Year ending March 31st 2018, sales have gone up 6%, but gross profit euros has decreased. The company is losing 8 cents per share, but will open new production in 2018 and 2019.
You could argue that financing new projects like this (and in the past shipping companies like the VOC, railroads, etc) is what public equity is meant for.
The company has sold 20 million shares in the past year to bring in more funding.
Book value is roughly Equity 43m Euros / 111m shares = 40 cents per share book value.
A price of 20 cents per share might be interesting? The price is... 92 cents per share.
Conclusion: Not an investment for the Graham Defensive Investor.
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