New Risk • Jun 24
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 French stocks, typically moving 7.7% 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: Major Risks Earnings have declined by 64% per year over the past 5 years. Market cap is less than US$10m (€6.08m market cap, or US$6.89m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Tillkännagivande • May 19
Encres Dubuit, Annual General Meeting, Jun 15, 2026 Encres Dubuit, Annual General Meeting, Jun 15, 2026. Location: 1 rue isaac newton zi mitry compans, mitry mory France New Risk • May 18
New major risk - Revenue and earnings growth Earnings have declined by 64% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 64% per year over the past 5 years. Market cap is less than US$10m (€6.32m market cap, or US$7.35m). New Risk • Dec 04
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 French stocks, typically moving 6.6% 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: Major Risks Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (€7.42m market cap, or US$8.65m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Tillkännagivande • May 22
Encres Dubuit, Annual General Meeting, Jun 26, 2025 Encres Dubuit, Annual General Meeting, Jun 26, 2025. Location: 1 rue isaac newton, mitry mory France New Risk • Mar 31
New major risk - Revenue and earnings growth Earnings have declined by 51% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 51% per year over the past 5 years. Market cap is less than US$10m (€8.45m market cap, or US$9.14m). Tillkännagivande • May 09
Encres Dubuit, Annual General Meeting, Jun 13, 2024 Encres Dubuit, Annual General Meeting, Jun 13, 2024. Location: zone industrielle de mitry compans, 1 rue isaac newton, mitry mory France Reported Earnings • May 09
Full year 2023 earnings released Full year 2023 results: Revenue: €19.9m (down 12% from FY 2022). Net loss: €2.23m (loss widened €2.06m from FY 2022). Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in France. New Risk • Apr 23
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 French stocks, typically moving 6.7% 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: Major Risk Market cap is less than US$10m (€9.12m market cap, or US$9.72m). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.7% average weekly change). New Risk • Feb 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.25m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Market cap is less than US$10m (€9.25m market cap, or US$9.97m). Buying Opportunity • Dec 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be €4.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Jun 19
Upcoming dividend of €0.30 per share at 7.4% yield Eligible shareholders must have bought the stock before 26 June 2023. Payment date: 28 June 2023. Trailing yield: 7.4%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (1.9%). Price Target Changed • Nov 08
Price target decreased to €4.40 Down from €4.80, the current price target is provided by 1 analyst. New target price is 24% above last closing price of €3.54. Stock is down 7.3% over the past year. The company is forecast to post earnings per share of €0.047 for next year compared to €0.30 last year. Reported Earnings • Nov 03
First half 2022 earnings released: EPS: €0.001 (vs €0.096 in 1H 2021) First half 2022 results: EPS: €0.001 (down from €0.096 in 1H 2021). Revenue: €11.1m (up 7.4% from 1H 2021). Net income: €4.0k (down 99% from 1H 2021). Profit margin: 0% (down from 2.8% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in France. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 16% share price gain to €3.72, the stock trades at a forward P/E ratio of 76x. Average forward P/E is 20x in the Chemicals industry in France. Total loss to shareholders of 26% over the past three years. Reported Earnings • Jul 05
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €20.7m (up 11% from FY 2020). Net income: €905.0k (up €1.46m from FY 2020). Profit margin: 4.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 3.7%, compared to a 25% growth forecast for the industry in France. Reported Earnings • Oct 22
First half 2021 earnings released: EPS €0.096 (vs €0.21 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €10.3m (up 19% from 1H 2020). Net income: €292.0k (up €950.0k from 1H 2020). Profit margin: 2.8% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 18
New 90-day high: €4.40 The company is up 18% from its price of €3.72 on 19 November 2020. The French market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 19
New 90-day high: €4.30 The company is up 26% from its price of €3.42 on 21 October 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: €3.78 The company is up 3.0% from its price of €3.66 on 18 September 2020. The French market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is down 3.0% over the same period. Price Target Changed • Nov 01
Price target lowered to €3.70 Down from €4.10, the current price target is provided by 1 analyst. The new target price is 9.5% above the current share price of €3.38. As of last close, the stock is down 14% over the past year. Major Estimate Revision • Nov 01
Analysts lower revenue estimates to €17.9m The 2020 consensus revenue estimate decreased from €19.9m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -€0.41 to -€0.42 for the same period. The Chemicals industry in France is expected to see an average net income growth of 3.8% next year. The consensus price target was lowered from €4.10 to €3.70. Share price stayed mostly flat at €3.38 over the past week. Is New 90 Day High Low • Oct 12
New 90-day low: €3.48 The company is down 9.0% from its price of €3.82 on 14 July 2020. The French market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 2.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: €3.66 The company is down 4.0% from its price of €3.80 on 19 June 2020. The French market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period.