Buy Or Sell Opportunity • Nov 14
Now 100% undervalued after recent price drop Over the last 90 days, the stock has fallen 100% to kr0.0002. The fair value is estimated to be kr21.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 53% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Aug 31
First half dividend of kr5.00 announced Shareholders will receive a dividend of kr5.00. Ex-date: 5th September 2025 Payment date: 15th September 2025 Dividend yield will be 462%, which is higher than the industry average of 14%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Ankündigung • Jul 11
StandardCoin AS announced that it has received NOK 39.999987 million in funding from S.D. Standard ETC Plc, Songa Capital AS, Apollo Asset Limited, Titan Venture AS, Alundo Invest As, Middelborg Invest AS On July 9, 2025. StandardCoin AS has closed the transaction. Ankündigung • Jun 21
Standard Supply AS announced that it expects to receive NOK 34.999992 million in funding from S.D. Standard ETC Plc, Songa Capital AS, Apollo Asset Limited, Titan Venture AS, Alundo Invest As, Middelborg Invest AS and other investors Standard Supply AS announced a private placement to issue 1,296,296 shares at an issue price of NOK 27 for gross proceeds of NOK 34,999,992 on June 19, 2025. New Risk • Jun 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 79% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Revenue is less than US$1m (US$56k revenue). Market cap is less than US$10m (kr69.9m market cap, or US$6.95m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Ankündigung • Jun 14
Standard Supply AS Approves the Election of Board Members The annual general meeting in Standard Supply AS was held on 13 June 2025, approved the election of Espen Lundaas is elected as the new Chairman of the Board, and Espen Landmark Fjermestad is elected as a new board member. Both directors shall have a term of office until the annual general meeting in 2027. Reported Earnings • May 18
First quarter 2025 earnings released First quarter 2025 results: Net loss: US$57.4k (down 140% from profit in 1Q 2024). Revenue is forecast to grow 86% p.a. on average during the next 2 years, compared to a 1.8% decline forecast for the Shipping industry in Norway. New Risk • Feb 17
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: US$1.5m This is considered a minor risk. Companies with a small amount of revenue 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (234% accrual ratio). Market cap is less than US$10m (kr38.9m market cap, or US$3.50m). Minor Risk Revenue is less than US$5m (US$1.5m revenue). New Risk • Feb 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 234% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (234% accrual ratio). Market cap is less than US$10m (kr42.2m market cap, or US$3.80m). Reported Earnings • Feb 15
Full year 2024 earnings released Full year 2024 results: Revenue: US$14.3m (down 64% from FY 2023). Net income: US$11.7m (down 64% from FY 2023). Profit margin: 82% (down from 83% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 47% p.a. on average during the next 2 years, while revenues in the Shipping industry in Norway are expected to remain flat. Ankündigung • Dec 21
Standard Supply AS, Annual General Meeting, Jun 11, 2025 Standard Supply AS, Annual General Meeting, Jun 11, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Net loss: US$1.37m (down 120% from profit in 3Q 2023). Revenue is forecast to grow 25% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. New Risk • Oct 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr63.4m (US$5.87m) This is considered a major 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings are forecast to decline by an average of 44% per year for the foreseeable future. High level of non-cash earnings (69% accrual ratio). Market cap is less than US$10m (kr63.4m market cap, or US$5.87m). Minor Risk Short dividend paying track record (less than a year of continuous dividend payments). Ankündigung • Oct 10
Standard Supply AS Approves Extraordinary Distribution, Payable on or About 22 October 2024 Standard Supply AS at its EGM held on October 9, 2024, approved an extraordinary distribution of NOK 1.10 per share, corresponding to a total distribution amount of NOK 206,498,920.10. The distribution will in its entirety be considered as distribution of dividends. The dividends shall be payable to the shareholders of the Company as of 11 October 2024, as registered in the VPS on 15 October 2024. The dividends are expected to be paid on or about 22 October 2024. Upcoming Dividend • Oct 07
Upcoming dividend of kr1.10 per share Eligible shareholders must have bought the stock before 14 October 2024. Payment date: 22 October 2024. Trailing yield: 74%. Within top quartile of Norwegian dividend payers (7.5%). Higher than average of industry peers (12%). Ankündigung • Sep 25
Standard Supply as Proposes Extraordinary Cash Dividend, Payable on or About October 22, 2024 Standard Supply AS announced the proposal by the Board of Directors to the general meeting to distribute an extraordinary dividend of NOK 1.10 per share. Key information relating to the proposed extraordinary cash dividend is set out below: Record Date is October 15, 2024. Payment Date is On or about October 22, 2024. Ex. date is October 14, 2024. New Risk • Sep 17
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 82% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 44% per year for the foreseeable future. High level of non-cash earnings (69% accrual ratio). Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (kr223.4m market cap, or US$21.1m). New Risk • Sep 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings are forecast to decline by an average of 44% per year for the foreseeable future. High level of non-cash earnings (69% accrual ratio). Minor Risk Market cap is less than US$100m (kr227.5m market cap, or US$21.0m). Ankündigung • Sep 06
Standard Supply AS Approves an Extraordinary Distribution, Payable on or About 19 September 2024 Standard Supply AS announced reference is made to the announcement by the company on 23 August 2024 concerning, inter alia, the proposal by the board of directors to the general meeting to distribute an extraordinary distribution of NOK 1.00 per share. The distribution has on 6 September 2024 been approved by the Company's extraordinary general meeting. Ex-date is 11 September 2024. Record date is 12 September 2024. Payment date is on or about 19 September 2024. Reported Earnings • Aug 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$12.8m (up 2.5% from 2Q 2023). Net income: US$13.1m (up 363% from 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Ankündigung • Aug 24
Standard Supply as Proposes Extraordinary Distribution Standard Supply AS Board of Directors proposed to distribute an extraordinary distribution of NOK 1.00 per share. Subject to approval at the extraordinary general meeting of the Company scheduled to take place in September 2024. Reported Earnings • May 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$1.48m (down 81% from 1Q 2023). Net income: US$145.2k (up US$734.5k from 1Q 2023). Profit margin: 9.8% (up from net loss in 1Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Major Estimate Revision • Apr 12
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$24.0m to US$21.5m. Forecast loss of -US$0.02, down from profit of US$0.023 per share profit previously. Shipping industry in Norway expected to see average net income growth of 19% next year. Consensus price target of kr5.30 unchanged from last update. Share price was steady at kr2.17 over the past week. Major Estimate Revision • Mar 24
Consensus EPS estimates increase by 186% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.024 to US$0.068. Revenue forecast unchanged at US$47.0m. Net income forecast to shrink 60% next year vs 19% growth forecast for Shipping industry in Norway . Consensus price target of kr6.90 unchanged from last update. Share price was steady at kr2.17 over the past week. New Risk • Feb 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings are forecast to decline by an average of 57% per year for the foreseeable future. High level of non-cash earnings (36% accrual ratio). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (kr403.6m market cap, or US$38.3m). Buy Or Sell Opportunity • Feb 23
Now 65% undervalued after recent price drop Over the last 90 days, the stock has fallen 56% to kr2.15. The fair value is estimated to be kr6.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings are also forecast to decline by 57% per annum over the same time period. Declared Dividend • Feb 19
Fourth quarter dividend of kr2.75 announced Shareholders will receive a dividend of kr2.75. Ex-date: 23rd February 2024 Payment date: 4th March 2024 Dividend yield will be 85%, which is higher than the industry average of 14%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (76% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Reported Earnings • Feb 16
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: US$73.3m (up 227% from FY 2022). Net income: US$32.7m (up US$32.7m from FY 2022). Profit margin: 45% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 62%. Revenue is forecast to decline by 29% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Major Estimate Revision • Jan 12
Consensus EPS estimates fall by 33% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$0.169 to US$0.113. Revenue forecast unchanged from US$45.2m at last update. Net income forecast to grow 11% next year vs 7.4% growth forecast for Shipping industry in Norway. Consensus price target of kr6.10 unchanged from last update. Share price was steady at kr4.71 over the past week. Major Estimate Revision • Dec 06
Consensus revenue estimates decrease by 10%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$46.7m to US$42.0m. EPS estimate increased from US$0.053 to US$0.16 per share. Net income forecast to grow 41% next year vs 4.9% growth forecast for Shipping industry in Norway. Consensus price target down from kr6.95 to kr6.10. Share price was steady at kr4.70 over the past week. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$16.4m (up 69% from 3Q 2022). Net income: US$6.77m (up 359% from 3Q 2022). Profit margin: 41% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Shipping industry in Norway. Ankündigung • Aug 25
Standard Supply AS Approves Dividend for the Second Quarter of 2023, Payable on or Around Mid-September 2023 Th board of directors of Standard Supply AS passed a resolution to distribute additional dividends of NOK 0.70 per share through reduction of other paid-in equity with an ex. date in early September and payment around mid-September. The Board of Directors has declared a dividend distribution of NOK 0.70 per share for the second quarter of 2023. Price Target Changed • Aug 24
Price target increased by 8.9% to kr6.75 Up from kr6.20, the current price target is an average from 2 analysts. New target price is 23% above last closing price of kr5.50. Stock is up 17% over the past year. The company is forecast to post earnings per share of US$0.041 next year compared to a net loss per share of US$0.00015 last year. Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 33% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$45.0m to US$45.5m. EPS estimate increased from US$0.031 to US$0.041 per share. Net income forecast to grow 201,757% next year vs 16% growth forecast for Shipping industry in Norway. Consensus price target of kr6.60 unchanged from last update. Share price rose 3.0% to kr5.46 over the past week. Ankündigung • Jun 16
Standard Supply AS Approves Cash Dividend, Payable on or About 28 June 2023 Standard Supply AS at its annual general meeting held on June 15, 2023 approved the following: The Company shall distribute additional dividends of NOK 0.12 per share, corresponding to a total dividend amount of NOK 22,527,154.92, through reduction of other paid-in equity. The dividends shall be payable to the shareholders of the Company as of the expiry of 19 June 2023 (as evident from the Company's shareholder register as of 21 June 2023). The dividends are expected to be paid on or about 28 June 2023. Upcoming Dividend • Jun 13
Upcoming dividend of kr0.12 per share at 8.9% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 28 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 8.9%. Within top quartile of Norwegian dividend payers (8.6%). Lower than average of industry peers (17%). Ankündigung • Jun 08
Standard Supply AS Proposes Cash Dividend, Payable on or about 28 June 2023 Standard Supply AS on 7 June 2023 concerning, the proposal by the Board of Directors to the general meeting to distribute a cash dividend of NOK 0.12 per share as set out in the notice for the annual general meeting to be held on 15 June 2023. Ex. date: 20 June 2023; Record Date: 21 June 2023; Payment Date: On or about 28 June 2023. Major Estimate Revision • May 24
Consensus revenue estimates increase by 13%, EPS downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from US$40.0m to US$45.0m. EPS estimate fell from US$0.046 to US$0.03. Net income forecast to grow 179,924% next year vs 29% growth forecast for Shipping industry in Norway. Consensus price target up from kr6.20 to kr6.60. Share price rose 2.9% to kr5.00 over the past week. Reported Earnings • May 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$7.82m (up 186% from 1Q 2022). Net loss: US$589.4k (loss narrowed 50% from 1Q 2022). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Shipping industry in Norway. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: US$0 (vs US$0.014 loss in FY 2021) Full year 2022 results: EPS: US$0 (improved from US$0.014 loss in FY 2021). Revenue: US$22.4m (up 89% from FY 2021). Net loss: US$28.6k (loss narrowed 99% from FY 2021). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 2.2% decline forecast for the Shipping industry in Norway. Ankündigung • Feb 17
Standard Supply AS Proposes Dividend for the Fourth Quarter of 2022, Payable on or About March 3, 2023 Standard Supply AS announced that the Board of Directors proposed a dividend of NOK 0.10 per share for the fourth quarter of 2022. The dividend distribution must be approved by an extraordinary general meeting of the Company. Ex. date is 28 February 2023. Record Date is 1 March 2023. Payment Date is on or about 3 March 2023.