“On the Threshold of a Growth Leap” - a quick glance at the extensive report revealed at least a couple of pages on the company’s risk profile:
So, in my opinion, the materialized risks: the melting of the cyclical market and the debt burden and difficult financial position after the new factory investment, are prominently mentioned there.
It would help here too if you could say which report mentions this 54 meur revenue for 2026? I looked through old extensive reports, and at least in the extensive report published on May 30, 2023, 55 meur revenue was forecasted for 2026. If I remember correctly, at that time, the demand outlook for the cylinder market was still quite good. Do you have any justification for why that revenue forecast would have been careless given the outlook at that time? In my opinion, to maintain a good discussion culture, criticism of analysis, e.g., for carelessness, should be justified with something more than just a hunch. Especially in a cyclical growth company, it’s also good to remember that making revenue forecasts many years into the future is pretty much a gamble; analysts are not psychics, and expecting that from them is, in my opinion, unreasonable. That’s why I call for the quality of the analysis to be commented on with good reasons, especially considering the outlook at the time the analysis was made.