Board Change • May 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director Jean Seguin was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Mar 14
Sogeclair SA, Annual General Meeting, May 12, 2026 Sogeclair SA, Annual General Meeting, May 12, 2026. Duyuru • Mar 12
Sogeclair Sa Proposes Dividend for the Year Ended December 31, 2026 On March 10, 2026, the Board of Directors of Sogeclair SA decided to propose a dividend of €1.00 per share, an increase of 4.2% for the year ended December 31, 2026, to the Annual General Meeting of May 12, 2026. Duyuru • Jan 28
Sogeclair SA to Report Fiscal Year 2025 Results on Mar 11, 2026 Sogeclair SA announced that they will report fiscal year 2025 results After-Market on Mar 11, 2026 Duyuru • Oct 29
Sogeclair SA to Report Q4, 2025 Results on Jan 28, 2026 Sogeclair SA announced that they will report Q4, 2025 results After-Market on Jan 28, 2026 Duyuru • Apr 09
Sogeclair SA, Annual General Meeting, May 15, 2025 Sogeclair SA, Annual General Meeting, May 15, 2025. Location: zone aeroportuaire, 7 avenue albert durand, blagnac France Duyuru • Mar 13
Sogeclair SA Proposes Dividend On March 10, 2025, the Board of Directors of Sogeclair SA decided to propose a dividend of €0.96 per share, an increase of 2.1%, to the Annual General Meeting of May 15th, 2024. Duyuru • Jan 30
Sogeclair SA to Report Fiscal Year 2024 Results on Mar 12, 2025 Sogeclair SA announced that they will report fiscal year 2024 results After-Market on Mar 12, 2025 Duyuru • Dec 21
Sogeclair SA Announces Board Changes Sogeclair SA announced the company’s board of directors has decided to make the following changes, effective on January 6, 2025: Alexandre ROBARDEY is appointed chairman of the board of directors. Alexandre ROBARDEY, a lawyer and asset manager, is a graduate of the IFA and joined the Board of Directors in 2020. His appointment makes him the third generation of the Robardey family (65% shareholder in the Group) to hold the position of Chairman of the Board. Philippe ROBARDEY, who was Managing Director of Sogeclair for 9 years before taking over as Chairman in 2003. He will remain on the Board. He has been appointed Vice-Chairman of the Board and will bring his experience to bear on the Chairman and CEO's ongoing transformation. He will also remain Chairman of the Audit Committee. Duyuru • Dec 20
Sogeclair SA Announces CEO Changes Sogeclair SA announced the appointment of Philippe BREL as Chief Executive Officer of the Group, effective 6 January 2025 He succeeds Olivier Pedron. Philippe BREL, training engineer, has extensive experience in the aerospace and defense sectors, both in France and the United States. His career as Industrial Director, Director of Business Units for major groups and Chairman of the Management Board of a listed ETI will enable the Group to support customers and teams in achieving operational excellence. His background in a family-run business, and the good financial results to his credit, are all assets that will enable Sogeclair to achieve the objectives set out in the Sogeclair 2030 plan (turnover: 250M€, EBITDA: 12%, Free-cash Flow: 5%). Philippe ROBARDEY, who was Managing Director of Sogeclair for 9 years before taking over as Chairman in 2003. He will remain on the Board. He has been appointed Vice-Chairman of the Board and will bring his experience to bear on the Chairman and CEO's ongoing transformation. He will also remain Chairman of the Audit Committee. Philippe BREL's background is rich in engineering training, operational management of design offices and production units, and general management of subsidiaries of major groups, SMEs and a family-owned ETI. Reported Earnings • Sep 29
First half 2024 earnings released: €0.29 loss per share (vs €0.21 loss in 1H 2023) First half 2024 results: €0.29 loss per share (further deteriorated from €0.21 loss in 1H 2023). Revenue: €79.1m (up 9.0% from 1H 2023). Net loss: €889.0k (loss widened 39% from 1H 2023). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Aerospace & Defense industry in Germany. New Risk • Sep 26
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% 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 Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (101% payout ratio). Market cap is less than US$100m (€58.1m market cap, or US$64.7m). New Risk • Sep 06
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 7.1% 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 (92% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (€61.0m market cap, or US$67.6m). Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €23.80, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 21x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 28% over the past year. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €18.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 20x in the Aerospace & Defense industry in Germany. Total returns to shareholders of 1.3% over the past year. Upcoming Dividend • May 10
Upcoming dividend of €0.94 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 20 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (1.0%). Declared Dividend • Apr 15
Dividend increased to €0.94 Dividend of €0.94 is 4.4% higher than last year. Ex-date: 16th May 2024 Payment date: 20th May 2024 Dividend yield will be 4.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is not covered by earnings (122% earnings payout ratio). However, it is covered by cash flows (73% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 36% to bring the payout ratio under control. However, EPS is expected to remain steady over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Mar 15
Full year 2023 earnings released Full year 2023 results: Revenue: €148.0m (up 9.7% from FY 2022). Net income: €3.10m (up 57% from FY 2022). Profit margin: 2.1% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Aerospace & Defense industry in Germany. Reported Earnings • Oct 05
First half 2023 earnings released: €0.21 loss per share (vs €0.30 loss in 1H 2022) First half 2023 results: €0.21 loss per share (improved from €0.30 loss in 1H 2022). Revenue: €72.6m (up 7.4% from 1H 2022). Net loss: €640.0k (loss narrowed 30% from 1H 2022). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Aerospace & Defense industry in Germany. Duyuru • May 12
Sogeclair Appoints Olivier Pedron as Managing Director SOGECLAIR announced that the General Assembly of May 11, 2023 has approved the appointment of Olivier Pedron to the position of Managing Director of SOGECLAIR. Philippe Robardey remains Chairman of the Board of Directors. Olivier Pedron has a solid experience combining strategic vision and operational know-how. Olivier Pedron, 46, graduated from the Ecole Spéciale Militaire de Saint-Cyr with a major in international relations, holds a Master's degree in strategy from the University of Paris Sorbonne and an MBA from the Instituto de Empresa in Madrid. He began his career as an officer and helicopter pilot in the French Army. He joined Rockwell Collins in 2011 where he held various positions in the strategic and commercial departments. In 2019, he became President and Managing Director of Rockwell Collins France, as well as of L'Hotellier in 2020. During his career, Olivier Pedron has led ambitious development projects, in France and internationally, while deploying profitable growth mechanisms. Philippe Robardey's mandate as Managing Director, which he had held since 23 May 2003, came to an end at the end of the SOGECLAIR General Meeting. Since 1984, within the family business, he has led large-scale structuring projects such as the listing on the Paris Stock Exchange in 1998 or the development of the company internationally (from 0 to 50% of the turnover) via establishments in Europe, North Africa, North America and Asia-Pacific. He has also been willing to join forces with partners in French industry such as Dassault Systèmes, UTAC, Renault Group, Mecachrome and Addup (joint venture between Fives and Michelin). Under his leadership, SOGECLAIR has been able to adapt to economic, commercial, societal and environmental challenges while remaining faithful to the values of the Group and its founding family. Upcoming Dividend • May 08
Upcoming dividend of €0.90 per share at 4.6% yield Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 17 May 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 20
Full year 2022 earnings released Full year 2022 results: Revenue: €144.0m (up 19% from FY 2021). Net income: €1.98m (down 25% from FY 2021). Profit margin: 1.4% (down from 2.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Germany. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to €20.40, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 20x in the Aerospace & Defense industry in Germany. Total loss to shareholders of 17% over the past year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Jean Seguin was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €15.90, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Aerospace & Defense industry in Germany. Board Change • Apr 27
Less than half of directors are independent 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. 6 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jean Seguin was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 24
Full year 2021 earnings released: EPS: €0.86 (vs €4.84 loss in FY 2020) Full year 2021 results: EPS: €0.86 (up from €4.84 loss in FY 2020). Revenue: €121.0m (down 1.6% from FY 2020). Net income: €2.65m (up €17.0m from FY 2020). Profit margin: 2.2% (up from net loss in FY 2020). Over the next year, revenue is forecast to grow 5.7%, compared to a 22% growth forecast for the industry in Germany. Board Change • Dec 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Jean Seguin was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
