Buy Or Sell Opportunity • May 25
Now 21% undervalued Over the last 90 days, the stock has risen 5.7% to €0.89. The fair value is estimated to be €1.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • May 20
Dividend of kr0.45 announced Shareholders will receive a dividend of kr0.45. Ex-date: 28th May 2026 Payment date: 15th June 2026 Dividend yield will be 53%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Director David Wells was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • May 14
ABL Group ASA (OB:ABL) agreed to acquire Synergenog Sdn. Bhd. ABL Group ASA (OB:ABL) agreed to acquire Synergenog Sdn. Bhd. on May 13, 2026. Upon completion of the acquisition, SynergenOG will be integrated with the group’s design and engineering consultancy, Longitude. Buy Or Sell Opportunity • Dec 31
Now 20% overvalued Over the last 90 days, the stock has fallen 1.1% to €0.70. The fair value is estimated to be €0.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 237% in the next 2 years. Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Director David Wells was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Dec 06
ABL Group ASA, Annual General Meeting, May 27, 2026 ABL Group ASA, Annual General Meeting, May 27, 2026. Annonce • May 30
ABL Group ASA Approves Dividend, Payable on or About 16 June 2025 The Annual General Meeting in ABL Group ASA held on May 28, 2025, approved the Board’s proposal of distributing a dividend of NOK 0.45 per share. The shares in ABL Group ASA will be traded without the right to receive dividend as from 30 May 2025 (ex-date). The dividend will be distributed to the shareholders on or about 16 June 2025. The distribution will be classified as a repayment of paid-in capital. Annonce • Feb 26
ABL Group ASA Proposes Cash Dividend, Payable on or About 16 June 2025 ABL Group ASA proposed cash dividend of NOK 0.45 per share. Ex-date is 29 May 2025. Record date is 30 May 2025. Payment date is On or about 16 June 2025. Date of approval is 28 May 2025. Annonce • Jan 14
ABL Group ASA (OB:ABL) completed the acquisition of Proper Marine. ABL Group ASA (OB:ABL) entered into an agreement to acquire Proper Marine for enterprise value of BRL 2.68 million on December 5, 2024. The purchase price will be settled with a combination of cash and up to 2,302,494 shares in ABL Group. Settlement of the consideration shares will take place through annual instalments over 5 years from the current date, subject inter alia to the sellers’ continued employment in ABL Group. Upon completion of the acquisition, Proper Marine will be merged with ABLGroup’s design house, Longitude. In 2023, Proper Marine delivered net revenue of BRL 19.6 million and adjusted EBITDA of BRL 4.2 million. Completion of the transaction is expected in January 2025.
ABL Group ASA (OB:ABL) completed the acquisition of Proper Marine on January 13, 2025. Annonce • Nov 08
ABL Group ASA, Annual General Meeting, May 28, 2025 ABL Group ASA, Annual General Meeting, May 28, 2025. Declared Dividend • Nov 03
Dividend of kr0.40 announced Shareholders will receive a dividend of kr0.40. Ex-date: 4th November 2024 Payment date: 27th November 2024 Dividend yield will be 52%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (126% cash payout ratio). The dividend has increased by an average of 39% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 4.2% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Nov 02
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: US$86.2m (up 23% from 3Q 2023). Net income: US$57.0k (down 99% from 3Q 2023). Profit margin: 0.1% (down from 7.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Energy Services industry in Europe. Annonce • Oct 02
ABL Group ASA (OB:ABL) completed the acquisition of Hidromod - Modelação em Engenharia, Lda. ABL Group ASA (OB:ABL) entered into an agreement to acquire Hidromod - Modelação em Engenharia, Lda on September 12, 2024. The purchase price will be financed by ABL Group’s existing cash holdings and undrawn credit facilities.
For the period ending December 31, 2023, Hidromod - Modelação em Engenharia, Lda reported total revenue of €1 million.
The transaction is expected to be completed in October 2024.
ABL Group ASA (OB:ABL) completed the acquisition of Hidromod - Modelação em Engenharia, Lda on October 1, 2024. New Risk • Sep 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (104% payout ratio). Share price has been volatile over the past 3 months (7.6% average weekly change). Shareholders have been diluted in the past year (5.3% increase in shares outstanding). Recent Insider Transactions • Sep 08
Chief Executive Officer recently bought €60k worth of stock On the 3rd of September, Reuben Segal bought around 70k shares on-market at roughly €0.85 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Reuben's only on-market trade for the last 12 months. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: US$0.003 (vs US$0.023 in 2Q 2023) Second quarter 2024 results: EPS: US$0.003 (down from US$0.023 in 2Q 2023). Revenue: US$68.6m (flat on 2Q 2023). Net income: US$534.0k (down 80% from 2Q 2023). Profit margin: 0.8% (down from 4.0% in 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Jun 18
ABL Group ASA (OB:ABL) completed the acquisition of Ross Offshore AS from Moreld AS. ABL Group ASA (OB:ABL) agreed to acquire Ross Offshore AS from Moreld AS for transaction valued at NOK 100 million on May 15, 2024. The transaction values Ross Offshore at NOK 100 million on a cash and debt-free basis. The transaction will be settled in cash on completion, utilizing ABL Group’s existing cash holdings and undrawn credit facilities. In 2023, Ross Offshore delivered gross revenue of approximately NOK 848 million. The transaction, which is subject to approval by the Norwegian competition authority, is expected to be completed in late Q2 or in early Q3 this year.
ABL Group ASA (OB:ABL) completed the acquisition of Ross Offshore AS from Moreld AS on June 17, 2024. Upcoming Dividend • May 23
Upcoming dividend of kr0.40 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 17 June 2024. The company is paying out more than 100% of its profits and is paying out 88% of its cash flow. Trailing yield: 6.3%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.7%). Annonce • May 16
ABL Group ASA (OB:ABL) agreed to acquire Ross Offshore AS from Moreld AS for transaction valued at NOK 100 million. ABL Group ASA (OB:ABL) agreed to acquire Ross Offshore AS from Moreld AS for transaction valued at NOK 100 million on May 15, 2024. The transaction values Ross Offshore at NOK 100 million on a cash and debt-free basis. The transaction will be settled in cash on completion, utilizing ABL Group’s existing cash holdings and undrawn credit facilities. In 2023, Ross Offshore delivered gross revenue of approximately NOK 848 million. The transaction, which is subject to approval by the Norwegian competition authority, is expected to be completed in late Q2 or in early Q3 this year. Declared Dividend • Apr 29
Final dividend of kr0.40 announced Shareholders will receive a dividend of kr0.40. Ex-date: 30th May 2024 Payment date: 17th June 2024 Dividend yield will be 45%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio) nor is it covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 39% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 75% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: US$0.071 (vs US$0.062 in FY 2022) Full year 2023 results: EPS: US$0.071 (up from US$0.062 in FY 2022). Revenue: US$251.2m (up 50% from FY 2022). Net income: US$8.40m (up 36% from FY 2022). Profit margin: 3.3% (down from 3.7% in FY 2022). 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 1.5% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • Apr 28
ABL Group Asa Proposes Dividend, Payable on or About 17 June 2024 ABL Group ASA proposed dividend of NOK 0.4 per share. Last day including right: 29 May 2024. Ex-date: 30 May 2024. Record date: 31 May 2024. Payment date: On or about 17 June 2024. Date of approval: 29 May 2024. The dividend payment is conditioned upon approval by the Annual General Meeting to be held on 29 May 2024. Reported Earnings • Feb 26
Full year 2023 earnings released: EPS: US$0.074 (vs US$0.063 in FY 2022) Full year 2023 results: EPS: US$0.074 (up from US$0.063 in FY 2022). Revenue: US$251.2m (up 50% from FY 2022). Net income: US$8.68m (up 39% from FY 2022). Profit margin: 3.5% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Annonce • Nov 21
ABL Group ASA to Report Fiscal Year 2023 Results on Apr 25, 2024 ABL Group ASA announced that they will report fiscal year 2023 results on Apr 25, 2024 Reported Earnings • Oct 31
Third quarter 2023 earnings released: EPS: US$0.045 (vs US$0.02 in 3Q 2022) Third quarter 2023 results: EPS: US$0.045 (up from US$0.02 in 3Q 2022). Revenue: US$70.4m (up 60% from 3Q 2022). Net income: US$5.52m (up 140% from 3Q 2022). Profit margin: 7.8% (up from 5.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Energy Services industry in Europe. Annonce • Oct 27
ABL Group Asa Declares Dividend, Payable on or About 20 November 2023 ABL Group ASA declares dividend of NOK 0.35 per share, payable on or about 20 November 2023. Ex-date: 30 October 2023 and Record date: 31 October 2023. Reported Earnings • Sep 03
Second quarter 2023 earnings released: EPS: US$0.023 (vs US$0.022 in 2Q 2022) Second quarter 2023 results: EPS: US$0.023 (up from US$0.022 in 2Q 2022). Revenue: US$67.9m (up 64% from 2Q 2022). Net income: US$2.71m (up 27% from 2Q 2022). Profit margin: 4.0% (down from 5.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Energy Services industry in Europe. Buying Opportunity • Aug 04
Now 26% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €1.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has declined by 20%. Revenue is forecast to grow by 74% in 2 years. Earnings is forecast to grow by 623% in the next 2 years. Annonce • Jun 01
ABL Group ASA Approves Dividend, Payable on or About 15 June 2023 ABL Group ASA at its Annual General Meeting held on 31 May 2023, approved the Board’s proposal of distributing a dividend of NOK 0.35 per share. The shares in ABL Group ASA will be traded without the right to receive dividend as from 1 June 2023 (ex-date). The dividend will be distributed to the shareholders on or about 15 June 2023. Upcoming Dividend • May 25
Upcoming dividend of kr0.35 per share at 4.6% yield Eligible shareholders must have bought the stock before 01 June 2023. Payment date: 15 June 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (4.5%). Reported Earnings • Apr 28
Full year 2022 earnings released: EPS: US$0.063 (vs US$0.034 in FY 2021) Full year 2022 results: EPS: US$0.063 (up from US$0.034 in FY 2021). Revenue: US$167.9m (up 11% from FY 2021). Net income: US$6.25m (up 94% from FY 2021). Profit margin: 3.7% (up from 2.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Energy Services industry in Europe. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$0.06 (vs US$0.034 in FY 2021) Full year 2022 results: EPS: US$0.06 (up from US$0.034 in FY 2021). Revenue: US$167.9m (up 11% from FY 2021). Net income: US$6.25m (up 94% from FY 2021). Profit margin: 3.7% (up from 2.1% in FY 2021). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Energy Services industry in Europe. Annonce • Dec 12
ABL Group ASA Announces Chief Financial Officer Changes ABL Group ASA announced the appointment of Stuart Jackson as Chief Financial Officer (CFO), commencing on 23 January 2023. Jackson is a well practised executive with over 20 years of experience in CFO roles across several stock exchanges including 10 years on the Oslo Stock Exchange at Acergy SA and, latterly, at Seadrill Limited where he charted the path through their successful financial restructuring. Jackson succeeds CFO Dean Zuzic who resigned from his current role on 9 August 2022. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director David Wells was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Third quarter 2022 earnings released: EPS: US$0.023 (vs US$0.001 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.023 (up from US$0.001 loss in 3Q 2021). Revenue: US$44.1m (up 16% from 3Q 2021). Net income: US$2.30m (up US$2.44m from 3Q 2021). Profit margin: 5.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Energy Services industry in Europe. Annonce • Nov 04
ABL Group ASA Announces Semi-Annual Dividend, Payable in November ABL Group ASA announced Semi-annual dividend of NOK 0.3 per share declared - to be paid in November. Annonce • Oct 27
ABL Group ASA (OB:ABL) acquired Hose International Limited. ABL Group ASA (OB:ABL) acquired Hose International Limited on October 26, 2022.
ABL Group ASA (OB:ABL) completed the acquisition of Hose International Limited on October 26, 2022. Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$41.4m (up 8.1% from 2Q 2021). Net income: US$2.15m (up 97% from 2Q 2021). Profit margin: 5.2% (up from 2.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 18%, compared to a 13% growth forecast for the Energy Services industry in Germany. Annonce • Aug 11
ABL Group ASA Announces Resignation of Dean Zuzic as CFO ABL Group ASA announced that Dean Zuzic has submitted his notice of resignation as CFO in ABL Group ASA to take on a new role outside the group. Zuzic will continue in his current role during his notice period, or until a successor is in place. Dean has been instrumental to the successful integration with LOC Group and has helped realise substantial synergies and growth potential during his time with ABL Group. The company wishes him all the best with his future endeavours. The process for appointing a new CFO is already underway. Upcoming Dividend • May 26
Upcoming dividend of kr0.30 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 17 June 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.3%). Higher than average of industry peers (3.5%). Annonce • May 19
The management group of the Adjusting Business agreed to acquire ABL Group loss adjusting business from AqualisBraemar LOC ASA (OB:AQUA) for GPB 6 million. The management group of the Adjusting Business agreed to acquire ABL Group loss adjusting business from AqualisBraemar LOC ASA (OB:AQUA) for GPB 6 million on May 18, 2022. The Adjusting Business will be trading as SteegeXP going forward. Settlement will consist of a cash consideration of approximately GPB 0.9 million on completion, and a seller’s credit of GPB 1.0 million to be repaid over 18 months from completion. As a result of the transaction, ABL Group expects to free up approximately USD 5.8 million of working capital over the next 18 months. In connection with the transaction, up to 37 employees will be transferred to SteegeXP. The transaction is expected to close in Q2 2022 and is not expected to have a material EBIT impact for ABL Group in the quarter. Annonce • May 10
AqualisBraemar LOC ASA Proposes Dividend, Payable on or About 17 June 2022 AqualisBraemar LOC ASA proposed dividend of NOK 0.30 per share, payable on or about 17 June 2022. Ex date is 2 June 2022. Record date is 3 June 2022. Reported Earnings • May 01
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$39.6m (up 8.0% from 1Q 2021). Net income: US$2.97m (up 171% from 1Q 2021). Profit margin: 7.5% (up from 3.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 19% growth forecast for the industry in Germany. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Director Rune Eng was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Feb 27
AqualisBraemar LOC ASA Proposes Semi-Annual Dividend to Be Paid During First Half of 2022 The Board of Directors of AqualisBraemar LOC ASA proposed a dividend to be paid during first half of 2022 equal to NOK 0.3 per share, and fordividends to remain on a semi-annual schedule. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.03 (up from US$0.021 in FY 2020). Revenue: US$150.7m (up 96% from FY 2020). Net income: US$3.22m (up 113% from FY 2020). Profit margin: 2.1% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 21% growth forecast for the industry in Germany. Annonce • Dec 16
AqualisBraemar LOC ASA (OB:AQUA) completed the acquisition of UK Operations Of OSD-IMT from Damen Shipyards Group N.V. AqualisBraemar LOC ASA (OB:AQUA) agreed to acquire UK Operations Of OSD-IMT from Damen Shipyards Group N.V. on November 11, 2021. UK operations of OSD-IMT generated revenues of EUR 1.4 million in 2020 and has 11 employees. The acquisition is projected to be completed by the end of November 2021.
AqualisBraemar LOC ASA (OB:AQUA) completed the acquisition of UK Operations Of OSD-IMT from Damen Shipyards Group N.V. on December 15, 2021. Reported Earnings • Oct 29
Third quarter 2021 earnings released The company reported a decent third quarter result with improved revenues, although earnings and control over costs were weaker. Third quarter 2021 results: Revenue: US$38.0m (up 106% from 3Q 2020). Net loss: US$143.0k (down 172% from profit in 3Q 2020). Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$38.3m (up 99% from 2Q 2020). Net income: US$1.09m (down 7.1% from 2Q 2020). Profit margin: 2.8% (down from 6.1% in 2Q 2020). Annonce • Jun 03
AqualisBraemar LOC ASA Approves the Board Proposal of Distributing Dividend, Payable on or about June 17, 2021 The Annual General Meeting in AqualisBraemar LOC ASA, held 2 June 2021, approved the board proposal of distributing a dividend of NOK 0.25 per. share. The shares in AqualisBraemar ASA will be traded without the right to receive dividend as from June 3, 2021 (ex-date). The dividend will be distributed to the shareholders on or about June 17, 2021. Recent Insider Transactions • May 21
Chairman recently bought €89k worth of stock On the 19th of May, Glen Rodland bought around 100k shares on-market at roughly €0.89 per share. This was the largest purchase by an insider in the last 3 months. This was Glen's only on-market trade for the last 12 months. Annonce • May 12
AqualisBraemar LOC ASA Proposes Dividend, Payable on 2 June 2020 AqualisBraemar LOC ASA proposed dividend of NOK 0.25 per share, totalling NOK 23,980,645.75 at its AGM will be held on 2 June 2021. If the proposal is adopted, the dividend will be paid to shareholders as of 2 June 2020. Reported Earnings • Feb 27
Full year 2020 earnings released: EPS US$0.022 (vs US$0.16 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: US$77.0m (up 41% from FY 2019). Net income: US$1.51m (down 83% from FY 2019). Profit margin: 2.0% (down from 17% in FY 2019). The decrease in margin was driven by higher expenses.