Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €25.52, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Capital Markets industry in Europe. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €38.84 per share. Duyuru • May 19
Flow Traders Ltd., Annual General Meeting, Jun 26, 2026 Flow Traders Ltd., Annual General Meeting, Jun 26, 2026. Location: inntel hotels amsterdam landmark, located at voc-kade 600, 1018 lg amsterdam, Netherlands Major Estimate Revision • May 03
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from €545.3m to €532.6m. EPS estimate rose from €3.38 to €3.80. Net income forecast to grow 13% next year vs 9.8% growth forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €30.32. Share price fell 2.8% to €27.42 over the past week. Duyuru • Apr 24
Flow Traders Ltd. to Report Q2, 2026 Results on Jul 30, 2026 Flow Traders Ltd. announced that they will report Q2, 2026 results on Jul 30, 2026 Duyuru • Apr 20
Flow Traders Ltd. Announces Executive Appointments, Effective April 20, 2026 Flow Traders Ltd. announces a leadership update in the Asia-Pacific (APAC) region. With effective from April 20, 2026, Frank Drouet is appointed Chief Executive Officer Flow Traders APAC and joins the firm’s Executive Committee (ExCo). Frank Drouet brings more than three decades of experience in global financial markets, with deep expertise across equity derivatives, volatility trading and institutional markets. Frank spent more than 30 years at Société Générale in various global and regional leadership positions in Trading. He held positions as Global head of Volatility Trading, Head of Equities and Derivatives APAC and Head of Global Markets. More recently, Frank was Deputy Head of Global Markets at Crédit Agricole. He has extensive experience in APAC, having spent 20 years in Hong Kong and Tokyo. Fabian Rijlaarsdam is appointed Chief Operating Officer APAC. In this newly created role, he will be responsible for the operational execution of expansion plans in the region. Together with the teams, he will strengthen global operational excellence, alignment and accelerated project execution. As part of the updated APAC leadership structure, Ken Han, currently Head of Institutional Sales & Trading APAC, is appointed Chief Commercial Officer APAC. In this new role, he will have responsibility for all APAC sales and relationship activities across both traditional finance and digital assets, ensuring a more integrated and commercial approach. Duyuru • Mar 19
Flow Traders Ltd. Launches Digital Assets OTC Offering with 24/7 Liquidity for Tokenized Assets Flow Traders Ltd. announced the launch of its digital assets OTC offering with 24/7 proprietary, two-way liquidity for tokenized money-market funds, equities and commodities, which includes Franklin Templeton's BENJI and Tether Gold, among others. The launch reflects growing demand for reliable access to tokenized assets across extended trading hours, overnights, and weekends. In tokenized equities and commodities, secondary-market activity has expanded across different instruments and trading sessions, with participation extending into overnight and weekend periods. Flow Traders provides counterparties with 24/7 two-way pricing, supported by risk controls designed for overnight and weekend market conditions. Counterparties can trade and hedge tokenized equity and commodity exposures against fiat or stablecoins, using familiar OTC workflows and defined settlement processes. The offering is delivered through Flow Traders’ Digital Asset OTC platform, in collaboration with leading digital asset issuers and infrastructure providers. Institutions can access liquidity via direct FIX connectivity, OMS/EMS platforms, ECNs or high-touch OTC execution. Asset coverage will continue to evolve in line with counterparty demand, regulatory considerations and supported venues. Product availability may vary by jurisdiction and counterparty eligibility and may be offered by different members of the Flow Traders group, depending on regulatory status. Reported Earnings • Mar 17
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: €3.07 (down from €3.69 in FY 2024). Revenue: €480.5m (down 40% from FY 2024). Net income: €133.6m (down 16% from FY 2024). Profit margin: 28% (up from 20% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: €3.07 (down from €3.69 in FY 2024). Revenue: €480.5m (down 40% from FY 2024). Net income: €133.6m (down 16% from FY 2024). Profit margin: 28% (up from 20% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 1.5%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 12
Flow Traders Ltd. to Report Q1, 2026 Results on Apr 24, 2026 Flow Traders Ltd. announced that they will report Q1, 2026 results on Apr 24, 2026 Major Estimate Revision • Nov 06
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €497.1m to €470.8m. EPS estimate also fell from €3.31 per share to €2.94 per share. Net income forecast to grow 4.5% next year vs 11% growth forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €28.67. Share price was steady at €23.76 over the past week. Duyuru • Oct 30
Flow Traders Ltd. to Report Q4, 2025 Results on Feb 12, 2026 Flow Traders Ltd. announced that they will report Q4, 2025 results on Feb 12, 2026 New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.8% 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. This is currently the only risk that has been identified for the company. New Risk • Jul 16
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 Dutch stocks, typically moving 7.7% 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. This is currently the only risk that has been identified for the company. New Risk • Jul 04
New major risk - Revenue and earnings growth Earnings have declined by 34% 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 Risk Earnings have declined by 34% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). New Risk • Apr 25
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 Dutch stocks, typically moving 4.8% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Apr 24
Consensus revenue estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from €491.6m to €564.5m. EPS estimate unchanged from €3.27 at last update. Capital Markets industry in the Netherlands expected to see average net income growth of 5.4% next year. Consensus price target up from €23.50 to €25.88. Share price fell 21% to €23.94 over the past week. Duyuru • Apr 24
Flow Traders Ltd. to Report First Half, 2025 Results on Jul 31, 2025 Flow Traders Ltd. announced that they will report first half, 2025 results on Jul 31, 2025 Price Target Changed • Apr 23
Price target increased by 13% to €25.88 Up from €23.00, the current price target is an average from 4 analysts. New target price is 14% below last closing price of €30.24. Stock is up 55% over the past year. The company is forecast to post earnings per share of €4.16 for next year compared to €3.69 last year. Major Estimate Revision • Apr 08
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from €461.2m to €491.8m. EPS estimate increased from €3.00 to €3.37 per share. Net income forecast to shrink 8.3% next year vs 6.1% growth forecast for Capital Markets industry in the Netherlands . Consensus price target up from €23.00 to €23.50. Share price rose 3.8% to €28.00 over the past week. Price Target Changed • Feb 21
Price target increased by 7.9% to €23.00 Up from €21.33, the current price target is an average from 4 analysts. New target price is 12% below last closing price of €26.14. Stock is up 55% over the past year. The company is forecast to post earnings per share of €3.00 for next year compared to €3.69 last year. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.9% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Jan 23
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €389.0m to €404.7m. EPS estimate increased from €2.68 to €3.03 per share. Net income forecast to grow 62% next year vs 10% growth forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €20.83. Share price was steady at €23.72 over the past week. Major Estimate Revision • Nov 06
Consensus EPS estimates increase by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €359.9m to €389.0m. EPS estimate increased from €1.93 to €2.68 per share. Net income forecast to grow 52% next year vs 8.1% growth forecast for Capital Markets industry in the Netherlands. Consensus price target up from €17.70 to €20.43. Share price rose 3.0% to €21.38 over the past week. Price Target Changed • Nov 05
Price target increased by 15% to €20.43 Up from €17.70, the current price target is an average from 4 analysts. New target price is 5.7% below last closing price of €21.66. Stock is up 26% over the past year. The company is forecast to post earnings per share of €2.68 for next year compared to €0.84 last year. Price Target Changed • Nov 01
Price target increased by 9.3% to €18.33 Up from €16.76, the current price target is an average from 4 analysts. New target price is 11% below last closing price of €20.56. Stock is up 17% over the past year. The company is forecast to post earnings per share of €1.73 for next year compared to €0.84 last year. Duyuru • Oct 31
Flow Traders Ltd. to Report Q4, 2024 Results on Feb 13, 2025 Flow Traders Ltd. announced that they will report Q4, 2024 results on Feb 13, 2025 New Risk • Oct 03
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 Dutch stocks, typically moving 7.4% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Aug 06
Consensus EPS estimates increase by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €338.4m to €358.8m. EPS estimate increased from €1.46 to €1.91 per share. Net income forecast to grow 53% next year vs 18% growth forecast for Capital Markets industry in the Netherlands. Consensus price target down from €18.73 to €16.76. Share price rose 17% to €17.69 over the past week. Price Target Changed • Jul 30
Price target decreased by 7.2% to €17.39 Down from €18.73, the current price target is an average from 4 analysts. New target price is 15% above last closing price of €15.15. Stock is down 24% over the past year. The company is forecast to post earnings per share of €1.77 for next year compared to €0.84 last year. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €15.19, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Capital Markets industry in Europe. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €28.78 per share. Upcoming Dividend • Jun 10
Upcoming dividend of €0.15 per share Eligible shareholders must have bought the stock before 17 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Dutch dividend payers (5.4%). Lower than average of industry peers (3.0%). Major Estimate Revision • May 05
Consensus EPS estimates increase by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from €334.6m to €350.6m. EPS estimate increased from €1.46 to €1.87 per share. Net income forecast to grow 48% next year vs 15% growth forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €18.68. Share price rose 3.1% to €20.44 over the past week. Reported Earnings • Feb 09
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: €0.84 (down from €2.92 in FY 2022). Revenue: €303.9m (down 55% from FY 2022). Net income: €36.2m (down 72% from FY 2022). Profit margin: 12% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Duyuru • Feb 08
Flow Traders Ltd. to Report First Half, 2024 Results on Jul 25, 2024 Flow Traders Ltd. announced that they will report first half, 2024 results on Jul 25, 2024 Major Estimate Revision • Jan 10
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €300.2m to €306.6m. EPS estimate increased from €0.951 to €1.05 per share. Net income forecast to grow 9.2% next year vs 13% growth forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €19.04. Share price was steady at €18.59 over the past week. Major Estimate Revision • Nov 05
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €293.5m to €300.2m. EPS estimate increased from €0.71 to €0.861 per share. Net income forecast to grow 7.4% next year vs 12% growth forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €18.91. Share price rose 3.8% to €17.59 over the past week. New Risk • Oct 27
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: 11% Last year net profit margin: 19% 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: 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 (11% net profit margin). Major Estimate Revision • Oct 25
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from €297.0m to €333.0m. EPS estimate unchanged from €0.77 at last update. Capital Markets industry in the Netherlands expected to see average net income growth of 14% next year. Consensus price target down from €20.25 to €19.00. Share price was steady at €16.08 over the past week. Price Target Changed • Oct 24
Price target decreased by 9.9% to €19.58 Down from €21.73, the current price target is an average from 6 analysts. New target price is 20% above last closing price of €16.26. Stock is down 20% over the past year. The company is forecast to post earnings per share of €0.79 for next year compared to €2.92 last year. Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €328.3m to €297.3m. EPS estimate also fell from €1.19 per share to €0.799 per share. Net income forecast to shrink 34% next year vs 14% growth forecast for Capital Markets industry in the Netherlands . Consensus price target down from €21.73 to €20.25. Share price fell 6.6% to €16.17 over the past week. Price Target Changed • Oct 02
Price target decreased by 12% to €20.25 Down from €22.92, the current price target is an average from 6 analysts. New target price is 22% above last closing price of €16.65. Stock is down 15% over the past year. The company is forecast to post earnings per share of €0.80 for next year compared to €2.92 last year. Duyuru • Aug 29
Flow Traders Ltd. Announces Management Changes Flow Traders Ltd. announced the resignation of Folkert Joling as Chief Trading Officer and Executive Director of the Flow Traders Board, and the appointments of Bill Stush, Tamara Maris-Mravunac and Aaron Dimitri as new members of the firm’s Global Executive Committee. Folkert Jolinghas decided to step down as Chief Trading Officer and Executive Director of the Flow TradersLtd. Board. Folkert joined Flow Traders in 2006 as a trader and became Head of Trading in 2011. He was promoted to Global Head of Trading and became member of the Flow Traders B.V. Board in 2016. Folkert was promoted to Chief Trading Officer and member of the Management Board of Flow Traders N.V. in 2018. After more than 17 years at Flow Traders, Folkert has decided to step down as Chief Trading Officer and Executive Director of the Flow Traders Ltd. Board as of 1 September 2023 to pursue other interests outside of Flow Traders. Folkert will be handing over his responsibilities over the coming weeks until the end of his Board agreement on 15 September 2023. In his role as Chief Trading Officer, Folkert was responsible for and had tremendous influence on the development and realization of Flow Traders' trading strategies, business development, trading processes and daily trading operations. Over the past 17 years, Folkert has contributed greatly to the growth of Flow Traders and its evolution into a global trading firm. The Global Executive Committee members representing Trading and Technology will assume Folkert’s duties moving forward and will be supported by the entire Board. Flow Tradersfurther strengthens its Global Executive Committeewith the appointments of Bill Stush, who will lead the development of Flow Traders’U.S. growth strategy and Tamara Maris-Mravunac and Aaron Dimitri, who will focus on bolstering the firm’s global risk and compliance functions. Bill Stush has been appointed as CEOAmericasand member of the Global Executive Committee. As CEO Americas, Bill will be responsible for developing Flow Traders' growth strategy in the region, for the development of the firm’s key regional growth initiatives and for managing relationships with all partners externally. Bill will be responsible for the day-to-day operations of the U.S. offices and will be supported by the broader leadership team in the region. Additionally, he will represent the Americas region within the firm’s Global Executive Committee. Bill joined Flow Traders in 2016 as Head of Sales with a focus on building out the firm’s U.S. counterparty network and off-exchange trading business. Bill succeeds Matheus Haserick-Lara, who served as Managing Director Americas. Matheus recently stepped down from his role at Flow Traders to pursue other opportunities. Tamara Maris-Mravunac has joined Flow Traders as Global Head of Risk and member of the Global Executive Committee. Tamara has been appointed Global Head of Risk and member of the Global Executive Committee as of 1 June 2023. She joins the firm from ING Bank N.V., where during her 23-year tenure she held various senior roles within ING’s Financial Markets division and therefore brings extensive experience in internal and external risk management to the firm. Most recently, she was Head of Financial Markets & Global Business Services for the Netherlands at ING. As Global Head of Risk, Tamara will be responsible for the management of Flow Traders' risk function alongside its underlying risk profile as well as for the systematic enhancement, implementation and management of the firm’s risk framework, policies, and processes. Aaron Dimitri, Global Head of Compliance and General Counsel Americas, has been appointed member of the Global Executive Committee. Aaron Dimitri, Global Head of Compliance and General Counsel Americas at Flow Traders also joined the Global Executive Committee as of 1 June 2023. Aaron joined Flow Traders in 2017 as a Compliance Officer and was appointed Global Head of Compliance in 2022. He oversees Flow Traders' global compliance function and is responsible for compliance protocols as well as representing the firm in regulatory matters, proactively monitoring and advancing the compliance program. Additionally, he advises on all of the firm’s strategic growth initiatives globally to ensure full regulatory compliance. Duyuru • Jul 29
Flow Traders Ltd. Announces Interim Dividend for the Fiscal Year 2023, Payable on August 18, 2023 Flow Traders Ltd. announced interim dividend of €0.30 per share for the fiscal year 2023 with an ex-dividend date on August 15, 2023. The dividend payable on August 18, 2023 with record date of August 16, 2023. Major Estimate Revision • Jul 28
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €357.3m to €328.6m. EPS estimate also fell from €1.73 per share to €1.49 per share. Net income forecast to shrink 38% next year vs 11% growth forecast for Capital Markets industry in the Netherlands . Consensus price target down from €22.92 to €21.47. Share price rose 2.3% to €19.98 over the past week. Major Estimate Revision • Jul 25
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €369.3m to €344.3m. EPS estimate also fell from €1.88 per share to €1.59 per share. Net income forecast to shrink 20% next year vs 11% growth forecast for Capital Markets industry in the Netherlands . Consensus price target down from €24.21 to €22.67. Share price was steady at €19.84 over the past week. Duyuru • Jul 14
Flow Traders Ltd. Elects of Hermien Smeets-Flier as Chief Financial Officer, Effective from 17 July 2023 Flow Traders Ltd. announced the nomination of Hermien Smeets-Flier for election as Chief Financial Officer and Executive Director of the Flow Traders Board. Hermien Smeets-Flier will join Flow Traders on 17 July 2023. Her nomination as Chief Financial Officer and Executive Director of the Flow Traders Board is subject to regulatory and shareholder approval. In her role as Chief Financial Officer, Hermien will be responsible and oversee the firm’s control functions including Finance, Compliance, Risk, Tax, Legal, Investor Relations and ESG. As a Board and Executive Committee member, Hermien will work in close collaboration with Trading and Technology and focus on supporting the execution of Flow Traders’ strategic agenda as well as further developing the control functions in light of the firm’s continued growth. Hermien has over 20 years of experience leading and scaling finance, risk, control and operational functions across insurance and asset management firms. She also has broad expertise in providing audit, financial and M&A advisory services to listed companies. Hermien has extensive board experience having served on several Supervisory and Management Boards and Risk and Audit committees during her career. Prior to joining Flow Traders, Hermien served as Chief Financial and Risk Officer and member of the Management Board at Achmea Investment Management, where she was responsible for the firm’s finance, operations, legal, risk and IT functions as well as managing Achmea IM’s regulatory agenda. Before that, she served as Chief Financial Officer at AEGIS London, during this role she also served as Deputy Chair of the Finance Committee of the Lloyd’s Market Association. Prior to joining AEGIS London, Hermien served as Chief Financial Officer at Amlin Underwriting Ltd. where she was part of the strategic transition of the firm through various M&A transactions. She started her career at KPMG, where for 15 years she provided audit, financial, and M&A advisory services to listed companies. Major Estimate Revision • Jul 04
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €410.3m to €369.3m. EPS estimate also fell from €2.34 per share to €1.88 per share. Net income forecast to shrink 7.7% next year vs 11% growth forecast for Capital Markets industry in the Netherlands . Consensus price target down from €28.22 to €24.78. Share price fell 5.7% to €19.10 over the past week. Price Target Changed • Jul 04
Price target decreased by 12% to €22.92 Down from €26.11, the current price target is an average from 4 analysts. New target price is 20% above last closing price of €19.10. Stock is down 22% over the past year. The company is forecast to post earnings per share of €2.03 for next year compared to €2.92 last year. Buying Opportunity • Jul 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be €25.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% over the last 3 years. Earnings per share has declined by 50%. Revenue is forecast to decline by 31% in 2 years. Earnings is forecast to grow by 2.6% in the next 2 years. Major Estimate Revision • May 02
Consensus revenue estimates fall by 12% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from €464.0m to €410.3m. EPS estimate fell from €2.76 to €2.34 per share. Net income forecast to grow 3.7% next year vs 7.0% growth forecast for Capital Markets industry in the Netherlands. Consensus price target of €26.11 unchanged from last update. Share price fell 2.3% to €22.48 over the past week. Upcoming Dividend • Apr 21
Upcoming dividend of €0.80 per share at 6.6% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 04 May 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of Dutch dividend payers (6.6%). Higher than average of industry peers (3.4%). Buying Opportunity • Apr 11
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be €32.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to decline by 5.0% per annum. Earnings is forecast to grow by 1.1% per annum over the same time period. Price Target Changed • Mar 22
Price target increased by 7.2% to €26.11 Up from €24.36, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of €25.90. Stock is down 17% over the past year. The company posted earnings per share of €2.92 last year. Reported Earnings • Feb 12
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: €2.92 (up from €2.63 in FY 2021). Revenue: €458.7m (down 15% from FY 2021). Net income: €126.8m (up 10% from FY 2021). Profit margin: 28% (up from 21% in FY 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates by 7.3%. Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Capital Markets industry in Europe. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Feb 09
Flow Traders Ltd. Proposes Final Full Year 2022 Dividend, Payable on 4 May 2023 Flow Traders Ltd. proposed a final full year 2022 dividend of €0.80, implying a total dividend of €1.50 for full year 2022. Ex-dividend date is 28 April 2023. Record date is 2 May 2023. Payment date is 4 May 2023. Major Estimate Revision • Oct 28
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €388.2m to €414.8m. EPS estimate increased from €2.20 to €2.48 per share. Net income forecast to grow 14% next year vs 3.0% decline forecast for Capital Markets industry in the Netherlands. Consensus price target broadly unchanged at €24.61. Share price rose 23% to €24.26 over the past week. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 18% share price gain to €23.38, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Capital Markets industry in Europe. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €24.66 per share. Price Target Changed • Oct 17
Price target decreased to €24.41 Down from €26.29, the current price target is an average from 5 analysts. New target price is 26% above last closing price of €19.31. Stock is down 46% over the past year. The company is forecast to post earnings per share of €2.16 for next year compared to €2.63 last year. Buying Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be €24.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has declined by 3.0%. Revenue is forecast to decline by 32% in 2 years. Earnings is forecast to grow by 8.5% in the next 2 years. Price Target Changed • Sep 01
Price target decreased to €26.29 Down from €31.47, the current price target is an average from 4 analysts. New target price is 38% above last closing price of €19.04. Stock is down 44% over the past year. The company is forecast to post earnings per share of €2.26 for next year compared to €2.63 last year. Recent Insider Transactions • Aug 09
Insider recently bought €213k worth of stock On the 1st of August, Folkert Joling bought around 10k shares on-market at roughly €21.33 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.0m more in shares than they have sold in the last 12 months. Price Target Changed • Jul 20
Price target decreased to €31.47 Down from €34.95, the current price target is provided by 1 analyst. New target price is 31% above last closing price of €23.94. Stock is down 34% over the past year. The company is forecast to post earnings per share of €2.74 for next year compared to €2.63 last year. Upcoming Dividend • Apr 27
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 03 May 2022. Payment date: 06 May 2022. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Dutch dividend payers (5.6%). Higher than average of industry peers (3.1%). Major Estimate Revision • Apr 12
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from €375.5m to €395.6m. EPS estimate increased from €2.43 to €2.80 per share. Net income forecast to grow 2.1% next year vs 1.5% decline forecast for Capital Markets industry in the Netherlands. Consensus price target of €34.17 unchanged from last update. Share price was steady at €31.80 over the past week. Buying Opportunity • Mar 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be €40.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. Earnings per share has grown by 24% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €30.20, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 16x in the Capital Markets industry in Europe. Total returns to shareholders of 45% over the past three years. Upcoming Dividend • Aug 10
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 20 August 2021. Trailing yield: 10%. Within top quartile of Dutch dividend payers (4.5%). Higher than average of industry peers (2.4%). Executive Departure • Apr 27
Independent Member of Supervisory Board has left the company On the 23rd of April, Evert Drok's tenure as Independent Member of Supervisory Board ended after 5.8 years in the role. We don't have any record of a personal shareholding under Evert's name. A total of 2 executives have left over the last 12 months. Major Estimate Revision • Apr 27
Consensus revenue estimates increase to €403.1m The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from €360.8m to €403.1m. EPS estimate increased from €2.53 to €2.96 per share. Net income forecast to shrink 50% next year vs 19% growth forecast for Capital Markets industry in the Netherlands . Consensus price target up from €34.13 to €36.13. Share price was steady at €38.36 over the past week. Upcoming Dividend • Apr 20
Upcoming dividend of €2.50 per share Eligible shareholders must have bought the stock before 27 April 2021. Payment date: 30 April 2021. Trailing yield: 17%. Within top quartile of Dutch dividend payers (4.1%). Higher than average of industry peers (2.6%). Analyst Estimate Surprise Post Earnings • Mar 07
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Over the next year, revenue is expected to shrink by 68% compared to a 42% growth forecast for the Capital Markets industry in the Netherlands. Price Target Changed • Feb 20
Price target raised to €34.21 Up from €31.92, the current price target is an average from 6 analysts. The new target price is close to the current share price of €34.96. As of last close, the stock is up 74% over the past year. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Over the next year, revenue is expected to shrink by 65% compared to a 29% growth forecast for the Capital Markets industry in the Netherlands. Is New 90 Day High Low • Feb 13
New 90-day high: €33.80 The company is up 27% from its price of €26.68 on 13 November 2020. The Dutch market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €48.97 per share. Is New 90 Day High Low • Jan 20
New 90-day high: €30.38 The company is up 4.0% from its price of €29.12 on 22 October 2020. The Dutch market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €50.55 per share. Price Target Changed • Jan 19
Price target lowered to €30.96 Down from €33.72, the current price target is an average from 4 analysts. The new target price is 5.0% above the current share price of €29.48. As of last close, the stock is up 41% over the past year. 
