New Risk • Apr 08
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 127% Cash payout ratio: 276% Dividend yield: 5.2% 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. Payout ratio: 127% Cash payout ratio: 276% Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (RON92.2m market cap, or US$21.0m). Announcement • Mar 26
Comelf S.A., Annual General Meeting, Apr 29, 2026 Comelf S.A., Annual General Meeting, Apr 29, 2026, at 10:30 E. Europe Standard Time. Location: company headquarters, Romania 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: 2.9% Last year net profit margin: 5.4% 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 Dividend is not well covered by earnings (127% payout ratio). Share price has been volatile over the past 3 months (8.6% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Market cap is less than US$100m (RON105.2m market cap, or US$24.0m). Upcoming Dividend • Oct 20
Upcoming dividend of RON0.22 per share Eligible shareholders must have bought the stock before 27 October 2025. Payment date: 14 November 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.3%. Lower than top quartile of Romanian dividend payers (6.2%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: RON0.073 (vs RON0.13 in 2Q 2024) Second quarter 2025 results: EPS: RON0.073 (down from RON0.13 in 2Q 2024). Revenue: RON43.1m (down 9.5% from 2Q 2024). Net income: RON1.63m (down 45% from 2Q 2024). Profit margin: 3.8% (down from 6.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 21
Upcoming dividend of RON0.25 per share Eligible shareholders must have bought the stock before 28 May 2025. Payment date: 19 June 2025. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Romanian dividend payers (6.7%). Higher than average of industry peers (2.9%). Reported Earnings • May 18
First quarter 2025 earnings released: EPS: RON0.07 (vs RON0.079 in 1Q 2024) First quarter 2025 results: EPS: RON0.07 (down from RON0.079 in 1Q 2024). Revenue: RON40.0m (up 1.1% from 1Q 2024). Net income: RON1.51m (down 15% from 1Q 2024). Profit margin: 3.8% (down from 4.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to RON4.00, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 26x in the Machinery industry in Romania. Total returns to shareholders of 204% over the past three years. Announcement • Mar 26
Comelf S.A. announces Annual dividend, payable on June 19, 2025 Comelf S.A. announced Annual dividend of RON 0.2490 per share payable on June 19, 2025, ex-date on May 28, 2025 and record date on May 29, 2025. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: RON0.40 (vs RON0.41 in FY 2023) Full year 2024 results: EPS: RON0.40 (down from RON0.41 in FY 2023). Revenue: RON168.4m (down 7.7% from FY 2023). Net income: RON8.99m (down 3.6% from FY 2023). Profit margin: 5.3% (up from 5.1% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 34% per year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to RON4.42, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 25x in the Machinery industry in Romania. Total returns to shareholders of 170% over the past three years. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON5.30, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 26x in the Machinery industry in Romania. Total returns to shareholders of 226% over the past three years. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: RON0.099 (vs RON0.11 in 3Q 2023) Third quarter 2024 results: EPS: RON0.099 (down from RON0.11 in 3Q 2023). Revenue: RON41.8m (down 9.0% from 3Q 2023). Net income: RON2.32m (down 8.2% from 3Q 2023). Profit margin: 5.6% (up from 5.5% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year and the company’s share price has also increased by 34% per year. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to RON5.50, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 30x in the Machinery industry in Romania. Total returns to shareholders of 232% over the past three years. Reported Earnings • Sep 03
Second quarter 2024 earnings released: EPS: RON0.13 (vs RON0.078 in 2Q 2023) Second quarter 2024 results: EPS: RON0.13 (up from RON0.078 in 2Q 2023). Revenue: RON48.5m (up 3.6% from 2Q 2023). Net income: RON2.97m (up 69% from 2Q 2023). Profit margin: 6.1% (up from 3.8% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Aug 21
Upcoming dividend of RON0.21 per share Eligible shareholders must have bought the stock before 28 August 2024. Payment date: 16 September 2024. Trailing yield: 13%. Within top quartile of Romanian dividend payers (7.0%). In line with average of industry peers (13%). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RON5.95, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 32x in the Machinery industry in Romania. Total returns to shareholders of 306% over the past three years. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: RON0.08 (vs RON0.13 in 1Q 2023) First quarter 2024 results: EPS: RON0.08 (down from RON0.13 in 1Q 2023). Revenue: RON41.8m (down 11% from 1Q 2023). Net income: RON1.78m (down 39% from 1Q 2023). Profit margin: 4.3% (down from 6.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 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 Sofroni Vlad was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
Full year 2023 earnings released: EPS: RON0.41 (vs RON0.18 in FY 2022) Full year 2023 results: EPS: RON0.41 (up from RON0.18 in FY 2022). Revenue: RON184.8m (up 8.8% from FY 2022). Net income: RON9.32m (up 125% from FY 2022). Profit margin: 5.0% (up from 2.4% 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 37% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to RON6.95, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 10x in the Machinery industry in Romania. Total returns to shareholders of 386% over the past three years. Upcoming Dividend • Nov 06
Upcoming dividend of RON0.21 per share at 3.1% yield Eligible shareholders must have bought the stock before 13 November 2023. Payment date: 29 November 2023. Trailing yield: 3.1%. Lower than top quartile of Romanian dividend payers (8.2%). In line with average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RON4.90, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 11x in the Machinery industry in Romania. Total returns to shareholders of 239% over the past three years. Reported Earnings • Sep 06
Second quarter 2023 earnings released: EPS: RON0.08 (vs RON0.061 in 2Q 2022) Second quarter 2023 results: EPS: RON0.08 (up from RON0.061 in 2Q 2022). Revenue: RON47.5m (up 16% from 2Q 2022). Net income: RON1.76m (up 28% from 2Q 2022). Profit margin: 3.7% (up from 3.4% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 38% per year. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to RON3.90, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 12x in the Machinery industry in Romania. Total returns to shareholders of 205% over the past three years. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RON3.22, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 10x in the Machinery industry in Romania. Total returns to shareholders of 150% over the past three years. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to RON2.80, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 9x in the Machinery industry in Romania. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to RON2.82, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 9x in the Machinery industry in Romania. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to RON1.96, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 12x in the Machinery industry in Romania. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • Apr 20
Upcoming dividend of RON0.18 per share at 8.0% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 10 May 2023. Trailing yield: 8.0%. Lower than top quartile of Romanian dividend payers (8.7%). Higher than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON2.20, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 11x in the Machinery industry in Romania. Total returns to shareholders of 67% over the past three years. Board Change • Feb 20
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. Board Change • Dec 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. Board Change • Dec 13
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. 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. Board Change • Sep 13
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 28
Second quarter 2022 earnings released: EPS: RON0.065 (vs RON0.033 in 2Q 2021) Second quarter 2022 results: EPS: RON0.065 (up from RON0.033 in 2Q 2021). Revenue: RON41.0m (up 32% from 2Q 2021). Net income: RON1.38m (up 86% from 2Q 2021). Profit margin: 3.4% (up from 2.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Aug 25
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. Board Change • Jul 26
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 • Jun 27
Upcoming dividend of RON0.067 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 15 July 2022. Trailing yield: 4.2%. Lower than top quartile of Romanian dividend payers (7.1%). Higher than average of industry peers (2.8%). 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 • Feb 28
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: RON0.19 (up from RON0.12 in FY 2020). Revenue: RON139.2m (up 21% from FY 2020). Net income: RON4.29m (up 59% from FY 2020). Profit margin: 3.1% (up from 2.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 19%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Feb 14
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 25
Second quarter 2021 earnings released: EPS RON0.036 (vs RON0.029 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: RON32.0m (up 26% from 2Q 2020). Net income: RON740.1k (up 12% from 2Q 2020). Profit margin: 2.3% (down from 2.6% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 18
Upcoming dividend of RON0.067 per share Eligible shareholders must have bought the stock before 23 June 2021. Payment date: 15 July 2021. Trailing yield: 3.7%. Lower than top quartile of Romanian dividend payers (5.8%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 25
Full year 2020 earnings released: EPS RON0.12 (vs RON0.12 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: RON114.8m (down 20% from FY 2019). Net income: RON2.70m (up 3.0% from FY 2019). Profit margin: 2.4% (up from 1.8% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year.