New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 71% 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 71% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$100m (€30.2m market cap, or US$34.3m). New Risk • May 17
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 11% 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 (11% average weekly change). Minor Risk Market cap is less than US$100m (€39.3m market cap, or US$45.7m). New Risk • Apr 10
New major risk - Revenue and earnings growth Earnings have declined by 84% 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 84% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (€46.7m market cap, or US$54.8m). New Risk • Nov 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €86.1m (US$99.6m) This is considered a minor 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 Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 84% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€86.1m market cap, or US$99.6m). Announcement • Oct 30
Mexedia S.P.A. Societa Benefit Adopts the New Organizational, Management, and Control Model Mexedia S.p.A. Societa Benefit has adopted a new Organizational, Management, and Control Model (MOGC), strengthening its governance structure in line with regulatory best practices and long-term strategic objectives. The adoption of the news MOGC marks a significant milestone in the evolution of Mexedia's corporate governance framework and reaffirms the Company's commitment to implementing advanced tools for risk prevention, transparency, and stakeholder protection. This new framework supports Mexedia's positioning as a listed company and as a Societa Benefit, aligning operational performance with ethical and sustainable business practices. The model establishes a clear and structured set of rules and protocols covering sensitive operational areas, delegation of powers, information flows, and compliance safeguards. It integrates enhanced measures to prevent unauthorized conduct, ensure transparency in financial resource management, protect interactions with Public Authorities, and strengthen controls over cybersecurity and workplace safety. Key features of the new model include: Strengthened controls in the areas of anti- corruption, fraud prevention, relations with the Public Administration, and digital crime; Introduction of a systematic risk assessment methodology based on probability and impact to ensure proportionate and effective internal controls; Update of the corporate structure and delegation of powers to reflect the Company's growth and international expansion; Presence of the Code of Ethics, which defines the principles of legality, transparency, fairness and manager responsibility; Enhancement of whistleblowing channels and the role of the Supervisory Body (Organismo di Vigilanza - OdV); New compliance rules for the selection and management of relationships with suppliers, partners, and sponsors, with particular focus on environmental and fiscal sustainability. Designed as a dynamic governance tool, the new MOGC enables Mexedia to operate with integrity, responsibility, and full regulatory compliance across evolving national and international contexts, reinforcing the Company's commitment to long-term value creation. Reported Earnings • Oct 15
First half 2025 earnings released: €0.41 loss per share (vs €0.84 loss in 1H 2024) First half 2025 results: €0.41 loss per share (improved from €0.84 loss in 1H 2024). Revenue: €104.4m (up 170% from 1H 2024). Net loss: €2.31m (loss narrowed 52% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Board Change • Oct 01
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. CFO & Director Daniel Gilcher was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Sep 04
Now 31% undervalued Over the last 90 days, the stock has risen 3,900% to €50.00. The fair value is estimated to be €72.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 15
Now 21% undervalued Over the last 90 days, the stock has risen 5,082% to €57.00. The fair value is estimated to be €72.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 15
Mexedia Società Per Azioni S.B. (ENXTPA:ALMEX) signed a letter of intent to acquire an unknown minority stake in Digital Innovations Holding Group. Mexedia Società Per Azioni S.B. (ENXTPA:ALMEX) signed a letter of intent to acquire an unknown minority stake in Digital Innovations Holding Group on August 14, 2025.
The transaction is subject to approval by regulatory board, consummation of due diligence investigation and definitive agreement. New Risk • Apr 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €7.70m (US$8.48m) 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 57% per year over the past 5 years. Market cap is less than US$10m (€7.70m market cap, or US$8.48m). Reported Earnings • Mar 29
Full year 2024 earnings released Full year 2024 results: Revenue: €73.3m (down 77% from FY 2023). Net loss: €26.2m (down €30.7m from profit in FY 2023). New Risk • Feb 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 French stocks, typically moving 7.6% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (7.6% average weekly change). Earnings have declined by 7.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (€28.5m market cap, or US$29.9m). Board Change • Feb 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Giovanni Benini was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Giovanni Benini was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 31
First half 2024 earnings released First half 2024 results: Revenue: €38.7m (down 71% from 1H 2023). Net loss: €4.82m (down 434% from profit in 1H 2023). Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €6.80, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 18x in the Telecom industry in Europe. Total loss to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €5.50, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 18x in the Telecom industry in Europe. Total loss to shareholders of 80% over the past year. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €6.35, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 18x in the Telecom industry in Europe. Total loss to shareholders of 75% over the past year. 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 €7.35, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Telecom industry in Europe. Total loss to shareholders of 75% over the past year. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €9.15, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Telecom industry in Europe. Total loss to shareholders of 69% over the past year. New Risk • Jun 11
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 9.5% 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 Interest payments are not well covered by earnings (2.7x net interest cover). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (€65.0m market cap, or US$69.8m). Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €10.50, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Telecom industry in Europe. Total loss to shareholders of 69% over the past year. New Risk • May 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x 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 Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (€75.8m market cap, or US$82.3m). Reported Earnings • Mar 28
Full year 2023 earnings released Full year 2023 results: Revenue: €323.9m (up 130% from FY 2022). Net income: €4.47m (flat on FY 2022). Profit margin: 1.4% (down from 3.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €11.40, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Telecom industry in Europe. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €14.90, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Telecom industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €24.64 per share. Reported Earnings • Oct 25
First half 2023 earnings released: EPS: €0.25 (vs €0.28 in 1H 2022) First half 2023 results: EPS: €0.25 (down from €0.28 in 1H 2022). Revenue: €133.4m (up 59% from 1H 2022). Net income: €1.44m (down 8.8% from 1H 2022). Profit margin: 1.1% (down from 1.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €22.00, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Telecom industry in Europe. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €25.60, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Telecom industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €46.18 per share. Announcement • Jul 12
Mexedia Società Per Azioni S.B. (ENXTPA:ALMEX) acquired BAASBOX S.R.L. Mexedia Società Per Azioni S.B. (ENXTPA:ALMEX) acquired BAASBOX S.R.L. on July 11, 2023.
Mexedia Società Per Azioni S.B. (ENXTPA:ALMEX) completed the acquisition of BAASBOX S.R.L. on July 11, 2023. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €26.40, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 12x in the Telecom industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €39.06 per share. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €29.00, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 13x in the Telecom industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €39.04 per share. Buying Opportunity • Jun 15
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €39.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last year. Earnings per share has grown by 50%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings is also forecast to grow by 40% per annum over the same time period. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €34.80, the stock trades at a trailing P/E ratio of 44.8x. Average trailing P/E is 16x in the Telecom industry in Europe. Reported Earnings • May 04
Full year 2022 earnings released Full year 2022 results: Revenue: €140.9m (up 6.9% from FY 2021). Net income: €4.43m (up 50% from FY 2021). Profit margin: 3.1% (up from 2.2% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €31.80, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 16x in the Telecom industry in Europe. Total loss to shareholders of 26% over the past year. 