I have the same problem: the lack of visibility and the level of normalization of future growth. However, the clean balance sheet and the tremeundous margins compensate for the lack of communication (of a well-aligned management). Not sure that EBITDA is a good indicator given the level of capitalized R&D (500k in 2023). Contradictory things too, like the capital increase for free shares last year, followed by a possible share buyback program in 2025. We are clearly going off the beaten track here, which perhaps explains why we pay 10x the profits of a software company.
Yeah, fair enough. Would still look cheap though. Was expecting some news on contracts as we are well into July already but couldn’t find anything. Same for the potential buyback you mentioned... where’d you see that, btw? I guess we’ll have to wait for the H1 numbers in a couple of months and see what comes out.
So did I...but nothing. Not to mention that communication is definitely not their strong point.
Regarding share buybacks, I may be wrong because my Greek is 0 and I rely on translation tools, but in H1 2024 release, the program is "approved by the Annual General Meeting of Shareholders of July 5, 2024, which establishes its validity until July 5, 2026, authorizing the acquisition of a maximum of 400,000 ordinary and registered shares at a price between one euro (€1.00) and four euros (€4.00) per share." However, nothing has been done in this direction yet.
I also need to look more closely at the competitive landscape, as the barriers to entry are low in this area.
Bom dia and thanks for sharing,
I have the same problem: the lack of visibility and the level of normalization of future growth. However, the clean balance sheet and the tremeundous margins compensate for the lack of communication (of a well-aligned management). Not sure that EBITDA is a good indicator given the level of capitalized R&D (500k in 2023). Contradictory things too, like the capital increase for free shares last year, followed by a possible share buyback program in 2025. We are clearly going off the beaten track here, which perhaps explains why we pay 10x the profits of a software company.
Yeah, fair enough. Would still look cheap though. Was expecting some news on contracts as we are well into July already but couldn’t find anything. Same for the potential buyback you mentioned... where’d you see that, btw? I guess we’ll have to wait for the H1 numbers in a couple of months and see what comes out.
Appreciate the comment!
So did I...but nothing. Not to mention that communication is definitely not their strong point.
Regarding share buybacks, I may be wrong because my Greek is 0 and I rely on translation tools, but in H1 2024 release, the program is "approved by the Annual General Meeting of Shareholders of July 5, 2024, which establishes its validity until July 5, 2026, authorizing the acquisition of a maximum of 400,000 ordinary and registered shares at a price between one euro (€1.00) and four euros (€4.00) per share." However, nothing has been done in this direction yet.
I also need to look more closely at the competitive landscape, as the barriers to entry are low in this area.