New Risk • May 27
New major risk - Revenue and earnings growth Earnings have declined by 9.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr692.8m market cap, or US$74.8m). Reported Earnings • Apr 28
Full year 2025 earnings released: kr0.079 loss per share (vs kr0.18 profit in FY 2024) Full year 2025 results: kr0.079 loss per share (down from kr0.18 profit in FY 2024). Revenue: kr1.60b (down 19% from FY 2024). Net loss: kr36.3m (down 144% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Feb 20
Full year 2025 earnings released Full year 2025 results: Revenue: kr1.60b (down 17% from FY 2024). Net loss: kr36.3m (down 144% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • Jan 07
New major risk - Revenue and earnings growth Earnings have declined by 3.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr658.7m market cap, or US$65.5m). Announcement • Dec 19
Scana ASA, Annual General Meeting, May 28, 2026 Scana ASA, Annual General Meeting, May 28, 2026. Reported Earnings • Aug 25
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: kr0.056 loss per share (down from kr0.084 profit in 2Q 2024). Revenue: kr395.8m (down 27% from 2Q 2024). Net loss: kr25.1m (down 164% from profit in 2Q 2024). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) missed analyst estimates by 200%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr1.67, the stock trades at a trailing P/E ratio of 77.9x. Average forward P/E is 19x in the Machinery industry in Norway. Total returns to shareholders of 28% over the past three years. New Risk • May 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.6% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (kr768.6m market cap, or US$73.9m). Reported Earnings • Apr 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr0.18 (up from kr0.16 in FY 2023). Revenue: kr1.92b (up 20% from FY 2023). Net income: kr83.3m (up 16% from FY 2023). Profit margin: 4.3% (down from 4.5% in FY 2023). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 06
Chief Executive Officer recently bought kr323k worth of stock On the 4th of March, Pal Selvik bought around 150k shares on-market at roughly kr2.15 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Pal's only on-market trade for the last 12 months. Reported Earnings • Feb 28
Full year 2024 earnings released Full year 2024 results: Revenue: kr1.97b (up 23% from FY 2023). Net income: kr83.3m (up 16% from FY 2023). Profit margin: 4.2% (down from 4.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. New Risk • Feb 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.06b (US$94.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Dec 16
Scana ASA Announces Change in Management Team Scana ASA announced that Mr. Oddbjørn Haukøy, Chief Business Officer in Scana, has mutually agreed with the Company to step down from his position and resign from the management team of Scana. Mr. Haukøy will continue his career as a partner with MIG Finance Namibia (Pty) Ltd. Namibia is identified as a strategic growth area for Scana. Announcement • Nov 29
Scana ASA, Annual General Meeting, May 22, 2025 Scana ASA, Annual General Meeting, May 22, 2025. Major Estimate Revision • Nov 26
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.91b to kr1.88b. EPS estimate also fell from kr0.22 per share to kr0.16 per share. Net income forecast to shrink 19% next year vs 24% growth forecast for Machinery industry in Norway . Consensus price target up from kr2.80 to kr3.40. Share price was steady at kr2.83 over the past week. Price Target Changed • Nov 25
Price target increased by 13% to kr3.40 Up from kr3.00, the current price target is provided by 1 analyst. New target price is 18% above last closing price of kr2.88. The company is forecast to post earnings per share of kr0.16 for next year compared to kr0.16 last year. Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr412.3m (up 7.2% from 3Q 2023). Net income: kr16.9m (up 69% from 3Q 2023). Profit margin: 4.1% (up from 2.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. New Risk • Oct 09
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr831k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Significant insider selling over the past 3 months (kr831k sold). Recent Insider Transactions • Oct 09
Insider recently sold kr831k worth of stock On the 4th of October, Anette Dybvik sold around 250k shares on-market at roughly kr3.32 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr3.1m more than they sold in the last 12 months. Recent Insider Transactions Derivative • Sep 11
Insider exercised options to buy kr763k worth of stock. On the 9th of September, Anette Dybvik exercised options to buy 250k shares at a strike price of around kr1.42, costing a total of kr355k. As of today, Anette currently holds no shares directly. Company insiders have collectively bought kr6.5m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Sep 03
MIG Finance Namibia (Proprietary) Limited made an offer to acquire Scana ASA (OB : SCANA) for NOK 1.81 billion. MIG Finance Namibia (Proprietary) Limited made an offer to acquire Scana ASA (OB : SCANA) for NOK 1.81 billion on September 1, 2024. Under the terms, MIG Finance Namibia will acquire all shares for NOK 4.00 in cash transaction. Launch of the Offer will pursuant to the Offer Letter inter alia be subject to a unanimous recommendation by the Board, irrevocable undertakings from certain shareholders in the Scana , bank financing of MIG's obligation to pay the offer price under the Offer, absence of material adverse change and approval by Oslo Børs of an offer document related to the Offer. Completion of the Offer will pursuant to the Offer Letter inter alia be subject to acceptance of the Offer by shareholders representing in aggregate at least 90% of the shares in the Scana , that the Board's unanimous recommendation of the Offer has not been withdrawn, amended or qualified, that the Scana shall have conducted it business in the ordinary course, that MIG shall have obtained all necessary governmental and third party approvals to complete the Offer and that no court or other governmental, regulatory authority shall have taken or threatened to take any action that would prevent completion of the Offer or impose conditions on MIG, Scana or any of their subsidiaries that are not acceptable to MIG.
SpareBank 1 Markets AS acted as financial adviser and Advokatfirmaet Thommessen AS as legal adviser to Scana. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr3.23, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 19x in the Machinery industry in Norway. Total returns to shareholders of 85% over the past three years. Recent Insider Transactions Derivative • Aug 29
Chief Financial Officer exercised options to buy kr1.8m worth of stock. On the 21st of August, Torvald Reiestad exercised options to buy 667k shares at a strike price of around kr1.42, costing a total of kr947k. This transaction amounted to 111% of their direct individual holding at the time of the trade. Since March 2024, Torvald has owned 598.66k shares directly. Company insiders have collectively bought kr6.2m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Aug 23
Director recently bought kr552k worth of stock On the 21st of August, Bjorn Reed bought around 235k shares on-market at roughly kr2.35 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth kr1.8m. Insiders have collectively bought kr4.0m more in shares than they have sold in the last 12 months. Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 47% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr1.76b to kr1.91b. EPS estimate increased from kr0.15 to kr0.22 per share. Net income forecast to shrink 6.1% next year vs 5.3% growth forecast for Machinery industry in Norway . Consensus price target of kr2.80 unchanged from last update. Share price was steady at kr2.19 over the past week. Recent Insider Transactions • Jun 26
Executive Vice President of Operations recently bought kr501k worth of stock On the 19th of June, Baste Tveito bought around 245k shares on-market at roughly kr2.04 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Baste has been a buyer over the last 12 months, purchasing a net total of kr1.6m worth in shares. Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr540.5m (up 35% from 1Q 2023). Net income: kr44.7m (up 303% from 1Q 2023). Profit margin: 8.3% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in Norway. Major Estimate Revision • May 15
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from kr0.21 to kr0.15 per share. Revenue forecast steady at kr1.76b. Net income forecast to shrink 3.6% next year vs 8.7% growth forecast for Machinery industry in Norway . Consensus price target down from kr3.00 to kr2.80. Share price rose 5.1% to kr2.38 over the past week. Reported Earnings • Apr 21
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: kr0.16 (up from kr0.12 loss in FY 2022). Revenue: kr1.61b (up 77% from FY 2022). Net income: kr71.6m (up kr116.1m from FY 2022). Profit margin: 4.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 25
Full year 2023 earnings released Full year 2023 results: Revenue: kr1.61b (up 81% from FY 2022). Net income: kr71.3m (up kr115.8m from FY 2022). Profit margin: 4.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr2.54, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Machinery industry in Norway. Total returns to shareholders of 6.2% over the past three years. Recent Insider Transactions • Jan 19
Executive Vice President of Operations recently bought kr562k worth of stock On the 17th of January, Baste Tveito bought around 264k shares on-market at roughly kr2.13 per share. This transaction amounted to 68% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Baste has been a buyer over the last 12 months, purchasing a net total of kr1.9m worth in shares. Recent Insider Transactions Derivative • Jan 18
Chief Financial Officer exercised options to buy kr903k worth of stock. On the 15th of January, Torvald Reiestad exercised options to buy 420k shares at a strike price of around kr1.33, costing a total of kr559k. This transaction amounted to 235% of their direct individual holding at the time of the trade. Torvald currently holds less than 1% of total shares outstanding. Company insiders have collectively bought kr1.3m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: kr0.02. Revenue: kr384.6m (up 70% from 3Q 2022). Net income: kr10.0m (up kr27.3m from 3Q 2022). Profit margin: 2.6% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: kr0.08 (vs kr0.04 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.08 (up from kr0.04 loss in 2Q 2022). Revenue: kr408.7m (up 99% from 2Q 2022). Net income: kr33.6m (up kr48.6m from 2Q 2022). Profit margin: 8.2% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Aug 23
Scana ASA Appoints Pål Selvik as CEO GC Rieber Shipping ASA informed that Pål Selvik has chosen to resign foollowing his appointment to a new position as CEO in Scana ASA, a company outside the GC Rieber Group. Recent Insider Transactions • Jun 07
Executive Vice President of Operations recently bought kr753k worth of stock On the 2nd of June, Baste Tveito bought around 390k shares on-market at roughly kr1.93 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Baste's only on-market trade for the last 12 months. Reported Earnings • May 28
First quarter 2023 earnings released: EPS: kr0.03 (vs kr0.04 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.03 (up from kr0.04 loss in 1Q 2022). Revenue: kr400.5m (up 93% from 1Q 2022). Net income: kr11.1m (up kr24.2m from 1Q 2022). Profit margin: 2.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Reported Earnings • Feb 25
Full year 2022 earnings released: kr0.12 loss per share (vs kr0.24 profit in FY 2021) Full year 2022 results: kr0.12 loss per share (down from kr0.24 profit in FY 2021). Revenue: kr911.7m (up 200% from FY 2021). Net loss: kr44.5m (down 269% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Feb 14
Scana ASA Appoints Espen Thomassen as Chief Commercial Officer Scana ASA announce that Espen Thomassen will take up the position of CCO in the company. He comes from the role of Director, Head of Commercial Norway in legacy Maersk Drilling, now Noble Corp. one of the largest drilling companies in the world. Espen Thomassen CCO in Scana from April 2023. The 35-year-old brings with him over 10 years of relevant, international experience from various leadership roles in companies such as Maersk Drilling, Global Maritime, and Axess Group. Thomassen, who takes up the position on 1 April, has an extensive international network and relevant experience with business development, restructuring, strategy, and MA. He will be a vital part of building continued performance culture through delegation, leadership, and empowerment. Recent Insider Transactions • Nov 16
Chief Commercial Officer recently bought kr32m worth of stock On the 10th of November, Oddbjorn Haukoy bought around 32m shares on-market at roughly kr1.00 per share. This transaction increased Oddbjorn's direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Recent Insider Transactions • Nov 13
Chief Commercial Officer recently bought kr32m worth of stock On the 10th of November, Oddbjorn Haukoy bought around 32m shares on-market at roughly kr1.00 per share. This transaction increased Oddbjorn's direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 05
Third quarter 2022 earnings released: kr0.04 loss per share (vs kr0.03 loss in 3Q 2021) Third quarter 2022 results: kr0.04 loss per share (further deteriorated from kr0.03 loss in 3Q 2021). Revenue: kr226.9m (up 271% from 3Q 2021). Net loss: kr17.3m (loss widened 409% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Aug 24
Second quarter 2022 earnings released: kr0.04 loss per share (vs kr0.03 profit in 2Q 2021) Second quarter 2022 results: kr0.04 loss per share (down from kr0.03 profit in 2Q 2021). Revenue: kr205.5m (up 128% from 2Q 2021). Net loss: kr15.0m (down kr17.9m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 21% share price gain to kr1.51, the stock trades at a trailing P/E ratio of 58.2x. Average trailing P/E is 20x in the Machinery industry in Norway. Total returns to shareholders of 98% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr1.41, the stock trades at a trailing P/E ratio of 54.4x. Average trailing P/E is 21x in the Machinery industry in Norway. Total returns to shareholders of 81% over the past three years. Announcement • Jun 09
Scana ASA to Report Fiscal Year 2022 Results on Mar 24, 2023 Scana ASA announced that they will report fiscal year 2022 results on Mar 24, 2023 Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 24% share price gain to kr1.52, the stock trades at a trailing P/E ratio of 58.5x. Average trailing P/E is 40x in the Machinery industry in Norway. Total returns to shareholders of 65% over the past three years. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: kr0.04 loss per share (down from kr0.026 profit in 1Q 2021). Revenue: kr207.8m (up 126% from 1Q 2021). Net loss: kr13.1m (down kr16.1m from profit in 1Q 2021). Revenue missed analyst estimates by 28%. Earnings per share (EPS) also missed analyst estimates by 478%. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 16% share price gain to kr1.39, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 34% share price decline to kr1.48, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 143% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 15% share price gain to kr1.79, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 146% over the past three years. Reported Earnings • Nov 02
Third quarter 2021 earnings released: kr0.03 loss per share (vs kr0.39 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: kr61.1m (down 5.9% from 3Q 2020). Net loss: kr3.40m (down 108% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS kr0.03 (vs kr0.04 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: kr90.1m (up 8.3% from 2Q 2020). Net income: kr2.90m (down 40% from 2Q 2020). Profit margin: 3.2% (down from 5.8% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr1.83, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 14x in the Metals and Mining industry in Europe. Total returns to shareholders of 43% over the past three years. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS kr0.46 (vs kr0.031 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr318.1m (down 12% from FY 2019). Net income: kr49.5m (up kr46.2m from FY 2019). Profit margin: 16% (up from 0.9% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 15% share price gain to kr2.86, the stock is trading at a trailing P/E ratio of 8.4x, up from the previous P/E ratio of 7.2x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 130%. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 28% share price gain to kr3.00, the stock is trading at a trailing P/E ratio of 8.8x, up from the previous P/E ratio of 6.8x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 131%. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 18% share price gain to kr2.54, the stock is trading at a trailing P/E ratio of 7.4x, up from the previous P/E ratio of 6.3x. This compares to an average P/E of 13x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 119%. Is New 90 Day High Low • Dec 21
New 90-day low: kr2.06 The company is down 1.0% from its price of kr2.08 on 22 September 2020. The Norwegian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market pulls back on stock over the past week After last week's 25% share price decline to kr2.46, the stock is trading at a trailing P/E ratio of 7.2x, down from the previous P/E ratio of 9.6x. This compares to an average P/E of 13x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 120%. Is New 90 Day High Low • Oct 07
New 90-day high: kr3.14 The company is up 193% from its price of kr1.07 on 09 July 2020. The Norwegian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: kr1.80 The company is up 108% from its price of kr0.86 on 19 June 2020. The Norwegian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 14% over the same period.