New Risk • May 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RON44.3m (US$10.00m) 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 20% per year over the past 5 years. Market cap is less than US$10m (RON44.3m market cap, or US$10.00m). New Risk • Apr 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RON43.9m (US$9.91m) 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 Shares are highly illiquid. Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (RON43.9m market cap, or US$9.91m). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (RON48.6m market cap, or US$11.0m). Announcement • Mar 20
S.C. Romnav S.A., Annual General Meeting, Apr 24, 2026 S.C. Romnav S.A., Annual General Meeting, Apr 24, 2026. New Risk • Dec 27
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: Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (RON54.3m market cap, or US$12.6m). Board Change • Sep 03
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. 3 experienced directors. No highly experienced directors. No independent directors (3 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. New Risk • May 03
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: 0.2% Last year net profit margin: 35% 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: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (RON66.9m market cap, or US$15.2m). Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to RON33.60, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 6x in the Shipping industry in Europe. Total loss to shareholders of 54% over the past year. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (RON89.0m market cap, or US$20.3m). Buy Or Sell Opportunity • Apr 04
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to RON43.40. The fair value is estimated to be RON57.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 40%. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to RON45.00, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 6x in the Shipping industry in Europe. Total loss to shareholders of 34% over the past year. Announcement • Mar 21
S.C. Romnav S.A., Annual General Meeting, Apr 21, 2025 S.C. Romnav S.A., Annual General Meeting, Apr 21, 2025. Board Change • Jan 15
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. 3 experienced directors. No highly experienced directors. No independent directors (3 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. Buy Or Sell Opportunity • Oct 23
Now 22% overvalued Over the last 90 days, the stock has fallen 1.5% to RON65.00. The fair value is estimated to be RON53.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 40%. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to RON49.20, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 7x in the Shipping industry in Europe. New Risk • Aug 09
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 8.7% 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 (8.7% average weekly change). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (RON140.1m market cap, or US$30.7m). Buy Or Sell Opportunity • Aug 06
Now 20% overvalued Over the last 90 days, the stock has fallen 8.5% to RON65.00. The fair value is estimated to be RON54.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 68%. Board Change • Apr 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. 3 experienced directors. No highly experienced directors. No independent directors (3 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.