Reported Earnings • Feb 06
Third quarter 2026 earnings released: EPS: kr.4.95 (vs kr.5.30 in 3Q 2025) Third quarter 2026 results: EPS: kr.4.95 (down from kr.5.30 in 3Q 2025). Revenue: kr.2.78b (up 3.0% from 3Q 2025). Net income: kr.186.0m (down 7.5% from 3Q 2025). Profit margin: 6.7% (down from 7.5% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 5% per year. Price Target Changed • Jan 12
Price target decreased by 8.5% to kr.163 Down from kr.178, the current price target is an average from 2 analysts. New target price is 58% above last closing price of kr.103. Stock is down 23% over the past year. The company is forecast to post earnings per share of kr.8.89 for next year compared to kr.7.42 last year. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr.103, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Specialty Retail industry in Europe. Total returns to shareholders of 45% over the past three years. Annonce • Jan 09
Matas A/S Revises Group Earnings Guidance for the Financial Year 2025/26 Matas A/S revised group earnings guidance for the financial year 2025/26. For the year, the group revenue is now expected to grow between 3% and 4% as compared to 3% and 7% previously. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: kr.0.64 (vs kr.0.64 in 2Q 2025) Second quarter 2026 results: EPS: kr.0.64 (in line with 2Q 2025). Revenue: kr.1.95b (up 5.1% from 2Q 2025). Net income: kr.24.0m (flat on 2Q 2025). Profit margin: 1.2% (down from 1.3% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: kr.1.67 (vs kr.1.56 in 1Q 2025) First quarter 2026 results: EPS: kr.1.67 (up from kr.1.56 in 1Q 2025). Revenue: kr.2.07b (up 6.0% from 1Q 2025). Net income: kr.64.0m (up 8.5% from 1Q 2025). Profit margin: 3.1% (up from 3.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Annonce • Jun 23
Matas A/S (CPSE:MATAS) commences an Equity Buyback Plan, under the authorization approved on June 16, 2025. Matas A/S (CPSE:MATAS) commences share repurchases on June 17, 2025, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2025. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital, such that the company’s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital. The purchase price must not deviate by more than 10% from the price quoted on NASDAQ OMX Copenhagen at the time of purchase. The share repurchase program is valid until the next Annual General Meeting in 2026. As of May 23, 2025, the company had 38,291,492 shares in issue.
On June 16, 2025, the company announced a share buyback program. Under the program, company will repurchase up to 1,400,000 shares, for DKK 140 million. The purpose of program is reducing the Company’s share capital and meeting obligations under long-term incentive program. The Program will run in the period from June 17, 2025 until and including March 31, 2026. Declared Dividend • Jun 16
Dividend of kr.2.00 announced Dividend of kr.2.00 is the same as last year. Ex-date: 17th June 2025 Payment date: 19th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 100% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 02
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 5x cash flows per share. Dividend yield: 1.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks High level of debt (69% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Major Estimate Revision • May 30
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from kr.11.76 to kr.10.02 per share. Revenue forecast steady at kr.8.96b. Net income forecast to grow 33% next year vs 32% growth forecast for Specialty Retail industry in Denmark. Consensus price target of kr.180 unchanged from last update. Share price fell 3.4% to kr.135 over the past week. Reported Earnings • May 23
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr.7.42 (up from kr.4.45 in FY 2024). Revenue: kr.8.38b (up 25% from FY 2024). Net income: kr.282.0m (up 67% from FY 2024). Profit margin: 3.4% (up from 2.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Specialty Retail industry in Europe. 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 14% per year, which means it is well ahead of earnings. Annonce • Apr 26
Matas A/S, Annual General Meeting, Jun 16, 2025 Matas A/S, Annual General Meeting, Jun 16, 2025. Reported Earnings • Feb 06
Third quarter 2025 earnings: Revenues and EPS in line with analyst expectations Third quarter 2025 results: EPS: kr.5.30 (up from kr.4.29 in 3Q 2024). Revenue: kr.2.69b (up 7.4% from 3Q 2024). Net income: kr.201.0m (up 23% from 3Q 2024). Profit margin: 7.5% (up from 6.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Europe. 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 7% per year, which means it is well ahead of earnings. Annonce • Jan 07
Matas A/S Updates Earnings Guidance for the Financial Year 2024/25 Matas A/S updated earnings guidance for the financial year 2024/25. Matas Group updated its guidance for the financial year 2024/25 as follows: Group revenue is now expected to grow between 6.5% and 7.5% (from 5% and 7%) currency neutral, corresponding to ~6.3% to 7.3% exchange rate adjusted1 (previously ~4.6% to 6.6%), from the proforma revenue for 2023/24 of DKK 7.8 billion. Recent Insider Transactions • Dec 15
Chief Executive Officer recently sold kr.13m worth of stock On the 10th of December, Gregers Wedell-Wedellsborg sold around 100k shares on-market at roughly kr.132 per share. This transaction amounted to 42% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gregers' only on-market trade for the last 12 months. Recent Insider Transactions • Nov 21
Chief Financial Officer recently bought kr.991k worth of stock On the 15th of November, Per Madsen bought around 8k shares on-market at roughly kr.124 per share. This transaction amounted to 16% 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 Per's only on-market trade for the last 12 months. Reported Earnings • Nov 17
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: kr.0.64 (up from kr.0.04 in 2Q 2024). Revenue: kr.1.85b (up 44% from 2Q 2024). Net income: kr.24.0m (up kr.22.4m from 2Q 2024). Profit margin: 1.3% (up from 0.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.7%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • Oct 24
Matas A/S ALMINDELIG AKTIE to Be Deleted from OTC Equity Matas A/S ALMINDELIG AKTIE (Denmark) will be deleted from OTC Equity effective October 23, 2024, due to Inactive Security. Reported Earnings • Aug 15
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: kr.1.56 (up from kr.1.29 in 1Q 2024). Revenue: kr.1.96b (up 70% from 1Q 2024). Net income: kr.59.0m (up 20% from 1Q 2024). Profit margin: 3.0% (down from 4.3% in 1Q 2024). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Aug 14
Price target increased by 8.9% to kr.163 Up from kr.150, the current price target is an average from 3 analysts. New target price is 28% above last closing price of kr.128. Stock is up 31% over the past year. The company is forecast to post earnings per share of kr.7.99 for next year compared to kr.4.45 last year. Upcoming Dividend • Jun 15
Upcoming dividend of kr.2.00 per share Eligible shareholders must have bought the stock before 20 June 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Danish dividend payers (5.5%). Lower than average of industry peers (3.5%). Declared Dividend • Jun 13
Dividend of kr.2.00 announced Dividend of kr.2.00 is the same as last year. Ex-date: 20th June 2024 Payment date: 24th June 2024 Dividend yield will be 1.6%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 134% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr.8.13b to kr.8.24b. EPS estimate fell from kr.9.01 to kr.7.70 per share. Net income forecast to grow 72% next year vs 31% growth forecast for Specialty Retail industry in Denmark. Consensus price target up from kr.150 to kr.155. Share price fell 7.5% to kr.116 over the past week. Reported Earnings • May 29
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: kr.4.45 (down from kr.7.41 in FY 2023). Revenue: kr.6.70b (up 49% from FY 2023). Net income: kr.169.0m (down 40% from FY 2023). Profit margin: 2.5% (down from 6.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: kr.4.29 (vs kr.3.88 in 3Q 2023) Third quarter 2024 results: EPS: kr.4.29 (up from kr.3.88 in 3Q 2023). Revenue: kr.2.51b (up 80% from 3Q 2023). Net income: kr.163.2m (up 11% from 3Q 2023). Profit margin: 6.5% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Price Target Changed • Jan 24
Price target increased by 7.1% to kr.150 Up from kr.140, the current price target is an average from 3 analysts. New target price is 24% above last closing price of kr.121. Stock is up 67% over the past year. The company is forecast to post earnings per share of kr.5.65 for next year compared to kr.7.41 last year. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr.129, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Specialty Retail industry in Europe. Total returns to shareholders of 65% over the past three years. Annonce • Jan 09
Matas A/S Provides Revised Earnings Guidance for the Year 2024 Matas A/S provided revised earnings guidance for the year 2024. Group total revenue is now expected in the range of DKK 6,650 million to DKK 6,750 million (previously DKK 6,400 million to DKK 6,600 million). Reported Earnings • Nov 15
Second quarter 2024 earnings released: EPS: kr.0.04 (vs kr.1.23 in 2Q 2023) Second quarter 2024 results: EPS: kr.0.04 (down from kr.1.23 in 2Q 2023). Revenue: kr.1.29b (up 30% from 2Q 2023). Net income: kr.1.60m (down 97% from 2Q 2023). Profit margin: 0.1% (down from 4.7% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Annonce • Nov 11
Matas A/S Maintains Earnings Guidance for the Financial Year 2024 Matas A/S maintained earnings guidance for the financial year 2024. The company maintains its guidance for the financial year 2023/24 to revenue in the range of DKK 6,400 million - DKK 6,600 million. Recent Insider Transactions • Sep 11
Chief Executive Officer recently sold kr.5.7m worth of stock On the 6th of September, Gregers Wedell-Wedellsborg sold around 51k shares on-market at roughly kr.110 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Gregers' only on-market trade for the last 12 months. Annonce • Sep 01
Matas A/S (CPSE:MATAS) completed the acquisition of Kicks AB from Axel Johnson AB. Matas A/S (CPSE:MATAS) signed an agreement to acquire Kicks AB from Axel Johnson AB for SEK 1.1 billion on June 29, 2023. The consideration will be satisfied with cash. Transaction will be fully debt financed. The transaction is expected to close in Q3 of the calendar year 2023 and is not subject to any regulatory approvals. FIH Partners is acting as financial advisor to Matas and Gorrissen Federspiel is acting as legal advisor to Matas on the transaction.
Matas A/S (CPSE:MATAS) completed the acquisition of Kicks AB from Axel Johnson AB on August 31, 2023. Annonce • Aug 17
Matas A/S Upgrades Earnings Guidance for the Financial Year 2023/24 Matas A/S upgraded earnings guidance for the financial year 2023/24. For the year, the company revenue growth is now expected to be in the range of 4%-7% (previously 3%-6%). Reported Earnings • Aug 17
First quarter 2024 earnings released: EPS: kr.1.29 (vs kr.1.83 in 1Q 2023) First quarter 2024 results: EPS: kr.1.29 (down from kr.1.83 in 1Q 2023). Revenue: kr.1.15b (up 9.2% from 1Q 2023). Net income: kr.49.0m (down 29% from 1Q 2023). Profit margin: 4.3% (down from 6.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. New Risk • Aug 11
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 Danish stocks, typically moving 5.7% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change). Major Estimate Revision • Jul 02
Consensus revenue estimates increase by 18%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr.4.69b to kr.5.54b. EPS estimate fell from kr.7.42 to kr.6.71. Net income forecast to shrink 10% next year vs 14% growth forecast for Specialty Retail industry in Denmark . Consensus price target up from kr.123 to kr.133. Share price rose 20% to kr.101 over the past week. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr.100, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Specialty Retail industry in Europe. Total returns to shareholders of 78% over the past three years. Upcoming Dividend • Jun 23
Upcoming dividend of kr.2.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 June 2023. Payment date: 04 July 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Danish dividend payers (4.5%). Lower than average of industry peers (3.6%). Annonce • Jun 07
Matas A/S Announces Lars Jensen Has Notifies the Board of Directors That He Will Not Stand for Re-Election as Director Matas A/S at its Annual General Meeting to be held on 29 June 2023, Lars Jensen has notified the Board of Directors that he will not stand for re-election due to his commitments as CEO. Reported Earnings • Jun 01
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: kr.7.41 (up from kr.7.27 in FY 2022). Revenue: kr.4.49b (up 3.3% from FY 2022). Net income: kr.280.7m (up 1.5% from FY 2022). Profit margin: 6.3% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 7.7%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Buying Opportunity • May 31
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 2.1%. The fair value is estimated to be kr.107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 5.4% in 2 years. Earnings is forecast to grow by 1.0% in the next 2 years. Price Target Changed • May 26
Price target increased by 8.1% to kr.123 Up from kr.113, the current price target is an average from 3 analysts. New target price is 35% above last closing price of kr.91.00. Stock is down 4.9% over the past year. The company is forecast to post earnings per share of kr.7.95 for next year compared to kr.7.27 last year. Buying Opportunity • Apr 17
Now 22% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be kr.108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 3.6% in 2 years. Earnings is forecast to grow by 1.0% in the next 2 years. Buying Opportunity • Feb 10
Now 22% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be kr.107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 3.6% in 2 years. Earnings is forecast to grow by 1.0% in the next 2 years. Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: kr.3.88 (vs kr.3.87 in 3Q 2022) Third quarter 2023 results: EPS: kr.3.88 (up from kr.3.87 in 3Q 2022). Revenue: kr.1.40b (up 1.3% from 3Q 2022). Net income: kr.147.3m (flat on 3Q 2022). Profit margin: 11% (in line with 3Q 2022). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Annonce • Jan 05
Matas A/S Revises Revenue Guidance for the Financial Year 2022/23 Matas A/S revised revenue guidance for the financial year 2022/23. For the year, the company narrows its guidance for the financial year 2022/23 and now expects revenue growth between 1% and 3%, previously between 1% and 4%. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: kr.1.23 (up from kr.0.95 in 2Q 2022). Revenue: kr.989.2m (up 1.6% from 2Q 2022). Net income: kr.46.7m (up 28% from 2Q 2022). Profit margin: 4.7% (up from 3.7% in 2Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Reported Earnings • Nov 11
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: kr.1.23 (up from kr.0.95 in 2Q 2022). Revenue: kr.989.2m (up 1.6% from 2Q 2022). Net income: kr.46.7m (up 28% from 2Q 2022). Profit margin: 4.7% (up from 3.7% in 2Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Specialty Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Price Target Changed • Oct 21
Price target decreased to kr.121 Down from kr.140, the current price target is an average from 2 analysts. New target price is 75% above last closing price of kr.69.30. Stock is down 44% over the past year. The company is forecast to post earnings per share of kr.8.42 for next year compared to kr.7.27 last year. Reported Earnings • Aug 20
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: kr.1.83 (up from kr.1.41 in 1Q 2022). Revenue: kr.1.05b (up 3.2% from 1Q 2022). Net income: kr.69.1m (up 28% from 1Q 2022). Profit margin: 6.6% (up from 5.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.5%. Over the next year, revenue is forecast to grow 2.8%, compared to a 6.3% growth forecast for the Specialty Retail industry in Denmark. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from kr.7.57 to kr.8.63. Revenue forecast steady at kr.4.47b. Net income forecast to grow 14% next year vs 3.3% growth forecast for Specialty Retail industry in Denmark. Consensus price target down from kr.140 to kr.136. Share price rose 8.1% to kr.82.90 over the past week. Upcoming Dividend • Jun 22
Upcoming dividend of kr.2.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 July 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Danish dividend payers (6.6%). Lower than average of industry peers (4.3%). Major Estimate Revision • Jun 08
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from kr.9.22 to kr.7.43 per share. Revenue forecast steady at kr.4.47b. Net income forecast to grow 1.2% next year vs 8.7% growth forecast for Specialty Retail industry in Denmark. Consensus price target down from kr.145 to kr.142. Share price fell 4.8% to kr.87.80 over the past week. Reported Earnings • Jun 02
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: kr.7.27 (up from kr.7.03 in FY 2021). Revenue: kr.4.34b (up 4.3% from FY 2021). Net income: kr.276.5m (up 2.8% from FY 2021). Profit margin: 6.4% (down from 6.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 3.2%, compared to a 7.6% growth forecast for the retail industry in Denmark. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: kr.3.87 (down from kr.4.04 in 3Q 2021). Revenue: kr.1.38b (up 5.0% from 3Q 2021). Net income: kr.146.7m (down 5.0% from 3Q 2021). Profit margin: 11% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 2.3%, compared to a 16% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth.