Reported Earnings • Aug 14
Second quarter 2026 earnings released: EPS: NT$0.44 (vs NT$0.74 loss in 2Q 2025) Second quarter 2026 results: EPS: NT$0.44 (up from NT$0.74 loss in 2Q 2025). Revenue: NT$256.4m (up 19% from 2Q 2025). Net income: NT$17.4m (up NT$46.1m from 2Q 2025). Profit margin: 6.8% (up from net loss in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.05 (vs NT$0.30 in 1Q 2025) First quarter 2026 results: EPS: NT$0.05 (down from NT$0.30 in 1Q 2025). Revenue: NT$187.4m (down 27% from 1Q 2025). Net income: NT$1.81m (down 85% from 1Q 2025). Profit margin: 1.0% (down from 4.7% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 17
Full year 2025 earnings released: NT$2.67 loss per share (vs NT$0.95 profit in FY 2024) Full year 2025 results: NT$2.67 loss per share (down from NT$0.95 profit in FY 2024). Revenue: NT$854.1m (down 3.2% from FY 2024). Net loss: NT$104.1m (down 380% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Tillkännagivande • Mar 13
Powercom Co., Ltd, Annual General Meeting, Jun 25, 2026 Powercom Co., Ltd, Annual General Meeting, Jun 25, 2026. Location: 3 floor no,311, sec.2 chung shan rd., jhonghe district, new taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: NT$0.08 loss per share (vs NT$0.26 profit in 3Q 2024) Third quarter 2025 results: NT$0.08 loss per share (down from NT$0.26 profit in 3Q 2024). Revenue: NT$182.8m (down 21% from 3Q 2024). Net loss: NT$3.16m (down 132% from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Board Change • Oct 10
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. 2 experienced directors. 4 highly experienced directors. Independent Director Junn-Jer Lee was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Aug 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% 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: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$986.1m market cap, or US$32.2m). Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: NT$215.9m (up 10% from 2Q 2024). Net loss: NT$28.8m (loss widened NT$24.8m from 2Q 2024). Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.31 (vs NT$0.37 in 1Q 2024) First quarter 2025 results: EPS: NT$0.31 (down from NT$0.37 in 1Q 2024). Revenue: NT$255.7m (up 48% from 1Q 2024). Net income: NT$11.9m (down 17% from 1Q 2024). Profit margin: 4.7% (down from 8.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Tillkännagivande • May 06
Powercom Co., Ltd to Report Q1, 2025 Results on May 13, 2025 Powercom Co., Ltd announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to NT$24.50, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$0.95 (vs NT$0.12 loss in FY 2023) Full year 2024 results: EPS: NT$0.95 (up from NT$0.12 loss in FY 2023). Revenue: NT$882.5m (down 34% from FY 2023). Net income: NT$37.2m (up NT$42.0m from FY 2023). Profit margin: 4.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 14
Powercom Co., Ltd, Annual General Meeting, Jun 24, 2025 Powercom Co., Ltd, Annual General Meeting, Jun 24, 2025. Location: b1 floor no,351, sec.2 chung shan rd., jhonghe district, new taipei city Taiwan Tillkännagivande • Mar 06
Powercom Co., Ltd to Report Q4, 2024 Results on Mar 13, 2025 Powercom Co., Ltd announced that they will report Q4, 2024 results on Mar 13, 2025 New Risk • Nov 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 6.4% 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. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (NT$1.57b market cap, or US$48.3m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.25 (vs NT$0.001 loss in 3Q 2023) Third quarter 2024 results: EPS: NT$0.25 (up from NT$0.001 loss in 3Q 2023). Revenue: NT$232.3m (down 41% from 3Q 2023). Net income: NT$10.0m (up NT$10.1m from 3Q 2023). Profit margin: 4.3% (up from 0% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 13
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to NT$32.10. The fair value is estimated to be NT$25.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company became loss making. Tillkännagivande • Nov 05
Powercom Co., Ltd to Report Q3, 2024 Results on Nov 12, 2024 Powercom Co., Ltd announced that they will report Q3, 2024 results on Nov 12, 2024 Buy Or Sell Opportunity • Oct 22
Now 20% overvalued Over the last 90 days, the stock has fallen 10% to NT$31.45. The fair value is estimated to be NT$26.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 30
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 7.3% to NT$33.75. The fair value is estimated to be NT$26.43, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings have declined by 0.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NT$1.21b market cap, or US$37.7m). Reported Earnings • Aug 19
Second quarter 2024 earnings released: NT$0.10 loss per share (vs NT$1.50 profit in 2Q 2023) Second quarter 2024 results: NT$0.10 loss per share (down from NT$1.50 profit in 2Q 2023). Revenue: NT$195.6m (down 52% from 2Q 2023). Net loss: NT$3.97m (down 107% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 20% per year. Tillkännagivande • Aug 03
Powercom Co., Ltd to Report Q2, 2024 Results on Aug 12, 2024 Powercom Co., Ltd announced that they will report Q2, 2024 results on Aug 12, 2024 Tillkännagivande • Jun 27
Powercom Co., Ltd Appoints Lee, Junn-Jer as Independent Director Powercom Co. Ltd. announced that at its regular shareholders' meeting held on June 26, 2024, approved the by-election of an Independent Director. The selected list is as follows: Independent Director: Lee, Junn-Jer. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.37 (vs NT$0.24 in 1Q 2023) First quarter 2024 results: EPS: NT$0.37 (up from NT$0.24 in 1Q 2023). Revenue: NT$173.1m (down 51% from 1Q 2023). Net income: NT$14.3m (up 53% from 1Q 2023). Profit margin: 8.3% (up from 2.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 09
Powercom Co., Ltd to Report Q1, 2024 Results on May 15, 2024 Powercom Co., Ltd announced that they will report Q1, 2024 results on May 15, 2024 Reported Earnings • Apr 02
Full year 2023 earnings released: NT$0.12 loss per share (vs NT$2.66 profit in FY 2022) Full year 2023 results: NT$0.12 loss per share (down from NT$2.66 profit in FY 2022). Revenue: NT$1.33b (up 5.0% from FY 2022). Net loss: NT$4.82m (down 105% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Mar 22
Powercom Co., Ltd, Annual General Meeting, Jun 26, 2024 Powercom Co., Ltd, Annual General Meeting, Jun 26, 2024. Location: 5th Floor, No. 311, Section 2, Zhongshan Road,Zhonghe District, New Taipei City New Taipei City Taiwan Agenda: To approve 2023 business report accounting books and statements; to approve Audit Committee's review of the 2023 annual final; to approve Report on the capital loans and improvements of the Company and its subsidiaries; and to approve The Company's Procedures for Endorsements & Guarantees Improvement Report. Tillkännagivande • Mar 01
Powercom Co., Ltd Announces Resignation of Feng Xue Mei as Financial Officer, Accounting Officer and Corporate Governance Officer Powercom Co. Ltd. announced the resignation of Feng Xue Mei as financial officer, accounting officer and corporate governance officer of the company.Effective date: February 29, 2024. resume of the previous position holder: Financial Dept. Senior Manager. New Risk • Dec 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (NT$1.57b market cap, or US$50.1m). New Risk • Nov 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (5.2% net profit margin). Market cap is less than US$100m (NT$1.45b market cap, or US$46.0m). Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to NT$40.60, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$52.10, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to NT$54.00, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 17x in the Electrical industry in Taiwan. Total returns to shareholders of 181% over the past three years. New Risk • Aug 14
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: Minor Risks High level of debt (53% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.55b market cap, or US$48.6m). Reported Earnings • Aug 14
Second quarter 2023 earnings released: EPS: NT$1.50 (vs NT$0.16 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$1.50 (up from NT$0.16 loss in 2Q 2022). Revenue: NT$404.9m (up 32% from 2Q 2022). Net income: NT$58.3m (up NT$64.6m from 2Q 2022). Profit margin: 14% (up from net loss in 2Q 2022). 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 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$46.15, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 564% over the past three years. Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$2.66 (vs NT$0.60 in FY 2021) Full year 2022 results: EPS: NT$2.66 (up from NT$0.60 in FY 2021). Revenue: NT$1.26b (up 27% from FY 2021). Net income: NT$103.6m (up 345% from FY 2021). Profit margin: 8.2% (up from 2.3% in FY 2021). 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 81% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to NT$31.95, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 13x in the Electrical industry in Taiwan. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$26.10, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 12x in the Electrical industry in Taiwan. Total returns to shareholders of 188% over the past three years. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improved over the past week After last week's 15% share price gain to NT$6.88, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 13x in the Electrical industry in Taiwan. Total returns to shareholders of 253% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: NT$0.16 (vs NT$0.11 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$0.16 (up from NT$0.11 loss in 3Q 2021). Revenue: NT$363.9m (up 38% from 3Q 2021). Net income: NT$30.9m (up NT$52.6m from 3Q 2021). Profit margin: 8.5% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$6.33, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 128% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 19% share price gain to NT$8.25, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 195% over the past three years. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improved over the past week After last week's 26% share price gain to NT$6.10, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 16x in the Electrical industry in Taiwan. Total returns to shareholders of 133% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: NT$0.27 (vs NT$0.034 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.27 (up from NT$0.034 in 2Q 2021). Revenue: NT$305.8m (up 19% from 2Q 2021). Net income: NT$52.2m (up NT$45.5m from 2Q 2021). Profit margin: 17% (up from 2.6% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to NT$4.14, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 76% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improved over the past week After last week's 17% share price gain to NT$4.30, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 15x in the Electrical industry in Taiwan. Total returns to shareholders of 79% over the past three years. Reported Earnings • May 19
First quarter 2022 earnings released: EPS: NT$0.34 (vs NT$0.014 loss in 1Q 2021) First quarter 2022 results: EPS: NT$0.34 (up from NT$0.014 loss in 1Q 2021). Revenue: NT$205.6m (down 7.6% from 1Q 2021). Net income: NT$66.6m (up NT$69.3m from 1Q 2021). Profit margin: 32% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: NT$0.12 (vs NT$0.25 loss in FY 2020) Full year 2021 results: EPS: NT$0.12 (up from NT$0.25 loss in FY 2020). Revenue: NT$998.2m (down 3.9% from FY 2020). Net income: NT$23.3m (up NT$72.3m from FY 2020). Profit margin: 2.3% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 18
Third quarter 2021 earnings released: NT$0.11 loss per share (vs NT$0.027 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$264.0m (down 3.9% from 3Q 2020). Net loss: NT$21.8m (down NT$27.0m from profit in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS NT$0.03 (vs NT$0.077 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$257.1m (down 12% from 2Q 2020). Net income: NT$6.66m (up NT$21.7m from 2Q 2020). Profit margin: 2.6% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • May 18
First quarter 2021 earnings released: NT$0.01 loss per share (vs NT$0.014 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses were not reduced. First quarter 2021 results: Revenue: NT$222.6m (up 14% from 1Q 2020). Net loss: NT$2.66m (flat on 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: NT$0.25 loss per share (vs NT$0.39 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: NT$1.04b (down 14% from FY 2019). Net loss: NT$49.0m (down 164% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 16% per year. Is New 90 Day High Low • Feb 05
New 90-day low: NT$3.75 The company is down 44% from its price of NT$6.69 on 06 November 2020. The Taiwanese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day low: NT$4.00 The company is down 39% from its price of NT$6.61 on 23 October 2020. The Taiwanese market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 8.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS NT$0.03 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: NT$274.7m (down 13% from 3Q 2019). Net income: NT$5.27m (down 81% from 3Q 2019). Profit margin: 1.9% (down from 8.8% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth.