New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 62% 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 62% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€11.6m market cap, or US$13.4m). Board Change • May 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Aline Le Clef was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €17.90, the stock trades at a trailing P/E ratio of 73.5x. Average trailing P/E is 18x in the Chemicals industry in Europe. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €16.20, the stock trades at a trailing P/E ratio of 66.6x. Average trailing P/E is 19x in the Chemicals industry in Europe. Total loss to shareholders of 23% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €17.50, the stock trades at a trailing P/E ratio of 71.9x. Average trailing P/E is 17x in the Chemicals industry in Europe. Total loss to shareholders of 17% over the past three years. New Risk • Nov 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (€7.40m market cap, or US$8.59m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Profit margins are more than 30% lower than last year (1.3% net profit margin). New Risk • Nov 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €7.34m (US$8.48m) 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 Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (€7.34m market cap, or US$8.48m). Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin). Board Change • Oct 31
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 29
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 08
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jun 19
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 Belgian stocks, typically moving 2.0% 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 Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 28% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (2.0% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€7.98m market cap, or US$9.16m). Board Change • Jun 19
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 19
Full year 2024 earnings released Full year 2024 results: Revenue: €13.4m (up 14% from FY 2023). Net income: €156.7k (down 40% from FY 2023). Profit margin: 1.2% (down from 2.2% in FY 2023). The decrease in margin was driven by higher expenses. Board Change • May 16
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Mar 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.50m (US$9.26m) 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 Share price has been highly volatile over the past 3 months (9.6% average weekly change). Market cap is less than US$10m (€8.50m market cap, or US$9.26m). Minor Risks High level of debt (57% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Large one-off items impacting financial results. Board Change • Mar 19
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €15.00, the stock trades at a trailing P/E ratio of 37.2x. Average trailing P/E is 19x in the Chemicals industry in Europe. Total loss to shareholders of 21% over the past three years. Board Change • Feb 19
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jan 24
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 Belgian stocks, typically moving 4.4% 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (4.4% average weekly change). Minor Risks High level of debt (57% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (€9.98m market cap, or US$10.5m). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €19.00, the stock trades at a trailing P/E ratio of 47.1x. Average trailing P/E is 18x in the Chemicals industry in Europe. Total loss to shareholders of 3.1% over the past three years. Board Change • Jan 24
No independent 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. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Nov 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.0% per year over the past 5 years. Market cap is less than US$10m (€8.62m market cap, or US$9.11m). Minor Risks High level of debt (57% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Large one-off items impacting financial results. New Risk • Oct 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.01m (US$9.74m) 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 Earnings have declined by 1.0% per year over the past 5 years. Market cap is less than US$10m (€9.01m market cap, or US$9.74m). Minor Risks High level of debt (57% net debt to equity). Large one-off items impacting financial results. Reported Earnings • May 13
Full year 2023 earnings released Full year 2023 results: Revenue: €12.7m (up 31% from FY 2022). Net income: €259.4k (up 110% from FY 2022). Profit margin: 2.0% (up from 1.3% in FY 2022). New Risk • Apr 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.28m (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 Revenue has declined by 29% over the past year. Market cap is less than US$10m (€9.28m market cap, or US$9.97m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 29% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 29% over the past year. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (€11.8m market cap, or US$13.0m). New Risk • Jul 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 987x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2021 fiscal period end). Shares are highly illiquid. Shareholders have been substantially diluted in the past year (over 987x increase in shares outstanding). Minor Risk Market cap is less than US$100m (€12.7m market cap, or US$14.0m). Board Change • Jun 14
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 8 non-independent directors. Director Frederic Tiberghien was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 30
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 31
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jul 25
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jun 20
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 04
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Feb 24
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 24% share price gain to €18.30, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 15x in the Chemicals industry in Belgium. Total loss to shareholders of 12% over the past three years. Board Change • Sep 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Director Thierry Levintoff was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.