Duyuru • May 22
Allgeier SE, Annual General Meeting, Jun 30, 2026 Allgeier SE, Annual General Meeting, Jun 30, 2026, at 09:00 W. Europe Standard Time. Reported Earnings • May 19
First quarter 2026 earnings released: €0.067 loss per share (vs €0.07 loss in 1Q 2025) First quarter 2026 results: €0.067 loss per share (improved from €0.07 loss in 1Q 2025). Revenue: €89.2m (down 8.4% from 1Q 2025). Net loss: €755.0k (loss narrowed 6.6% from 1Q 2025). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Declared Dividend • May 14
Dividend increased to €1.00 Dividend of €1.00 is 100% higher than last year. Ex-date: 1st July 2026 Payment date: 3rd July 2026 Dividend yield will be 6.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (323% earnings payout ratio). However, it is well covered by cash flows (16% cash payout ratio). The dividend has not increased over the past 8 years but payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 259% to bring the payout ratio under control. EPS is expected to grow by 59% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • May 14
Allgeier SE announces Annual dividend, payable on July 03, 2026 Allgeier SE announced Annual dividend of EUR 1.0000 per share payable on July 03, 2026, ex-date on July 01, 2026 and record date on July 02, 2026. Price Target Changed • May 04
Price target increased by 7.8% to €25.33 Up from €23.50, the current price target is an average from 3 analysts. New target price is 56% above last closing price of €16.20. Stock is down 20% over the past year. The company is forecast to post earnings per share of €0.87 for next year compared to €0.51 last year. Buy Or Sell Opportunity • Apr 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to €16.60. The fair value is estimated to be €20.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Earnings per share has declined by 43%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. New Risk • Apr 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.6x net interest cover). Minor Risks Dividend is not well covered by earnings (323% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Buy Or Sell Opportunity • Apr 09
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to €17.00. The fair value is estimated to be €22.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 42%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 68% in the next 2 years. Reported Earnings • Apr 06
Full year 2025 earnings released: EPS: €0.51 (vs €0.71 in FY 2024) Full year 2025 results: EPS: €0.51 (down from €0.71 in FY 2024). Revenue: €340.9m (down 17% from FY 2024). Net income: €5.88m (down 28% from FY 2024). Profit margin: 1.7% (down from 2.0% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Duyuru • Mar 29
Allgeier Se Confirms Earnings Guidance for the Year 2026 Allgeier SE confirms earnings guidance for the year 2026. For the period, the company expects revenue in the range of EUR 350 to 390 million for continuing operations. Buy Or Sell Opportunity • Mar 23
Now 24% overvalued Over the last 90 days, the stock has fallen 17% to €16.55. The fair value is estimated to be €13.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 2.1% in 2 years. Earnings are forecast to grow by 451% in the next 2 years. Buy Or Sell Opportunity • Feb 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to €17.25. The fair value is estimated to be €14.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 2.1% in 2 years. Earnings are forecast to grow by 451% in the next 2 years. Major Estimate Revision • Feb 05
Consensus EPS estimates fall by 75% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €361.7m to €355.0m. EPS estimate also fell from €0.83 per share to €0.21 per share. Net income forecast to grow 464% next year vs 47% growth forecast for IT industry in Germany. Consensus price target up from €23.50 to €24.75. Share price fell 9.3% to €19.95 over the past week. Buy Or Sell Opportunity • Jan 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to €22.60. The fair value is estimated to be €18.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 823% in the next 2 years. Buy Or Sell Opportunity • Jan 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to €22.00. The fair value is estimated to be €18.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 46%. Revenue is forecast to decline by 2.8% in 2 years. Earnings are forecast to grow by 1,678% in the next 2 years. Duyuru • Dec 20
Allgeier SE Provides Earnings Guidance for the Fiscal Year 2025 and 2026 Allgeier SE provided earnings guidance for the fiscal year 2025 and 2026. Following the sale of Allgeier IT Services GmbH, Munich, Allgeier expects consolidated revenue from continuing operations for the full year 2025 to be between EUR 340 million and EUR 350 million (previous year: EUR 355 million).
For the year 2026, the company expects revenue in the range of €370 to €420 million for the coming 2026 fiscal year for continuing operations, in accordance with the Group planning adopted. Buy Or Sell Opportunity • Dec 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to €20.60. The fair value is estimated to be €17.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 46%. Revenue is forecast to grow by 3.1% in 2 years. Earnings are forecast to grow by 1,554% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €20.30, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the IT industry in Germany. Total loss to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.94 per share. Buy Or Sell Opportunity • Oct 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to €16.35. The fair value is estimated to be €20.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 8.2% in 2 years. Earnings are forecast to grow by 215% in the next 2 years. Reported Earnings • Aug 21
Second quarter 2025 earnings released: €0.26 loss per share (vs €0.087 loss in 2Q 2024) Second quarter 2025 results: €0.26 loss per share (further deteriorated from €0.087 loss in 2Q 2024). Revenue: €94.2m (down 17% from 2Q 2024). Net loss: €3.04m (loss widened 206% from 2Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to €16.95. The fair value is estimated to be €21.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 6.2% in 2 years. Earnings are forecast to grow by 193% in the next 2 years. Upcoming Dividend • Jun 23
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 02 July 2025. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.4%). In line with average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €20.40, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €28.76 per share. Declared Dividend • May 23
Dividend of €0.50 announced Dividend of €0.50 is the same as last year. Ex-date: 30th June 2025 Payment date: 2nd July 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has not increased over the past 7 years but payments have been stable during that time. EPS is expected to grow by 124% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 150% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.6% net profit margin). Major Estimate Revision • May 09
Consensus EPS estimates fall by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €437.5m to €424.7m. EPS estimate also fell from €1.11 per share to €0.82 per share. Net income forecast to grow 17% next year vs 24% growth forecast for IT industry in Germany. Consensus price target of €23.25 unchanged from last update. Share price fell 3.4% to €19.90 over the past week. New Risk • May 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.0% Last year net profit margin: 2.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.6x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (2.0% net profit margin). Major Estimate Revision • May 04
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €1.11 to €0.855. Revenue forecast unchanged from €430.0m at last update. Net income forecast to shrink 14% next year vs 24% growth forecast for IT industry in Germany . Consensus price target of €23.25 unchanged from last update. Share price was steady at €20.60 over the past week. Buy Or Sell Opportunity • Mar 25
Now 22% undervalued Over the last 90 days, the stock has risen 36% to €20.40. The fair value is estimated to be €26.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €20.90, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €20.30 per share. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €17.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 15x in the IT industry in Germany. Total loss to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.46 per share. Buy Or Sell Opportunity • Feb 06
Now 21% undervalued Over the last 90 days, the stock has risen 1.7% to €15.30. The fair value is estimated to be €19.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Buy Or Sell Opportunity • Jan 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to €15.35. The fair value is estimated to be €19.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • Dec 16
Now 22% undervalued Over the last 90 days, the stock has risen 5.1% to €16.35. The fair value is estimated to be €20.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Major Estimate Revision • Dec 01
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €0.952 to €1.09. Revenue forecast steady at €460.8m. Net income forecast to shrink 21% next year vs 16% growth forecast for IT industry in Germany . Consensus price target down from €24.30 to €23.70. Share price was steady at €15.10 over the past week. New Risk • Nov 21
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.3% Last year net profit margin: 4.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €122.4m (flat on 3Q 2023). Net income: €6.49m (up 405% from 3Q 2023). Profit margin: 5.3% (up from 1.0% in 3Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the IT industry in Germany. Buy Or Sell Opportunity • Nov 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to €15.85. The fair value is estimated to be €20.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last year. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Major Estimate Revision • Sep 11
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €1.37 to €1.21. Revenue forecast unchanged from €473.4m at last update. Net income forecast to grow 14% next year vs 15% growth forecast for IT industry in Germany. Consensus price target reaffirmed at €25.50. Share price was steady at €15.30 over the past week. Price Target Changed • Sep 10
Price target decreased by 7.3% to €25.50 Down from €27.50, the current price target is an average from 5 analysts. New target price is 70% above last closing price of €15.00. Stock is down 35% over the past year. The company is forecast to post earnings per share of €1.05 for next year compared to €1.68 last year. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €1.49 to €1.31 per share. Revenue forecast steady at €473.4m. Net income forecast to grow 21% next year vs 21% growth forecast for IT industry in Germany. Consensus price target down from €27.50 to €25.60. Share price fell 4.4% to €15.20 over the past week. Price Target Changed • Aug 22
Price target decreased by 13% to €27.50 Down from €31.75, the current price target is an average from 4 analysts. New target price is 63% above last closing price of €16.90. Stock is down 22% over the past year. The company is forecast to post earnings per share of €1.05 for next year compared to €1.68 last year. Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €515.5m to €471.3m. EPS estimate rose from €1.32 to €1.49. Net income forecast to grow 35% next year vs 26% growth forecast for IT industry in Germany. Consensus price target down from €31.75 to €27.50. Share price fell 4.5% to €16.90 over the past week. New Risk • Aug 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.4% Last year net profit margin: 4.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Aug 16
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €114.6m (down 3.9% from 2Q 2023). Net loss: €992.0k (down €1.06m from profit in 2Q 2023). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the IT industry in Germany. Upcoming Dividend • Jun 19
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.3%). Major Estimate Revision • May 28
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €518.1m to €511.6m. EPS estimate also fell from €1.42 per share to €1.27 per share. Net income forecast to grow 9.6% next year vs 29% growth forecast for IT industry in Germany. Consensus price target of €32.63 unchanged from last update. Share price was steady at €19.65 over the past week. New Risk • May 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.4% net profit margin). Declared Dividend • May 09
Dividend of €0.50 announced Dividend of €0.50 is the same as last year. Ex-date: 26th June 2024 Payment date: 28th June 2024 Dividend yield will be 2.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has not increased over the past 6 years but payments have been stable during that time. EPS is expected to grow by 90% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.2% to €18.10. The fair value is estimated to be €22.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: €1.17 (vs €1.68 in FY 2022) Full year 2023 results: EPS: €1.17 (down from €1.68 in FY 2022). Revenue: €502.5m (up 3.1% from FY 2022). Net income: €13.4m (down 30% from FY 2022). Profit margin: 2.7% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €19.26, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the IT industry in Germany. Total loss to shareholders of 9.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €34.45 per share. Price Target Changed • Nov 21
Price target decreased by 11% to €32.13 Down from €36.13, the current price target is an average from 4 analysts. New target price is 53% above last closing price of €21.00. Stock is down 38% over the past year. The company is forecast to post earnings per share of €0.85 for next year compared to €1.68 last year. Major Estimate Revision • Nov 19
Consensus EPS estimates fall by 48% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €505.2m to €491.0m. EPS estimate also fell from €1.56 per share to €0.81 per share. Net income forecast to grow 14% next year vs 32% growth forecast for IT industry in Germany. Consensus price target down from €36.13 to €34.13. Share price rose 4.6% to €21.40 over the past week. Price Target Changed • Oct 13
Price target decreased by 8.8% to €37.70 Down from €41.36, the current price target is an average from 4 analysts. New target price is 86% above last closing price of €20.30. Stock is down 25% over the past year. The company is forecast to post earnings per share of €1.70 for next year compared to €1.68 last year. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 4.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (106% cash payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Aug 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €119.9m (up 1.3% from 2Q 2022). Net income: €71.0k (down 99% from 2Q 2022). Profit margin: 0.1% (down from 5.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 07
Price target decreased by 7.1% to €41.36 Down from €44.50, the current price target is an average from 5 analysts. New target price is 85% above last closing price of €22.30. Stock is down 32% over the past year. The company is forecast to post earnings per share of €1.72 for next year compared to €1.68 last year. Upcoming Dividend • Jun 07
Upcoming dividend of €0.50 per share at 1.9% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 16 June 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (2.3%). Major Estimate Revision • Jun 02
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €1.95 to €1.75 per share. Revenue forecast steady at €524.2m. Net income forecast to grow 14% next year vs 18% growth forecast for IT industry in Germany. Consensus price target broadly unchanged at €44.50. Share price was steady at €25.95 over the past week. Major Estimate Revision • May 10
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from €2.00 to €1.78. Revenue forecast unchanged from €520.0m at last update. Net income forecast to grow 6.6% next year vs 20% growth forecast for IT industry in Germany. Consensus price target of €42.06 unchanged from last update. Share price was steady at €26.55 over the past week. Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: €1.53 (up from €1.04 in FY 2021). Revenue: €495.2m (up 23% from FY 2021). Net income: €17.5m (up 47% from FY 2021). Profit margin: 3.5% (up from 2.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 14
Price target decreased by 7.4% to €42.06 Down from €45.40, the current price target is an average from 5 analysts. New target price is 50% above last closing price of €27.95. Stock is down 30% over the past year. The company is forecast to post earnings per share of €1.60 for next year compared to €1.04 last year. Price Target Changed • Dec 22
Price target decreased to €43.00 Down from €47.80, the current price target is an average from 5 analysts. New target price is 56% above last closing price of €27.65. Stock is down 49% over the past year. The company is forecast to post earnings per share of €1.58 for next year compared to €1.04 last year. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.17 (vs €0.34 in 3Q 2021) Third quarter 2022 results: EPS: €0.17 (down from €0.34 in 3Q 2021). Revenue: €124.8m (up 26% from 3Q 2021). Net income: €1.90m (down 51% from 3Q 2021). Profit margin: 1.5% (down from 3.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.