New Risk • May 11
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: €372k (US$438k) This is considered a major risk. Companies with a small amount of revenue 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Dividend per share is over 21x cash flows per share. Revenue is less than US$1m (€372k revenue, or US$438k). Minor Risk Market cap is less than US$100m (€13.2m market cap, or US$15.5m). Declared Dividend • May 06
Dividend reduced to €0.55 Dividend of €0.55 is 73% lower than last year. Ex-date: 1st July 2026 Payment date: 3rd July 2026 Dividend yield will be 12%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Duyuru • May 05
HF Company SA announces Annual dividend, payable on July 03, 2026 HF Company SA announced Annual dividend of EUR 0.5500 per share payable on July 03, 2026, ex-date on July 01, 2026 and record date on July 02, 2026. Duyuru • Apr 22
HF Company SA, Annual General Meeting, Jun 12, 2026 HF Company SA, Annual General Meeting, Jun 12, 2026. Location: 14 rue dora maar, tours France Price Target Changed • Nov 24
Price target decreased by 28% to €4.60 Down from €6.40, the current price target is provided by 1 analyst. New target price is 7.5% above last closing price of €4.28. Stock is down 4.5% over the past year. The company is forecast to post earnings per share of €0.12 next year compared to a net loss per share of €0.56 last year. New Risk • Jul 01
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 10% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (€3.2m revenue, or US$3.8m). Market cap is less than US$100m (€13.5m market cap, or US$15.9m). Upcoming Dividend • Jun 24
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 03 July 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 29%. Within top quartile of French dividend payers (5.4%). Higher than average of industry peers (3.3%). Declared Dividend • May 11
Dividend of €2.00 announced Shareholders will receive a dividend of €2.00. Ex-date: 1st July 2025 Payment date: 3rd July 2025 Dividend yield will be 36%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Apr 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: €0.51 loss per share (improved from €0.79 loss in FY 2023). Revenue: €3.19m (down 42% from FY 2023). Net loss: €1.59m (loss narrowed 29% from FY 2023). Revenue missed analyst estimates by 7.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is expected to decline by 117% p.a. on average during the next 2 years, while revenues in the Communications industry in France are expected to grow by 9.8%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Duyuru • Apr 26
HF Company SA, Annual General Meeting, Jun 18, 2025 HF Company SA, Annual General Meeting, Jun 18, 2025. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (€896k net loss in 2 years). Revenue is less than US$5m (€4.4m revenue, or US$4.7m). Market cap is less than US$100m (€14.0m market cap, or US$15.3m). Price Target Changed • Nov 01
Price target decreased by 9.9% to €6.40 Down from €7.10, the current price target is provided by 1 analyst. New target price is 42% above last closing price of €4.50. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.11 next year compared to a net loss per share of €0.79 last year. Declared Dividend • Apr 24
Dividend of €0.50 announced Shareholders will receive a dividend of €0.50. Ex-date: 3rd July 2024 Payment date: 5th July 2024 Dividend yield will be 8.9%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Price Target Changed • Dec 07
Price target decreased by 18% to €7.50 Down from €9.20, the current price target is provided by 1 analyst. New target price is 43% above last closing price of €5.26. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of €0.02 for next year compared to €0.17 last year. New Risk • Nov 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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 Earnings are forecast to decline by an average of 21% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (€16.1m market cap, or US$17.5m). Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €5.20, the stock trades at a trailing P/E ratio of 30.5x. Average forward P/E is 16x in the Communications industry in France. Total returns to shareholders of 94% over the past three years. Buying Opportunity • Jul 03
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €6.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 33% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.3% in a year. Earnings is forecast to decline by 118% in the next year. Upcoming Dividend • Jun 26
Upcoming dividend of €0.50 per share at 8.5% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 05 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.5%. Within top quartile of French dividend payers (5.2%). Higher than average of industry peers (3.8%). Buying Opportunity • Apr 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be €7.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 53% in a year. Earnings is forecast to decline by 92% in the next year. Buying Opportunity • Mar 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be €7.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 53% in a year. Earnings is forecast to decline by 92% in the next year. Buying Opportunity • Feb 22
Now 21% undervalued Over the last 90 days, the stock is up 1.8%. The fair value is estimated to be €7.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 53% in a year. Earnings is forecast to decline by 92% in the next year. Board Change • Nov 16
Insufficient new 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. 5 highly experienced directors. Independent Non-Executive Director Michèle Bellon was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 09
Consensus EPS estimates have been upgraded. The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €5.73m to €6.18m. Forecast to become profitable, with EPS estimate increasing from -€0.14 to €0.17 per share. Communications industry in France expected to see average net income growth of 5.6% next year. Consensus price target broadly unchanged at €9.10. Share price was steady at €5.74 over the past week. Reported Earnings • Nov 03
First half 2022 earnings released: EPS: €0.17 (vs €0.46 loss in 1H 2021) First half 2022 results: EPS: €0.17 (up from €0.46 loss in 1H 2021). Revenue: €3.16m (down 77% from 1H 2021). Net income: €519.0k (up €1.95m from 1H 2021). Profit margin: 16% (up from net loss in 1H 2021). Revenue is expected to decline by 50% p.a. on average during the next 2 years, while revenues in the Communications industry in France are expected to grow by 8.2%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €5.80, the stock trades at a trailing P/E ratio of 25.9x. Average forward P/E is 17x in the Communications industry in France. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Jun 28
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 05 July 2022. Payment date: 07 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.5%. Within top quartile of French dividend payers (5.4%). Higher than average of industry peers (1.8%). Price Target Changed • Apr 27
Price target increased to €9.20 Up from €7.50, the current price target is provided by 1 analyst. New target price is 53% above last closing price of €6.00. Stock is down 11% over the past year. The company is forecast to post a net loss per share of €0.066 next year compared to a net loss per share of €2.54 last year. Board Change • Apr 27
Insufficient new 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. 5 highly experienced directors. Independent Non-Executive Director Michèle Bellon was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Feb 08
Upcoming dividend of €0.57 per share Eligible shareholders must have bought the stock before 15 February 2022. Payment date: 17 February 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 6.7%. Within top quartile of French dividend payers (4.0%). Higher than average of industry peers (1.9%). Breakeven Date Change • Nov 24
No longer forecast to breakeven The analyst covering HF Company no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €276.2k in 2022. New forecast suggests the company will make a loss of €118.9k in 2023. Breakeven Date Change • Jul 06
Forecast to breakeven in 2021 The analyst covering HF Company expects the company to break even for the first time. New forecast suggests the company will make a profit of €189.3k in 2021. Earnings growth of 114% is required to achieve expected profit on schedule. Upcoming Dividend • Jun 29
Upcoming dividend of €0.50 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 07 July 2021. Trailing yield: 6.7%. Within top quartile of French dividend payers (3.8%). Higher than average of industry peers (1.8%). Major Estimate Revision • Apr 25
Consensus forecasts updated The consensus outlook for 2021 has been updated. Forecast loss of -€0.25 per share in 2021, versus previous forecasts of €0.058 per share. Revenue forecast unchanged from €32.1m at last update. Communications industry in France expected to see average net income growth of 67% next year. Consensus price target of €7.50 unchanged from last update. Share price was steady at €6.56 over the past week. Is New 90 Day High Low • Feb 06
New 90-day high: €6.16 The company is up 43% from its price of €4.30 on 06 November 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 28% over the same period. Is New 90 Day High Low • Jan 18
New 90-day high: €6.12 The company is up 34% from its price of €4.57 on 20 October 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 15% over the same period. Price Target Changed • Jan 11
Price target lowered to €5.10 Down from €5.90, the current price target is an average from 2 analysts. The new target price is 8.9% below the current share price of €5.60. As of last close, the stock is up 12% over the past year. Is New 90 Day High Low • Dec 24
New 90-day high: €5.74 The company is up 63% from its price of €3.53 on 24 September 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.89 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €4.98 The company is up 42% from its price of €3.51 on 04 September 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.72 per share. Is New 90 Day High Low • Nov 13
New 90-day high: €4.59 The company is up 21% from its price of €3.79 on 14 August 2020. The French market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.80 per share. Price Target Changed • Oct 19
Price target raised to €5.90 Up from €5.00, the current price target is an average from 2 analysts. The new target price is 32% above the current share price of €4.46. As of last close, the stock is up 4.0% over the past year. Reported Earnings • Oct 06
First half earnings released Over the last 12 months the company has reported total losses of €9.25m, with losses widening by 203% from the prior year. Total revenue was €28.8m over the last 12 months, down 14% from the prior year. Major Estimate Revision • Oct 03
Analysts increase EPS estimates to -€0.41 The 2020 consensus revenue estimate increased from €26.2m to €28.2m. Analysts raised their EPS forecasts from -€0.78 to -€0.41 in 2020. The Communications industry in France is expected to see an average net income growth of 43% next year. The consensus price target increased from €5.00 to €5.15. Share price is up 20% to €4.09 over the past week. Is New 90 Day High Low • Sep 26
New 90-day low: €3.41 The company is down 5.0% from its price of €3.60 on 26 June 2020. The French market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.94 per share.