New Risk • 1h
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 13% 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 (13% average weekly change). Minor Risk Market cap is less than US$100m (RON424.9m market cap, or US$92.8m). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RON22.00, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 21x in the Machinery industry in Romania. Total returns to shareholders of 470% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON16.50, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 23x in the Machinery industry in Romania. Total returns to shareholders of 331% over the past three years. Announcement • Jun 01
Santierul Naval Orsova S.A. to Report Q3, 2026 Results on Nov 16, 2026 Santierul Naval Orsova S.A. announced that they will report Q3, 2026 results on Nov 16, 2026 Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to RON13.90, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 21x in the Machinery industry in Romania. Total returns to shareholders of 248% over the past three years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: RON0.42 (vs RON0.06 in 1Q 2025) First quarter 2026 results: EPS: RON0.42 (up from RON0.06 in 1Q 2025). Revenue: RON25.7m (up 36% from 1Q 2025). Net income: RON4.79m (up RON4.08m from 1Q 2025). Profit margin: 19% (up from 3.8% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Santierul Naval Orsova S.A. to Report Q1, 2026 Results on May 14, 2026 Santierul Naval Orsova S.A. announced that they will report Q1, 2026 results on May 14, 2026 Upcoming Dividend • May 12
Upcoming dividend of RON0.67 per share Eligible shareholders must have bought the stock before 19 May 2026. Payment date: 29 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of Romanian dividend payers (6.6%). Higher than average of industry peers (3.2%). Buy Or Sell Opportunity • May 07
Now 20% undervalued Over the last 90 days, the stock has risen 54% to RON12.70. The fair value is estimated to be RON15.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 04
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 6.5% 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: Minor Risks Dividend is not well covered by earnings (146% payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (RON121.1m market cap, or US$27.3m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON10.10, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 20x in the Machinery industry in Romania. Total returns to shareholders of 153% over the past three years. Announcement • Mar 27
Santierul Naval Orsova S.A., Annual General Meeting, Apr 27, 2026 Santierul Naval Orsova S.A., Annual General Meeting, Apr 27, 2026, at 10:00 E. Europe Standard Time. Location: head office from the town of orsova, no. 4 tufari street, medinti county, medinti Romania Announcement • Mar 26
Santierul Naval Orsova S.A. announces Annual dividend, payable on May 29, 2026 Santierul Naval Orsova S.A. announced Annual dividend of RON 0.6700 per share payable on May 29, 2026, ex-date on May 19, 2026 and record date on May 20, 2026. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: RON0.77 (vs RON0.52 in FY 2024) Full year 2025 results: EPS: RON0.77 (up from RON0.52 in FY 2024). Revenue: RON125.1m (up 34% from FY 2024). Net income: RON8.76m (up 48% from FY 2024). Profit margin: 7.0% (up from 6.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. New Risk • Nov 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (RON90.2m market cap, or US$20.6m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: RON0.10 (vs RON0.052 in 3Q 2024) Third quarter 2025 results: EPS: RON0.10 (up from RON0.052 in 3Q 2024). Revenue: RON30.4m (up 96% from 3Q 2024). Net income: RON1.17m (up 93% from 3Q 2024). Profit margin: 3.8% (down from 3.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Aug 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 7.5% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.0% net profit margin). Market cap is less than US$100m (RON102.2m market cap, or US$23.5m). Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: RON0.17 (vs RON0.37 in 2Q 2024) Second quarter 2025 results: EPS: RON0.17 (down from RON0.37 in 2Q 2024). Revenue: RON29.3m (down 15% from 2Q 2024). Net income: RON1.76m (down 60% from 2Q 2024). Profit margin: 6.0% (down from 13% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RON8.65, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 21x in the Machinery industry in Romania. Total returns to shareholders of 149% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to RON6.80, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 19x in the Machinery industry in Romania. Total returns to shareholders of 72% over the past three years. Upcoming Dividend • Jun 04
Upcoming dividend of RON0.51 per share Eligible shareholders must have bought the stock before 11 June 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.7%. Within top quartile of Romanian dividend payers (6.7%). Higher than average of industry peers (3.0%). New Risk • May 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 120% The company is paying a dividend despite having no free cash flows. Dividend yield: 7.6% 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: 120% Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (RON79.4m market cap, or US$18.0m). Reported Earnings • May 03
Full year 2024 earnings released: EPS: RON0.52 (vs RON0.30 in FY 2023) Full year 2024 results: EPS: RON0.52 (up from RON0.30 in FY 2023). Revenue: RON93.6m (down 3.2% from FY 2023). Net income: RON5.94m (up 72% from FY 2023). Profit margin: 6.3% (up from 3.6% 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 101% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Mar 19
Santierul Naval Orsova S.A. announces Annual dividend, payable on June 30, 2025 Santierul Naval Orsova S.A. announced Annual dividend of RON 0.5100 per share payable on June 30, 2025, ex-date on June 11, 2025 and record date on June 12, 2025. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: RON0.52 (vs RON0.30 in FY 2023) Full year 2024 results: EPS: RON0.52 (up from RON0.30 in FY 2023). Revenue: RON100.0m (up 3.5% from FY 2023). Net income: RON5.94m (up 72% from FY 2023). Profit margin: 5.9% (up from 3.6% in FY 2023). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 29
Upcoming dividend of RON0.53 per share Eligible shareholders must have bought the stock before 05 November 2024. Payment date: 22 November 2024. Trailing yield: 6.8%. Lower than top quartile of Romanian dividend payers (7.4%). Lower than average of industry peers (15%). Reported Earnings • May 17
First quarter 2024 earnings released: EPS: RON0.06 (vs RON0.05 loss in 1Q 2023) First quarter 2024 results: EPS: RON0.06 (up from RON0.05 loss in 1Q 2023). Revenue: RON18.7m (down 22% from 1Q 2023). Net income: RON666.8k (up RON1.22m from 1Q 2023). Profit margin: 3.6% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: RON0.30 (vs RON0.37 loss in FY 2022) Full year 2023 results: EPS: RON0.30 (up from RON0.37 loss in FY 2022). Revenue: RON99.8m (up 74% from FY 2022). Net income: RON3.45m (up RON7.67m from FY 2022). Profit margin: 3.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 09
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to RON6.80. The fair value is estimated to be RON5.28, 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. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON5.55, the stock trades at a trailing P/E ratio of 30.3x. Average trailing P/E is 10x in the Machinery industry in Romania. Total returns to shareholders of 116% over the past three years. 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 Romanian stocks, typically moving 4.6% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 110% Earnings have declined by 50% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.6% average weekly change). Market cap is less than US$100m (RON51.9m market cap, or US$11.1m). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: RON0.075 (vs RON0.072 loss in 2Q 2022) Second quarter 2023 results: EPS: RON0.075 (up from RON0.072 loss in 2Q 2022). Revenue: RON20.4m (down 6.1% from 2Q 2022). Net income: RON1.06m (up RON1.91m from 2Q 2022). Profit margin: 5.2% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 05
Upcoming dividend of RON0.53 per share Eligible shareholders must have bought the stock before 12 December 2022. Payment date: 22 December 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 9.6%. Within top quartile of Romanian dividend payers (9.1%). Higher than average of industry peers (2.5%). 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. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Ciurezu Tudor was the last director to join the board, commencing their role in 2019. 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 • Oct 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be RON4.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Meanwhile, the company became loss making. 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. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Ciurezu Tudor was the last director to join the board, commencing their role in 2019. 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 • Apr 21
Full year 2021 earnings released Full year 2021 results: Revenue: RON73.3m (up 4.9% from FY 2020). Net loss: RON153.9k (down 103% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 10
Upcoming dividend of RON1.00 per share Eligible shareholders must have bought the stock before 17 June 2021. Payment date: 30 June 2021. Trailing yield: 5.3%. Lower than top quartile of Romanian dividend payers (5.9%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 32% share price gain to RON5.50, the stock trades at a trailing P/E ratio of 13.4x, up from the previous P/E ratio of 10.2x. Average P/E is 15x in the Machinery industry in Romania. Total returns to shareholders over the past three years are 126%. Is New 90 Day High Low • Mar 09
New 90-day high: RON4.22 The company is up 30% from its price of RON3.24 on 09 December 2020. The Romanian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. Is New 90 Day High Low • Feb 26
New 90-day high: RON4.10 The company is up 27% from its price of RON3.22 on 23 November 2020. The Romanian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: RON3.70 The company is up 13% from its price of RON3.28 on 17 September 2020. The Romanian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: RON3.40 The company is up 6.0% from its price of RON3.20 on 19 August 2020. The Romanian market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 8.0% over the same period.