New Risk • Jul 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 176% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks High level of debt (176% net debt to equity). Market cap is less than US$100m (€16.5m market cap, or US$18.7m). Reported Earnings • Jul 01
Full year 2025 earnings released: €1.10 loss per share (vs €0.30 profit in FY 2024) Full year 2025 results: €1.10 loss per share (down from €0.30 profit in FY 2024). Revenue: €67.6m (up 6.7% from FY 2024). Net loss: €1.12m (down 468% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €19.30, the stock trades at a trailing P/E ratio of 64.4x. Average trailing P/E is 31x in the Electronic industry in France. Total returns to shareholders of 251% over the past three years. New Risk • Jan 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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). Revenue has declined by 1.8% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (€18.2m market cap, or US$21.5m). Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €19.80, the stock trades at a trailing P/E ratio of 66x. Average trailing P/E is 32x in the Electronic industry in France. Total returns to shareholders of 292% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €19.00, the stock trades at a trailing P/E ratio of 63.4x. Average trailing P/E is 30x in the Electronic industry in France. Total returns to shareholders of 81% over the past year. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €19.50, the stock trades at a trailing P/E ratio of 65x. Average trailing P/E is 32x in the Electronic industry in France. Total returns to shareholders of 86% over the past year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €15.60, the stock trades at a trailing P/E ratio of 52x. Average trailing P/E is 34x in the Electronic industry in France. Total returns to shareholders of 212% over the past three years. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €17.30, the stock trades at a trailing P/E ratio of 57.7x. Average trailing P/E is 16x in the Electronic industry in France. Total returns to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to €13.50, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 15x in the Electronic industry in France. Total returns to shareholders of 133% over the past three years. New Risk • May 22
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended December 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2023 fiscal period end). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Market cap is less than US$100m (€12.1m market cap, or US$13.7m). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to €12.00, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 13x in the Electronic industry in France. Total returns to shareholders of 146% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to €10.60, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 13x in the Electronic industry in France. Total returns to shareholders of 133% over the past three years. New Risk • Apr 16
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 11% 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 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 (11% average weekly change). Market cap is less than US$100m (€10.7m market cap, or US$12.2m). New Risk • Jan 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.59m (US$8.93m) 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 (€8.59m market cap, or US$8.93m). 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 (7.3% average weekly change). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €8.95, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 11x in the Electronic industry in France. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to €11.00, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 13x in the Electronic industry in France. Total returns to shareholders of 95% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €10.60, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 14x in the Electronic industry in France. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €9.90, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 14x in the Electronic industry in France. Total returns to shareholders of 62% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €8.50, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 16x in the Electronic industry in France. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €10.00, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 14x in the Electronic industry in France. Total returns to shareholders of 64% over the past three years. Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €10.00, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 16x in the Electronic industry in France. Total returns to shareholders of 64% over the past three years. New Risk • Nov 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.08m (US$8.64m) 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 Risks Latest financial reports are more than 1 year old (reported December 2021 fiscal period end). Share price has been highly volatile over the past 3 months (20% average weekly change). Market cap is less than US$10m (€8.08m market cap, or US$8.64m). Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €6.20, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 15x in the Electronic industry in France. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • May 26
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to €7.60, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 17x in the Electronic industry in France. Total returns to shareholders of 90% over the past three years. Buying Opportunity • May 22
Now 41% undervalued Over the last 90 days, the stock is up 38%. The fair value is estimated to be €12.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last year. Earnings per share has grown by 2,843%. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 54% After last week's 54% share price gain to €10.80, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 15x in the Electronic industry in France. Total returns to shareholders of 170% over the past three years. Buying Opportunity • Mar 16
Now 32% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €15.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last year. Earnings per share has grown by 2,843%. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 46% After last week's 46% share price gain to €8.05, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 25x in the Electronic industry in France. Total returns to shareholders of 52% over the past three years.