Duyuru • May 19
Witbe S.A., Annual General Meeting, Jun 18, 2026 Witbe S.A., Annual General Meeting, Jun 18, 2026. Location: 39 rue saint lazare, paris France New Risk • May 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.0m net loss in 2 years). Market cap is less than US$100m (€9.86m market cap, or US$11.6m). New Risk • Apr 30
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 French stocks, typically moving 13% 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 (13% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€1.4m net loss in 2 years). Market cap is less than US$100m (€9.45m market cap, or US$11.0m). New Risk • Jan 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: €3.0m Forecast net loss in 2 years: €1.4m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (€5.53m market cap, or US$6.62m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (€1.4m net loss in 2 years). Major Estimate Revision • Sep 25
Consensus EPS estimates fall by 43% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -€0.57 to -€0.813 per share. Revenue forecast of €20.0m unchanged since last update. IT industry in France expected to see average net income growth of 7.8% next year. Consensus price target down from €2.30 to €1.90. Share price rose 21% to €1.73 over the past week. Major Estimate Revision • Jul 30
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €22.5m to €20.0m. Forecast losses increased from -€0.17 to -€0.588 per share. IT industry in France expected to see average net income growth of 4.5% next year. Consensus price target down from €2.50 to €2.30. Share price fell 24% to €1.75 over the past week. Duyuru • May 20
Witbe S.A., Annual General Meeting, Jun 26, 2025 Witbe S.A., Annual General Meeting, Jun 26, 2025. Location: 18 22 rue d arras, batiment a11, nanterre France Reported Earnings • May 05
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: €0.27 loss per share (improved from €0.37 loss in FY 2023). Revenue: €25.1m (up 8.3% from FY 2023). Net loss: €1.13m (loss narrowed 27% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is expected to decline by 4.5% p.a. on average during the next 2 years, while revenues in the IT industry in France are expected to grow by 3.1%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 30
Price target decreased by 17% to €2.50 Down from €3.00, the current price target is provided by 1 analyst. New target price is 27% above last closing price of €1.97. Stock is down 46% over the past year. The company is forecast to post a net loss per share of €0.28 next year compared to a net loss per share of €0.37 last year. New Risk • Jan 28
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: €937k Forecast net loss in 1 year: €1.1m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (€1.1m net loss next year). Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (€10.3m market cap, or US$10.8m). New Risk • Nov 17
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: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (€10.8m market cap, or US$11.4m). Price Target Changed • Nov 05
Price target decreased by 29% to €3.00 Down from €4.20, the current price target is provided by 1 analyst. New target price is 9.9% above last closing price of €2.73. Stock is down 37% over the past year. The company is forecast to post earnings per share of €0.0053 next year compared to a net loss per share of €0.37 last year. New Risk • Oct 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.04m (US$9.99m) 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 Risk Market cap is less than US$10m (€9.04m market cap, or US$9.99m). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). New Risk • Aug 08
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 French stocks, typically moving 6.8% 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 Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (€10.5m market cap, or US$11.5m). Price Target Changed • Jul 26
Price target decreased by 11% to €4.00 Down from €4.50, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €3.45. Stock is down 51% over the past year. The company is forecast to post earnings per share of €0.14 next year compared to a net loss per share of €0.37 last year. Duyuru • May 20
Witbe S.A., Annual General Meeting, Jun 27, 2024 Witbe S.A., Annual General Meeting, Jun 27, 2024. Location: 39 rue saint lazare, paris France Reported Earnings • Apr 26
Full year 2023 earnings released Full year 2023 results: Revenue: €23.2m (down 11% from FY 2022). Net loss: €1.54m (down 304% from profit in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the IT industry in France. Board Change • Apr 26
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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . 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 • Oct 01
First half 2023 earnings released First half 2023 results: Revenue: €10.4m (down 6.2% from 1H 2022). Net loss: €1.30m (down €1.31m from profit in 1H 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the IT industry in France. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €5.18, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 14x in the IT industry in France. Total loss to shareholders of 43% over the past three years. Major Estimate Revision • May 11
Consensus EPS estimates fall by 50%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €28.5m to €29.5m. EPS estimate fell from €1.46 to €0.731 per share. Net income forecast to grow 296% next year vs 11% growth forecast for IT industry in France. Consensus price target down from €12.00 to €10.00. Share price fell 4.5% to €6.80 over the past week. Reported Earnings • Apr 20
Full year 2022 earnings released Full year 2022 results: Revenue: €26.1m (up 14% from FY 2021). Net income: €753.0k (down 64% from FY 2021). Profit margin: 2.9% (down from 9.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the IT industry in France. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €7.20, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 17x in the IT industry in France. Total returns to shareholders of 196% over the past three years. Price Target Changed • Mar 07
Price target increased by 7.1% to €12.00 Up from €11.20, the current price target is provided by 1 analyst. New target price is 34% above last closing price of €8.95. Stock is up 68% over the past year. The company is forecast to post earnings per share of €0.97 for next year compared to €0.52 last year. Board Change • Nov 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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Oct 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.8%. The fair value is estimated to be €8.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 166% in the next 2 years. Buying Opportunity • Oct 11
Now 20% undervalued Over the last 90 days, the stock is up 3.1%. The fair value is estimated to be €8.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 14% in 2 years. Earnings is forecast to grow by 166% in the next 2 years. Major Estimate Revision • Sep 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from €1.32 to €0.96. Revenue forecast unchanged from €24.5m at last update. Net income forecast to grow 100% next year vs 19% growth forecast for IT industry in France. Consensus price target down from €12.50 to €11.20. Share price fell 6.6% to €6.80 over the past week. Reported Earnings • Sep 26
First half 2022 earnings released First half 2022 results: Revenue: €9.44m (up 2.8% from 1H 2021). Net income: €15.0k (up €255.0k from 1H 2021). Profit margin: 0.2% (up from net loss in 1H 2021). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in France. Price Target Changed • Apr 27
Price target increased to €12.50 Up from €7.50, the current price target is provided by 1 analyst. New target price is 63% above last closing price of €7.67. Stock is down 6.5% over the past year. Board Change • Apr 27
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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . 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 • Apr 23
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: €19.1m (up 12% from FY 2020). Net income: €2.11m (up €4.94m from FY 2020). Profit margin: 11% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 13%, compared to a 12% growth forecast for the industry in France. Reported Earnings • Sep 26
First half 2021 earnings released The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: €7.68m (down 5.6% from 1H 2020). Net loss: €240.0k (loss narrowed 86% from 1H 2020). Reported Earnings • Apr 18
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €14.4m (down 34% from FY 2019). Net loss: €2.82m (down €3.48m from profit in FY 2019). Is New 90 Day High Low • Feb 12
New 90-day low: €7.62 The company is down 10.0% from its price of €8.46 on 13 November 2020. The French market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 32% share price decline to €7.86, the stock is trading at a trailing P/E ratio of 17x, down from the previous P/E ratio of 25.1x. This compares to an average P/E of 21x in the IT industry in France. Total returns to shareholders over the past three years are 4.0%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 16% share price gain to €12.05, the stock is trading at a trailing P/E ratio of 26.1x, up from the previous P/E ratio of 22.4x. This compares to an average P/E of 22x in the IT industry in France. Total returns to shareholders over the past three years are 39%. Is New 90 Day High Low • Jan 11
New 90-day high: €11.30 The company is up 34% from its price of €8.46 on 13 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: €10.45 The company is up 77% from its price of €5.90 on 21 August 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 16% share price gain to €9.14, the stock is trading at a trailing P/E ratio of 19.8x, up from the previous P/E ratio of 17.1x. This compares to an average P/E of 19x in the IT industry in France. Total returns to shareholders over the past three years are 11%. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 16% share price gain to €8.02, the stock is trading at a trailing P/E ratio of 17.4x, up from the previous P/E ratio of 15x. This compares to an average P/E of 17x in the IT industry in France. Total return to shareholders over the past three years is a loss of 2.3%. Valuation Update With 7 Day Price Move • Nov 05
Market bids up stock over the past week After last week's 22% share price gain to €7.96, the stock is trading at a trailing P/E ratio of 17.2x, up from the previous P/E ratio of 14.2x. This compares to an average P/E of 17x in the IT industry in France. Total return to shareholders over the past three years is a loss of 1.9%. Major Estimate Revision • Sep 19
Analysts increase EPS estimates to €0.50 The 2020 consensus revenue estimate increased from €20.4m to €20.8m. The earnings per share estimate also received an upgrade from €0.38 to €0.50 for the same period. Net income is expected to grow by 201% next year compared to 10.0% decline forecast for the IT industry in France. The consensus price target increased from €7.50 to €12.50. Share price is up 12% to €7.24 over the past week. Duyuru • Sep 18
Testronic Laboratories to Partner with Witbe Testronic Laboratories Limited has announced to partner with Witbe SA, a France-based provider of quality of experience services with the development of technology based on robots to automate quality assurance testing. The partnership allow Testronic to provide test automation technologies to content providers and operators worldwide by leveraging Witbe products.