New Risk • 15h
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 Croatian stocks, typically moving 9.8% 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 (9.8% average weekly change). Negative equity (-€15m). Earnings have declined by 64% per year over the past 5 years. Market cap is less than US$10m (€5.75m market cap, or US$6.56m). Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: Revenue: €4.14m (down 4.9% from 1Q 2025). Net loss: €1.01m (loss widened 167% from 1Q 2025). New Risk • Apr 28
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 Croatian stocks, typically moving 8.8% 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: Major Risks Negative equity (-€14m). Earnings have declined by 58% per year over the past 5 years. Market cap is less than US$10m (€5.34m market cap, or US$6.25m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings have declined by 17% 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 (-€7.2m). Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (€6.24m market cap, or US$7.20m). Reported Earnings • Jul 30
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €3.31m (down 32% from 2Q 2024). Net loss: €1.31m (down 214% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Jul 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x 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 Risks Interest payments are not well covered by earnings (1.9x net interest cover). Negative equity (-€4.0m). Market cap is less than US$10m (€6.24m market cap, or US$7.21m). New Risk • May 23
New major risk - Revenue and earnings growth Earnings have declined by 12% 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 (-€4.0m). Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (€6.73m market cap, or US$7.60m). Minor Risk Revenue is less than US$5m (€3.0m revenue, or US$3.4m). Reported Earnings • May 05
First quarter 2025 earnings released First quarter 2025 results: Revenue: €4.45m (down 1.5% from 1Q 2024). Net loss: €377.7k (loss narrowed 8.4% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €14.60, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 16x in the Infrastructure industry in Europe. Negligible returns to shareholders over past three years. Reported Earnings • Mar 06
Full year 2024 earnings released: EPS: €3.52 (vs €3.06 loss in FY 2023) Full year 2024 results: EPS: €3.52 (up from €3.06 loss in FY 2023). Revenue: €22.8m (up 29% from FY 2023). Net income: €1.93m (up €3.60m from FY 2023). Profit margin: 8.4% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 04
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €4.32m (flat on 3Q 2023). Net income: €446.0k (up €692.7k from 3Q 2023). Profit margin: 10% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €5.46m (up 37% from 2Q 2023). Net income: €1.15m (up €1.41m from 2Q 2023). Profit margin: 21% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. New Risk • Jun 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.25m (US$9.91m) 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 Negative equity (-€8.1m). Market cap is less than US$10m (€9.25m market cap, or US$9.91m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: €4.56m (down 2.8% from 1Q 2023). Net loss: €320.8k (down 470% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. New Risk • Apr 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.30m (US$9.98m) 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 Negative equity (-€8.3m). Market cap is less than US$10m (€9.30m market cap, or US$9.98m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). New Risk • Mar 07
New major risk - Negative shareholders equity The company has negative equity. Total equity: -€6.3m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-€6.3m). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Market cap is less than US$100m (€9.90m market cap, or US$10.8m). Reported Earnings • Mar 03
Full year 2023 earnings released: €4.13 loss per share (vs €13.67 profit in FY 2022) Full year 2023 results: €4.13 loss per share (down from €13.67 profit in FY 2022). Net loss: €2.26m (down 130% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.9% to €20.40. The fair value is estimated to be €16.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jan 26
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 Croatian stocks, typically moving 6.9% 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 (6.9% average weekly change). Negative equity (-€6.3m). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Market cap is less than US$100m (€11.9m market cap, or US$12.9m). Buy Or Sell Opportunity • Jan 19
Now 27% overvalued Over the last 90 days, the stock has fallen 8.9% to €20.40. The fair value is estimated to be €16.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €22.60, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 17x in the Infrastructure industry in Europe. Total returns to shareholders of 622% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €19.00, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 16x in the Infrastructure industry in Europe. Total returns to shareholders of 475% over the past three years. Reported Earnings • May 01
First quarter 2023 earnings released First quarter 2023 results: Revenue: €4.75m (up 5.2% from 1Q 2022). Net income: €324.8k (down 69% from 1Q 2022). Profit margin: 6.8% (down from 23% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 03
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Kn46.5m (up 11% from 3Q 2021). Net income: Kn6.77m (down 24% from 3Q 2021). Profit margin: 15% (down from 21% in 3Q 2021). Duyuru • Sep 21
ALPHA ADRIATIC d.d.(ZGSE:ULPL) dropped from Crobex ALPHA ADRIATIC d.d. has been removed from CROBEX. Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Kn194 (up from Kn176 in FY 2020). Revenue: Kn138.0m (up 48% from FY 2020). Net income: Kn106.1m (up 9.9% from FY 2020). Profit margin: 77% (down from 104% in FY 2020). The decrease in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Kn34.3m (up 66% from 2Q 2020). Net income: Kn19.1m (up Kn41.8m from 2Q 2020). Profit margin: 56% (up from net loss in 2Q 2020). Is New 90 Day High Low • Mar 01
New 90-day high: Kn38.00 The company is up 6.0% from its price of Kn36.00 on 01 December 2020. The Croatian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Infrastructure industry, which is also up 6.0% over the same period. Is New 90 Day High Low • Feb 15
New 90-day high: Kn37.80 The company is up 51% from its price of Kn25.00 on 12 November 2020. The Croatian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is flat over the same period. 
