Upcoming Dividend • Jun 18
Upcoming dividend of RON1.34 per share Eligible shareholders must have bought the stock before 25 June 2026. Payment date: 16 July 2026. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Romanian dividend payers (6.8%). Higher than average of industry peers (1.3%). Announcement • Jun 01
IAR S.A. to Report Q3, 2026 Results on Nov 13, 2026 IAR S.A. announced that they will report Q3, 2026 results on Nov 13, 2026 Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON30.00, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 32x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 166% over the past three years. Reported Earnings • May 20
First quarter 2026 earnings released First quarter 2026 results: Revenue: RON139.2m (down 7.5% from 1Q 2025). Net income: RON30.6m (up 98% from 1Q 2025). Profit margin: 22% (up from 10% in 1Q 2025). The increase in margin was driven by lower expenses. Announcement • May 16
IAR S.A. to Report Q1, 2026 Results on May 15, 2026 IAR S.A. announced that they will report Q1, 2026 results on May 15, 2026 Declared Dividend • May 11
Dividend increased to RON1.34 Dividend of RON1.34 is 363% higher than last year. Ex-date: 25th June 2026 Payment date: 16th July 2026 Dividend yield will be 5.7%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not adequately covered by earnings (90.1% earnings payout ratio). However, it is well covered by cash flows (30% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.0% over the last 5 years, which if continued should maintain adequate earnings cover for the dividend. Announcement • May 07
IAR S.A. announces Annual dividend, payable on July 16, 2026 IAR S.A. announced Annual dividend of RON 1.3420 per share payable on July 16, 2026, ex-date on June 25, 2026 and record date on June 26, 2026. New Risk • Apr 05
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 90% Dividend yield: 9.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 1.5% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (90% payout ratio). Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (RON438.7m market cap, or US$99.1m). Declared Dividend • Mar 26
Dividend increased to RON2.35 Dividend of RON2.35 is 710% higher than last year. Ex-date: 16th June 2026 Payment date: 6th July 2026 Dividend yield will be 10%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 7.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON21.10, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 37x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 127% over the past three years. Announcement • Mar 25
IAR S.A. announces Annual dividend, payable on July 06, 2026 IAR S.A. announced Annual dividend of RON 2.3500 per share payable on July 06, 2026, ex-date on June 16, 2026 and record date on June 17, 2026. New Risk • Feb 19
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 6.9% 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 Earnings have declined by 3.9% per year over the past 5 years. High level of non-cash earnings (148% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (RON335.4m market cap, or US$77.4m). Announcement • Feb 03
IAR S.A., Annual General Meeting, Apr 28, 2026 IAR S.A., Annual General Meeting, Apr 28, 2026. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RON20.50, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 35x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 105% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of RON0.29 per share Eligible shareholders must have bought the stock before 16 June 2025. Payment date: 04 July 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Romanian dividend payers (6.5%). Higher than average of industry peers (1.2%). Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Revenue: RON150.5m (up 27% from 1Q 2024). Net income: RON15.5m (up 146% from 1Q 2024). Profit margin: 10% (up from 5.3% in 1Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RON13.60, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 33x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 46% over the past three years. Declared Dividend • May 09
Dividend reduced to RON0.29 Dividend of RON0.29 is 55% lower than last year. Ex-date: 16th June 2025 Payment date: 4th July 2025 Dividend yield will be 2.4%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (17% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 81% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.5% EPS decline seen over the last 5 years. Board Change • May 04
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Non-Executive & Independent Director Alexandra-Cristiana Vasile is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Buy Or Sell Opportunity • Apr 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.4% to RON13.30. The fair value is estimated to be RON11.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has declined by 14%. Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: RON1.76 (vs RON1.32 in FY 2023) Full year 2024 results: EPS: RON1.76 (up from RON1.32 in FY 2023). Revenue: RON383.4m (down 10% from FY 2023). Net income: RON32.1m (up 33% from FY 2023). Profit margin: 8.4% (up from 5.6% in FY 2023). The increase in margin was driven by lower expenses. 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 10% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: RON71.2m (down 2.9% from 3Q 2023). Net income: RON693.4k (down 7.8% from 3Q 2023). Profit margin: 1.0% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Sep 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 421% Paying a dividend despite having no free cash flows. Earnings have declined by 25% per year over the past 5 years. High level of non-cash earnings (69% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (RON233.1m market cap, or US$52.1m). Upcoming Dividend • Jun 06
Upcoming dividend of RON0.64 per share Eligible shareholders must have bought the stock before 13 June 2024. Payment date: 05 July 2024. Trailing yield: 4.5%. Lower than top quartile of Romanian dividend payers (7.0%). Higher than average of industry peers (1.3%). Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: Revenue: RON118.7m (down 8.6% from 1Q 2023). Net income: RON6.31m (down 84% from 1Q 2023). Profit margin: 5.3% (down from 29% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: RON1.32 (vs RON0.78 in FY 2022) Full year 2023 results: EPS: RON1.32 (up from RON0.78 in FY 2022). Revenue: RON428.7m (up 36% from FY 2022). Net income: RON24.1m (up 70% from FY 2022). Profit margin: 5.6% (up from 4.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Feb 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 4.5% 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 Earnings have declined by 9.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.5% average weekly change). Market cap is less than US$100m (RON263.2m market cap, or US$57.2m). Reported Earnings • Nov 21
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON74.4m (up 167% from 3Q 2022). Net income: RON751.9k (up RON3.74m from 3Q 2022). Profit margin: 1.0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Jun 07
Upcoming dividend of RON0.29 per share at 2.3% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 06 July 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Romanian dividend payers (8.0%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RON11.70, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 25x in the Aerospace & Defense industry in Europe. Total loss to shareholders of 4.5% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: RON0.78 (vs RON1.29 in FY 2021) Full year 2022 results: EPS: RON0.78 (down from RON1.29 in FY 2021). Revenue: RON315.8m (down 4.1% from FY 2021). Net income: RON14.2m (down 40% from FY 2021). Profit margin: 4.5% (down from 7.1% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: RON28.3m (down 59% from 3Q 2021). Net loss: RON2.99m (down 165% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 34% 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. Board Change • Nov 16
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non Executive Director Mihai Dontu is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Nov 10
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Independent Non Executive Director Mihai Dontu is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Jun 20
Upcoming dividend of RON0.30 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 15 July 2022. Trailing yield: 3.0%. Lower than top quartile of Romanian dividend payers (7.1%). Higher than average of industry peers (1.8%). Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: RON96.6m (flat on 1Q 2021). Net income: RON1.84m (down 87% from 1Q 2021). Profit margin: 1.9% (down from 15% in 1Q 2021). Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RON1.24 (down from RON1.86 in FY 2020). Revenue: RON333.0m (up 30% from FY 2020). Net income: RON22.7m (down 33% from FY 2020). Profit margin: 6.8% (down from 13% 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 15% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: RON71.8m (up 30% from 3Q 2020). Net income: RON4.60m (up RON5.00m from 3Q 2020). Profit margin: 6.4% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Upcoming Dividend • Jun 17
Upcoming dividend of RON0.42 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 15 July 2021. Trailing yield: 8.0%. Within top quartile of Romanian dividend payers (5.8%). Higher than average of industry peers (1.5%). Is New 90 Day High Low • Dec 28
New 90-day low: RON11.50 The company is down 16% from its price of RON13.70 on 29 September 2020. The Romanian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 32% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: RON12.00 The company is down 15% from its price of RON14.05 on 08 September 2020. The Romanian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is up 22% over the same period. Is New 90 Day High Low • Oct 15
New 90-day low: RON12.90 The company is down 9.0% from its price of RON14.20 on 17 July 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 6.0% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: RON13.55 The company is down 10.0% from its price of RON15.00 on 24 June 2020. The Romanian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Aerospace & Defense industry, which is down 1.0% over the same period.