Flow Traders share price and value after an incredible two years

On the 7th of February 2020, 20 days before the first Covid19 infected person in The Netherlands was discovered. I wrote: "Flow Traders seems to be creating value and is a better buy near €19 than at €50, but is not a stock for the Defensive Investor. Results vary with volatility which was low in 2019, but could remain low in 2020. It seems to be a bit of a gamble?" 

This was the graph I made.  "Assumption: EPS which was €3,84 in 2018 and €1,15 in 2019 will be €2 in 2020. "

After that the corona panic broke out and shares were very volatile. Earnings per Share in 2020 were not EUR 2 but 5x higher: EUR 10,3 per share. This enabled Flow Traders to pay out a one-time dividend of EUR 6,50. 

Today:

SECTOR: [???] Flow Traders provides liquidity for ETP Exchange Traded Products. It went public in 2015 at a price of around €35, the price climbed to €50 and now has dropped below the IPO level. I  am not an expert and don't know how much of an "arms race' in technology is involved.

SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. Flow Traders' sales (Net Trading Income similar to Gross Profit Dollars?) of €476 million in 2021 passed this test. 

LONG-TERM EPS GROWTH: [PASS]  Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. Flow Trader's long-term results are difficult to determine because of its corporate history and recent IPO. EPS has increased by over 300%. 

Earnings Yield:  [PASS]  The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. Flow Trader's E/P of 8,3% (using 2021 Earnings) passes this test.

Graham Number value: [FAIL] [PASS] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. Flow Trader's has a Graham number of √(15 x €4,9 EPS x 1,5 x €10,3 Book Value) = €33  (Earnings are inflated by great 2020 results.) 

Note: Book value is less relevant for an information company like Flow Traders than a factory.

Dividend: €1.35/€31,5 = 4,2%  (Flow Trader's dividend varies. It pays out 50% of profit as a dividend.)

Conclusion: Flow Traders has been a great investment since February 2020 including a EUR 6,50 super dividend. Too difficult pile because I don't understand the business (yet).