Declared Dividend • Apr 09
Dividend of kr.10.00 announced Shareholders will receive a dividend of kr.10.00. Ex-date: 24th August 2026 Payment date: 26th August 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (104% earnings payout ratio). However, it is well covered by cash flows (30% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 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 89% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Dec 17
First half 2026 earnings: EPS and revenues miss analyst expectations First half 2026 results: EPS: kr.33.80 (down from kr.34.00 in 1H 2025). Revenue: kr.1.26b (up 1.7% from 1H 2025). Net income: kr.101.0m (flat on 1H 2025). Profit margin: 8.0% (down from 8.1% in 1H 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Chemicals industry in Europe. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 15
Dividend increased to kr.10.00 Dividend of kr.10.00 is 100% higher than last year. Ex-date: 22nd August 2025 Payment date: 26th August 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio). However, it is well covered by cash flows (30% cash payout ratio). The dividend has increased by an average of 2.9% per year over the past 10 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. However, EPS has remained steady over the last 5 years so the company would need to improve on their historical growth rates. Annonce • Aug 14
Flügger group A/S announces Annual dividend, payable on August 26, 2025 Flügger group A/S announced Annual dividend of DKK 10.0000 per share payable on August 26, 2025, ex-date on August 22, 2025 and record date on August 25, 2025. New Risk • Jun 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported October 2024 fiscal period end). Annonce • Jun 16
Flügger group A/S, Annual General Meeting, Aug 21, 2025 Flügger group A/S, Annual General Meeting, Aug 21, 2025. Reported Earnings • Dec 13
First half 2025 earnings released First half 2025 results: Revenue: kr.1.24b (up 3.6% from 1H 2024). Net income: kr.101.0m (up 49% from 1H 2024). Profit margin: 8.1% (up from 5.7% in 1H 2024). New Risk • Oct 13
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Risk Earnings have declined by 28% per year over the past 5 years. Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Aug 22
Flügger group A/S, Annual General Meeting, Aug 21, 2024 Flügger group A/S, Annual General Meeting, Aug 21, 2024. New Risk • Jul 07
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risk High level of debt (45% net debt to equity). Reported Earnings • Mar 24
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr.441.0m (down 13% from 3Q 2023). Net loss: kr.46.0m (loss narrowed 32% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Annonce • Dec 23
Flügger group A/S to Report Fiscal Year 2024 Final Results on Jun 27, 2024 Flügger group A/S announced that they will report fiscal year 2024 final results on Jun 27, 2024 Reported Earnings • Dec 13
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr.579.0m (down 18% from 2Q 2023). Net income: kr.18.0m (down 36% from 2Q 2023). Profit margin: 3.1% (down from 4.0% in 2Q 2023). The decrease in margin was driven by lower revenue. 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. New Risk • Sep 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 6.0% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Sep 17
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.741.0m (up 1.5% from 1Q 2023). Net income: kr.54.0m (down 14% from 1Q 2023). Profit margin: 7.3% (down from 8.6% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Aug 10
Upcoming dividend of kr.5.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 21 August 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Danish dividend payers (4.5%). Lower than average of industry peers (4.1%). New Risk • Jul 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Mar 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr.507.0m (flat on 3Q 2022). Net loss: kr.68.0m (loss widened 89% from 3Q 2022). Reported Earnings • Dec 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr.657.0m (flat on 2Q 2022). Net income: kr.47.0m (flat on 2Q 2022). Profit margin: 7.2% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 1 independent director (5 non-independent directors). Employee Representative Director Berit Lassen is the most experienced director on the board, commencing their role in 2019. Independent Director Kim Balle was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 16
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr.730.0m (flat on 1Q 2022). Net income: kr.63.0m (down 30% from 1Q 2022). Profit margin: 8.6% (down from 12% in 1Q 2022). 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 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 05
Upcoming dividend of kr.10.00 per share Eligible shareholders must have bought the stock before 12 August 2022. Payment date: 16 August 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Danish dividend payers (6.1%). Lower than average of industry peers (3.7%). Board Change • Apr 27
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Employee Representative Director Berit Lassen is the most experienced director on the board, commencing their role in 2019. Independent Director Kim Balle was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Mar 19
Third quarter 2022 earnings: Revenues in line with analyst expectations Third quarter 2022 results: Revenue: kr.511.0m (up 18% from 3Q 2021). Net loss: kr.36.0m (loss widened kr.32.0m from 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Annonce • Jan 06
Flügger group A/S(CPSE:FLUG B) dropped from OMX Nordic Small Cap Index "Flügger group A/S has been removed from OMX Nordic Small Cap Index Reported Earnings • Sep 16
First quarter 2022 earnings released The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: kr.736.0m (up 17% from 1Q 2021). Net income: kr.90.0m (down 4.3% from 1Q 2021). Profit margin: 12% (down from 15% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 05
Upcoming dividend of kr.15.00 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 16 August 2021. Trailing yield: 2.0%. Lower than top quartile of Danish dividend payers (3.2%). Lower than average of industry peers (2.3%). Reported Earnings • Jun 29
Full year 2021 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: kr.2.16b (up 14% from FY 2020). Net income: kr.170.8m (up 195% from FY 2020). Profit margin: 7.9% (up from 3.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 02
New 90-day high: kr.790 The company is up 67% from its price of kr.474 on 04 November 2020. The Danish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 12% over the same period. Annonce • Jan 20
Michael Mortensen acquired additional 16.7% stake in Flügger group A/S (CPSE:FLUG B) for for approximately DKK 320 million. Michael Mortensen acquired additional 16.7% stake in Flügger group A/S (CPSE:FLUG B) for approximately DKK 320 million on January 18, 2021. Post completion Michael Mortensen will increase its stake from 10% to 26.7% in Flügger group A/S.
Michael Mortensen completed the additional 16.7% stake in Flügger group A/S (CPSE:FLUG B) on January 18, 2021. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 15% share price gain to kr.750, the stock is trading at a trailing P/E ratio of 16.6x, up from the previous P/E ratio of 14.4x. This compares to an average P/E of 24x in the Chemicals industry in Europe. Total returns to shareholders over the past three years are 133%. Is New 90 Day High Low • Jan 12
New 90-day high: kr.660 The company is up 42% from its price of kr.464 on 14 October 2020. The Danish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 19% share price gain to kr.645, the stock is trading at a trailing P/E ratio of 18.2x, up from the previous P/E ratio of 15.3x. This compares to an average P/E of 24x in the Chemicals industry in Europe. Total returns to shareholders over the past three years are 102%. Is New 90 Day High Low • Dec 17
New 90-day high: kr.560 The company is up 52% from its price of kr.368 on 18 September 2020. The Danish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 3.0% over the same period. Annonce • Nov 26
Flügger group A/S (CPSE:FLUG B) agreed to acquire an unknown stake in Eskaro Group AB. Flügger group A/S (CPSE:FLUG B) agreed to acquire an unknown stake in Eskaro Group AB on November 24, 2020. Under the terms of the transaction, Flügger group will pay a total consideration of DKK 208 million for a 70% share which is partly reached by purchase of shares and partly by capital increase. Upon completion of the transaction, Flügger group will hold 70% stake in Eskaro while Igor Chumakov, founder of Eskaro, will retain the remaining 30%. Eskaro will continue to operate as an independent entity in Flügger group. Eskaro Group reported an annual revenue of DKK 420 million. Pursuant to the transaction, Igor Chumakov will continue as Chief Executive Officer of Eskaro after closing. The deal is subject to approval by the competition authorities, of which full approval is expected to be granted in early 2021. The acquisition of Eskaro is expected to have a positive effect on Flügger group’ revenue and earnings in the 2020/21 financial year, but the scope of the effect depends on the timing of the authorities’ final approval of the transaction. Is New 90 Day High Low • Nov 06
New 90-day high: kr.480 The company is up 24% from its price of kr.388 on 07 August 2020. The Danish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day high: kr.394 The company is up 21% from its price of kr.326 on 09 July 2020. The Danish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. Reported Earnings • Sep 25
First quarter earnings released Over the last 12 months the company has reported total profits of kr.101.8m, up 228% from the prior year. Total revenue was kr.2.01b over the last 12 months, up 12% from the prior year.