Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €13.60, the stock trades at a forward P/E ratio of 69x. Average forward P/E is 24x in the Electronic industry in Germany. Total loss to shareholders of 46% over the past three years. Tillkännagivande • May 31
FORTEC Elektronik AG Confirms Earnings Guidance for Fiscal Year 2025/2026 FORTEC Elektronik AG confirmed earnings guidance for fiscal year 2025/2026. For the full fiscal year 2025/2026, the Management Board continues to expect operating EBIT (adjusted for one-time effects) to be at a break-even or slightly positive level. Reported Earnings • May 28
Third quarter 2026 earnings released: EPS: €0.008 (vs €0.23 in 3Q 2025) Third quarter 2026 results: EPS: €0.008 (down from €0.23 in 3Q 2025). Revenue: €22.2m (flat on 3Q 2025). Net income: €27.0k (down 96% from 3Q 2025). Profit margin: 0.1% (down from 3.3% in 3Q 2025). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 29
Second quarter 2026 earnings released: EPS: €0.074 (vs €0.15 in 2Q 2025) Second quarter 2026 results: EPS: €0.074 (down from €0.15 in 2Q 2025). Revenue: €18.7m (up 2.8% from 2Q 2025). Net income: €242.0k (down 51% from 2Q 2025). Profit margin: 1.3% (down from 2.7% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 26
Consensus EPS estimates fall by 5,900% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €80.3m to €77.7m. Losses expected to increase from €0.01 per share to €0.60. Electronic industry in Germany expected to see average net income decline 14% next year. Consensus price target down from €17.00 to €15.00. Share price fell 11% to €11.00 over the past week. Major Estimate Revision • Mar 18
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from €82.7m to €80.3m. Now expected to report a loss of €0.01 per share instead of €0.33 per share profit previously forecast. Electronic industry in Germany expected to see average net income growth of 31% next year. Consensus price target of €17.00 unchanged from last update. Share price fell 4.2% to €12.60 over the past week. Buy Or Sell Opportunity • Feb 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to €13.55. The fair value is estimated to be €11.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Earnings per share has declined by 47%. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 128% in the next 2 years. Upcoming Dividend • Feb 05
Upcoming dividend of €0.40 per share Eligible shareholders must have bought the stock before 12 February 2026. Payment date: 16 February 2026. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.4%). Higher than average of industry peers (1.4%). Buy Or Sell Opportunity • Jan 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to €13.65. The fair value is estimated to be €11.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.2% over the last 3 years. Earnings per share has declined by 47%. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 128% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €12.10, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Electronic industry in Germany. Total loss to shareholders of 47% over the past three years. Tillkännagivande • Dec 19
FORTEC Elektronik AG, Annual General Meeting, Feb 11, 2026 FORTEC Elektronik AG, Annual General Meeting, Feb 11, 2026, at 10:00 W. Europe Standard Time. Reported Earnings • Dec 01
First quarter 2026 earnings released: €0.011 loss per share (vs €0.086 loss in 1Q 2025) First quarter 2026 results: €0.011 loss per share (improved from €0.086 loss in 1Q 2025). Revenue: €19.6m (up 12% from 1Q 2025). Net loss: €37.0k (loss narrowed 87% from 1Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €10.50, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Electronic industry in Germany. Total loss to shareholders of 49% over the past three years. Tillkännagivande • Oct 23
FORTEC Elektronik AG (XTRA:FEV) acquired remaining 63.30% stake in Advantec Electronics B.V. FORTEC Elektronik AG (XTRA:FEV) acquired remaining 63.30% stake in Advantec Electronics B.V. on October 21, 2025. With this step, FORTEC is expanding its presence in the Benelux market and merging Advantec’s activities with those of the recently acquired Nottrot B.V. Prior to the transaction, FORTEC already held a stake of around 36.7% in Advantec Electronics B.V. The Supervisory Board has initiated the process of appointing a new Management Board. Until a new Management Board is appointed – no later than 30 June 2026 – Mr. Ulrich Ermel will continue to manage the company’s affairs and, together with the Supervisory Board, ensure that the company remains capable of acting during the transition phase.
FORTEC Elektronik AG (XTRA:FEV) completed the acquisition of remaining 63.30% stake in Advantec Electronics B.V. on October 21, 2025. Tillkännagivande • Jul 11
Fortec Elektronik Ag Revises Group Earnings Guidance for Year 2024-2025 FORTEC Elektronik AG revised group earnings guidance for year 2024-2025. For the year company now expects Group EBIT of between EUR 1.0 million and EUR 2.0 million (previously: EUR 4.0 million to EUR 6.0 million). Reported Earnings • May 29
Third quarter 2025 earnings released: EPS: €0.23 (vs €0.22 in 3Q 2024) Third quarter 2025 results: EPS: €0.23 (up from €0.22 in 3Q 2024). Revenue: €23.6m (up 3.9% from 3Q 2024). Net income: €741.0k (up 4.7% from 3Q 2024). Profit margin: 3.1% (in line with 3Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 17
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €82.2m to €80.3m. EPS estimate also fell from €0.94 per share to €0.71 per share. Net income forecast to grow 30% next year vs 20% growth forecast for Electronic industry in Germany. Consensus price target of €22.00 unchanged from last update. Share price was steady at €15.50 over the past week. Reported Earnings • Mar 28
Second quarter 2025 earnings released: EPS: €0.15 (vs €0.25 in 2Q 2024) Second quarter 2025 results: EPS: €0.15 (down from €0.25 in 2Q 2024). Revenue: €18.6m (down 8.6% from 2Q 2024). Net income: €497.0k (down 39% from 2Q 2024). Profit margin: 2.7% (down from 4.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Major Estimate Revision • Feb 19
Consensus revenue estimates fall by 14% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €95.9m to €82.2m. EPS estimate fell from €1.26 to €0.94 per share. Net income forecast to grow 25% next year vs 33% growth forecast for Electronic industry in Germany. Consensus price target down from €27.00 to €22.00. Share price was steady at €16.10 over the past week. Price Target Changed • Feb 17
Price target decreased by 21% to €22.00 Down from €28.00, the current price target is provided by 1 analyst. New target price is 37% above last closing price of €16.10. Stock is down 34% over the past year. The company is forecast to post earnings per share of €0.94 for next year compared to €1.63 last year. New Risk • Feb 07
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 3.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (105% payout ratio). Share price has been volatile over the past 3 months (3.7% average weekly change). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (€64.4m market cap, or US$66.8m). Upcoming Dividend • Feb 07
Upcoming dividend of €0.85 per share Eligible shareholders must have bought the stock before 14 February 2025. Payment date: 18 February 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.0%). Tillkännagivande • Dec 18
FORTEC Elektronik AG, Annual General Meeting, Feb 13, 2025 FORTEC Elektronik AG, Annual General Meeting, Feb 13, 2025, at 10:00 W. Europe Standard Time. Major Estimate Revision • Dec 06
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €97.0m to €95.9m. EPS estimate also fell from €1.43 per share to €1.26 per share. Net income forecast to grow 73% next year vs 73% growth forecast for Electronic industry in Germany. Consensus price target of €27.00 unchanged from last update. Share price rose 5.3% to €19.70 over the past week. New Risk • Dec 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: 3.1% Last year net profit margin: 7.5% 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: Minor Risks Dividend is not well covered by earnings (105% payout ratio). Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (€60.1m market cap, or US$63.3m). Reported Earnings • Dec 03
First quarter 2025 earnings released: €0.086 loss per share (vs €0.74 profit in 1Q 2024) First quarter 2025 results: €0.086 loss per share (down from €0.74 profit in 1Q 2024). Revenue: €17.5m (down 34% from 1Q 2024). Net loss: €279.0k (down 112% from profit in 1Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Major Estimate Revision • Nov 05
Consensus EPS estimates increase by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €90.2m to €97.0m. EPS estimate increased from €1.04 to €1.43 per share. Net income forecast to shrink 11% next year vs 32% growth forecast for Electronic industry in Germany . Consensus price target of €27.00 unchanged from last update. Share price rose 8.4% to €19.40 over the past week. Reported Earnings • Nov 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €1.63 (down from €2.32 in FY 2023). Revenue: €95.7m (down 9.6% from FY 2023). Net income: €5.30m (down 30% from FY 2023). Profit margin: 5.5% (down from 7.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Sep 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 2.2% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (€60.5m market cap, or US$66.7m). Price Target Changed • Aug 20
Price target decreased by 15% to €28.00 Down from €33.00, the current price target is provided by 1 analyst. New target price is 53% above last closing price of €18.30. Stock is down 33% over the past year. The company is forecast to post earnings per share of €1.53 for next year compared to €2.32 last year. Buy Or Sell Opportunity • Jul 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €20.40. The fair value is estimated to be €25.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Buy Or Sell Opportunity • Jun 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to €20.80. The fair value is estimated to be €26.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 7.4% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Major Estimate Revision • May 24
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €105.9m to €93.0m. EPS estimate fell from €2.10 to €1.66 per share. Net income forecast to shrink 23% next year vs 34% growth forecast for Electronic industry in Germany . Consensus price target down from €33.00 to €31.00. Share price fell 7.9% to €21.00 over the past week. Tillkännagivande • May 24
FORTEC Elektronik AG to Report Q3, 2024 Results on May 29, 2024 FORTEC Elektronik AG announced that they will report Q3, 2024 results on May 29, 2024 Price Target Changed • May 24
Price target decreased by 8.8% to €31.00 Down from €34.00, the current price target is provided by 1 analyst. New target price is 48% above last closing price of €21.00. Stock is down 25% over the past year. The company is forecast to post earnings per share of €1.66 for next year compared to €2.32 last year. New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (€66.3m market cap, or US$71.9m). Major Estimate Revision • Apr 05
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €109.0m to €105.9m. EPS estimate also fell from €2.42 per share to €2.10 per share. Net income forecast to shrink 4.4% next year vs 16% growth forecast for Electronic industry in Germany . Consensus price target down from €34.00 to €33.00. Share price fell 2.4% to €24.20 over the past week. Reported Earnings • Mar 28
Second quarter 2024 earnings released: EPS: €0.25 (vs €0.45 in 2Q 2023) Second quarter 2024 results: EPS: €0.25 (down from €0.45 in 2Q 2023). Revenue: €20.7m (down 15% from 2Q 2023). Net income: €812.0k (down 44% from 2Q 2023). Profit margin: 3.9% (down from 5.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 23
FORTEC Elektronik AG to Report Q2, 2024 Results on Mar 27, 2024 FORTEC Elektronik AG announced that they will report Q2, 2024 results on Mar 27, 2024 Upcoming Dividend • Feb 01
Upcoming dividend of €0.85 per share at 3.3% yield Eligible shareholders must have bought the stock before 08 February 2024. Payment date: 12 February 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 30
First quarter 2024 earnings released: EPS: €0.74 (vs €0.60 in 1Q 2023) First quarter 2024 results: EPS: €0.74 (up from €0.60 in 1Q 2023). Revenue: €27.1m (up 8.6% from 1Q 2023). Net income: €2.40m (up 24% from 1Q 2023). Profit margin: 8.9% (up from 7.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 28
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: €2.32 (up from €1.92 in FY 2022). Revenue: €108.4m (up 22% from FY 2022). Net income: €7.55m (up 21% from FY 2022). Profit margin: 7.0% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 28
FORTEC Elektronik AG, Annual General Meeting, Feb 07, 2024 FORTEC Elektronik AG, Annual General Meeting, Feb 07, 2024. Agenda: To consider distributing a dividend of EUR 0.85 per share from the retained earnings of the company as at 30 June 2023. Tillkännagivande • Oct 24
FORTEC Elektronik AG to Report Fiscal Year 2023 Results on Oct 26, 2023 FORTEC Elektronik AG announced that they will report fiscal year 2023 results on Oct 26, 2023 Buying Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be €35.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Buying Opportunity • Jul 11
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be €35.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Reported Earnings • May 28
Third quarter 2023 earnings released: EPS: €0.83 (vs €0.45 in 3Q 2022) Third quarter 2023 results: EPS: €0.83 (up from €0.45 in 3Q 2022). Revenue: €31.2m (up 31% from 3Q 2022). Net income: €2.70m (up 84% from 3Q 2022). Profit margin: 8.7% (up from 6.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Buying Opportunity • May 19
Now 22% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be €35.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 9.0% in the next 2 years. Tillkännagivande • May 09
FORTEC Elektronik AG to Report Q3, 2023 Results on May 25, 2023 FORTEC Elektronik AG announced that they will report Q3, 2023 results on May 25, 2023 Buying Opportunity • Apr 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be €28.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 9.0% in the next 2 years. Reported Earnings • Mar 31
Second quarter 2023 earnings released: EPS: €0.45 (vs €0.45 in 2Q 2022) Second quarter 2023 results: EPS: €0.45 (down from €0.45 in 2Q 2022). Revenue: €25.3m (up 21% from 2Q 2022). Net income: €1.45m (flat on 2Q 2022). Profit margin: 5.7% (down from 7.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Feb 09
Upcoming dividend of €0.70 per share at 2.7% yield Eligible shareholders must have bought the stock before 16 February 2023. Payment date: 20 February 2023. Payout ratio is a comfortable 35% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.0%). Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 15% share price gain to €26.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Electronic industry in Germany. Total returns to shareholders of 40% over the past three years. Reported Earnings • Nov 27
First quarter 2023 earnings released: EPS: €0.60 (vs €0.53 in 1Q 2022) First quarter 2023 results: EPS: €0.60 (up from €0.53 in 1Q 2022). Revenue: €25.8m (up 22% from 1Q 2022). Net income: €1.94m (up 14% from 1Q 2022). Profit margin: 7.5% (down from 8.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Nov 16
Price target increased to €31.00 Up from €28.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of €26.00. Stock is up 35% over the past year. The company is forecast to post earnings per share of €1.93 for next year compared to €1.92 last year. Tillkännagivande • Nov 11
FORTEC Elektronik AG Announces Board Changes FORTEC Elektronik AG has completed the succession process for Mr. Bernhard Staller (62) who will retire on 30th June 2023 for age reasons. The Supervisory Board has appointed Ulrich Ermel (38) to the Management Board (COO) as of 1st March 2023 for a duration of 3 years. The qualified electrical engineer (FH) and chartered engineer has previously worked in various management functions in the electrical industry in Germany and as a consultant abroad. Ulrich Ermel has a wide range of management competence, leadership qualities and proven expertise in the Power Supply and Embedded sectors. He is currently Vice President of B2B Sales for the European region at a leading distributor of electronics. After Bernhard Staller sold his profitable companies to FORTEC, he joined the Management Board and took on responsibility for the Display Technology & Embedded sectors in 2017. As COO, he was responsible for a wide range of competencies from distribution and production to developing complete solutions. Since July 2020, the qualified engineer's Management Board responsibilities have also included the successful distribution of power supplies. In order to guarantee a smooth transition, Bernhard Staller will remain in the company initially following the arrival of Ulrich Ermel. After handing over the business to Ulrich Ermel, Bernhard Staller will leave the Management Board on 30th June 2023 at the latest. The FORTEC Elektronik AG Management Board will therefore comprise Sandra Maile, Chair of the Management Board along with Bernhard Staller and Ulrich Ermel, Members of the Management Board as of 1st March 2023. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 15% share price gain to €24.40, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Electronic industry in Germany. Total returns to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €19.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Electronic industry in Germany. Total returns to shareholders of 2.7% over the past three years. Tillkännagivande • Aug 24
FORTEC Elektronik AG to Report Fiscal Year 2022 Results on Oct 28, 2022 FORTEC Elektronik AG announced that they will report fiscal year 2022 results at 12:00 PM, Central European Standard Time on Oct 28, 2022 Tillkännagivande • Jul 01
FORTEC Elektronik AG Revises Earnings Guidance for the Financial Year 2021/2022 FORTEC Elektronik AG revised earnings guidance for the financial year 2021/2022. The company substantiated its revenue forecast for the current financial year 2021/2022 (30 June), raising its operating earnings (EBIT) forecast once again. The Executive Board has firmed up the 2021/2022 forecast for Group turnover with a figure of between EUR 85 million and EUR 90 million (previously: growth of up to 15% compared to the previous year's figure of EUR 77.4 million) and has now raised the operating earnings (EBIT) forecast to between EUR 8.0 million and EUR 8.7 million (previously: an increase of up to 20% compared to the previous year's figure of EUR 5.3 million). Major Estimate Revision • Jun 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from €1.42 to €1.60. Revenue forecast unchanged at €88.5m. Net income forecast to shrink 20% next year vs 8.6% growth forecast for Electronic industry in Germany . Consensus price target of €27.00 unchanged from last update. Share price rose 3.5% to €23.40 over the past week. Reported Earnings • May 26
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: €25.4m (up 26% from 3Q 2021). Net income: €1.47m (up 23% from 3Q 2021). Profit margin: 5.8% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 5.7%, compared to a 19% growth forecast for the industry in Germany. Tillkännagivande • May 26
FORTEC Elektronik AG Affirms Earnings Guidance for the Financial Year 2021/2022 FORTEC Elektronik AG affirmed earnings guidance for the financial year 2021/2022. The Management Board now affirms its forecast for the 2021/2022 financial year and continues to expect Group turnover to grow by up to 15% and Group EBIT to increase by up to 20%. Price Target Changed • Apr 27
Price target increased to €27.00 Up from €25.00, the current price target is provided by 1 analyst. New target price is 29% above last closing price of €21.00. Stock is up 17% over the past year. The company is forecast to post earnings per share of €1.42 for next year compared to €1.19 last year. Buying Opportunity • Apr 22
Now 20% undervalued Over the last 90 days, the stock is up 2.9%. The fair value is estimated to be €26.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.6% over the last 3 years. Earnings per share has declined by 5.7%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to decline by 7.3% in the next 2 years. Price Target Changed • Apr 07
Price target increased to €27.00 Up from €25.00, the current price target is provided by 1 analyst. New target price is 24% above last closing price of €21.80. Stock is up 17% over the past year. The company is forecast to post earnings per share of €1.42 for next year compared to €1.19 last year. Reported Earnings • Apr 01
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: €0.45 (up from €0.11 in 2Q 2021). Revenue: €21.6m (up 25% from 2Q 2021). Net income: €1.47m (up 302% from 2Q 2021). Profit margin: 6.8% (up from 2.1% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 7.1%, compared to a 28% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €19.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the Electronic industry in Germany. Total returns to shareholders of 2.1% over the past three years. Tillkännagivande • Feb 26
FORTEC Elektronik AG Approves Dividend Recommendation for the Financial Year 2020-2021 Shareholders of FORTEC Elektronik AG approved dividend recommendation of EUR 0.60 per share for the financial year 2020-2021.