New Risk • May 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x 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 (1.5x net interest cover). Minor Risks Dividend is not well covered by earnings (155% payout ratio). Large one-off items impacting financial results. Reported Earnings • May 13
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.10. Revenue: €318.7m (down 14% from 1Q 2025). Net income: €3.20m (down 52% from 1Q 2025). Profit margin: 1.0% (down from 1.8% in 1Q 2025). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Building industry in Europe. Upcoming Dividend • May 04
Upcoming dividend of €0.85 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 13 May 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (3.7%). Declared Dividend • Apr 01
Dividend reduced to €0.85 Dividend of €0.85 is 5.6% lower than last year. Ex-date: 11th May 2026 Payment date: 13th May 2026 Dividend yield will be 5.0%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (155% earnings payout ratio). However, it is well covered by cash flows (30% cash payout ratio). The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 72% to bring the payout ratio under control. EPS is expected to grow by 230% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 31
Villeroy & Boch AG, Annual General Meeting, May 08, 2026 Villeroy & Boch AG, Annual General Meeting, May 08, 2026, at 11:00 W. Europe Standard Time. Reported Earnings • Mar 23
Full year 2025 earnings released Full year 2025 results: Revenue: €1.45b (up 1.8% from FY 2024). Net income: €14.7m (up 149% from FY 2024). Profit margin: 1.0% (up from 0.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Building industry in Europe. Price Target Changed • Mar 20
Price target decreased by 18% to €30.50 Down from €37.00, the current price target is provided by 1 analyst. New target price is 79% above last closing price of €17.00. Stock is down 4.0% over the past year. The company is forecast to post earnings per share of €0.38 for next year compared to €0.22 last year. Price Target Changed • Jan 17
Price target decreased by 32% to €25.25 Down from €37.00, the current price target is an average from 2 analysts. New target price is 49% above last closing price of €16.90. Stock is up 9.4% over the past year. The company is forecast to post earnings per share of €0.38 for next year compared to €0.22 last year. Announcement • Dec 21
Villeroy & Boch AG to Report Q1, 2026 Results on May 12, 2026 Villeroy & Boch AG announced that they will report Q1, 2026 results on May 12, 2026 Reported Earnings • Oct 24
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: €349.4m (down 3.1% from 3Q 2024). Net loss: €5.30m (down 453% from profit in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Building industry in Europe. Announcement • Aug 23
Villeroy & Boch AG to Report Fiscal Year 2025 Results on Mar 19, 2026 Villeroy & Boch AG announced that they will report fiscal year 2025 results on Mar 19, 2026 New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 Interest payments are not well covered by earnings (2.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 407% Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €356.7m (down 3.6% from 2Q 2024). Net income: €7.20m (up €10.8m from 2Q 2024). Profit margin: 2.0% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Building industry in Europe. New Risk • May 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x 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 (1.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 407% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Announcement • May 21
Villeroy & Boch AG to Report Q3, 2025 Results on Oct 23, 2025 Villeroy & Boch AG announced that they will report Q3, 2025 results on Oct 23, 2025 Reported Earnings • May 16
First quarter 2025 earnings released First quarter 2025 results: Revenue: €369.1m (up 33% from 1Q 2024). Net income: €6.60m (down 7.0% from 1Q 2024). Profit margin: 1.8% (down from 2.6% in 1Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Building industry in Europe. Upcoming Dividend • May 05
Upcoming dividend of €0.90 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 14 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.4%). Higher than average of industry peers (2.0%). Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 73% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from €1.57b to €1.53b. EPS estimate also fell from €1.93 per share to €0.53 per share. Net income forecast to grow 136% next year vs 25% growth forecast for Building industry in Germany. Consensus price target of €34.50 unchanged from last update. Share price rose 8.9% to €17.70 over the past week. New Risk • Mar 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 407% Dividend per share is over 279x cash flows per share. Dividend yield: 6.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. 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). Dividend is not well covered by earnings and cash flows. Payout ratio: 407% Dividend per share is over 279x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Mar 14
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: €1.42b (up 58% from FY 2023). Net income: €5.90m (down 90% from FY 2023). Profit margin: 0.4% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Building industry in Europe. Announcement • Mar 07
Villeroy & Boch AG to Report Q1, 2025 Results on May 15, 2025 Villeroy & Boch AG announced that they will report Q1, 2025 results on May 15, 2025 Buy Or Sell Opportunity • Jan 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €15.20. The fair value is estimated to be €19.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €14.50. The fair value is estimated to be €18.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 119% in the next 2 years. New Risk • Oct 28
New major risk - Revenue and earnings growth Earnings have declined by 1.2% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Reported Earnings • Oct 24
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €360.5m (up 69% from 3Q 2023). Net income: €1.50m (down 87% from 3Q 2023). Profit margin: 0.4% (down from 5.5% in 3Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Building industry in Europe. Announcement • Sep 04
Villeroy & Boch AG to Report Q3, 2024 Results on Oct 24, 2024 Villeroy & Boch AG announced that they will report Q3, 2024 results on Oct 24, 2024 Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €370.2m (up 78% from 2Q 2023). Net loss: €3.60m (down 128% from profit in 2Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Building industry in Europe. Buy Or Sell Opportunity • Jul 30
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €17.05. The fair value is estimated to be €21.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Announcement • Jul 17
Villeroy & Boch AG to Report Q2, 2024 Results on Jul 31, 2024 Villeroy & Boch AG announced that they will report Q2, 2024 results on Jul 31, 2024 Buy Or Sell Opportunity • Jun 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.7% to €17.05. The fair value is estimated to be €21.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Major Estimate Revision • Jun 05
Consensus revenue estimates increase by 59%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €940.0m to €1.49b. EPS estimate fell from €2.44 to €2.40. Net income forecast to grow 18% next year vs 14% growth forecast for Building industry in Germany. Consensus price target of €34.50 unchanged from last update. Share price was steady at €17.00 over the past week. Buy Or Sell Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.0% to €17.10. The fair value is estimated to be €21.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Upcoming Dividend • Apr 08
Upcoming dividend of €1.05 per share Eligible shareholders must have bought the stock before 15 April 2024. Payment date: 17 April 2024. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 5.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.0%). Announcement • Mar 13
Villeroy & Boch AG to Report Q1, 2024 Results on May 15, 2024 Villeroy & Boch AG announced that they will report Q1, 2024 results on May 15, 2024 New Risk • Mar 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (120% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Mar 03
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: €901.9m (down 9.3% from FY 2022). Net income: €60.7m (down 15% from FY 2022). Profit margin: 6.7% (down from 7.2% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.1%. Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Building industry in Europe. Reported Earnings • Oct 22
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: €212.8m (down 11% from 3Q 2022). Net income: €11.8m (down 27% from 3Q 2022). Profit margin: 5.5% (down from 6.8% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Building industry in Europe. Announcement • Sep 28
Villeroy & Boch Ag Announces CEO Changes Villeroy & Boch appointed Gabi Schupp as its new head, with her set to take on the role at the beginning of next year. Schupp will succeed chief executive Frank Göring, after the supervisory board appointed her to the post onTuesday. Before joining Villeroy & Boch, Schupp spent more than 20 years at the US consumer goods group Procter & Gamble. Göring, whose contract ends at the end of 2023, plans to focus on personal interests. Announcement • Sep 20
Villeroy & Boch AG (XTRA:VIB3) signed binding agreements to acquire IDEAL STANDARD (UK) LTD. from Ideal Standard International NV. Villeroy & Boch AG (XTRA:VIB3) signed binding agreements to acquire IDEAL STANDARD (UK) LTD. from Ideal Standard International NV on September 18, 2023. The acquisition price is based on a company valuation of approximately €600 million. Villeroy & Boch is financing the transaction from its own liquid funds and with borrowing of €250 million. The transaction includes all group operating companies are covered by the transaction, including business activities in the Middle East and Africa previously operated by the Ideal Standard Group in a joint venture with Roots Group Arabia. Shareholder loans amounting to no more than approximately €93 million will be carried forward, which significantly reduces Ideal Standard Group's gearing. Ideal Standard generated the sales of €737.2 million and EBITDA of about €73.7 million for the year ended 2022. The transaction is subject to the usual regulatory reviews and approvals as well as the successful redemption of the €325 million bond issued by Ideal Standard International S.A. The transaction is expected to be completed in early 2024. Christoph H. Seibt, Boris Dzida, Martin Klusmann, Mario Hüther, Michael Josenhans, Alexander Schwahn, Stephen Hewes , Juliane Ziebarth, Marius Gorski, Frank Steenbock and Alexander Pospisil of Freshfields Bruckhaus Deringer (Hamburg) acted as legal advisor to Villeroy & Boch AG (XTRA:VIB3). J.P. Morgan SE acted as financial advisor to Villeroy & Boch AG (XTRA:VIB3). Deutsche Bank AG, London Branch acted as financial advisor and White & Case LLP acted as legal advisor to IDEAL STANDARD (UK) LTD. Reported Earnings • Jul 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €208.5m (down 14% from 2Q 2022). Net income: €12.9m (down 11% from 2Q 2022). Profit margin: 6.2% (up from 6.0% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Building industry in Europe. Reported Earnings • Apr 27
First quarter 2023 earnings released First quarter 2023 results: Revenue: €229.3m (down 7.7% from 1Q 2022). Net income: €12.8m (down 4.5% from 1Q 2022). Profit margin: 5.6% (up from 5.4% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Building industry in Europe. Upcoming Dividend • Apr 17
Upcoming dividend of €1.20 per share at 5.5% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 26 April 2023. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.9%). Reported Earnings • Mar 03
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: €2.67 (up from €2.28 in FY 2021). Revenue: €994.5m (up 5.2% from FY 2021). Net income: €71.2m (up 18% from FY 2021). Profit margin: 7.2% (up from 6.4% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.8%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: €238.0m (up 1.3% from 3Q 2021). Net income: €16.1m (up 14% from 3Q 2021). Profit margin: 6.8% (up from 6.0% in 3Q 2021). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Building industry in Europe. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 17% share price gain to €16.20, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Building industry in Europe. Total returns to shareholders of 48% over the past three years. Buying Opportunity • Aug 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be €24.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 7.0% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Announcement • Aug 12
Villeroy & Boch AG, Annual General Meeting, Apr 21, 2023 Villeroy & Boch AG, Annual General Meeting, Apr 21, 2023. Announcement • Aug 11
Villeroy & Boch AG to Report Fiscal Year 2022 Results on Mar 02, 2023 Villeroy & Boch AG announced that they will report fiscal year 2022 results on Mar 02, 2023 Reported Earnings • Jul 21
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €241.8m (up 6.8% from 2Q 2021). Net income: €14.5m (up 15% from 2Q 2021). Profit margin: 6.0% (up from 5.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.9%, compared to a 12% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €15.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Building industry in Europe. Total returns to shareholders of 20% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: €248.5m (up 11% from 1Q 2021). Net income: €13.4m (up 9.8% from 1Q 2021). Profit margin: 5.4% (down from 5.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 2.7%, compared to a 11% growth forecast for the industry in Germany. Reported Earnings • Apr 23
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: €248.5m (up 11% from 1Q 2021). Net income: €13.4m (up 9.8% from 1Q 2021). Profit margin: 5.4% (down from 5.5% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Over the next year, revenue is forecast to grow 2.7%, compared to a 11% growth forecast for the industry in Germany. Upcoming Dividend • Mar 28
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 04 April 2022. Payment date: 06 April 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (2.8%). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €19.75, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Building industry in Europe. Total returns to shareholders of 39% over the past three years. Price Target Changed • Feb 22
Price target increased to €37.00 Up from €34.00, the current price target is provided by 1 analyst. New target price is 59% above last closing price of €23.30. Stock is up 58% over the past year. The company is forecast to post earnings per share of €2.20 for next year compared to €2.27 last year. Reported Earnings • Feb 18
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €2.25 (up from €0.86 in FY 2020). Revenue: €945.0m (up 18% from FY 2020). Net income: €60.2m (up 166% from FY 2020). Profit margin: 6.4% (up from 2.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to stay flat compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 21
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: €234.9m (up 13% from 3Q 2020). Net income: €14.1m (flat on 3Q 2020). Profit margin: 6.0% (down from 6.7% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 21
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: €226.3m (up 43% from 2Q 2020). Net income: €12.6m (up €27.5m from 2Q 2020). Profit margin: 5.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Major Estimate Revision • Jul 08
Consensus EPS estimates increase to €1.77 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €870.0m to €885.0m. EPS estimate increased from €1.37 to €1.77 per share. Net income forecast to grow 43% next year vs 24% growth forecast for Building industry in Germany. Consensus price target up from €34.00 to €35.00. Share price rose 3.4% to €19.80 over the past week. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 15% share price gain to €20.60, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 22x in the Building industry in Europe. Total returns to shareholders of 43% over the past three years. Major Estimate Revision • Apr 29
Consensus EPS estimates increase to €1.37 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from €830.0m to €870.0m. EPS estimate increased from €1.21 to €1.37 per share. Net income forecast to grow 11% next year vs 18% growth forecast for Building industry in Germany. Consensus price target of €26.00 unchanged from last update. Share price rose 9.6% to €17.10 over the past week. Reported Earnings • Apr 24
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €223.3m (up 22% from 1Q 2020). Net income: €12.2m (up 455% from 1Q 2020). Profit margin: 5.5% (up from 1.2% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS €0.86 (vs €3.00 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €800.9m (down 3.9% from FY 2019). Net income: €22.6m (down 72% from FY 2019). Profit margin: 2.8% (down from 9.5% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 22
Upcoming Dividend of €0.55 Per Share Will be paid on the 31st of March to those who are registered shareholders by the 29th of March. The trailing yield of 3.4% is in the top quartile of German dividend payers (3.3%), and it is higher than industry peers (1.7%). Is New 90 Day High Low • Mar 12
New 90-day high: €15.95 The company is up 23% from its price of €12.95 on 11 December 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 14% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS €0.86 (vs €3.04 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €800.9m (down 3.9% from FY 2019). Net income: €22.6m (down 72% from FY 2019). Profit margin: 2.8% (down from 9.6% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue and earnings miss expectations Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 31%. Over the next year, revenue is forecast to grow 4.3%, compared to a 3.7% growth forecast for the Building industry in Germany. Is New 90 Day High Low • Jan 18
New 90-day high: €15.30 The company is up 23% from its price of €12.45 on 20 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: €13.90 The company is up 21% from its price of €11.45 on 23 September 2020. The German market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €354 per share. Is New 90 Day High Low • Dec 07
New 90-day high: €13.55 The company is up 15% from its price of €11.80 on 08 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €299 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €12.95 The company is up 17% from its price of €11.10 on 21 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €290 per share. Is New 90 Day High Low • Oct 26
New 90-day high: €12.70 The company is up 11% from its price of €11.45 on 28 July 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Building industry, which is up 6.0% over the same period. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total profits of €68.7m, up 118% from the prior year. Total revenue was €794.1m over the last 12 months, down 3.8% from the prior year. Is New 90 Day High Low • Sep 25
New 90-day low: €11.00 The company is down 7.0% from its price of €11.80 on 26 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 10.0% over the same period.