Reported Earnings • Mar 04
Full year 2025 earnings released: RON0.34 loss per share (vs RON0.25 loss in FY 2024) Full year 2025 results: RON0.34 loss per share (further deteriorated from RON0.25 loss in FY 2024). Revenue: RON28.3m (down 4.1% from FY 2024). Net loss: RON1.67m (loss widened 36% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. New Risk • Feb 25
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 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). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 161% Minor Risk Market cap is less than US$100m (RON147.8m market cap, or US$34.2m). Reported Earnings • Nov 19
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: RON7.02m (flat on 3Q 2024). Net loss: RON723.5k (loss widened 16% from 3Q 2024). New Risk • Sep 24
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 Romanian 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 150% Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (RON135.0m market cap, or US$31.2m). Reported Earnings • Aug 25
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON8.04m (flat on 2Q 2024). Net loss: RON257.0k (down 316% from profit in 2Q 2024). 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 5% per year, which means it has not declined as severely as earnings. Reported Earnings • May 20
First quarter 2025 earnings released: RON0.16 loss per share (vs RON0.026 profit in 1Q 2024) First quarter 2025 results: RON0.16 loss per share (down from RON0.026 profit in 1Q 2024). Revenue: RON5.59m (down 28% from 1Q 2024). Net loss: RON810.9k (down RON938.4k from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • May 08
Upcoming dividend of RON1.13 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 04 June 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Romanian dividend payers (6.9%). Lower than average of industry peers (3.0%). New Risk • May 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (RON223.6m market cap, or US$50.0m). New Risk • May 01
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 Romanian stocks, typically moving 7.1% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (RON204.9m market cap, or US$46.6m). Announcement • Mar 23
Carbochim S.A. announces Annual dividend, payable on June 04, 2025 Carbochim S.A. announced Annual dividend of RON 1.1300 per share payable on June 04, 2025, ex-date on May 15, 2025 and record date on May 16, 2025. Announcement • Mar 21
Carbochim S.A., Annual General Meeting, Apr 28, 2025 Carbochim S.A., Annual General Meeting, Apr 28, 2025. Reported Earnings • Mar 06
Full year 2024 earnings released: RON0.25 loss per share (vs RON24.62 profit in FY 2023) Full year 2024 results: RON0.25 loss per share (down from RON24.62 profit in FY 2023). Revenue: RON29.7m (down 13% from FY 2023). Net loss: RON1.22m (down 101% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to RON51.00, the stock trades at a trailing P/E ratio of 64.1x. Average trailing P/E is 26x in the Machinery industry in Romania. Total returns to shareholders of 260% over the past three years. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to RON61.50, the stock trades at a trailing P/E ratio of 77.3x. Average trailing P/E is 24x in the Machinery industry in Romania. Total returns to shareholders of 395% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Net loss: RON623.1k (loss narrowed 67% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 66% per year whereas the company’s share price has increased by 70% per year. New Risk • Sep 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RON443.3m (US$98.2m) This is considered a minor 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 Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). High level of non-cash earnings (54% accrual ratio). 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 (8.4% net profit margin). Market cap is less than US$100m (RON443.3m market cap, or US$98.2m). Reported Earnings • Aug 29
Second quarter 2024 earnings released Second quarter 2024 results: Net income: RON118.9k (down 94% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 98% per year whereas the company’s share price has increased by 100% per year. New Risk • Aug 16
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 8.3% 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 (8.3% average weekly change). High level of non-cash earnings (53% accrual ratio). 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 (14% net profit margin). New Risk • Jun 13
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 Romanian stocks, typically moving 6.2% 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 High level of non-cash earnings (53% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Buy Or Sell Opportunity • Jun 13
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to RON119. The fair value is estimated to be RON169, however this is not to be taken as a buy 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 98%. New Risk • Jun 04
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 15% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. 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 (-3.5% net profit margin). New Risk • May 19
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Revenue is less than US$1m. Minor Risk Profit margins are more than 30% lower than last year (-3.5% net profit margin). New Risk • Apr 22
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 Romanian stocks, typically moving 5.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 04
Full year 2023 earnings released: EPS: RON24.50 (vs RON0.005 in FY 2022) Full year 2023 results: EPS: RON24.50 (up from RON0.005 in FY 2022). Revenue: RON181.6m (up 448% from FY 2022). Net income: RON120.7m (up RON120.6m from FY 2022). Profit margin: 67% (up from 0.1% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has increased by 134% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 13
Carbochim S.A. announced that it has received €5 million in funding from Iulius Group S.R.L. Carbochim S.A. announced a private placement for the gross proceeds of €5,000,000 on December 12, 2023. The transaction included participation from new investor Iulius Group S.R.L. Reported Earnings • Nov 14
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON155.8m (up RON148.6m from 3Q 2022). Net loss: RON1.87m (loss widened 164% from 3Q 2022). Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: RON156.7m (up RON147.8m from 2Q 2022). Net income: RON2.09m (up RON2.37m from 2Q 2022). Profit margin: 1.3% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 153% per year but the company’s share price has only increased by 136% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 29
Upcoming dividend of RON29.85 per share Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 21 July 2023. The company last paid an ordinary dividend in April 2014. The average dividend yield among industry peers is 2.7%. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to RON104, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 9x in the Machinery industry in Romania. Total returns to shareholders of 797% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 100% After last week's 100% share price gain to RON65.50, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 13x in the Machinery industry in Romania. Total returns to shareholders of 470% over the past three years. Board Change • Apr 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RON0.29 (up from RON0.28 in FY 2020). Revenue: RON34.1m (up 12% from FY 2020). Net income: RON1.44m (up 5.1% from FY 2020). Profit margin: 4.2% (down from 4.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 77% per year, which means it is well ahead of earnings. Board Change • Jan 05
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: RON7.97m (flat on 3Q 2020). Net income: RON316.9k (down 48% from 3Q 2020). Profit margin: 4.0% (down from 7.7% in 3Q 2020). Board Change • Oct 25
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Turbatu Ioan was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 18% share price gain to RON15.00, the stock trades at a trailing P/E ratio of 53.9x. Average trailing P/E is 12x in the Machinery industry in Romania. Total returns to shareholders of 19% over the past three years. Reported Earnings • Sep 05
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RON9.95m (up 37% from 2Q 2020). Net income: RON749.0k (up 63% from 2Q 2020). Profit margin: 7.5% (up from 6.3% in 2Q 2020).