Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €2.70, the stock trades at a trailing P/E ratio of 9.2x. Average forward P/E is 14x in the Commercial Services industry in Germany. Total loss to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.68, the stock trades at a trailing P/E ratio of 12.6x. Average forward P/E is 15x in the Commercial Services industry in Germany. Total loss to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €4.40, the stock trades at a trailing P/E ratio of 14.6x. Average forward P/E is 12x in the Commercial Services industry in Germany. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €4.50, the stock trades at a forward P/E ratio of 190x. Average forward P/E is 12x in the Commercial Services industry in Germany. Total loss to shareholders of 55% over the past three years. New Risk • May 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% 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 Risks Debt is not well covered by operating cash flow (2.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-UK£1.8m). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€64.7m market cap, or US$73.0m). Breakeven Date Change • May 20
Forecast to breakeven in 2025 The analyst covering learnd expects the company to break even for the first time. New forecast suggests the company will make a profit of UK£200.0k in 2025. Average annual earnings growth of 16% is required to achieve expected profit on schedule. New Risk • Apr 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% 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 Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-UK£3.6m). Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€67.4m market cap, or US$76.6m). Breakeven Date Change • Apr 29
Forecast to breakeven in 2025 The analyst covering learnd expects the company to break even for the first time. New forecast suggests the company will make a profit of UK£200.0k in 2025. Average annual earnings growth of 16% is required to achieve expected profit on schedule. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Share price has been highly volatile over the past 3 months (15% average weekly change). Negative equity (-UK£3.6m). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€77.1m market cap, or US$87.8m). New Risk • Mar 28
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 German stocks, typically moving 12% 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 Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-UK£3.6m). Minor Risk Market cap is less than US$100m (€48.2m market cap, or US$52.1m). New Risk • Feb 12
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 7.6% 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 Negative equity (-UK£3.6m). Earnings have declined by 64% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). New Risk • Feb 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €88.8m (US$91.8m) This is considered a minor 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 Negative equity (-UK£3.6m). Earnings have declined by 64% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€88.8m market cap, or US$91.8m). Reported Earnings • Oct 06
First half 2024 earnings released: EPS: UK£0.33 (vs UK£3.97 loss in 1H 2023) First half 2024 results: EPS: UK£0.33 (up from UK£3.97 loss in 1H 2023). Revenue: UK£25.2m (up 78% from 1H 2023). Net income: UK£4.50m (up UK£48.7m from 1H 2023). Profit margin: 18% (up from net loss in 1H 2023). New Risk • Oct 03
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 Negative equity (-UK£3.6m). Earnings have declined by 64% per year over the past 5 years. Duyuru • May 22
learnd SE, Annual General Meeting, Jun 19, 2024 learnd SE, Annual General Meeting, Jun 19, 2024, at 12:30 W. Europe Standard Time. Location: at 41a, avenue john f. kennedy, grand duchy of luxembourg, l-2082 luxembourg. Luxembourg Duyuru • Apr 26
learnd SE to Report Fiscal Year 2023 Results on Apr 30, 2024 learnd SE announced that they will report fiscal year 2023 results on Apr 30, 2024 New Risk • Apr 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 8.2% 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 No financial data reported. Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). New Risk • Dec 31
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Reported Earnings • Oct 06
Second quarter 2022 earnings released Second quarter 2022 results: EPS: UK£0.072. Net income: UK£523.1k (up UK£523.1k from 2Q 2021). Duyuru • Sep 24
learnd SE to Report First Half, 2023 Results on Sep 29, 2023 learnd SE announced that they will report first half, 2023 results on Sep 29, 2023 New Risk • Jul 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2022. 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 (0.9x net interest cover). Shareholders have been substantially diluted in the past year (124% increase in shares outstanding). Minor Risk Latest financial reports are more than 6 months old (reported June 2022 fiscal period end).