Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €10.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 303% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to €9.30, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 277% over the past three years. Reported Earnings • Jun 10
First quarter 2027 earnings released: EPS: CA$0.42 (vs CA$0.30 in 1Q 2026) First quarter 2027 results: EPS: CA$0.42 (up from CA$0.30 in 1Q 2026). Revenue: CA$99.3m (up 79% from 1Q 2026). Net income: CA$12.0m (up 38% from 1Q 2026). Profit margin: 12% (down from 16% in 1Q 2026). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jun 04
ADF Group Inc. to Report Q1, 2027 Results on Jun 09, 2026 ADF Group Inc. announced that they will report Q1, 2027 results at 7:00 AM, US Eastern Standard Time on Jun 09, 2026 Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 3 highly experienced directors. Independent Director Luc Reny was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • May 10
ADF Group Inc. Announces Retirement of Jean-Francois Boursier as Chief Financial Officer, Effective December 31, 2026 ADF Group Inc. announced that Mr. Jean-Francois Boursier, Chief Financial Officer, will retire on December 31, 2026, after more than 16 years of service with ADF Group Inc. He will remain in his position until that date and then, starting January 1, 2027, will serve as a strategic advisor until a date to be confirmed, to ensure a smooth transition. Tillkännagivande • Apr 18
ADF Group Inc. Announces Semi-Annual Dividend, Payable on May 15, 2026 On April 15, 2026, ADF Group announced the payment of a semi-annual dividend of $0.02 per subordinate voting share and per multiple voting shares, which will be paid on May 15, 2026, to Shareholders of Record as at April 27, 2026. Tillkännagivande • Apr 07
ADF Group Inc. to Report Fiscal Year 2026 Results on Apr 16, 2026 ADF Group Inc. announced that they will report fiscal year 2026 results at 7:00 AM, US Eastern Standard Time on Apr 16, 2026 Tillkännagivande • Mar 24
ADF Group Inc., Annual General Meeting, Jun 09, 2026 ADF Group Inc., Annual General Meeting, Jun 09, 2026. Location: quebec, terrebonne Canada Tillkännagivande • Dec 04
ADF Group Inc. to Report Q3, 2026 Results on Dec 11, 2025 ADF Group Inc. announced that they will report Q3, 2026 results at 7:00 AM, US Eastern Standard Time on Dec 11, 2025 Tillkännagivande • Sep 19
ADF Group Inc. (TSX:DRX) completed the acquisition of Groupe LAR Inc. ADF Group Inc. (TSX:DRX) entered into an agreement to acquire Groupe LAR Inc. for $19 million on September 2, 2025. The consideration consists of $15 million in cash, plus a closing adjustment, and the issuance of 449,944 subordinate voting shares of ADF Group, representing the equivalent of $4 million in subordinate voting shares of the Corporation.
For the year ending on December 2024, Groupe LAR reported revenue of $80.9 million.
The Transaction is expected to close shortly after approval by the Court, subject to the satisfaction or waiver, as applicable, of the other closing conditions customary for transactions of this nature, including approval by the Toronto Stock Exchange.
ADF Group Inc. (TSX:DRX) completed the acquisition of Groupe LAR Inc. on September 18, 2025. Tillkännagivande • Sep 13
ADF Group Inc. Approves Semi Annual Dividend, Payable on October 16, 2025 On September 10, 2025, the Board of Directors of ADF Group approved the payment of a semi-annual dividend of $0.02 per Subordinate Voting Share and per Multiple Voting Share, to be paid on October 16, 2025, to Shareholders of Record on September 26, 2025. Tillkännagivande • Sep 04
ADF Group Inc. to Report Q2, 2026 Results on Sep 11, 2025 ADF Group Inc. announced that they will report Q2, 2026 results at 7:00 AM, US Eastern Standard Time on Sep 11, 2025 Tillkännagivande • Sep 03
ADF Group Inc. (TSX:DRX) agreed to acquire Groupe LAR Inc. ADF Group Inc. (TSX:DRX) entered into an agreement to acquire Groupe LAR Inc. for $19 million on September 2, 2025. The consideration consists of $15 million in cash, plus a closing adjustment, and the issuance of 449,944 subordinate voting shares of ADF Group, representing the equivalent of $4 million in subordinate voting shares of the Corporation.
For the year ending on December 2024, Groupe LAR reported revenue of $80.9 million.
The Transaction is expected to close shortly after approval by the Court, subject to the satisfaction or waiver, as applicable, of the other closing conditions customary for transactions of this nature, including approval by the Toronto Stock Exchange. Tillkännagivande • Jun 11
ADF Group Inc. Provides Earnings Guidance for the Second Half of Fiscal Year Ending January 31, 2026 ADF Group Inc. provided earnings guidance for the second half of fiscal year ending January 31, 2026. For the half, the company expects increase in revenue and profitability for the second half of fiscal year ending January 31, 2026. Tillkännagivande • Apr 03
ADF Group Inc. to Report Fiscal Year 2025 Results on Apr 10, 2025 ADF Group Inc. announced that they will report fiscal year 2025 results at 7:00 AM, US Eastern Standard Time on Apr 10, 2025 Tillkännagivande • Mar 24
ADF Group Inc., Annual General Meeting, Jun 10, 2025 ADF Group Inc., Annual General Meeting, Jun 10, 2025. Location: quebec, terrebonne Canada Tillkännagivande • Feb 03
ADF Group Inc. Appoints Luc Reny as an Independent Member of the Board of Directors, Member of the Compensation, Nominating and Governance Committee and Audit Committee ADF Group Inc. announced the appointment of Mr. Luc Reny as an independent member of the corporation's board of directors, effective January 31, 2025. Mr. Reny will also serve as a member of the Corporation's Compensation, Nominating and Governance Committee and Audit Committee. Mr. Reny act as Vice President of Power Corporation since 2005. He is also President of Square Victoria Real Estate Inc. Mr. Reny joined Power Corporation in 1989, where he successively served as Financial Analyst, Executive Assistant to the President, and Head of administration. Mr. Reny began his career at the Caisse de dépôt et placement du Quebec, as a financial analyst until 1989.Mr. Reny is a member of the Board of Directors and Chairman of the Audit Committee of Liberty Springs. He is also a member of the Advisory Committee of Gestion B, family office of the Bourgeois family. He was a member of the Board of Directors and Audit Committee of Square Victoria Communications Group and La Presse ltée until July 2018. He was also a member and Chairman of the Board of Napec Inc. and a member of the Board of Directors of Biogénie, Vision IP, Groupe Neptune and Remparts de Québec. Over the years, Mr. Reny has participated in numerous fundraising activities for various charitable organizations. He is currently Chairman of the Board of Directors of the Armand-Frappier Foundation and a member of the Boards of Directors of the Olo Foundation and the Baxter & Alma Ricard Foundation. Mr. Reny holds a Bachelor of Commerce degree from the Laval University and an Executive MBA from the University of Sherbrooke. He also holds a Chartered Financial Analyst (CFA) diploma from the CFA Institute in Virginia, USA. He obtained his Corporate Director Certification (ASC) from the Collège des administrateurs in February 2017. Board Change • Dec 30
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. 5 experienced directors. 3 highly experienced directors. Independent Director Jean Rochette 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. Tillkännagivande • Dec 05
ADF Group Inc. to Report Q3, 2025 Results on Dec 12, 2024 ADF Group Inc. announced that they will report Q3, 2025 results at 7:00 AM, US Eastern Standard Time on Dec 12, 2024 Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €5.95, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 447% over the past three years. Declared Dividend • Sep 16
First half dividend of CA$0.02 announced Shareholders will receive a dividend of CA$0.02. Ex-date: 27th September 2024 Payment date: 17th October 2024 Dividend yield will be 0.4%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 1%. Cash payout ratio: 2%. Reported Earnings • Sep 13
Second quarter 2025 earnings released: EPS: CA$0.51 (vs CA$0.32 in 2Q 2024) Second quarter 2025 results: EPS: CA$0.51 (up from CA$0.32 in 2Q 2024). Revenue: CA$74.9m (down 6.6% from 2Q 2024). Net income: CA$16.0m (up 52% from 2Q 2024). Profit margin: 21% (up from 13% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 06
ADF Group Inc. to Report Q2, 2025 Results on Sep 12, 2024 ADF Group Inc. announced that they will report Q2, 2025 results at 7:00 AM, US Eastern Standard Time on Sep 12, 2024 Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €11.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 804% over the past three years. Buy Or Sell Opportunity • Jun 15
Now 22% undervalued Over the last 90 days, the stock has risen 103% to €11.90. The fair value is estimated to be €15.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 56%. Revenue is forecast to grow by 7.1% in a year. Earnings are forecast to grow by 4.2% in the next year. Tillkännagivande • Jun 13
ADF Group Inc. Approves Amendment to Dividend Policy to Increase Semi Annual Dividend Board of Directors of ADF Group Inc. approved the amendment to its Dividend Policy to increase its semi- annual dividend from $0.01 per share to $0.02 per share. The amendment will apply to the next dividend payment scheduled for October 2024. The company noted, however, that the declaration and payment of dividends remains at the discretion of the corporation's Board of Directors. Reported Earnings • Jun 12
First quarter 2025 earnings released First quarter 2025 results: Revenue: CA$107.4m (up 34% from 1Q 2024). Net income: CA$15.3m (up 184% from 1Q 2024). Profit margin: 14% (up from 6.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Metals and Mining industry in Europe. Reported Earnings • May 06
Full year 2024 earnings released: EPS: CA$1.15 (vs CA$0.46 in FY 2023) Full year 2024 results: EPS: CA$1.15 (up from CA$0.46 in FY 2023). Revenue: CA$331.0m (up 32% from FY 2023). Net income: CA$37.6m (up 152% from FY 2023). Profit margin: 11% (up from 6.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 111% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €9.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 859% over the past three years. Declared Dividend • Apr 15
Final dividend of CA$0.01 announced Shareholders will receive a dividend of CA$0.01. Ex-date: 25th April 2024 Payment date: 15th May 2024 Dividend yield will be 0.2%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 2%. Cash payout ratio: 0.9147%. Tillkännagivande • Apr 13
ADF Group Inc. Announces Semi-Annual Dividend, Payable on May 15, 2024 ADF Group Inc. announced on April 10, 2024, the payment of a semi-annual dividend of $0.01 per subordinate voting share and per multiple voting shares, which will be paid on May 15, 2024, to Shareholders of Record as at April 26, 2024. Tillkännagivande • Apr 12
ADF Group Inc. to Report Q1, 2025 Results on Jun 11, 2024 ADF Group Inc. announced that they will report Q1, 2025 results on Jun 11, 2024 Reported Earnings • Apr 11
Full year 2024 earnings released: EPS: CA$1.15 (vs CA$0.46 in FY 2023) Full year 2024 results: EPS: CA$1.15 (up from CA$0.46 in FY 2023). Revenue: CA$331.0m (up 32% from FY 2023). Net income: CA$37.6m (up 152% from FY 2023). Profit margin: 11% (up from 6.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 1.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 04
ADF Group Inc. to Report Fiscal Year 2024 Results on Apr 11, 2024 ADF Group Inc. announced that they will report fiscal year 2024 results at 7:00 AM, US Eastern Standard Time on Apr 11, 2024 Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €6.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 464% over the past three years. Tillkännagivande • Mar 22
ADF Group Inc., Annual General Meeting, Jun 11, 2024 ADF Group Inc., Annual General Meeting, Jun 11, 2024. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €7.00, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 557% over the past three years. Buy Or Sell Opportunity • Feb 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 67% to €5.90. The fair value is estimated to be €4.80, 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 43%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. New Risk • Feb 08
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 German stocks, typically moving 10% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Feb 07
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 71% to €6.05. The fair value is estimated to be €4.97, 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 43%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. New Risk • Dec 11
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 German stocks, typically moving 8.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 08
Third quarter 2024 earnings released: EPS: CA$0.34 (vs CA$0.089 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.34 (up from CA$0.089 in 3Q 2023). Revenue: CA$82.1m (up 26% from 3Q 2023). Net income: CA$11.2m (up 285% from 3Q 2023). Profit margin: 14% (up from 4.5% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Dec 02
ADF Group Inc. to Report Q3, 2024 Results on Dec 07, 2023 ADF Group Inc. announced that they will report Q3, 2024 results at 7:00 AM, US Eastern Standard Time on Dec 07, 2023 Recent Insider Transactions • Oct 29
Independent Director recently bought €69k worth of stock On the 25th of October, Jean Rochette bought around 20k shares on-market at roughly €3.43 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 • Sep 21
Upcoming dividend of CA$0.01 per share at 0.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 17 October 2023. Payout ratio is a comfortable 3.3% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.5%). Tillkännagivande • Sep 08
ADF Group Inc. Announces Payment of Semi Annual Dividend, Payable on October 17, 2023 On September 6, 2023, ADF Group announced the payment of a semi-annual dividend of $0.01 per subordinate voting share and per multiple voting share, to be paid on October 17, 2023 to Shareholders of Record as of September 29, 2023. Reported Earnings • Sep 08
Second quarter 2024 earnings released: EPS: CA$0.32 (vs CA$0.17 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.32 (up from CA$0.17 in 2Q 2023). Revenue: CA$80.2m (up 21% from 2Q 2023). Net income: CA$10.5m (up 94% from 2Q 2023). Profit margin: 13% (up from 8.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Sep 02
ADF Group Inc. to Report Q2, 2024 Results on Sep 07, 2023 ADF Group Inc. announced that they will report Q2, 2024 results at 7:00 AM, US Eastern Standard Time on Sep 07, 2023 Reported Earnings • Jun 08
First quarter 2024 earnings released First quarter 2024 results: Revenue: CA$80.3m (up 18% from 1Q 2023). Net income: CA$5.37m (up 26% from 1Q 2023). Profit margin: 6.7% (up from 6.3% in 1Q 2023). The increase in margin was driven by higher revenue. Tillkännagivande • Jun 03
ADF Group Inc. to Report Q1, 2024 Results on Jun 07, 2023 ADF Group Inc. announced that they will report Q1, 2024 results at 7:00 AM, US Eastern Standard Time on Jun 07, 2023 Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €1.96, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 260% over the past three years. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: CA$0.46 (vs CA$0.29 in FY 2022) Full year 2023 results: EPS: CA$0.46 (up from CA$0.29 in FY 2022). Revenue: CA$250.9m (down 11% from FY 2022). Net income: CA$14.9m (up 56% from FY 2022). Profit margin: 6.0% (up from 3.4% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 20
Upcoming dividend of CA$0.01 per share at 0.9% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 4.8% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (8.2%). Reported Earnings • Dec 08
Third quarter 2023 earnings released: EPS: CA$0.089 (vs CA$0.085 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.089 (up from CA$0.085 in 3Q 2022). Revenue: CA$65.0m (down 41% from 3Q 2022). Net income: CA$2.91m (up 4.4% from 3Q 2022). Profit margin: 4.5% (up from 2.5% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jean Rochette was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 18 October 2022. Payout ratio is a comfortable 4.9% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (10%). Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 17% share price gain to €1.36, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 4x in the Metals and Mining industry in Germany. Total returns to shareholders of 88% over the past three years. Reported Earnings • Sep 09
Second quarter 2023 earnings released: EPS: CA$0.17 (vs CA$0.046 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.17 (up from CA$0.046 in 2Q 2022). Revenue: CA$66.4m (down 9.3% from 2Q 2022). Net income: CA$5.43m (up 262% from 2Q 2022). Profit margin: 8.2% (up from 2.0% in 2Q 2022). The increase in margin was driven by lower expenses. 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 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 09
First quarter 2023 earnings released: EPS: CA$0.13 (vs CA$0.14 in 1Q 2022) First quarter 2023 results: EPS: CA$0.13 (down from CA$0.14 in 1Q 2022). Revenue: CA$68.0m (up 35% from 1Q 2022). Net income: CA$4.26m (down 3.2% from 1Q 2022). Profit margin: 6.3% (down from 8.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.02, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 5x in the Metals and Mining industry in Germany. Total returns to shareholders of 31% over the past three years. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jean Rochette was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 21
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 6.8% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.9%). Lower than average of industry peers (7.8%). Reported Earnings • Apr 14
Full year 2022 earnings released: EPS: CA$0.29 (vs CA$0.21 in FY 2021) Full year 2022 results: EPS: CA$0.29 (up from CA$0.21 in FY 2021). Revenue: CA$280.7m (up 63% from FY 2021). Net income: CA$9.56m (up 39% from FY 2021). Profit margin: 3.4% (down from 4.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 15% share price gain to €1.35, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 7x in the Metals and Mining industry in Germany. Total returns to shareholders of 95% over the past three years. Reported Earnings • Dec 09
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: CA$110.2m (up 134% from 3Q 2021). Net income: CA$2.79m (up 8.1% from 3Q 2021). Profit margin: 2.5% (down from 5.5% in 3Q 2021). 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 increased by 102% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 28 September 2021. Payment date: 15 October 2021. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (7.2%). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €1.18, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 18x in the Metals and Mining industry in Germany. Total returns to shareholders of 33% over the past three years. Reported Earnings • Sep 11
Second quarter 2022 earnings released: EPS CA$0.046 (vs CA$0.065 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: CA$73.2m (up 72% from 2Q 2021). Net income: CA$1.50m (down 29% from 2Q 2021). Profit margin: 2.0% (down from 5.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 20% share price gain to CA$1.53, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 13x in the Metals and Mining industry in Europe. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 19% share price gain to CA$1.17, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 13x in the Metals and Mining industry in Europe. Total returns to shareholders of 17% over the past three years. Reported Earnings • Jun 12
First quarter 2022 earnings released: EPS CA$0.14 (vs CA$0.002 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: CA$50.4m (up 10.0% from 1Q 2021). Net income: CA$4.40m (up CA$4.33m from 1Q 2021). Profit margin: 8.7% (up from 0.1% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Executive Departure • Jun 11
Independent Director Frank Di Tomaso has left the company On the 9th of June, Frank Di Tomaso's tenure as Independent Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Frank's name. A total of 4 executives have left over the last 12 months. Executive Departure • Jun 11
Independent Director Michèle Desjardins has left the company On the 9th of June, Michèle Desjardins' tenure as Independent Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Michèle's name. A total of 4 executives have left over the last 12 months. Reported Earnings • May 05
Full year 2021 earnings released: EPS CA$0.21 (vs CA$0.065 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: CA$172.6m (down 4.0% from FY 2020). Net income: CA$6.87m (up CA$9.00m from FY 2020). Profit margin: 4.0% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 22
Upcoming dividend of CA$0.01 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 17 May 2021. Trailing yield: 1.4%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (4.6%). Reported Earnings • Apr 10
Full year 2021 earnings released: EPS CA$0.21 (vs CA$0.065 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: CA$172.6m (down 4.0% from FY 2020). Net income: CA$6.87m (up CA$9.00m from FY 2020). Profit margin: 4.0% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 19
ADF Group Inc., Annual General Meeting, Jun 09, 2021 ADF Group Inc., Annual General Meeting, Jun 09, 2021. Is New 90 Day High Low • Feb 11
New 90-day high: €1.09 The company is up 49% from its price of €0.73 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 54% over the same period. Tillkännagivande • Jan 28
ADF Group Inc. Announces the Awards of New Contracts Signed in the United States and in Canada with A Total Value of $102 Million ADF Group Inc. announced the award of new contracts in the commercial building and transportation infrastructure sectors in the USA and in Canada, worth a total of $102 million. The scope of the largest of these contracts, in terms of value and tonnage, covers all services included in ADF's global offer, which consist in the design and engineering of connections, fabrication including industrial coating, the production of shop drawings, steel procurement, and the installation of the new steel structure of a large commercial building in Southeastern U.S.A. This project is characterized by a fast-track construction schedule. Fabrication is expected to start in the first months of 2021 at ADF's plant located in Terrebonne, Quebec. The other major contracts won by ADF; in the transportation infrastructure sector in the Western USA and in the commercial building sector in Eastern Canada, also subject to accelerated schedules, include all services comprised in ADF's overall offering. All of these contracts are scheduled to begin in the coming months, and will run until the end of the year 2021. Both ADF's fabrication plants and paint shops, in Terrebonne, Quebec, and in Great Falls in the state of Montana, will be involved in the carrying out these new projects. Is New 90 Day High Low • Jan 23
New 90-day high: €0.96 The company is up 33% from its price of €0.72 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 56% over the same period. Tillkännagivande • Dec 10
ADF Group Inc. to Report Q3, 2021 Results on Dec 09, 2020 ADF Group Inc. announced that they will report Q3, 2021 results at 7:00 AM, US Eastern Standard Time on Dec 09, 2020 Is New 90 Day High Low • Nov 30
New 90-day high: €0.79 The company is up 17% from its price of €0.68 on 01 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 2.0% over the same period. Tillkännagivande • Nov 26
ADF GROUP INC. Announces New Contracts in the U.S. Worth A Total of $101 Million ADF GROUP INC. announced the award of two new contracts in the commercial building sector in the U.S.A., worth a total of $101 million. The scope of the large of these contracts, in terms of value and tonnage, relates to the design and engineering of connections, fabrication, which also includes industrial coating and the supply of raw material (steel), and the installation of the steel structure of a new building with a commercial vocation in the Northwestern U.S.A. This project is characterized not only by its high tonnage, but also by a fast-track construction schedule. Fabrication is expected to start in the first months of 2021 at ADF's plant located in Terrebonne, Quebec, and will run until the third quarter of the year 2021. The other contract won by ADF is located in the Northeastern U.S.A. and consists in, among other things, the supply of raw material (steel) and shop drawings, and the fabrication of the steel structure used in the construction of a new government building. This new contract will take off in January 2021 with the design and engineering of connections and shop drawings. Fabrication is expected to begin later in 2021 and will run until mid-2022. Is New 90 Day High Low • Sep 22
New 90-day high: €0.78 The company is up 12% from its price of €0.69 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Metals and Mining industry, which is also up 12% over the same period. Tillkännagivande • Sep 09
ADF Group Inc. to Report Q2, 2021 Results on Sep 10, 2020 ADF Group Inc. announced that they will report Q2, 2021 results at 7:00 AM, US Eastern Standard Time on Sep 10, 2020 
