Buy Or Sell Opportunity • Jun 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to RON3.88. The fair value is estimated to be RON4.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years, while earnings per share has been flat. Announcement • Jun 02
Impact Developer & Contractor S.A. to Report First Half, 2026 Results on Aug 21, 2026 Impact Developer & Contractor S.A. announced that they will report first half, 2026 results on Aug 21, 2026 Announcement • Jun 01
Impact Developer & Contractor S.A. to Report Q3, 2026 Results on Nov 23, 2026 Impact Developer & Contractor S.A. announced that they will report Q3, 2026 results on Nov 23, 2026 Reported Earnings • May 27
First quarter 2026 earnings released: RON0.032 loss per share (vs RON0.04 profit in 1Q 2025) First quarter 2026 results: RON0.032 loss per share (down from RON0.04 profit in 1Q 2025). Revenue: RON55.4m (down 36% from 1Q 2025). Net loss: RON3.82m (down 182% from profit in 1Q 2025). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 21
Impact Developer & Contractor S.A. to Report Q1, 2026 Results on May 26, 2026 Impact Developer & Contractor S.A. announced that they will report Q1, 2026 results at 6:00 PM, E. Europe Standard Time on May 26, 2026 Board Change • Apr 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Interim Independent Non-Executive Director Radu Stanescu was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: RON0.68 (vs RON0.50 in FY 2024) Full year 2025 results: EPS: RON0.68 (up from RON0.50 in FY 2024). Revenue: RON331.1m (up 7.4% from FY 2024). Net income: RON80.1m (up 37% from FY 2024). Profit margin: 24% (up from 19% in FY 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 14% per year. Announcement • Jan 29
Impact Developer & Contractor S.A., Annual General Meeting, Apr 29, 2026 Impact Developer & Contractor S.A., Annual General Meeting, Apr 29, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: RON0.09 (vs RON0.078 loss in 3Q 2024) Third quarter 2025 results: EPS: RON0.09 (up from RON0.078 loss in 3Q 2024). Revenue: RON104.0m (up 161% from 3Q 2024). Net income: RON10.7m (up RON19.9m from 3Q 2024). Profit margin: 10% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 22
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RON89.7m (up 58% from 2Q 2024). Net income: RON39.2m (up RON43.6m from 2Q 2024). Profit margin: 44% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 18
Price target decreased by 38% to RON4.00 Down from RON6.40, the current price target is provided by 1 analyst. New target price is 11% below last closing price of RON4.48. Stock is down 1.3% over the past year. The company posted earnings per share of RON0.50 last year. Board Change • Aug 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director Petru Vaduva was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jul 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RON26.0m (US$5.86m) 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 Risks Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (RON26.0m market cap, or US$5.86m). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 06
Full year 2024 earnings released: EPS: RON0.025 (vs RON0.007 in FY 2023) Full year 2024 results: EPS: RON0.025 (up from RON0.007 in FY 2023). Revenue: RON308.3m (up 80% from FY 2023). Net income: RON58.7m (up 260% from FY 2023). Profit margin: 19% (up from 9.5% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RON442.2m (US$97.0m) 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 Risk Earnings have declined by 29% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (RON442.2m market cap, or US$97.0m). Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: RON0.024 (vs RON0.011 in FY 2023) Full year 2024 results: EPS: RON0.024 (up from RON0.011 in FY 2023). Revenue: RON308.3m (up 80% from FY 2023). Net income: RON57.3m (up 114% from FY 2023). Profit margin: 19% (up from 16% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Jan 29
Impact Developer & Contractor S.A., Annual General Meeting, Apr 29, 2025 Impact Developer & Contractor S.A., Annual General Meeting, Apr 29, 2025. New Risk • Nov 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: RON473.0m (US$99.6m) 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 Risk Earnings have declined by 25% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RON473.0m market cap, or US$99.6m). Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: RON39.9m (down 16% from 3Q 2023). Net loss: RON9.23m (down 134% from profit in 3Q 2023). Reported Earnings • Aug 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: RON56.9m (up 51% from 2Q 2023). Net loss: RON4.41m (down 110% from profit in 2Q 2023). Reported Earnings • May 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: RON41.1m (up 89% from 1Q 2023). Net loss: RON7.29m (loss widened 3.1% from 1Q 2023). Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: RON0.016 (vs RON0.037 in FY 2022) Full year 2023 results: EPS: RON0.016 (down from RON0.037 in FY 2022). Revenue: RON169.5m (down 23% from FY 2022). Net income: RON37.2m (down 57% from FY 2022). Profit margin: 22% (down from 39% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Announcement • Feb 12
Impact Developer & Contractor S.A. to Report Fiscal Year 2023 Final Results on Apr 30, 2024 Impact Developer & Contractor S.A. announced that they will report fiscal year 2023 final results on Apr 30, 2024 Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Executive Director & COO Sorin Apostol was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON47.5m (down 30% from 3Q 2022). Net income: RON26.8m (up RON25.8m from 3Q 2022). Profit margin: 56% (up from 1.5% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: RON21.8m (down 42% from 1Q 2022). Net loss: RON7.08m (down 217% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Reported Earnings • Mar 08
Full year 2022 earnings released: EPS: RON0.043 (vs RON0.036 in FY 2021) Full year 2022 results: EPS: RON0.043 (up from RON0.036 in FY 2021). Revenue: RON221.1m (up 60% from FY 2021). Net income: RON100.7m (up 28% from FY 2021). Profit margin: 46% (down from 57% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: RON67.7m (up 67% from 3Q 2021). Net income: RON1.01m (down 90% from 3Q 2021). Profit margin: 1.5% (down from 25% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: RON54.6m (up 82% from 2Q 2021). Net income: RON7.91m (up RON9.37m from 2Q 2021). Profit margin: 14% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Announcement • Jul 15
Impact Developer & Contractor S.A. (BVB:IMP) concluded an agreement to acquire 51% stake in R.c.t.i. Company Srl for RON 14.4 million. Impact Developer & Contractor S.A. (BVB:IMP) concluded an agreement to acquire 51% stake in R.c.t.i. Company Srl for RON 14.4 million on July 13, 2022. RCTI Company has approximately RON 95.3 million in turnover and a net profit of over RON 3 million in 2021. The completion of the transaction is conditioned by the Competition Council’s approval. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: RON0.004 (vs RON0.001 loss in 1Q 2021) First quarter 2022 results: EPS: RON0.004 (up from RON0.001 loss in 1Q 2021). Revenue: RON37.4m (down 5.4% from 1Q 2021). Net income: RON6.05m (up RON7.35m from 1Q 2021). Profit margin: 16% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to RON0.99 Up from RON0.12, the current price target is provided by 1 analyst. New target price is 60% above last closing price of RON0.62. Stock is up 22% over the past year. Reported Earnings • Feb 27
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: RON138.1m (down 33% from FY 2020). Net income: RON70.3m (down 6.1% from FY 2020). Profit margin: 51% (up from 37% in FY 2020). Revenue was in line with analyst estimates. Announcement • Jan 06
Impact Developer & Contractor S.A. announced that it expects to receive RON 245 million in funding Impact Developer & Contractor S.A. announced that it will issue 350,000,000 shares at a price of RON 0.70 per share for gross proceeds of RON 245,000,000 on January 4, 2022. The transaction will include participation from qualified investors, as well as a maximum number of 150 individuals or legal entities, including existing shareholders. The transaction is expected to close on January 21, 2021. Reported Earnings • Nov 14
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: RON40.6m (down 42% from 3Q 2020). Net income: RON10.3m (up 122% from 3Q 2020). Profit margin: 25% (up from 6.6% in 3Q 2020). Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: RON30.0m (down 31% from 2Q 2020). Net loss: RON1.47m (down 118% from profit in 2Q 2020). Reported Earnings • Mar 25
Full year 2020 earnings released: EPS RON0.28 (vs RON0.56 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: RON205.3m (up 31% from FY 2019). Net income: RON74.9m (down 52% from FY 2019). Profit margin: 37% (down from 99% in FY 2019). Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 43% per year. Announcement • Mar 21
Impact Developer & Contractor S.A., Annual General Meeting, Apr 21, 2021 Impact Developer & Contractor S.A., Annual General Meeting, Apr 21, 2021, at 10:00 E. Europe Standard Time. Location: 1st Floor, Building A of Willbrook Platinum Business & Convention Center, 172-176 Bucuresti-Ploiesti Street, P Bucharest Romania Agenda: To consider the report of the Board of Directors consolidated for the fiscal year 2020; to consider the individual annual financial statements for 2020; to consider the consolidated annual financial statements for 2020; to consider the distribution of the net profit achieved in 2020; to consider the release of liability of the administrators for the fiscal year 2020; to consider the election of 5 members of the Board of Directors, for a term of 4 years; to consider the updating the articles of incorporation; to consider the activity program and approval of the income and expense budget for the year 2021; to consider the remuneration of the members of the Board of Directors and the Chairperson of the Board of Directors; to consider the remuneration policy; to consider the election of the external financial auditor; and to consider the other matters. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 18% share price gain to RON2.90, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 14x in the Real Estate industry in Europe. Total returns to shareholders of 213% over the past three years. Is New 90 Day High Low • Mar 15
New 90-day high: RON2.52 The company is up 39% from a price of RON1.81 on 15 December 2020. Outperformed the Romanian market which is up 12% over the last 90 days. Exceeded the Real Estate industry, which is up 1.0% over the same period. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS RON0.28 (vs RON0.56 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: RON207.8m (up 33% from FY 2019). Net income: RON74.0m (down 52% from FY 2019). Profit margin: 36% (down from 99% in FY 2019). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 04
New 90-day high: RON1.96 The company is up 40% from its price of RON1.40 on 05 November 2020. The Romanian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 12
New 90-day high: RON1.89 The company is up 28% from its price of RON1.48 on 14 October 2020. The Romanian market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 26% share price gain to RON1.88, the stock is trading at a trailing P/E ratio of 3.3x, up from the previous P/E ratio of 2.6x. This compares to an average P/E of 13x in the Real Estate industry in Europe. Total returns to shareholders over the past three years are 93%. Is New 90 Day High Low • Dec 09
New 90-day high: RON1.54 The company is up 3.0% from its price of RON1.50 on 10 September 2020. The Romanian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: RON1.40 The company is down 7.0% from its price of RON1.50 on 28 July 2020. The Romanian market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: RON1.42 The company is down 5.0% from its price of RON1.50 on 01 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 Real Estate industry, which is up 4.0% over the same period.