up 30% from 2Q 2020). Net income: RON1.36m (up 322% from 2Q 2020). Profit margin: 16% (up from 5.0% 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 6% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • May 18
First quarter 2021 earnings released: EPS RON0.17 (vs RON0.027 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: RON9.36m (up 21% from 1Q 2020). Net income: RON1.66m (up RON1.39m from 1Q 2020). Profit margin: 18% (up from 3.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Upcoming Dividend • May 10
Upcoming dividend of RON0.10 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 09 June 2021. Trailing yield: 3.2%. Lower than top quartile of Romanian dividend payers (5.4%). Higher than average of industry peers (1.8%). Is New 90 Day High Low • Feb 01
New 90-day high: RON3.04 The company is up 5.0% from its price of RON2.90 on 03 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: RON2.94 The company is up 2.0% from its price of RON2.88 on 09 October 2020. The Romanian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 10.0% over the same period. Is New 90 Day High Low • Sep 23
New 90-day high: RON2.94 The company is up 10.0% from its price of RON2.68 on 24 June 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 7.0% over the same period.