Declared Dividend • May 21
First half dividend of AU$0.14 announced Shareholders will receive a dividend of AU$0.14. Ex-date: 1st July 2026 Payment date: 16th July 2026 Dividend yield will be 9.5%, which is higher than the industry average of 3.9%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 11% per year over the past 10 years. However, payments have been volatile during that time. Tillkännagivande • Dec 24
GrainCorp Limited, Annual General Meeting, Feb 18, 2026 GrainCorp Limited, Annual General Meeting, Feb 18, 2026. Tillkännagivande • Feb 13
GrainCorp Limited (ASX:GNC) announces an Equity Buyback for AUD 50 million worth of its shares. GrainCorp Limited (ASX:GNC) announces a share repurchase program. Under the program, the company will repurchase up to AUD 50 million worth of its shares. The program will expire on March 2, 2026. As of February 13, 2025, the company has 221,808,324 common shares issued and outstanding. Tillkännagivande • Dec 12
GrainCorp Limited to Report First Half, 2025 Results on May 15, 2025 GrainCorp Limited announced that they will report first half, 2025 results on May 15, 2025 Tillkännagivande • Nov 19
GrainCorp Limited to Report Fiscal Year 2025 Results on Nov 13, 2025 GrainCorp Limited announced that they will report fiscal year 2025 results on Nov 13, 2025 Declared Dividend • Nov 17
Final dividend of AU$0.24 announced Shareholders will receive a dividend of AU$0.24. Ex-date: 27th November 2024 Payment date: 12th December 2024 Dividend yield will be 7.9%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (140% cash payout ratio). The dividend has increased by an average of 4.8% 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 grow by 13% to bring the payout ratio under control. EPS is expected to grow by 53% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • Nov 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 57% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 140% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Nov 15
Full year 2024 earnings released: EPS: AU$0.28 (vs AU$1.12 in FY 2023) Full year 2024 results: EPS: AU$0.28 (down from AU$1.12 in FY 2023). Revenue: AU$6.67b (down 19% from FY 2023). Net income: AU$61.8m (down 75% from FY 2023). Profit margin: 0.9% (down from 3.0% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Consumer Retailing industry in Europe are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.5% to €5.36. The fair value is estimated to be €4.46, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 8.9%. For the next 3 years, revenue is forecast to decline by 4.1% per annum. Earnings are forecast to grow by 9.4% per annum over the same time period. Buy Or Sell Opportunity • Jul 06
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to €5.48. The fair value is estimated to be €4.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 8.9%. For the next 3 years, revenue is forecast to decline by 4.1% per annum. Earnings are forecast to grow by 9.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €5.80, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Consumer Retailing industry in Europe. Total returns to shareholders of 108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.47 per share. Declared Dividend • May 19
First half dividend of AU$0.24 announced Shareholders will receive a dividend of AU$0.24. Ex-date: 3rd July 2024 Payment date: 18th July 2024 Dividend yield will be 8.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
First half 2024 earnings released: EPS: AU$0.22 (vs AU$0.90 in 1H 2023) First half 2024 results: EPS: AU$0.22 (down from AU$0.90 in 1H 2023). Revenue: AU$3.38b (down 26% from 1H 2023). Net income: AU$49.6m (down 75% from 1H 2023). Profit margin: 1.5% (down from 4.4% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Consumer Retailing industry in Europe are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Tillkännagivande • Apr 04
GrainCorp Limited (ASX:GNC) completed the acquisition of Xf Australia Pty Ltd. GrainCorp Limited (ASX:GNC) entered into a binding share sale agreement to acquire Xf Australia Pty Ltd for AUD 35 million on November 14, 2023. GrainCorp will fund the purchase price payable on completion of the transaction from its existing cash reserves. XFA generated AUD 7.6 million of EBITDA for the 12 months to June 30, 2023. Completion of the transaction is subject to the satisfaction of certain conditions precedent, including the entry into new commercial and lease agreements with certain of XFA’s contractual and commercial counterparties, and the Australian Competition and Consumer Commission not notifying GrainCorp that it intends to intervene in respect of the transaction before completion. As of March 21, 2024, ACCC announced its decision not to oppose the proposed acquisition. Subject to the satisfaction of the conditions precedent, completion of the transaction is currently expected to occur on or before January 31, 2024. GrainCorp currently expects completion of the proposed acquisition to occur in early April 2024.GrainCorp Limited (ASX:GNC) completed the acquisition of Xf Australia Pty Ltd on April 2, 2024. Buy Or Sell Opportunity • Feb 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to €4.22. The fair value is estimated to be €5.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to decline by 9.3% per annum. Earnings are also forecast to decline by 22% per annum over the same time period. Tillkännagivande • Dec 15
GrainCorp Limited, Annual General Meeting, Feb 14, 2024 GrainCorp Limited, Annual General Meeting, Feb 14, 2024. Agenda: To consider election of directors. Recent Insider Transactions • Dec 13
CEO, MD & Director recently sold €1.2m worth of stock On the 8th of December, Robert Spurway sold around 268k shares on-market at roughly €4.57 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Robert's only on-market trade for the last 12 months. Upcoming Dividend • Nov 24
Upcoming dividend of AU$0.30 per share at 7.0% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 14 December 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 7.0%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (4.3%). Reported Earnings • Nov 19
Full year 2023 earnings released: EPS: AU$1.12 (vs AU$1.68 in FY 2022) Full year 2023 results: EPS: AU$1.12 (down from AU$1.68 in FY 2022). Revenue: AU$8.23b (up 4.6% from FY 2022). Net income: AU$249.7m (down 34% from FY 2022). Profit margin: 3.0% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 9.7% p.a. on average during the next 3 years, while revenues in the Consumer Retailing industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Nov 17
GrainCorp Limited Announces Final Franked Ordinary Dividend, Payable on December 14, 2023 GrainCorp Limited announced final franked ordinary dividend per share of 14.0 cents. Record date for determining entitlements to the final dividend is November 30, 2023. Payment date for final dividend is December 14, 2023. Tillkännagivande • Oct 25
GrainCorp Limited Announces Board Appointments, Effective 1 December 2023 The Board of GrainCorp Limited announced the appointment of Mr. John Maher and Mr. Peter Knoblanche as Non-executive Directors of GrainCorp, effective 1 December 2023. Messrs Maher and Knoblanche will offer themselves for election by shareholders at the next Annual General Meeting in February 2024. Mr. John Maher John has had extensive experience in strategy, capital allocation, agribusiness growth and innovation, and agriculture supply chains. He also has a strong understanding of sustainability, international agricultural trade and Indigenous engagement and business. John is currently the Chair of AWN Food and Fibre Pty Ltd. and Director of goFARM Australia Pty Ltd. and the NSW Biodiversity Conservation Trust. He is also a director of not-for-profit organisations, Autism Awareness Australia and the Australian Rural Leadership Foundation. John’s previous executive roles include long-term Managing Director & CEO of Ruralco Holdings Ltd., Senior Group Executive at Wesfarmers Ltd. and AWB Ltd. where he led the Landmark (now Nutrien Ag Solutions) rural services business. Most recently John was Group CEO of the Indigenous Land and Sea Corporation. John has an honours degree in Agricultural Science from Sydney University, an EMBA from AGSM (University of NSW), completed the Advanced Management Program at INSEAD Business School in France, is a Graduate of the Australian Institute of Company Directors and is a Fellow of the Australian Institute of Management. He is a strong advocate for Australian agribusiness, international agricultural trade and regional and remote communities, being awarded Sydney University’s Alumni Outstanding Achievement Award for services to these areas. John will join GrainCorp’s Safety, Health and Environment Committee and Sustainability Committee. Peter has had nearly 40 years' experience in wholesale and retail banking, having worked with various local and international banks across his executive career. Peter's most recent role was as Regional Manager of Australia and New Zealand and CEO Australia for Rabobank. He was also a member of Rabobank's global Wholesale and Rural Management Team and has been closely involved in the agribusiness sector across Australia, New Zealand and Globally. Peter has a deep understanding of strategy, agribusiness, funding, commodity trading and risk management. Peter is currently Non-executive Director of the Wheen Bee Foundation. Peter is a graduate of the Harvard Business School Advanced Management Programme 190, a graduate member of the Australian Institute of Company Directors, and holds a Bachelor of Commerce from Wollongong University. Peter will join GrainCorp's Audit and Risk Committee and Remuneration and Nominations Committee. Tillkännagivande • Jul 13
Graincorp Limited Provides Update on Proceeding Against Graincorp Oilseeds Pty Ltd, A Wholly Owned Subsidiary of Graincorp GrainCorp Limited acknowledges the Supreme Court of Victoria's recent decision to allow Mr. Kevin Green to bring a representative proceeding against GrainCorp Oilseeds Pty Ltd, a wholly owned subsidiary of GrainCorp, on behalf of himself and other Numurkah residents allegedly affected by emissions from GrainCorp's Numurkah grain processing facility. GrainCorp is currently considering its position in relation to the decision, but notes that the decision concerns a procedural matter as to how the proceeding will be conducted and does not reflect any substantive assessment by the Court of the merits of the proceeding. GrainCorp takes its environmental and other compliance obligations very seriously. GrainCorp strongly denies allegations by Mr. Green in relation to its Numurkah facility and intends to defend the proceeding vigorously. Upcoming Dividend • Jun 28
Upcoming dividend of AU$0.24 per share at 4.9% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (4.3%). Buying Opportunity • Jun 25
Now 20% undervalued Over the last 90 days, the stock is up 4.6%. The fair value is estimated to be €5.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is also forecast to decline by 43% per annum over the same time period. Reported Earnings • May 11
First half 2023 earnings released: EPS: AU$0.90 (vs AU$1.08 in 1H 2022) First half 2023 results: EPS: AU$0.90 (down from AU$1.08 in 1H 2022). Revenue: AU$4.48b (up 17% from 1H 2022). Net income: AU$200.3m (down 19% from 1H 2022). Profit margin: 4.5% (down from 6.4% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the Consumer Retailing industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 03
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €5.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings is also forecast to decline by 51% per annum over the same time period. Buying Opportunity • Mar 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be €5.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings is also forecast to decline by 50% per annum over the same time period. Buying Opportunity • Jan 31
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be €5.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings is also forecast to decline by 52% per annum over the same time period. Tillkännagivande • Jan 25
GrainCorp Limited to Report First Half, 2023 Results on May 11, 2023 GrainCorp Limited announced that they will report first half, 2023 results on May 11, 2023 Buying Opportunity • Jan 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €5.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings is also forecast to decline by 52% per annum over the same time period. Buying Opportunity • Dec 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €6.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 16% per annum. Earnings is also forecast to decline by 52% per annum over the same time period. Recent Insider Transactions • Nov 30
Independent Non-Executive Director recently bought €55k worth of stock On the 24th of November, Clive M. Stiff bought around 10k shares on-market at roughly €5.48 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Nov 22
Upcoming dividend of AU$0.30 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 14 December 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.8%). Reported Earnings • Nov 17
Full year 2022 earnings released: EPS: AU$1.68 (vs AU$0.61 in FY 2021) Full year 2022 results: EPS: AU$1.68 (up from AU$0.61 in FY 2021). Revenue: AU$7.87b (up 43% from FY 2021). Net income: AU$380.4m (up 173% from FY 2021). Profit margin: 4.8% (up from 2.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Consumer Retailing industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 16% share price gain to €5.60, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Consumer Retailing industry in Europe. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.76 per share. Buying Opportunity • Oct 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €6.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 17% per annum. Earnings is also forecast to decline by 50% per annum over the same time period. Tillkännagivande • Aug 31
GrainCorp Limited, Annual General Meeting, Feb 16, 2023 GrainCorp Limited, Annual General Meeting, Feb 16, 2023. Upcoming Dividend • Jun 29
Upcoming dividend of AU$0.24 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 21 July 2022. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.6%). Reported Earnings • May 12
First half 2022 earnings released: EPS: AU$1.08 (vs AU$0.22 in 1H 2021) First half 2022 results: EPS: AU$1.08 (up from AU$0.22 in 1H 2021). Revenue: AU$3.84b (up 50% from 1H 2021). Net income: AU$246.0m (up 387% from 1H 2021). Profit margin: 6.4% (up from 2.0% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 6.6% compared to a 7.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Apr 01
Now 23% undervalued Over the last 90 days, the stock is up 7.6%. The fair value is estimated to be €7.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 66%. For the next 3 years, revenue is forecast to decline by 8.2% per annum. Earnings is also forecast to decline by 22% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 15% share price gain to €5.70, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the Consumer Retailing industry in Europe. Total returns to shareholders of 103% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €8.39 per share. Upcoming Dividend • Nov 17
Upcoming dividend of AU$0.10 per share Eligible shareholders must have bought the stock before 24 November 2021. Payment date: 09 December 2021. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (3.1%). Lower than average of industry peers (3.6%). Reported Earnings • Nov 13
Full year 2021 earnings released: EPS AU$0.61 (vs AU$0.15 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$5.47b (up 49% from FY 2020). Net income: AU$139.3m (up 296% from FY 2020). Profit margin: 2.5% (up from 1.0% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 01
Upcoming dividend of AU$0.08 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 22 July 2021. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 17% share price gain to AU$2.96, the stock is trading at a trailing P/E ratio of 30.6x, up from the previous P/E ratio of 26.3x. This compares to an average P/E of 22x in the Consumer Retailing industry in Europe. Total returns to shareholders over the past three years are 31%. Is New 90 Day High Low • Feb 12
New 90-day high: €2.96 The company is up 15% from its price of €2.58 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.12 per share. Is New 90 Day High Low • Jan 09
New 90-day high: €2.88 The company is up 22% from its price of €2.36 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €4.37 per share. Is New 90 Day High Low • Dec 03
New 90-day high: €2.84 The company is up 8.0% from its price of €2.62 on 04 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.67 per share. Analyst Estimate Surprise Post Earnings • Nov 12
Revenue beats expectations Revenue exceeded analyst estimates by 26%. Over the next year, revenue is forecast to grow 8.5%, compared to a 1.6% growth forecast for the Consumer Retailing industry in Germany. Reported Earnings • Nov 12
Full year 2020 earnings released: EPS AU$1.50 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: AU$3.86b (down 20% from FY 2019). Net income: AU$35.2m (up AU$148.2m from FY 2019). Profit margin: 0.9% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 16% share price gain to AU$2.44, the stock is trading at a trailing P/E ratio of 17.5x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 21x in the Consumer Retailing industry in Europe. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Oct 31
New 90-day low: €2.10 The company is down 5.0% from its price of €2.22 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.54 per share. 
