Gigaset AG
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Quick analysis of Gigaset (30 sec.)

1. Valuation of Gigaset (5 min.)

Current price per share

€0.59

Book Value per Share

€0.06

2. Growth of Gigaset (5 min.)

Is Gigaset growing?

	Current year	Previous year	Grow	Grow %
How rich?	$8.6m	$2m	$6.5m	76.3%

How much money is Gigaset making?

	Current year	Previous year	Grow	Grow %
Making money	$498.2k	-$11.2m	$11.7m	2,364.1%
Net Profit Margin	0.2%	-4.9%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Gigaset (5 min.)

4. Comparing to competitors in the Communication Equipment industry (5 min.)

Industry Rankings (Communication Equipment)

Richest
#311 / 362

Most Revenue
#67 / 362

Most Profit
#185 / 362

Most Efficient
#194 / 362

Fundamentals of Gigaset

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is not making a profit/loss.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is less efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

1.1. Profitability of Gigaset AG.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Gigaset earns for each €1 of revenue.

Above 10% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
A Net Profit Margin of 0.2% means that €0.00 for each €1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Gigaset AG:

The MRQ is 0.2%. The company is not making a profit/loss.
The TTM is 0.2%. The company is not making a profit/loss.

Trends

Current period		Compared to		+/-
MRQ	0.2%	TTM	0.2%	0.0%
TTM	0.2%	YOY	-4.9%	+5.1%
TTM	0.2%	5Y	0.7%	-0.5%
5Y	0.7%	10Y	-1.8%	+2.5%

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	0.2%	1.1%	-0.9%
TTM	0.2%	1.4%	-1.2%
YOY	-4.9%	1.6%	-6.5%
5Y	0.7%	0.8%	-0.1%
10Y	-1.8%	1.2%	-3.0%

Measures how much net profit Gigaset earns for each €1 of revenue.

Revenue is the amount of profit Gigaset generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you €3. The company does not earn €3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is €1.5.

The €3 you pay for a cup of coffee is called revenue.
The €1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Gigaset earns for each €1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
Can be used to compare companies within the Communication Equipment industry.

You typically want a high profit margin. This means that for each €1 in sales, Gigaset makes more profit. This shows the investor how efficiently Gigaset is operating in general and compared to other companies in the same industry. Gigaset operates in the Communication Equipment industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Gigaset. If profit margins remain low (compared to the Communication Equipment industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Gigaset is 0.00. This means that Gigaset earned €0.00 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Communication Equipment industry is 1.1%.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Gigaset with other companies in the same industry (Communication Equipment).
Net profit margin should rise over the years.
Can be influenced when Gigaset sells assets (profit will increase while costs remain the same).
It won’t show what part of Gigaset is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Gigaset

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Gigaset = -2,153
Total revenue MRQ Gigaset = 56,370
€-2,153 / €56,370 = 0.00 or 0.2%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Gigaset is using its assets to generate profit.

Above 5% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
0.2% Return on Assets means that Gigaset generated €0.00 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Gigaset AG:

The MRQ is 0.2%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.2%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.2%	TTM	0.2%	0.0%
TTM	0.2%	YOY	-5.1%	+5.4%
TTM	0.2%	5Y	1.1%	-0.8%
5Y	1.1%	10Y	-2.5%	+3.6%

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	0.2%	0.3%	-0.1%
TTM	0.2%	0.5%	-0.3%
YOY	-5.1%	0.6%	-5.7%
5Y	1.1%	0.3%	+0.8%
10Y	-2.5%	0.5%	-3.0%

Shows how efficient Gigaset is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Gigaset is using its resources to generate profit. If the return on assets (0.2%) from Gigaset are higher than the Communication Equipment mean (0.3%) that means Gigaset is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Gigaset is 0.2%. This means the company generated €0.00 for each €1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Communication Equipment industry is 0.3%.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Gigaset

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Gigaset = -2,153
Total assets MRQ (balance sheet) from Gigaset = 186,504
-2,153 / 186,504 = 0.00 or 0.2%

ROA is an important ratio as it will tell you how effectively Gigaset is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Gigaset is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
5.8% Return on Equity means Gigaset generated €0.06 for each €1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Gigaset AG:

The MRQ is 5.8%. Using its investors money, the company is less efficient in making profit.
The TTM is 5.8%. Using its investors money, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	5.8%	TTM	5.8%	0.0%
TTM	5.8%	YOY	-552.9%	+558.7%
TTM	5.8%	5Y	-88.0%	+93.8%
5Y	-88.0%	10Y	-74.7%	-13.2%

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	5.8%	0.8%	+5.0%
TTM	5.8%	1.2%	+4.6%
YOY	-552.9%	1.2%	-554.1%
5Y	-88.0%	0.6%	-88.6%
10Y	-74.7%	1.0%	-75.7%

Shows how efficient Gigaset is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Communication Equipment industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Gigaset is 5.8%. This means Gigaset generated €0.06 for each €1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Communication Equipment industry is 0.8%.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if Gigaset existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Gigaset

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Gigaset = -2,153
Shareholders equity (balance sheet) MRQ Gigaset = 24,535
-2,153 / 24,535 = 0.06 or 5.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Gigaset AG.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Gigaset is operating .

Measures how much profit Gigaset makes for each €1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
An Operating Margin of 1.1% means the company generated €0.01 for each €1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Gigaset AG:

The MRQ is 1.1%. The company is operating less efficient.
The TTM is 1.1%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	1.1%	TTM	1.1%	0.0%
TTM	1.1%	YOY	-5.6%	+6.7%
TTM	1.1%	5Y	1.3%	-0.2%
5Y	1.3%	10Y	0.7%	+0.6%

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	1.1%	2.2%	-1.1%
TTM	1.1%	2.3%	-1.2%
YOY	-5.6%	2.2%	-7.8%
5Y	1.3%	2.3%	-1.0%
10Y	0.7%	1.6%	-0.9%

Measures how efficient Gigaset is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Gigaset is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Gigaset is 1.1%. This means that Gigaset earned €0.01 for each €1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Communication Equipment industry is 2.2%.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Gigaset

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Gigaset = -2,232
Total revenue MRQ Gigaset = 56,370
€-2,232 / €56,370 = 0.01 or 1.1%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Gigaset is keeping operating costs low.

Below 1 is considered healthy (always compare to Communication Equipment industry mean).
An Operation Ratio of 1.44 means that the operating costs are €1.44 for each €1 in net sales.

Let's take a look of the Operating Ratio trends of Gigaset AG:

The MRQ is 1.436. The company is inefficient in keeping operating costs low. -1
The TTM is 1.436. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	1.436	TTM	1.436	0.000
TTM	1.436	YOY	1.532	-0.096
TTM	1.436	5Y	1.451	-0.014
5Y	1.451	10Y	1.471	-0.020

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	1.436	1.573	-0.137
TTM	1.436	1.570	-0.134
YOY	1.532	1.583	-0.051
5Y	1.451	1.537	-0.086
10Y	1.471	1.278	+0.193

Measures how efficient Gigaset is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Gigaset is 143.6%. This means that Gigaset earned €1.44 for each €1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Communication Equipment industry is 1.57.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Gigaset

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(28,726 +58,602) \ 56,370 = 1.44

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Gigaset AG.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Gigaset is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Communication Equipment industry mean).
A Current Ratio of 1.11 means the company has €1.11 in assets for each €1 in short-term debts.

Let's take a look of the Current Ratio trends of Gigaset AG:

The MRQ is 1.109. The company is just able to pay all its short-term debts.
The TTM is 1.109. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.109	TTM	1.109	0.000
TTM	1.109	YOY	1.241	-0.132
TTM	1.109	5Y	1.315	-0.206
5Y	1.315	10Y	1.235	+0.080

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	1.109	1.820	-0.711
TTM	1.109	1.823	-0.714
YOY	1.241	1.883	-0.642
5Y	1.315	1.963	-0.648
10Y	1.235	1.744	-0.509

Measures if Gigaset is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Communication Equipment industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Gigaset if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Gigaset is 1.11. This means Gigaset has €1.11 in assets for each €1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Communication Equipment industry is 1.82.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Gigaset

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
93,700 \ 88,493) = 1.11

The current ratio measures if Gigaset is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Gigaset is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Gigaset does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Gigaset is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Gigaset is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
A Quick Ratio of 0.40 means the company can pay off €0.40 for each €1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Gigaset AG:

The MRQ is 0.400. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.400. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.400	TTM	0.400	0.000
TTM	0.400	YOY	0.453	-0.053
TTM	0.400	5Y	0.548	-0.148
5Y	0.548	10Y	0.512	+0.036

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	0.400	0.805	-0.405
TTM	0.400	0.850	-0.450
YOY	0.453	0.987	-0.534
5Y	0.548	1.031	-0.483
10Y	0.512	1.033	-0.521

1.4. Solvency of Gigaset AG.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Gigaset assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Gigaset to Communication Equipment industry mean.
A Debt to Asset Ratio of 0.96 means that Gigaset assets are financed with 95.8% credit (debt) and the remaining percentage (100% - 95.8%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Gigaset AG:

The MRQ is 0.958. The company is just able to pay all its debts by selling its assets.
The TTM is 0.958. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.958	TTM	0.958	0.000
TTM	0.958	YOY	0.991	-0.032
TTM	0.958	5Y	0.928	+0.030
5Y	0.928	10Y	0.908	+0.020

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	0.958	0.475	+0.483
TTM	0.958	0.482	+0.476
YOY	0.991	0.463	+0.528
5Y	0.928	0.462	+0.466
10Y	0.908	0.463	+0.445

Measures how much % of Gigaset assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Gigaset than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Gigaset to Communication Equipment industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Gigaset is 0.96. This means means that Gigaset is financed with 95.8% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Communication Equipment industry is 182.0%.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Gigaset has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Gigaset

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
161,969 \ 186,504 = 95.8% or 0.96.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Gigaset is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Gigaset to the Communication Equipment industry mean.
A Debt to Equity ratio of 2,303.4% means that company has €23.03 debt for each €1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Gigaset AG:

The MRQ is 23.034. The company is unable to pay all its debts with equity. -1
The TTM is 23.034. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	23.034	TTM	23.034	0.000
TTM	23.034	YOY	107.089	-84.054
TTM	23.034	5Y	31.412	-8.378
5Y	31.412	10Y	21.209	+10.203

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	23.034	0.863	+22.171
TTM	23.034	0.895	+22.139
YOY	107.089	0.841	+106.248
5Y	31.412	0.906	+30.506
10Y	21.209	0.923	+20.286

Measures if Gigaset is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Gigaset is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Gigaset is 23.03. This means that Gigaset can pay off €23.03 for each €1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Communication Equipment industry is 0.86.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Gigaset

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
161,969 \ 24,535 = 23.03 or 2,303.4%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Gigaset AG

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every €1 in earnings Gigaset generates.

Above 15 is considered overpriced but always compare Gigaset to the Communication Equipment industry mean.
A PE ratio of 90.40 means the investor is paying €90.40 for every €1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Gigaset AG:

The EOD is 168.788. Seems overpriced? -1
The MRQ is 90.402. Neutral. Compare to industry.
The TTM is 90.402. Neutral. Compare to industry.

Trends

Current period		Compared to		+/-
EOD	168.788	MRQ	90.402	+78.386
MRQ	90.402	TTM	90.402	0.000
TTM	90.402	YOY	-3.563	+93.965
TTM	90.402	5Y	22.269	+68.133
5Y	22.269	10Y	13.837	+8.432

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
EOD	168.788	6.937	+161.851
MRQ	90.402	9.004	+81.398
TTM	90.402	12.367	+78.035
YOY	-3.563	17.936	-21.499
5Y	22.269	26.291	-4.022
10Y	13.837	39.150	-25.313

Measures how much money you pay for each share for every €1 in earnings Gigaset generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Gigaset to the Communication Equipment industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Gigaset is 90.40. This means the investor is paying €90.40 for every €1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Communication Equipment industry is 9.00.
What is the trend?
The trend is important because it shows you how Gigaset is performing over time. The most recent quarter might be important if Gigaset released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Gigaset up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Gigaset

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
-2,153 \ 132,456 = EPS
PE ratio MRQ = 90.40

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Gigaset.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Gigaset AG:

The MRQ is 44.224. Seems overpriced? -1
The TTM is 44.224. Seems overpriced? -1

Trends

Current period		Compared to		+/-
MRQ	44.224	TTM	44.224	0.000
TTM	44.224	YOY	3.843	+40.381
TTM	44.224	5Y	15.931	+28.294
5Y	15.931	10Y	10.348	+5.582

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
MRQ	44.224	19.914	+24.310
TTM	44.224	44.224	+0.000
YOY	3.843	64.497	-60.654
5Y	15.931	137.915	-121.984
10Y	10.348	270.697	-260.349

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Gigaset is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Communication Equipment industry mean).
A PB ratio of 5.24 means the investor is paying €5.24 for each €1 in book value.

Let's take a look of the Price to Book Ratio trends of Gigaset AG:

The EOD is 9.775. Seems overpriced? -1
The MRQ is 5.235. Seems overpriced? -1
The TTM is 5.235. Seems overpriced? -1

Trends

Current period		Compared to		+/-
EOD	9.775	MRQ	5.235	+4.539
MRQ	5.235	TTM	5.235	0.000
TTM	5.235	YOY	19.701	-14.465
TTM	5.235	5Y	6.407	-1.171
5Y	6.407	10Y	5.322	+1.085

Compared to industry (Communication Equipment)

Period	Company	Industry (mean)	+/-
EOD	9.775	1.995	+7.780
MRQ	5.235	1.943	+3.292
TTM	5.235	1.916	+3.319
YOY	19.701	2.184	+17.517
5Y	6.407	2.315	+4.092
10Y	5.322	2.661	+2.661

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Gigaset AG compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	0.046	0.046	0%	-0.126	+373%	-0.015	+132%	0.007	+587%
Book Value Growth	-	-	4.217	4.217	0%	0.102	+4024%	1.490	+183%	1.243	+239%
Book Value Per Share	-	-	0.060	0.060	0%	0.014	+322%	0.117	-48%	0.162	-63%
Book Value Per Share Growth	-	-	4.217	4.217	0%	0.102	+4024%	1.490	+183%	1.243	+239%
Current Ratio	-	-	1.109	1.109	0%	1.241	-11%	1.315	-16%	1.235	-10%
Debt To Asset Ratio	-	-	0.958	0.958	0%	0.991	-3%	0.928	+3%	0.908	+6%
Debt To Equity Ratio	-	-	23.034	23.034	0%	107.089	-78%	31.412	-27%	21.209	+9%
Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Eps	-	-	0.003	0.003	0%	-0.079	+2364%	0.019	-82%	-0.049	+1488%
Eps Growth	-	-	2.044	2.044	0%	-0.927	+145%	1.341	+52%	1.389	+47%
Free Cash Flow Per Share	-	-	0.040	0.040	0%	0.224	-82%	0.086	-53%	0.040	+1%
Free Cash Flow Per Share Growth	-	-	0.179	0.179	0%	1.721	-90%	1.187	-85%	9.032	-98%
Free Cash Flow To Equity Per Share	-	-	0.013	0.013	0%	0.206	-94%	0.092	-86%	0.084	-84%
Free Cash Flow To Equity Per Share Growth	-	-	0.064	0.064	0%	1.748	-96%	1.887	-97%	12.314	-99%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	2.800	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	2.351	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.164	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.159	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	0.581	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	0.547	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	1.106	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	1.008	-	-	-	-	-	-	-	-
Net Profit Margin	-	-	0.002	0.002	0%	-0.049	+2396%	0.007	-70%	-0.018	+926%
Operating Margin	-	-	0.011	0.011	0%	-0.056	+624%	0.013	-17%	0.007	+59%
Operating Ratio	-	-	1.436	1.436	0%	1.532	-6%	1.451	-1%	1.471	-2%
Pb Ratio	9.775	+46%	5.235	5.235	0%	19.701	-73%	6.407	-18%	5.322	-2%
Pe Ratio	168.788	+46%	90.402	90.402	0%	-3.563	+104%	22.269	+306%	13.837	+553%
Peg Ratio	-	-	44.224	44.224	0%	3.843	+1051%	15.931	+178%	10.348	+327%
Price Per Share	0.590	+46%	0.316	0.316	0%	0.282	+12%	0.359	-12%	0.537	-41%
Price To Total Gains Ratio	12.813	+46%	6.863	6.863	0%	-2.244	+133%	9.792	-30%	-863.170	+12678%
Profit Growth	-	-	2.044	2.044	0%	-0.927	+145%	1.341	+52%	1.389	+47%
Quick Ratio	-	-	0.400	0.400	0%	0.453	-12%	0.548	-27%	0.512	-22%
Return On Assets	-	-	0.002	0.002	0%	-0.051	+2223%	0.011	-77%	-0.025	+1154%
Return On Equity	-	-	0.058	0.058	0%	-5.529	+9647%	-0.880	+1619%	-0.747	+1390%
Revenue Growth	-	-	1.014	1.014	0%	0.830	+22%	0.952	+6%	0.932	+9%
Total Gains Per Share	-	-	0.046	0.046	0%	-0.126	+373%	-0.015	+132%	0.007	+587%
Total Gains Per Share Growth	-	-	2.366	2.366	0%	-0.570	+124%	88.629	-97%	54.478	-96%
Usd Book Value	-	-	8603419.500	8603419.500	0%	2040285.600	+322%	16688804.460	-48%	23085573.300	-63%
Usd Book Value Change Per Share	-	-	0.050	0.050	0%	-0.135	+373%	-0.016	+132%	0.007	+587%
Usd Book Value Per Share	-	-	0.065	0.065	0%	0.015	+322%	0.126	-48%	0.174	-63%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	0.004	0.004	0%	-0.085	+2364%	0.020	-82%	-0.052	+1488%
Usd Free Cash Flow	-	-	5713014.900	5713014.900	0%	31870853.700	-82%	12261729.060	-53%	5675351.400	+1%
Usd Free Cash Flow Per Share	-	-	0.043	0.043	0%	0.241	-82%	0.093	-53%	0.043	+1%
Usd Free Cash Flow To Equity Per Share	-	-	0.014	0.014	0%	0.222	-94%	0.099	-86%	0.090	-84%
Usd Price Per Share	0.635	+46%	0.340	0.340	0%	0.303	+12%	0.386	-12%	0.578	-41%
Usd Profit	-	-	498234.300	498234.300	0%	-11280756.300	+2364%	2702947.980	-82%	-6915257.733	+1488%
Usd Revenue	-	-	233656821.300	233656821.300	0%	230450043.300	+1%	271774650.720	-14%	310641015.300	-25%
Usd Total Gains Per Share	-	-	0.050	0.050	0%	-0.135	+373%	-0.016	+132%	0.007	+587%
	EOD	+2 -3	MRQ	TTM	+0 -0	YOY	+27 -12	5Y	+14 -25	10Y	+23 -16

3.2. Fundamental Score

Let's check the fundamental score of Gigaset AG based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	168.788
Price to Book Ratio (EOD)	Between	0-1	9.775
Net Profit Margin (MRQ)	Greater than	0	0.002
Operating Margin (MRQ)	Greater than	0	0.011
Quick Ratio (MRQ)	Greater than	1	0.400
Current Ratio (MRQ)	Greater than	1	1.109
Debt to Asset Ratio (MRQ)	Less than	1	0.958
Debt to Equity Ratio (MRQ)	Less than	1	23.034
Return on Equity (MRQ)	Greater than	0.15	0.058
Return on Assets (MRQ)	Greater than	0.05	0.002
Total			4/10 (40.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Gigaset AG based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	56.142
Ma 20	Greater than	Ma 50	0.512
Ma 50	Greater than	Ma 100	0.370
Ma 100	Greater than	Ma 200	0.324
Open	Greater than	Close	0.600
Total			5/5 (100.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2021-12-31. Currency in EUR. All numbers in thousands.

Summary

Total Assets	192,153
Total Liabilities	184,158
Total Stockholder Equity	7,995

	As reported
Total Liabilities	184,158
Total Stockholder Equity	+ 7,995
Total Assets	= 192,153

Assets

Total Assets	192,153
Total Current Assets	93,473
Long-term Assets	93,473

Total Current Assets

Total Current Assets (as reported)	93,473
Cash And Cash Equivalents	22,280
Net Receivables	33,705
Inventory	29,854
Other Current Assets	6,834
Total Current Assets (calculated)	92,673
+/-	800

Long-term Assets

Long-term Assets (as reported)	98,680
Property Plant Equipment	22,653
Intangible Assets	55,842
Other Assets	21,087
Long-term Assets (calculated)	99,582
+/-	902

Liabilities & Shareholders' Equity

Total Current Liabilities	84,316
Long-term Liabilities	99,842
Total Stockholder Equity	7,995

Total Current Liabilities

Total Current Liabilities (as reported)	84,316
Accounts payable	44,978
Other Current Liabilities	7,558
Total Current Liabilities (calculated)	52,536
+/-	31,780

Long-term Liabilities

Long-term Liabilities (as reported)	99,842
Capital Lease Obligations Min Short Term Debt	3,102
Other Liabilities	95,434
Long-term Liabilities (calculated)	98,536
+/-	1,306

Total Stockholder Equity

Total Stockholder Equity (as reported)	7,995
Retained Earnings	68,979
Total Stockholder Equity (calculated)	68,979
+/-	60,984

Other

Capital Stock	132,456
Common Stock Shares Outstanding	132,456
Net Invested Capital	7,995
Net Tangible Assets	-46,945
Net Working Capital	9,157

Balance Sheet

Currency in EUR. All numbers in thousands.

Trend

2021-12-31

2020-12-31

2019-12-31

2018-12-31

2017-12-31

2016-12-31

2015-12-31

2014-12-31

2013-12-31

> Total Assets

267,060
251,231
221,088
221,745
226,861
213,074
222,615
204,936
192,153

192,153

204,936

222,615

213,074

226,861

221,745

221,088

251,231

267,060

> Total Current Assets

165,309
145,242
124,122
131,131
141,942
139,962
144,183
108,252
93,473

93,473

108,252

144,183

139,962

141,942

131,131

124,122

145,242

165,309

Cash And Cash Equivalents

56,987
50,484
40,963
40,141
44,646
33,842
34,203
40,692
22,280

22,280

40,692

34,203

33,842

44,646

40,141

40,963

50,484

56,987

Net Receivables

72,523
60,130
51,134
50,501
60,134
62,507
67,210
39,505
33,705

33,705

39,505

67,210

62,507

60,134

50,501

51,134

60,130

72,523

Inventory

27,504
28,158
24,299
23,529
26,733
32,720
35,246
23,513
29,854

29,854

23,513

35,246

32,720

26,733

23,529

24,299

28,158

27,504

Other Current Assets

8,295
6,470
7,726
9,611
5,978
7,796
5,170
4,110
6,834

6,834

4,110

5,170

7,796

5,978

9,611

7,726

6,470

8,295

> Long-term Assets

0
0
0
90,614
84,919
73,112
78,432
96,280
98,680

98,680

96,280

78,432

73,112

84,919

90,614

Property Plant Equipment

39,588
33,271
29,215
25,194
22,837
23,239
27,570
22,357
22,653

22,653

22,357

27,570

23,239

22,837

25,194

29,215

33,271

39,588

Long Term Investments

0
21,251
18,386
18,386
18,386
8,686
0
0
0

8,686

18,386

21,251

Intangible Assets

42,435
34,450
32,278
33,757
30,083
30,957
33,757
51,367
55,842

55,842

51,367

33,757

30,957

30,083

33,757

32,278

34,450

42,435

Long-term Assets Other

0
0
0
90,614
84,919
1
78,432
0
0

78,432

84,919

90,614

> Total Liabilities

228,383
210,072
203,232
203,903
202,773
188,053
204,072
203,040
184,158

184,158

203,040

204,072

188,053

202,773

203,903

203,232

210,072

228,383

> Total Current Liabilities

157,261
122,709
112,407
109,259
114,060
95,883
94,825
87,230
84,316

84,316

87,230

94,825

95,883

114,060

109,259

112,407

122,709

157,261

Short-term Debt

30,449
66
426
0
0
0
0
0
0

426

30,449

Short Long Term Debt

30,449
66
426
0
0
0
5,724
0
0

5,724

426

30,449

Accounts payable

71,476
62,649
45,783
51,026
56,114
47,355
51,247
45,032
44,978

44,978

45,032

51,247

47,355

56,114

51,026

45,783

62,649

71,476

Other Current Liabilities

38,413
40,350
42,752
43,708
35,314
26,947
12,512
20,141
7,558

7,558

20,141

12,512

26,947

35,314

43,708

42,752

40,350

38,413

> Long-term Liabilities

0
0
0
94,644
88,713
92,170
109,247
115,620
99,842

99,842

115,620

109,247

92,170

88,713

94,644

Capital Lease Obligations

0
0
0
0
0
0
4,390
3,730
3,102

3,102

3,730

4,390

Long-term Liabilities Other

0
0
0
0
9
0
0
0
0

> Total Stockholder Equity

38,677
41,159
17,856
17,842
24,088
25,021
18,543
1,896
7,995

7,995

1,896

18,543

25,021

24,088

17,842

17,856

41,159

38,677

Retained Earnings

68,979
68,979
68,979
68,979
68,979
68,979
68,979
68,979
68,979

68,979

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Balance Sheet

Currency in EUR. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Accounts Payable	44,978	45,032	51,247	47,355	56,114	51,026	45,783	62,649	71,476
Capital Lease Obligations	3,102	3,730	4,390	-	-	-	-	-	-
Capital Stock	132,456	132,456	132,456	132,456	-	-	-	-	-
Cash	22,280	40,692	34,203	33,842	44,646	40,141	40,963	50,484	56,987
Common Stock	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	97,928
Common Stock Shares Outstanding	132,456	132,456	132,456	132,456	132,456	-	-	-	-
Intangible Assets	55,842	51,367	33,757	30,957	30,083	33,757	32,278	34,450	42,435
Inventory	29,854	23,513	35,246	32,720	26,733	23,529	24,299	28,158	27,504
Long Term Debt	-	-	10,176	13,500	-	-	-	396	248
Long Term Investments	-	-	-	8,686	18,386	18,386	18,386	21,251	-
Net Invested Capital	7,995	1,896	18,543	38,521	24,088	-	-	-	-
Net Receivables	33,705	39,505	67,210	62,507	60,134	50,501	51,134	60,130	72,523
Net Tangible Assets	-46,945	-48,957	-15,177	-5,936	-5,985	-12,880	-14,422	6,709	-3,758
Net Working Capital	9,157	21,236	49,358	44,079	27,882	-	-	-	-
Non Current Assets Total	98,680	96,280	78,432	73,112	84,919	90,614	-	-	-
Non Current Liabilities Other	-	-	-	-	9	0	-	-	-
Non Current Liabilities Total	99,842	115,620	109,247	92,170	88,713	94,644	-	-	-
Non Currrent Assets Other	-	-	78,432	1	84,919	90,614	-	-	-
Other Assets	21,087	23,070	9,456	10,230	13,623	16,312	17,087	17,017	19,728
Other Current Assets	6,834	4,110	5,170	7,796	5,978	9,611	7,726	6,470	8,295
Other Current Liab	7,558	20,141	12,512	26,947	35,314	43,708	42,752	40,350	38,413
Other Liab	95,434	100,676	96,244	78,670	88,713	94,644	90,825	86,967	70,874
Other Stockholder Equity	-279,516	-285,615	-268,968	-262,490	-263,423	-269,669	-269,655	-246,352	-215,272
Property Plant Equipment	22,653	22,357	27,570	23,239	22,837	25,194	29,215	33,271	39,588
Retained Earnings	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979
Short Long Term Debt	-	-	5,724	-	-	0	426	66	30,449
Short Term Debt	-	-	-	-	-	0	426	66	30,449
Total Assets	192,153	204,936	222,615	213,074	226,861	221,745	221,088	251,231	267,060
Total Current Assets	93,473	108,252	144,183	139,962	141,942	131,131	124,122	145,242	165,309
Total Current Liabilities	84,316	87,230	94,825	95,883	114,060	109,259	112,407	122,709	157,261
Total Liab	184,158	203,040	204,072	188,053	202,773	203,903	203,232	210,072	228,383
Total Stockholder Equity	7,995	1,896	18,543	25,021	24,088	17,842	17,856	41,159	38,677

	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Accounts Payable	53,083	45,607	44,293	44,978	37,812	35,033	35,670	45,032	38,519	33,410	31,274	51,247	44,349	38,961	35,799	47,355	47,210	44,030	35,118	56,114	41,427	44,441	35,544	51,026
Capital Lease Obligations	2,356	2,702	2,904	3,102	3,102	3,197	3,323	3,730	3,816	3,684	3,951	4,390	4,206	4,495	4,544	-	-	-	-	-	-	-	-	-
Capital Stock	132,456	132,456	132,456	132,456	132,456	132,456	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	13,652	14,687	18,939	22,280	21,040	23,651	28,376	40,692	25,820	28,920	19,998	34,203	21,744	26,435	23,018	36,939	19,163	30,845	25,743	49,097	17,244	23,168	21,137	47,490
Common Stock	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456
Common Stock Shares Outstanding	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	132,456	-	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	-	-	-	55,842	-	-	-	51,367	-	-	-	33,757	33,092	30,952	30,451	30,957	30,734	30,790	30,436	27,038	33,502	33,408	33,270	30,722
Inventory	43,852	38,888	34,655	29,854	31,395	27,582	27,358	23,513	33,469	34,854	37,847	35,246	48,597	33,101	35,289	32,720	53,885	35,218	30,509	26,733	35,215	29,041	26,882	23,529
Long Term Debt	-	-	-	-	-	10,500	-	-	-	12,280	13,203	10,176	11,607	11,070	13,500	13,500	5,000	5,000	-	-	-	-	-	-
Long Term Investments	-	-	-	-	-	-	-	-	-	-	-	-	8,386	7,986	8,886	8,686	8,586	18,386	18,386	18,386	18,386	18,386	18,386	18,386
Net Invested Capital	24,535	25,405	13,959	7,995	9,215	18,769	6,302	1,896	-2,608	5,089	12,838	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	18,537	16,102	13,784	33,705	23,239	22,173	23,881	39,505	27,355	25,408	27,272	67,210	28,526	32,186	33,157	62,507	27,427	39,447	32,748	60,134	40,420	43,909	34,946	50,611
Net Tangible Assets	-34,865	-32,788	-43,362	-46,945	-44,506	-47,601	-45,690	-48,957	-39,728	-30,572	-23,134	-15,177	-23,114	-15,426	-13,861	-5,936	-21,361	-7,155	-8,334	-2,950	-17,532	-16,629	-17,737	-12,880
Net Working Capital	5,207	10,037	13,661	9,157	18,889	18,505	18,284	21,236	35,654	36,572	43,237	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	92,804	91,760	97,226	98,680	94,111	94,338	93,814	96,280	77,524	84,158	81,311	78,432	86,151	82,554	80,739	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	73,476	76,392	96,928	99,842	103,785	107,674	105,796	115,620	115,786	115,641	113,858	109,247	113,532	104,542	102,591	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	-	-	-	-	-	-	-	-	-	-	-	78,432	86,151	82,554	80,739	-	-	-	-	-	-	-	-	-
Other Assets	10,788	10,748	16,458	21,087	18,459	20,075	13,664	23,070	14,943	15,170	13,025	9,456	17,532	15,541	14,086	10,230	14,292	14,040	13,322	16,658	13,967	13,008	13,594	16,312
Other Current Assets	17,659	19,080	19,697	6,834	18,724	17,775	17,181	3,593	18,822	14,877	18,355	5,170	23,400	23,820	25,700	7,796	23,184	19,935	23,562	5,978	19,860	20,041	22,342	9,501
Other Current Liab	23,420	22,377	22,221	7,558	30,555	32,430	36,448	20,141	25,852	27,483	25,287	12,512	13,215	13,583	16,396	26,860	50,121	47,533	52,344	42,136	53,149	53,178	49,577	43,698
Other Liab	65,455	66,740	85,832	95,434	90,243	92,819	91,417	100,890	100,263	101,249	98,230	96,244	99,155	91,393	85,964	78,670	87,432	90,328	87,567	88,713	91,392	90,409	94,374	94,644
Other Stockholder Equity	-262,976	-262,106	-273,552	-279,516	-278,296	-282,342	-281,209	-285,615	-290,119	-282,422	-276,821	-268,968	-277,533	-271,985	-270,921	-262,490	-278,138	-263,876	-265,409	-263,423	-271,541	-270,732	-271,978	-269,669
Property Plant Equipment	22,616	22,819	23,447	22,653	21,931	21,493	21,458	22,357	25,461	25,541	26,576	27,570	27,141	28,075	27,316	23,239	21,865	21,865	22,425	22,837	23,344	23,846	24,471	25,194
Retained Earnings	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979	68,979
Short Long Term Debt	-	-	-	-	-	3,100	-	-	-	5,022	2,148	5,724	4,293	2,501	1,417	-	-	5,000	-	-	-	-	-	-
Short Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	4,293	2,501	1,417	-	-	5,000	-	-	-	-	-	-
Total Assets	186,504	180,517	184,301	192,153	188,509	185,519	190,610	204,936	182,990	188,217	184,783	222,615	208,885	201,004	201,274	213,074	199,136	210,526	197,131	226,861	201,938	204,807	195,028	221,745
Total Current Assets	93,700	88,757	87,075	93,473	94,398	91,181	96,796	108,656	105,466	104,059	103,472	144,183	122,734	118,450	120,535	139,962	123,659	125,445	112,562	141,942	112,739	116,159	105,307	131,131
Total Current Liabilities	88,493	78,720	73,414	84,316	75,509	72,676	78,512	87,420	69,812	67,487	60,235	94,825	85,375	80,936	82,093	95,883	97,331	91,563	87,462	114,060	94,576	97,619	85,121	109,259
Total Liab	161,969	155,112	170,342	184,158	179,294	180,350	184,308	203,040	185,598	183,128	174,093	204,072	198,907	185,478	184,684	188,053	189,763	186,891	175,029	202,773	185,968	188,028	179,495	203,903
Total Stockholder Equity	24,535	25,405	13,959	7,995	9,215	5,169	6,302	1,896	-2,608	5,089	10,690	18,543	9,978	15,526	16,590	25,021	9,373	23,635	22,102	24,088	15,970	16,779	15,533	17,842

Cash Flow

Currency in EUR. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Begin Period Cash Flow	41,124	34,203	33,842	44,646	40,141	-	-	-	-
Capital Expenditures	6,314	4,241	5,444	5,455	3,507	2,545	4,440	5,005	5,612
Change In Cash	-17,786	6,836	361	-10,804	4,505	4,650	-10,027	-10,641	1,736
Change In Working Capital	-11,612	28,179	-5,635	-27,163	-16,545	-	-	-	-
Change To Account Receivables	-5,196	30,605	-3,858	-2,462	-9,574	29	6,884	13,132	-1,789
Change To Inventory	-6,341	11,733	-2,526	-5,987	-3,204	770	3,859	-654	5,914
Change To Liabilities	-3,977	-11,730	1,324	-17,544	-3,419	-13,513	-12,521	300	-26,744
Change To Netincome	1,733	-4,682	-5,336	-1,253	6,043	5,549	-1,907	-371	-7,053
Change To Operating Activities	3,902	219	1,530	657	1,971	3,781	9,782	-782	4,567
Depreciation	7,661	6,851	6,988	6,313	6,569	8,388	9,648	12,639	14,040
End Period Cash Flow	23,080	40,692	34,203	33,842	44,646	40,141	-	-	-
Free Cash Flow	5,309	29,617	17,212	-9,588	14,423	-	-	-	-
Investments	-19,519	-21,450	-16,056	-14,489	-12,470	-11,291	-	-	-
Net Borrowings	-2,149	-1,054	977	13,500	13,500	-428	-66	-20,896	20,668
Net Income	463	-10,483	11,307	3,394	7,878	4,317	-22,009	-16,623	-36,080
Other Cashflows From Financing Activities	-1,427	-1,289	-2,585	-1,530	-432	-432	-432	-	-
Other Non Cash Items	1,390	944	-785	1,065	1,096	-	-	-	-
Sale Purchase Of Stock	-	-	-	-	-	-	-	24,629	24,201
Total Cash From Financing Activities	-3,576	-2,343	-1,608	11,970	-432	-428	-66	3,733	44,869
Total Cash From Operating Activities	5,309	30,629	17,212	-9,588	14,855	18,464	4,689	19,964	-35,022
Total Cashflows From Investing Activities	-19,519	-21,450	-16,056	-14,489	-12,470	-11,291	-14,348	-32,034	-7,246

	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Begin Period Cash Flow	14,687	18,939	23,080	21,040	23,651	26,997	40,692	24,471	27,357	18,321	34,203	19,316	-	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditures	5,185	4,132	4,480	5,770	4,598	4,043	3,443	7,494	6,277	2,445	3,013	5,949	4,801	4,458	2,134	3,986	3,386	3,272	2,783	5,374	3,314	2,870	2,697	5,341
Change In Cash	-1,035	-4,252	-4,141	2,225	-2,629	-3,687	-13,695	16,221	-3,074	9,224	-15,882	14,887	-7,237	3,131	-11,183	18,172	-11,651	5,358	-22,683	31,877	-5,547	2,657	-24,482	24,956
Change In Working Capital	2,058	-7,503	2,225	6,982	-4,236	-2,466	-11,892	23,643	1,523	9,550	-6,537	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-2,189	-1,266	7,600	-3,061	-1,607	-2,647	2,119	4,065	-6,251	4,868	27,273	-20,276	3,133	1,907	11,378	-19,299	8,793	-1,689	9,733	-5,215	3,574	-9,239	1,306	6,762
Change To Inventory	-4,954	-4,228	-4,801	1,541	-3,813	-224	-3,845	9,956	1,385	2,993	-2,601	13,351	-15,496	2,188	-2,569	21,165	-18,667	-4,709	-3,776	8,482	-6,174	-2,159	-3,353	4,772
Change To Liabilities	8,936	1,152	-2,550	5,671	789	-690	-9,747	8,929	7,489	1,537	-30,047	9,255	6,261	883	-15,075	-2,040	5,278	6,598	-27,380	13,515	-4,829	9,916	-22,021	1,141
Change To Netincome	-387	986	-1,101	-257	1,019	1,183	-212	309	-977	-1,592	-2,422	1,571	-420	-4,889	-1,598	3,072	-1,847	-2,164	-314	4,395	1,261	2,773	-2,818	6,540
Change To Operating Activities	1,416	-3,161	1,976	2,831	395	1,095	-419	390	-1,823	1,493	159	2,000	-623	-22	175	896	-198	469	-510	969	127	164	711	1,326
Depreciation	4,126	4,183	3,708	-3,216	3,526	3,546	3,805	-4,487	3,613	3,702	4,023	-3,625	3,629	3,482	3,502	-3,923	3,442	3,479	3,315	-4,490	3,722	3,357	3,980	-4,467
End Period Cash Flow	13,652	14,687	18,939	23,080	21,040	23,651	26,997	40,692	24,471	27,357	18,321	34,203	19,316	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	4,795	-2,343	2,457	12,217	2,092	1,229	-10,229	27,399	4,128	9,768	-11,678	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments	-5,185	-4,132	-4,480	-7,441	-4,598	-4,043	-3,437	-9,733	-6,277	-2,427	-3,013	-4,712	-4,761	-4,458	-2,125	-	-	-	-	-	-	-	-	-
Net Borrowings	-393	2,125	-1,329	-2,100	255	-827	523	-920	-639	1,601	-1,096	-418	1,972	-262	-315	8,500	8,500	5,000	5,000	-58	58	58	58	58
Net Income	-2,153	-9	-2,375	1,644	1,783	-1,034	-1,930	121	692	-3,233	-8,063	10,867	-27	4,552	-4,085	8,642	-5,103	1,380	-1,525	9,354	-223	262	-1,515	4,681
Other Cashflows From Financing Activities	-217	-199	-675	-451	-378	-180	-418	-539	-146	-55	-549	-959	-905	-250	-471	-1,530	-1,530	-1,530	-1,530	-	-	-	-	-
Other Non Cash Items	-	335	163	415	451	299	225	177	320	271	176	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	-610	1,926	-2,004	-2,551	-123	-1,007	105	-1,459	-785	1,546	-1,645	-1,377	1,067	-512	-786	6,970	6,970	5,000	5,000	-58	58	58	58	58
Total Cash From Operating Activities	4,795	-2,343	2,457	12,217	2,092	1,229	-10,229	27,399	4,128	9,768	-11,678	20,926	-3,543	8,101	-8,272	15,807	-8,302	3,364	-20,457	35,601	-2,542	5,074	-23,710	29,898
Total Cashflows From Investing Activities	-5,185	-4,132	-4,480	-7,441	-4,598	-4,043	-3,437	-9,733	-6,277	-2,427	-3,013	-4,712	-4,761	-4,458	-2,125	-5,048	-3,386	-3,272	-2,783	-3,618	-3,314	-2,856	-2,682	-3,461

Income Statement

Currency in EUR. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31
Cost Of Revenue	92,374	100,776	118,817	128,961	138,115	127,576	159,221	160,877	190,669
Discontinued Operations	-	-	-	-	-	-	-	-	-1,443
Ebit	2,318	-11,974	5,176	9,120	16,731	30,526	-5,230	-17,938	-17,033
Ebitda	16,820	2,360	30,846	22,309	27,435	-	-	-	-
Gross Profit	124,759	113,377	139,046	151,370	155,181	154,356	160,722	184,037	197,823
Income Before Tax	350	-13,982	14,516	7,458	11,125	11,751	-19,541	-12,790	-19,068
Income Tax Expense	-113	-3,499	3,209	4,064	3,247	7,434	2,468	3,833	15,569
Interest Expense	1,745	1,375	1,559	1,244	0	0	0	0	0
Interest Income	355	431	2,344	179	54	163	-	-	-
Net Income	463	-10,483	11,307	3,394	7,878	4,317	-22,009	-16,623	-36,080
Net Income Applicable To Common Shares	463	-10,483	11,307	3,394	7,878	4,317	-22,009	-16,623	-36,080
Net Income From Continuing Ops	463	-10,483	11,307	3,394	7,878	4,317	-22,009	-16,623	-34,637
Net Interest Income	-1,390	-944	785	-1,065	-1,096	-1,081	-	-	-
Operating Income	-2,385	-13,174	8,887	8,607	12,071	10,848	-5,230	-17,938	-17,033
Other Operating Expenses	25,485	30,189	56,517	66,696	53,158	32,403	29,161	55,800	58,820
Reconciled Depreciation	14,725	14,967	14,771	13,607	15,160	-	-	-	-
Research Development	1,124	830	1,099	1,231	1,229	-	-	-	-
Selling General Administrative	40,043	40,459	39,454	46,370	39,709	30,189	116,190	121,213	129,873
Tax Provision	-113	-3,499	3,209	4,064	3,247	7,434	-	-	-
Total Operating Expenses	219,518	227,327	248,976	271,724	281,225	271,084	325,173	362,852	405,525
Total Other Income Expense Net	-	-	-	-1,662	-5,606	735	-14,311	5,148	-2,035
Total Revenue	217,133	214,153	257,863	280,331	293,296	281,932	319,943	344,914	388,492

	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31
Cost Of Revenue	28,726	22,150	21,716	28,820	21,192	22,048	20,314	39,008	26,389	21,434	13,945	51,493	17,637	28,417	21,270	58,876	23,140	33,835	24,711	55,495	30,633	35,867	28,043	44,284
Ebit	-2,232	1,097	-3,214	2,164	3,297	-893	-2,250	460	1,378	-4,252	-7,255	17,953	4,935	9,823	-1,865	14,816	-6,561	2,534	-1,562	14,504	205	1,242	-738	10,364
Ebitda	1,920	5,314	635	5,439	6,823	2,842	1,716	5,165	4,992	-542	-7,255	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	27,644	30,044	29,440	34,380	30,770	29,471	30,138	41,692	31,218	22,024	18,443	48,858	32,807	32,835	24,546	55,013	26,861	38,722	28,928	51,219	32,828	38,113	32,465	48,568
Income Before Tax	-2,591	762	-3,377	1,171	2,846	-1,192	-2,475	1,119	1,058	-4,523	-11,636	13,314	933	5,993	-5,724	13,876	-6,885	2,259	-1,792	10,990	117	685	-667	11,762
Income Tax Expense	-438	771	-1,002	-473	1,063	-158	-545	998	366	-1,290	-3,573	2,447	960	1,441	-1,639	5,234	-1,782	879	-267	1,636	340	423	848	7,081
Interest Expense	385	369	304	420	451	488	386	417	321	279	358	481	373	348	357	359	330	283	272	337	259	296	258	347
Interest Income	26	34	141	5	0	189	161	240	1	8	182	1,041	6	1,290	7	-	-	-	-	-	-	-	-	-
Net Income	-2,153	-9	-2,375	1,644	1,783	-1,034	-1,930	121	692	-3,233	-8,063	10,867	-27	4,552	-4,085	8,642	-5,103	1,380	-1,525	9,354	-223	262	-1,515	4,681
Net Income Applicable To Common Shares	-2,153	-9	-2,375	1,644	1,783	-1,034	-1,930	121	692	-3,233	-8,063	10,867	-27	4,552	-4,085	8,642	-5,103	1,380	-1,525	9,354	-223	262	-1,515	4,681
Net Income From Continuing Ops	-2,153	-9	-2,375	1,644	1,783	-1,034	-1,930	121	692	-3,233	-8,063	10,867	-27	4,552	-4,085	8,642	-5,103	1,380	-1,525	9,354	-223	262	-1,515	4,681
Net Interest Income	-359	-335	-163	-415	-451	-299	-225	-177	-320	-271	-176	560	-367	942	-350	-	-	-	-	-	-	-	-	-
Operating Income	-2,232	1,097	-3,214	-2,539	3,297	-893	-2,250	1,160	1,378	-4,252	-11,460	7,910	1,300	5,051	-5,374	14,816	-6,561	2,534	-1,562	14,504	205	1,242	-738	10,364
Other Operating Expenses	15,514	12,895	10,859	9,355	10,405	11,666	12,769	18,870	14,351	11,882	8,886	20,356	14,297	9,880	11,572	13,845	16,184	16,715	8,034	6,130	13,804	6,031	10,967	10,553
Reconciled Depreciation	4,126	4,183	3,708	3,848	3,526	3,546	3,805	3,629	3,613	3,702	4,023	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling General Administrative	-	-	-	-	-	-	-	-	-	-	-	-	13,581	14,422	14,846	50,671	13,796	15,994	19,141	26,484	15,097	27,483	18,256	22,975
Tax Provision	-438	771	-1,002	-473	1,063	-158	-545	998	366	-1,290	-3,573	2,447	960	1,441	-1,639	-	-	-	-	-	-	-	-	-
Total Operating Expenses	58,602	51,097	54,370	65,739	48,665	52,412	52,702	79,540	56,229	47,710	43,848	92,441	49,144	56,201	51,190	99,073	56,562	70,023	55,201	92,210	63,256	72,738	61,246	82,488
Total Other Income Expense Net	-	-	-	-	-	-	-	-	-	-	-	-	-361	942	-350	-940	-324	-275	-230	-3,514	-88	-557	71	1,398
Total Revenue	56,370	52,194	51,156	63,200	51,962	51,519	50,452	80,700	57,607	43,458	32,388	100,351	50,444	61,252	45,816	113,889	50,001	72,557	53,639	106,714	63,461	73,980	60,508	92,852

Latest Income Statement (annual, 2021-12-31)

Gross Profit (+$)
totalRevenue	217,133
Cost of Revenue	-92,374
Gross Profit	124,759	124,759

Operating Income (+$)
Gross Profit	124,759
Operating Expense	-219,518
Operating Income	-2,385	-94,759

Operating Expense (+$)
Research Development	1,124
Selling General Administrative	40,043
Selling And Marketing Expenses	-
Operating Expense	219,518	41,167

Net Interest Income (+$)
Interest Income	355
Interest Expense	-1,745
Other Finance Cost	-0
Net Interest Income	-1,390

Pretax Income (+$)
Operating Income	-2,385
Net Interest Income	-1,390
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	350	-2,385 EBIT - interestExpense = 573 350 2,208
Interest Expense	1,745
Earnings Before Interest and Taxes (EBIT)	2,318	2,095
Earnings Before Interest and Taxes (EBITDA)	16,820

After tax Income (+$)
Income Before Tax	350
Tax Provision	--113
Net Income From Continuing Ops	463	463
Net Income	463
Net Income Applicable To Common Shares	463

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	25,485
Total Other Income/Expenses Net	-	1,390

Technicals of Gigaset

1. Trend Indicators

1.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

1.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Let's take a look of the Moving Average Convergence/Divergence (MACD) of Gigaset AG:

The Moving Average Convergence/Divergence (MACD) is 0.085. The Moving Average Convergence/Divergence (MACD) above zero is a bullish sign. +1
The MACD is lower than the signal line. This is a bearish indication. -1

Gigaset AG Daily Moving Average Convergence/Divergence (MACD) Chart

1.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index).

The ADX helps you determine the strength of a trend. Let's take a look of the ADX of Gigaset AG:

The ADX is 38.719. Strong Trend. +1
The ADX is declining, the current trend is weakening. -1
The +DI is higher than the -DI. The current trend is up. +2

Gigaset AG Daily Directional Movement Index (DMI) Chart

1.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

The Parabolic SAR is higher than the price. The current trend is down. -2

2. Momentum Indicators

2.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

The RSI is above 50. +1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Gigaset AG Daily Relative Strength Index (RSI) Chart

2.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

The Stochastic is below 50. -1

Gigaset AG Daily Stochastic Oscillator Chart

2.3 Commodity Channel Index (CCI)

Gigaset AG Daily Commodity Channel Index (CCI) Chart

2.4 Chande Momentum Oscillator (CMO)

Gigaset AG Daily Chande Momentum Oscillator (CMO) Chart

2.5 Williams %R

3. Volatility Indicators

3.1 Bollinger Bands

3.2 Average True Range (ATR)

Gigaset AG Daily Average True Range (ATR) Chart

4. Volume Indicators

4.1 On-Balance Volume (OBV)

Gigaset AG Daily On-Balance Volume (OBV) Chart

4.2 Money Flow Index (MFI)

Gigaset AG Daily Money Flow Index (MFI) Chart

5. Summary

5.1. Notifications

Type	Notification	Date
Currently no notifications for Gigaset AG.

5.2. Trading Signals

Date	Indicator	Entry signal	Exit signal
2023-05-18	CMO	LONG ENTRY	SHORT CLOSE	50 crossover to upside
2023-05-19	CMO	LONG ENTRY	SHORT CLOSE	50 crossover to upside
	ATR	SHORT ENTRY	LONG CLOSE
2023-05-22	CMO	LONG ENTRY	SHORT CLOSE	50 crossover to upside
	ATR	SHORT ENTRY	LONG CLOSE
2023-05-23	CMO	LONG ENTRY	SHORT CLOSE	50 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-05-24	CMO	LONG ENTRY	SHORT CLOSE	50 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE
2023-05-25	SAR	LONG ENTRY	SHORT CLOSE	price crossed sar to upside
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2023-05-30	MACD	SHORT ENTRY	LONG CLOSE

5.2. Technical Score

Let's check the technical score of Gigaset AG based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	56.142
Ma 20	Greater than	Ma 50	0.512
Ma 50	Greater than	Ma 100	0.370
Ma 100	Greater than	Ma 200	0.324
Open	Greater than	Close	0.600
Total			5/5 (100.0%)