Buy Or Sell Opportunity • 3h
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to kr85.20. The fair value is estimated to be kr107, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 47% in 2 years. Earnings are forecast to grow by 63% in the next 2 years. Reported Earnings • Jul 12
Second quarter 2026 earnings released: EPS: €0.10 (vs €0.05 in 2Q 2025) Second quarter 2026 results: EPS: €0.10 (up from €0.05 in 2Q 2025). Revenue: €295.7m (up 72% from 2Q 2025). Net income: €21.4m (up 114% from 2Q 2025). Profit margin: 7.2% (up from 5.8% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 24
Kitron ASA Approves Dividend, Payable on or About 15 May 2026 Kitron ASA at its AGM held on 24 April 2026 approved dividend of NOK 0.70 per share for shareholders registered in Kitron's shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo, formerly named Euronext VPS) as of the expiry of 28 April 2026 based on normal T+2 settlement. Kitron's shares will be traded on the Oslo Stock Exchange exclusive the right to receive dividend on 27 April 2026. The dividend is expected to be paid on or about 15 May 2026. Upcoming Dividend • Apr 20
Upcoming dividend of kr0.70 per share Eligible shareholders must have bought the stock before 27 April 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (0.8%). Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: €0.22 (vs €0.14 in FY 2024) Full year 2025 results: EPS: €0.22 (up from €0.14 in FY 2024). Revenue: €738.3m (up 14% from FY 2024). Net income: €43.8m (up 56% from FY 2024). Profit margin: 5.9% (up from 4.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Electronic industry in the United Kingdom. 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 36% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr101, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 19x in the Electronic industry in the United Kingdom. Total returns to shareholders of 219% over the past three years. Reported Earnings • Feb 17
Full year 2025 earnings released: EPS: €0.22 (vs €0.14 in FY 2024) Full year 2025 results: EPS: €0.22 (up from €0.14 in FY 2024). Revenue: €738.3m (up 14% from FY 2024). Net income: €43.8m (up 56% from FY 2024). Profit margin: 5.9% (up from 4.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Electronic industry in the United Kingdom. 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 41% per year, which means it is well ahead of earnings. Declared Dividend • Feb 14
Dividend of kr0.70 announced Shareholders will receive a dividend of kr0.70. Ex-date: 27th April 2026 Payment date: 15th May 2026 Dividend yield will be 0.7%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 20%. Cash payout ratio: 8%. Annonce • Jan 13
Kitron ASA (OB:KIT) completed the acquisition of Deltanordic Sweden Ab from Mind Industrial Group AB and Jsls Holding Ab. Kitron ASA (OB:KIT) entered into an agreement to acquire Deltanordic Sweden Ab from Mind Industrial Group AB and Jsls Holding Ab for SEK 1.3 billion on November 19, 2025. The consideration of SEK 1.3 billion on a debt- and cash-free basis, consists to a cash consideration of SEK 760 million will be paid by Kitron ASA. The consideration consists of common equity of Kitron ASA having a value of SEK 150 million to be issued for common equity of Deltanordic Sweden Ab. Kitron ASA will pay an earnout/contingent payment of SEK 345 million cash. Financing of the acquisition is contemplated by way of available funds and facilities. Kitron may consider existing facilities in combination with other financing alternatives, including new bank facilities, debt, equity or other third party financing, to settle the cash part of the purchase price at closing.
Transaction subject to approval from the Swedish Competition Authority and that the Swedish Inspectorate of Strategic Products has cleared or given its approval to the acquisition, with expected lead time of 25 working days. As of December 22, 2025, the transaction was approved by the Swedish Competition Authority and the Swedish Inspectorate of Strategic Products The transaction is expected to close in early January 2026. The acquisition is estimated to be accretive, and adds significant shareholder value.
As of November 25, 2025, it was announced that Kitron ASA completed a private placement raising approximately NOK 973.25 million (SEK 907.05 million) in gross proceeds. Approximately NOK 814 million (SEK 758.63 million) of the net proceeds will be used to finance the cash consideration of the acquisition.
MP Corporate Finance GmbH acted as financial advisor, Ernst & Young acted as financial due diligence provider, and Advokatfirmaet Selmer DA acted as legal advisor to Kitron. Led by Hans Svensson, Morten Nissen, Wendela Hårdemark, Mårten Lindberg, Gunnar Hjalt, Dasha Arntyr, and Ariana Sohrabi of Bird & Bird LLP acted as legal advisor to Kitron. Ulrika Sparrman, Richard Jacobsson, Gabriel Albemark, and Sara Malmgren of Eversheds Sutherland Advokatbyrå Ab acted as legal advisor to Mind Industrial Group AB and Jsls Holding Ab.
Kitron ASA (OB:KIT) completed the acquisition of Deltanordic Sweden Ab from Mind Industrial Group AB and Jsls Holding Ab on January 12, 2026. In connection with completion of the Transaction, Kitron's board of directors has today resolved to issue 2,299,612 new shares to the sellers pursuant to the existing board authorisation to issue new shares granted by the Kitron’s annual general meeting held on April 24, 2025. Furthermore, 1,192,927 of the consideration shares are subject to a lock-up period of 12 months and 1,106,685 consideration shares are subject to a lock-up period of 6 months on the terms and conditions of the share purchase agreement. Annonce • Dec 11
Kitron ASA Provides Earnings Guidance for 2026 Kitron ASA provided earnings guidance for 2026. For 2026, company expects revenues of EUR 855 million to EUR 943 million and operating profit (EBIT) of EUR 77 million to EUR 93 million. These figures include DeltaNordic. Reflecting accelerating defence demand and expanded capacity, Kitron is updating and extending its medium-term ambitions. Over the coming year, the company expects to approach its previously communicated revenue target of EUR 1 billion. Kitron now outlines the way forward to EUR 1.5 billion in revenue. Annonce • Dec 02
Kitron ASA, Annual General Meeting, Apr 24, 2026 Kitron ASA, Annual General Meeting, Apr 24, 2026. Annonce • Nov 21
Kitron ASA Provides Earnings Guidance for 2026 Kitron ASA provided earnings guidance for 2026. For 2026 (excluding DeltaNordic): Revenue of EUR 785 million- EUR 865 million. EBIT of EUR 70 million- EUR 84 million. Annonce • Nov 20
Kitron ASA (OB:KIT) entered into an agreement to acquire Deltanordic Sweden Ab from Mind Industrial Group AB and Jsls Holding Ab for SEK 1.3 billion. Kitron ASA (OB:KIT) entered into an agreement to acquire Deltanordic Sweden Ab from Mind Industrial Group AB and Jsls Holding Ab for SEK 1.3 billion on November 19, 2025. The consideration of SEK 1.3 billion on a debt- and cash-free basis, consists to a cash consideration of SEK 760 million will be paid by Kitron ASA. The consideration consists of common equity of Kitron ASA having a value of SEK 150 million to be issued for common equity of Deltanordic Sweden Ab. Kitron ASA will pay an earnout/contingent payment of SEK 345 million cash. Financing of the acquisition is contemplated by way of available funds and facilities. Kitron may consider existing facilities in combination with other financing alternatives, including new bank facilities, debt, equity or other third party financing, to settle the cash part of the purchase price at closing. There are no financing conditions for the acquisition. Transaction subject to approval from the Swedish Competition Authority and that the Swedish Inspectorate of Strategic Products has cleared or given its approval to the acquisition, with expected lead time of 25 working days. Closing expected to take place in late December, 2025/January, 2026. The acquisition is estimated to be accretive, and adds significant shareholder value. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr76.48, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Electronic industry in the United Kingdom. Total returns to shareholders of 236% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr104 per share. Annonce • Oct 24
Kitron ASA Revises Earnings Guidance for the Year 2025 Kitron ASA revised earnings guidance for the year 2025. For the period, the company expects revenue to be between EUR 700 and 740 million. Operating profit (EBIT) is expected to be between EUR 59 and 66 million. The previous outlook was for revenue between EUR 675 and 725 million, with an operating profit (EBIT) between EUR 55 and 65 million. The increase is due to growing demand in the Defence/Aerospace market sector. Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: €0.05 (vs €0.03 in 3Q 2024) Third quarter 2025 results: EPS: €0.05 (up from €0.03 in 3Q 2024). Revenue: €167.8m (up 16% from 3Q 2024). Net income: €9.10m (up 49% from 3Q 2024). Profit margin: 5.4% (up from 4.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Annonce • Sep 26
Kitron Asa Announces Executive Changes Kitron announces that Chief Operating Officer Kristoffer Asklov has tendered his resignation in order to assume the role of CEO at a Swedish manufacturing company outside Kitron's competitive landscape. To ensure a smooth transition, Mr. Asklov will remain with Kitron through the fourth quarter and leave the company at the end of the year. Mr. Asklov responsibilities will be dividend between Chief Technology Officer Stian Haugen and Hasse Faxe, who will join the corporate management team as Chief Commercial Officer on 1 October. Mr. Haugen has been with Kitron since 2013 and has served as Chief Technology Officer since 2020. Mr. Faxe joined the Kitron group through the acquisition of BB Electronics in 2022 and currently serves as Global Sales Director. Buy Or Sell Opportunity • Jul 14
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to kr66.85. The fair value is estimated to be kr50.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 4.1%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. Reported Earnings • Jul 13
Second quarter 2025 earnings released: EPS: €0.05 (vs €0.05 in 2Q 2024) Second quarter 2025 results: EPS: €0.05 (in line with 2Q 2024). Revenue: €172.2m (up 2.7% from 2Q 2024). Net income: €10.0m (down 3.8% from 2Q 2024). Profit margin: 5.8% (down from 6.2% in 2Q 2024). 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 5.6% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jun 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Employee Representative Director Haakon Ljostad was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
First quarter 2025 earnings released: EPS: €0.04 (vs €0.03 in 1Q 2024) First quarter 2025 results: EPS: €0.04 (up from €0.03 in 1Q 2024). Revenue: €164.6m (down 5.3% from 1Q 2024). Net income: €7.60m (up 17% from 1Q 2024). Profit margin: 4.6% (up from 3.7% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Apr 24
Kitron ASA Approves Dividend Kitron ASA at its Annual General Meeting on 24 April 2025 approved the proposed dividend of NOK 0.35 per share for shareholders registered in shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo, formerly named Euronext VPS) as of the expiry of 28 April 2025 based on normal T+2 settlement. Upcoming Dividend • Apr 18
Upcoming dividend of kr0.35 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (1.7%). Annonce • Apr 03
Kitron Asa Revises Earnings Guidance for the Full Year 2025 Kitron ASA revised earnings guidance for the full year 2025. For the period, Kitron updated its financial outlook due to strong demand within the Defence/Aerospace market sector along with a gradual recovery in other segments. At this time, Kitron expects revenues for the full year 2025 to be between EUR 640 and EUR 710 million. Operating profit (EBIT) is expected to be between EUR 47 and EUR 65 million. The previous outlook was for revenues between EUR 600 and EUR 700 million, with an operating profit (EBIT) between EUR 42 and EUR 63 million. Reported Earnings • Mar 25
Full year 2024 earnings released: EPS: €0.14 (vs €0.26 in FY 2023) Full year 2024 results: EPS: €0.14 (down from €0.26 in FY 2023). Revenue: €647.2m (down 17% from FY 2023). Net income: €28.0m (down 45% from FY 2023). Profit margin: 4.3% (down from 6.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr47.42, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Electronic industry in the United Kingdom. Total returns to shareholders of 139% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr71.49 per share. Recent Insider Transactions • Feb 27
Chief Technology Officer recently sold kr2.9m worth of stock On the 24th of February, Stian Haugen sold around 70k shares on-market at roughly kr41.80 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr3.1m more than they bought in the last 12 months. Declared Dividend • Feb 16
Dividend of kr0.35 announced Shareholders will receive a dividend of kr0.35. Ex-date: 25th April 2025 Payment date: 15th May 2025 Dividend yield will be 0.9%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 21%. Cash payout ratio: 14%. New Risk • Feb 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.3% Last year net profit margin: 6.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (57% net debt to equity). Profit margins are more than 30% lower than last year (4.3% net profit margin). Significant insider selling over the past 3 months (kr2.4m sold). Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: €0.14 (vs €0.26 in FY 2023) Full year 2024 results: EPS: €0.14 (down from €0.26 in FY 2023). Revenue: €647.2m (down 17% from FY 2023). Net income: €28.0m (down 45% from FY 2023). Profit margin: 4.3% (down from 6.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 23% per year. Buy Or Sell Opportunity • Dec 27
Now 20% undervalued Over the last 90 days, the stock has risen 19% to kr34.18. The fair value is estimated to be kr42.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Annonce • Dec 10
Kitron ASA Reiterates Earnings Guidance for the Year 2024 and Provides Earnings Guidance for the Year 2025 Kitron ASA reiterated earnings guidance for the year 2024 and provided earnings guidance for the year 2025. For 2024, Kitron reiterated its outlook from the third-quarter report and expects revenue to be between EUR 635 and EUR 660 million with an operating profit (EBIT) between EUR 44 and EUR 50 million, including EUR 4.8 million in restructuring costs in the first quarter.
For 2025, Kitron expects revenue to be between EUR 600 and EUR 700 million with an operating profit (EBIT) between EUR 42 and EUR 63 million. Annonce • Nov 30
Kitron ASA, Annual General Meeting, Apr 24, 2025 Kitron ASA, Annual General Meeting, Apr 24, 2025. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: €0.03 (vs €0.05 in 3Q 2023) Third quarter 2024 results: EPS: €0.03 (down from €0.05 in 3Q 2023). Revenue: €145.1m (down 19% from 3Q 2023). Net income: €6.10m (down 37% from 3Q 2023). Profit margin: 4.2% (down from 5.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 12
Second quarter 2024 earnings released: EPS: €0.05 (vs €0.08 in 2Q 2023) Second quarter 2024 results: EPS: €0.05 (down from €0.08 in 2Q 2023). Revenue: €167.6m (down 19% from 2Q 2023). Net income: €10.4m (down 34% from 2Q 2023). Profit margin: 6.2% (down from 7.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to kr39.02, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Electronic industry in the United Kingdom. Total returns to shareholders of 112% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr73.84 per share. Annonce • Jul 11
Kitron ASA Reiterates Earnings Guidance for the Year 2024 Kitron ASA reiterated earnings guidance for the year 2024. For the year, the company expects revenue to be between EUR 660 million and EUR 710 million with an operating profit (EBIT) between EUR 53 million and EUR 60 million, including EUR 4.8 million in restructuring costs in the first quarter. Annonce • May 14
Kitron ASA (OB:KIT) commences an Equity Buyback Plan, under the authorization approved on April 25, 2024. Kitron ASA (OB:KIT) commences a share repurchases on May 13, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2024. As per the mandate, the company is authorized to repurchase its own shares worth a total nominal value of NOK 1.98 million, representing 10% of the company's share capital. The company will pay a minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 100 per share. The shares repurchased shall either be cancelled, used as remuneration to the members of the Board of Directors, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business. This authorization shall be valid until next Annual General Meeting, but not longer than June 30, 2025. As of April 4, 2024, the company had 198,217,134 shares outstanding and had no shares in treasury. Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: €0.03 (vs €0.07 in 1Q 2023) First quarter 2024 results: EPS: €0.03 (down from €0.07 in 1Q 2023). Revenue: €173.9m (down 8.8% from 1Q 2023). Net income: €6.50m (down 51% from 1Q 2023). Profit margin: 3.7% (down from 7.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annonce • Apr 27
Kitron ASA Revises Earnings Guidance for the Year 2024 Kitron ASA revised earnings guidance for the year 2024. For 2024, the company has previously indicated a revenue outlook of between EUR 700 million and EUR 800 million and an operating profit (EBIT) between EUR 60 million and EUR 74 million. Due to the challenging market outlook, the company now expect revenue to be between EUR 660 million and EUR 710 million. Cost initiatives are implemented to maintain operating margins, and The company expects an operating profit (EBIT) between EUR 53 million and EUR 60 million, including EUR 4.8 million in restructuring costs in the first quarter. Upcoming Dividend • Apr 19
Upcoming dividend of kr0.75 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: €0.26 (vs €1.46 in FY 2022) Full year 2023 results: EPS: €0.26 (down from €1.46 in FY 2022). Revenue: €775.2m (down 88% from FY 2022). Net income: €51.1m (down 82% from FY 2022). Profit margin: 6.6% (up from 4.4% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Electronic industry in the United Kingdom. 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: €0.26 (vs €0.14 in FY 2022) Full year 2023 results: EPS: €0.26 (up from €0.14 in FY 2022). Revenue: €775.2m (up 25% from FY 2022). Net income: €51.1m (up 87% from FY 2022). Profit margin: 6.6% (up from 4.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Annonce • Feb 15
Kitron ASA Reiterates Earnings Guidance for the Year 2024 Kitron ASA provided reiterated earnings guidance for the year 2024. For the year, the company expects revenues between EUR 700 and 800 million. Operating profit (EBIT) is expected to be between EUR 60 and 74 million. Annonce • Feb 14
Kitron ASA Proposes Cash Dividend, Payable on or About 16 May 2024 Kitron ASA proposed cash dividend of NOK 0.75 per share. Ex-date is 26 April 2024. Record date is 29 April 2024. Payment date is on or about 16 May 2024. Date of approval is 25 April 2024. Buying Opportunity • Dec 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be kr38.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to grow by 17% in the next 2 years. Annonce • Dec 13
Kitron Provides Earnings Guidance for the Third Quarter of 2023 and Full Year 2024 Kitron provided earnings guidance for the third quarter of 2023 and full year 2024. For the quarter, the company expects revenues between EUR 750 million and EUR 800 million with an operating profit (EBIT) between EUR 65 million and EUR 75 million.For 2024, the company expects revenues between EUR 700 million and EUR 800 million. Operating profit (EBIT) is expected to be between EUR 60 million and EUR 74 million. New Risk • Oct 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risk Significant insider selling over the past 3 months (kr1.9m sold). Annonce • Oct 26
Kitron ASA Reiterates Earnings Guidance for the Year 2023 Kitron ASA reiterated earnings guidance for the year 2023. For 2023, the company reiterates its outlook from the second-quarter report and expects revenues between EUR 750 million and EUR 800 million with an operating profit (EBIT) between EUR 65 million and EUR 75 million. Buying Opportunity • Oct 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr41.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 34% in 2 years. Earnings is forecast to grow by 30% in the next 2 years. Recent Insider Transactions • Aug 25
Insider recently sold kr1.4m worth of stock On the 22nd of August, Carsten Christensen sold around 36k shares on-market at roughly kr37.36 per share. This transaction amounted to 70% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr878k more than they bought in the last 12 months. Buying Opportunity • Aug 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be kr48.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 36% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: €0.08 (vs €0.03 in 2Q 2022) Second quarter 2023 results: EPS: €0.08 (up from €0.03 in 2Q 2022). Revenue: €206.3m (up 31% from 2Q 2022). Net income: €15.7m (up 138% from 2Q 2022). Profit margin: 7.6% (up from 4.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jul 14
Kitron ASA Revises Earnings Guidance for the Fiscal Year 2023 Kitron ASA revised earnings guidance for the fiscal year 2023. For 2023, the company has previously indicated a revenue outlook of between EUR 700 and 800 million and an operating profit (EBIT) between EUR 60 and 75 million. Entering the second half of 2023, demand continues to be strong and capital efficiency ratios are improving. The company now expects revenues between EUR 750 and 800 million with an operating profit (EBIT) between EUR 65 and EUR 75 million. Recent Insider Transactions • Jun 13
Independent Chairman of the Board recently bought kr249k worth of stock On the 5th of June, Tuomo Lahdesmaki bought around 5k shares on-market at roughly kr45.73 per share. This transaction amounted to 1.9% 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 Tuomo's only on-market trade for the last 12 months. Annonce • Jun 06
Kitron ASA (OB:KIT) commences an Equity Buyback Plan, under the authorization approved on April 28, 2023. Kitron ASA (OB:KIT) commences a share repurchases on June 5, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 28, 2023. As per the mandate, the company is authorized to repurchase its own shares worth a total nominal value of NOK 1.98 million, representing 10% of the company's share capital. The company will pay a minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 100 per share. The shares repurchased shall either be cancelled, used as remuneration to the members of the Board of Directors, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business. This authorization shall be valid until next Annual General Meeting, but not longer than June 30, 2024. As of April 5, 2023, the company had 197,691,053 shares outstanding and had no shares in treasury.
On June 2, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 22,000 shares for NOK 1 million. The program is valid till June 7, 2023. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr40.80, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 20x in the Electronic industry in the United Kingdom. Total returns to shareholders of 315% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr27.96 per share. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. Board Director Michael Thomsen 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. Upcoming Dividend • Apr 25
Upcoming dividend of kr0.50 per share at 1.4% yield Eligible shareholders must have bought the stock before 02 May 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 34% and the cash payout ratio is 77%. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (1.5%). Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: kr1.46 (vs kr0.85 in FY 2021) Full year 2022 results: EPS: kr1.46 (up from kr0.85 in FY 2021). Revenue: kr6.49b (up 75% from FY 2021). Net income: kr287.1m (up 88% from FY 2021). Profit margin: 4.4% (up from 4.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: kr1.46 (vs kr0.85 in FY 2021) Full year 2022 results: EPS: kr1.46 (up from kr0.85 in FY 2021). Revenue: kr6.49b (up 75% from FY 2021). Net income: kr287.1m (up 88% from FY 2021). Profit margin: 4.4% (up from 4.1% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: kr0.38 (vs kr0.11 in 3Q 2021) Third quarter 2022 results: EPS: kr0.38 (up from kr0.11 in 3Q 2021). Revenue: kr1.66b (up 100% from 3Q 2021). Net income: kr75.2m (up 285% from 3Q 2021). Profit margin: 4.5% (up from 2.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electronic industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 13
Second quarter 2022 earnings released: EPS: kr0.34 (vs kr0.27 in 2Q 2021) Second quarter 2022 results: EPS: kr0.34 (up from kr0.27 in 2Q 2021). Revenue: kr1.58b (up 59% from 2Q 2021). Net income: kr66.3m (up 36% from 2Q 2021). Profit margin: 4.2% (down from 4.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 29%, compared to a 8.8% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 19% share price gain to kr21.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 22x in the Electronic industry in the United Kingdom. Total returns to shareholders of 129% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr33.01 per share. Recent Insider Transactions • Jun 09
Independent Director recently bought kr54k worth of stock On the 7th of June, Maalfrid Brath bought around 3k shares on-market at roughly kr18.39 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: kr0.23 (vs kr0.25 in 1Q 2021) First quarter 2022 results: EPS: kr0.23 (down from kr0.25 in 1Q 2021). Revenue: kr1.43b (up 52% from 1Q 2021). Net income: kr44.4m (flat on 1Q 2021). Profit margin: 3.1% (down from 4.8% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 40%, compared to a 8.2% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of kr0.25 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 16 May 2022. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of British dividend payers (4.6%). Lower than average of industry peers (1.4%). Buying Opportunity • Mar 24
Now 21% undervalued Over the last 90 days, the stock is up 1.0%. The fair value is estimated to be kr27.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% per annum over the last 3 years. Earnings per share has grown by 16% per annum over the last 3 years. Annonce • Feb 01
Kitron ASA to Report Q4, 2022 Results on Feb 15, 2023 Kitron ASA announced that they will report Q4, 2022 results on Feb 15, 2023 Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS kr0.11 (vs kr0.34 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr831.4m (down 21% from 3Q 2020). Net income: kr19.5m (down 68% from 3Q 2020). Profit margin: 2.4% (down from 5.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 28
Upcoming dividend of kr0.35 per share Eligible shareholders must have bought the stock before 05 October 2021. Payment date: 22 October 2021. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (3.9%). Higher than average of industry peers (0.9%). 
