New Risk • Jun 09
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 British stocks, typically moving 8.3% 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: Major Risk 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. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • May 02
First quarter 2026 earnings released: kr0.66 loss per share (vs kr0.62 profit in 1Q 2025) First quarter 2026 results: kr0.66 loss per share (down from kr0.62 profit in 1Q 2025). Revenue: kr2.20m (down 97% from 1Q 2025). Net loss: kr43.1m (down 205% from profit in 1Q 2025). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Mar 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 247% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk 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. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (21% net profit margin). Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: kr0.31 (vs kr4.21 in FY 2024) Full year 2025 results: EPS: kr0.31 (down from kr4.21 in FY 2024). Revenue: kr121.8m (up kr119.5m from FY 2024). Net income: kr20.1m (down 93% from FY 2024). Profit margin: 17% (down from 12,078% in FY 2024). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Renewable Energy 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 fallen by 3% per year. Annonce • Jan 09
Magnora ASA Secures a Third Data Center Project, Adding 120 Mw, in the Helsinki - Tampere Area Magnora is joining as majority owner in an ongoing data center project in Finland, expanding its portfolio with a project for a high-density, AI-ready 120 MW facility. The project is developed together with Northern Europe Energy Group and expected to reach Ready-to-Build stage by the end of 2026. The physical conditions are excellent. The area has 150,000 m2 zoned for data center operations, potential for waste-heat recovery through the district heating network, access to all major Finnish fibre operators, stable ground conditions, and a distance of less than one kilometre to the electrical substation. Geographically, the site is located in Hameenlinna, between Helsinki and Tampere, close to international airports, and with more than 4 million people within a 1.5-hour drive - including a large pool of highly educated technical experts and engineers. The project was initiated by Northern Europe Energy Group ("NEEG") last year. Magnora holds a 70% ownership stake in the project through a joint venture (JV) with NEEG owning 30%. NEEG will be responsible for most of the operational development. Magnora contributes with strategic, industrial, and financial expertise, as well as the capability to advance the project in line with customer demand. The collaboration has strong support from the local municipality, aiming for an efficient permitting process that ensures local value creation and sustainable development. This is the third data center project/company Magnora enters within the last three months, in addition to Averoy (100 MW in development) and Storespeed (operational). Magnora continues its efforts to source and develop more projects in the data center space in the coming weeks and months. The Nordics are a preferred data center market globally and Magnora is well positioned with its experience, network and market understanding. Annonce • Nov 10
Magnora ASA, Annual General Meeting, Mar 24, 2026 Magnora ASA, Annual General Meeting, Mar 24, 2026. Reported Earnings • Oct 26
Third quarter 2025 earnings released: kr0.23 loss per share (vs kr3.61 profit in 3Q 2024) Third quarter 2025 results: kr0.23 loss per share (down from kr3.61 profit in 3Q 2024). Revenue: kr500.0k (up 400% from 3Q 2024). Net loss: kr15.0m (down 106% from profit in 3Q 2024). Revenue is forecast to grow 42% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Oct 07
Magnora ASA (OB:MGN) agreed to acquire 75% stake in Storespeed As. Magnora ASA (OB:MGN) agreed to acquire 75% stake in Storespeed As on October 6, 2025. The transaction is subject to pending closing conditions. Recent Insider Transactions • Aug 14
SVP of Ownership & Investments recently bought kr82k worth of stock On the 12th of August, Morten Strømgren bought around 4k shares on-market at roughly kr23.30 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 19
Second quarter 2025 earnings released: kr0.29 loss per share (vs kr1.01 profit in 2Q 2024) Second quarter 2025 results: kr0.29 loss per share (down from kr1.01 profit in 2Q 2024). Net loss: kr18.8m (down 128% from profit in 2Q 2024). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 20
SVP of Ownership & Investments recently bought kr60k worth of stock On the 17th of June, Morten Strømgren bought around 3k shares on-market at roughly kr23.85 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.2m more in shares than they have sold in the last 12 months. Annonce • Jun 17
Undisclosed buyers acquired 30% stake in Hermana Holding ASA (OB:HERMA) from Magnora ASA (OB:MGN) for NOK 40.3 million. Undisclosed buyers acquired 30% stake in Hermana Holding ASA (OB:HERMA) from Magnora ASA (OB:MGN) for NOK 40.3 million on June 16, 2025. A cash consideration valued at NOK 10 per share will be paid for 4,025,621 shares.
Undisclosed buyers completed the acquisition of 30% stake in Hermana Holding ASA (OB:HERMA) from Magnora ASA (OB:MGN) on June 16, 2025. New Risk • May 02
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: 649% Last year net profit margin: 1,094% 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: Major Risks Earnings are forecast to decline by an average of 9.2% per year for the foreseeable future. High level of non-cash earnings (193% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (649% net profit margin). Revenue is less than US$5m (kr50m revenue, or US$4.7m). Reported Earnings • Apr 27
First quarter 2025 earnings released: EPS: kr0.62 (vs kr0.099 loss in 1Q 2024) First quarter 2025 results: EPS: kr0.62 (up from kr0.099 loss in 1Q 2024). Net income: kr40.9m (up kr47.5m from 1Q 2024). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr19.50, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Renewable Energy industry in Europe. Total returns to shareholders of 19% over the past three years. New Risk • Mar 07
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: kr2.3m (US$212k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. High level of non-cash earnings (217% accrual ratio). Revenue is less than US$1m (kr2.3m revenue, or US$212k). Minor Risk Paying a dividend despite having no free cash flows. Recent Insider Transactions • Mar 04
Chief Executive Officer recently bought kr200k worth of stock On the 27th of February, Erik Sneve bought around 9k shares on-market at roughly kr22.85 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Erik has been a buyer over the last 12 months, purchasing a net total of kr435k worth in shares. Declared Dividend • Mar 03
Third quarter dividend of kr0.19 announced Shareholders will receive a dividend of kr0.19. Ex-date: 4th March 2025 Payment date: 10th March 2025 Dividend yield will be 37%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Annonce • Feb 28
Magnora ASA Provides Sales Target for the Year 2025 Magnora ASA provided sales target for the year 2025. For the year, the company announces sales target remains at 600 MW to 725 MW. Annonce • Feb 27
Magnora ASA Continues Quarterly Dividend Magnora ASA continued the practice of a NOK 0.187 per share quarterly dividend. Annonce • Nov 06
Magnora ASA, Annual General Meeting, Apr 29, 2025 Magnora ASA, Annual General Meeting, Apr 29, 2025. Declared Dividend • Oct 17
Third quarter dividend of kr0.19 announced Shareholders will receive a dividend of kr0.19. Ex-date: 18th October 2024 Payment date: 23rd October 2024 Dividend yield will be 36%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Annonce • Oct 17
Magnora Asa Announces Dividend, Payable on October 23, 2024 Magnora ASA announced that on 14 October, the Board of Directors held a board meeting to authorize cash distribution. The Board authorized a payment of 0.187 per share. The cash distribution is based on the Company's annual accounts for 2023 and authorization from the AGM held on 23 April 2024. The cash distribution is a repayment of paid-in capital in excess of the par value of the Magnora share. Ex-date is October 8, 2024. Record date is October 21, 2024. Payment date is October 23, 2024. Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: kr3.60 (vs kr0.25 loss in 3Q 2023) Third quarter 2024 results: EPS: kr3.60 (up from kr0.25 loss in 3Q 2023). Revenue: kr257.4m (up kr243.3m from 3Q 2023). Net income: kr235.4m (up kr252.1m from 3Q 2023). Profit margin: 92% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. New Risk • Oct 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 10% per year for the foreseeable future. High level of non-cash earnings (48% accrual ratio). Revenue is less than US$1m. 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 (7.4% average weekly change). Profit margins are more than 30% lower than last year (-26% net profit margin). Annonce • Sep 10
Magnora ASA (OB:MGN) commences an Equity Buyback Plan for 6,575,183 shares, representing 10% of its issued share capital, under the authorization approved on April 23, 2024. Magnora ASA (OB:MGN) commences share repurchases on September 6, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 23, 2024. As per the mandate, the company is authorized to repurchase up to 6,575,183 shares, representing 10% of its issued share capital. The shares will be repurchased at a minimum price of NOK 1 per share and at a maximum price of NOK 100 per share. The repurchased shares will be used to cover the delivery of shares in accordance with obligations under issued options. The program will be valid till the next Annual General Meeting in 2025, but not later than June 30, 2025. As at April 23, 2024, the company had 65,751,825 shares in issue.
On September 5, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to NOK 50 million worth of its shares. The shares will be repurchased at a price of NOK 35 per share. The shares repurchased under the program will be used to reduce the number of outstanding shares for the issuing of compensation shares or other corporate purposes. The program will expire on April 15, 2025. Recent Insider Transactions • Aug 30
Executive Chairman recently bought kr242k worth of stock On the 26th of August, Torstein Sanness bought around 10k shares on-market at roughly kr24.23 per share. This transaction amounted to 1.5% 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 Torstein's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr25.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Renewable Energy industry in Europe. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr43.46 per share. Upcoming Dividend • Aug 06
Upcoming dividend of kr4.19 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 16 August 2024. Trailing yield: 2.6%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.9%). New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 22% per year for the foreseeable future. High level of non-cash earnings (48% accrual ratio). Revenue is less than US$1m. 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 (7.9% average weekly change). Profit margins are more than 30% lower than last year (-26% net profit margin). Declared Dividend • Jul 19
Second quarter dividend of kr4.19 announced Shareholders will receive a dividend of kr4.19. Ex-date: 13th August 2024 Payment date: 16th August 2024 Dividend yield will be 27%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Reported Earnings • Jul 16
Second quarter 2024 earnings released Second quarter 2024 results: Net income: kr60.1m (down 71% from 2Q 2023). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Renewable Energy industry in Europe. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Annonce • Jul 12
SunMind SAS completed the acquisition of Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors. SunMind signed an agreement to acquire Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors for approximately €340 million on May 29, 2024. The current owners of Helios will receive an upfront payment of €73 million and a substantial earnout component. Magnora holds 40% of the company’s shares prior to the transaction and will receive a corresponding share of upfront payment and earnout payments. For five years after closing, the sellers will benefit from an earnout tied to Helios’s portfolio of unsold projects. The earnout agreement could be worth up to NOK 3 billion (€262.38 million) if the entire portfolio subject to earnout is realized. Magnora will receive an estimated NOK 335 million (€29.3 million) at closing. For five years after closing, the sellers will benefit from an earnout tied to Helios’s portfolio of unsold projects. Helios’s current management will continue to manage and run Helios with an attractive incentive model in addition to the earn-out payments to owners. Closing of the transaction is subject to the buyer receiving FDI approval from the Swedish FDI Authority. The transaction is expected to be finalized in June. Peter Sundgren, Martin E Svanberg, Johan Cederblad, Jolene Reimerson, Mia Falk from Advokatfirman Vinge KB acted as legal advisors to SunMind and VINCI Concessions SA in the transaction.
On July 4, 2024, approval has been received of the buyer receiving FDI approval from the Swedish FDI Authority and parties have agreed to initiate closing. Magnora’s Board has approved the return of NOK 4 per share. This return of capital will be paid on the first practical date after closing the Helios transaction, that is in the middle of July 2024. The excepted closing date is mid-July 2024. Carnegie Investment Bank AB (publ) acted as financial advisor Helios Nordic Energy AB.
SunMind SAS completed the acquisition of Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors on July 11, 2024. The full upfront payment of €73 million will be released from escrow and distributed among the sellers without undue delay. New Risk • Jul 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. High level of non-cash earnings (84% accrual ratio). 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 (7.4% average weekly change). Revenue is less than US$5m (kr29m revenue, or US$2.7m). Board Change • Jun 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annonce • May 30
Vinci SA (ENXTPA:DG) signed an agreement to acquire 40% stake in Helios Nordic Energy AB from Magnora ASA (OB:MGN) for NOK 850 million. Vinci SA (ENXTPA:DG) signed an agreement to acquire 40% stake in Helios Nordic Energy AB from Magnora ASA (OB:MGN) for €73 million on May 29, 2024. The current owners of Helios will receive an upfront payment of €73 million and a substantial earnout component. Magnora holds 40% of the company’s shares prior to the transaction and will receive a corresponding share of upfront payment and earnout payments. Magnora will receive an estimated €31.01 million at closing. For five years after closing, the sellers will benefit from an earnout tied to Helios’s portfolio of unsold projects. Helios’s current management will continue to manage and run Helios with an attractive incentive model in addition to the earn-out payments to owners. Closing of the transaction is subject to the buyer receiving FDI approval from the Swedish FDI Authority. The transaction is expected to be finalized in June. Reported Earnings • Apr 18
First quarter 2024 earnings released: kr0.099 loss per share (vs kr0.10 profit in 1Q 2023) First quarter 2024 results: kr0.099 loss per share (down from kr0.10 profit in 1Q 2023). Net loss: kr6.60m (down 194% from profit in 1Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Apr 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annonce • Jan 19
Magnora ASA Separates Its Legacy Business from Its Renewables Business Magnora ASA announced that on 18 January, the board approved a plan to establish a separate entity for Magnora's Legacy Business (that is the contracts linked to the Company's divested FPSO business). Technically, the separation combines a demerger followed by a merger to transfer the Company's Licensing Business to a wholly owned subsidiary of Magnora. This requires an extraordinary general meeting of shareholders in Magnora. The Legacy Business is related to Magnora's historical business activities. In 2018, Magnora sold its formerly core business which included patents and related technology rights associated with the FPSO technology business. However, Magnora retained the right to use the technology under two existing agreements for two FPSOs, one of which was already in operation (the Western Isles FPSO) and the other soon to enter operations (The Penguins FPSO). Aligned with the stock exchange release dated 28 August 2023, and as a consequence of the corporate restructuring mentioned above, the Licensing Business will become a subsidiary. Following this restructuring, the Company intends to spin off the Legacy Business to its shareholders as a new listed company on the Oslo Stock Exchange. Irrespective of this, the strategic process continues. Annonce • Oct 26
Magnora Asa Authorizes Quarterly Cash Distribution, Payable on 2 November 2023 Magnora's Board of Directors authorized a cash distribution of NOK 50,000,000 (total annual number) corresponding to NOK 0.748 per share. This corresponds to NOK 0.187 per share each quarter. On 24 October, the Board of Directors held a board meeting to authorize the quarterly cash distribution. The Board authorized a payment of NOK 0.187 per share. The cash distribution is based on the Group's annual accounts for 2022 and was authorized by the AGM held on 25 April 2023. Last day including right: 25 October 2023. Ex-date: 26 October 2023. Record date: 27 October 2023. Payment date: 2 November 2023. Reported Earnings • Oct 24
Third quarter 2023 earnings released: kr0.25 loss per share (vs kr0.23 loss in 3Q 2022) Third quarter 2023 results: kr0.25 loss per share (further deteriorated from kr0.23 loss in 3Q 2022). Revenue: kr14.1m (up 271% from 3Q 2022). Net loss: kr16.7m (loss widened 9.9% from 3Q 2022). Revenue is expected to decline by 28% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 7.4%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 17
Executive Chairman recently bought kr1.1m worth of stock On the 15th of August, Torstein Sanness bought around 35k shares on-market at roughly kr30.70 per share. This transaction amounted to 5.9% 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 Torstein's only on-market trade for the last 12 months. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. High level of non-cash earnings (117% accrual ratio). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr231.9m (up kr226.0m from 2Q 2022). Net income: kr206.5m (up kr214.9m from 2Q 2022). Profit margin: 89% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is expected to decline by 37% p.a. on average during the next 3 years, while revenues in the Energy Services industry in the United Kingdom are expected to grow by 8.0%. Annonce • Jun 20
Magnora ASA (OB:MGN) commences an Equity Buyback for 6,682,268 shares, representing 10% of its issued share capital, under the authorization approved on April 25, 2023. Magnora ASA (OB:MGN) commences share repurchases on June 15, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2023. As per the mandate, the company is authorized to repurchase up to 6,682,268 shares, representing 10% of its issued share capital for a nominal value of NOK 3.27 million. The shares will be repurchased at a minimum price of NOK 1 per share and at a maximum price of NOK 100 per share. The repurchased shares will be used to cover the delivery of shares in accordance with obligations under issued options. The program will be valid till the next Annual General Meeting in 2024, but not later than June 30, 2024. As at March 31, 2023, the company had 66,822,679 shares in issue and had 21,866 shares in treasury.
On June 9, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to NOK 50 million worth of its shares. The shares will be repurchased at a price of NOK 45 per share. The shares repurchased under the program will be used to reduce the number of outstanding shares for the issuing of compensation shares or other corporate purposes. The repurchases will commence on June 12, 2023, and the program will expire on April 15, 2024. Annonce • Jun 10
Magnora ASA Launches Capital Distribution Program Magnora launched capital distribution program. The company’s board of directors has authorized a cash distribution of NOK 50,000,000 (total annual number) corresponding to NOK 0.748 per share. The policy is subject to further board resolutions. The size of the cash distribution will be considered each time the board approves a quarterly report, starting with the second quarter in August 2023. The first tranche of 0.187 per share will be paid in August 2023, subject to board resolutions. Going forward, Magnora's ambition is to increase this quarterly distribution in line with the growth of the company. If deemed appropriate by the Board of Directors, the quarterly review will also consider special distributions on top of the regular distribution. To the extent possible, the cash distribution will be repayment of paid-in capital in excess of the par value of the Magnora share and not classified as regular dividend. Reported Earnings • May 18
First quarter 2023 earnings released First quarter 2023 results: EPS: kr0. Revenue: kr16.4m (up 242% from 1Q 2022). Net income: kr14.8m (up kr28.1m from 1Q 2022). Profit margin: 90% (up from net loss in 1Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Energy Services industry in the United Kingdom. Annonce • May 13
First Solar, Inc. (NasdaqGS:FSLR) acquired Evolar AB from Magnora ASA (OB:MGN) for $38 million. First Solar, Inc. (NasdaqGS:FSLR) acquired Evolar AB from Magnora ASA (OB:MGN) for $38 million on May 12, 2023. Under the terms of agreement, First Solar paid upfront consideration of $38 million and an additional $42 million to be paid subject to certain technical milestones being achieved in the future. Magnora sold its stake for $29 million and further milestone payment of $24 million. Upon closing of the transaction, approximately 30 of Evolar’s Research & Development staff will transition to First Solar. Lundin, Statkraft, Hafslund, Arise Windpower, DNV and Aker companies advised Magnora in transaction. Deloitte AS acted as accountant to Magnora.
First Solar, Inc. (NasdaqGS:FSLR) completed the acquisition of Evolar AB from Magnora ASA (OB:MGN) on May 12, 2023. Reported Earnings • Mar 24
Full year 2022 earnings released: EPS: kr0.21 (vs kr1.11 loss in FY 2021) Full year 2022 results: EPS: kr0.21 (up from kr1.11 loss in FY 2021). Revenue: kr91.7m (up kr76.5m from FY 2021). Net income: kr12.5m (up kr75.3m from FY 2021). Profit margin: 14% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Energy Services industry in the United Kingdom. Reported Earnings • Feb 14
Full year 2022 earnings released: EPS: kr0.058 (vs kr1.11 loss in FY 2021) Full year 2022 results: EPS: kr0.058 (up from kr1.11 loss in FY 2021). Revenue: kr91.7m (up kr76.5m from FY 2021). Net income: kr3.90m (up kr66.7m from FY 2021). Profit margin: 4.3% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Energy Services industry in the United Kingdom. Annonce • Jan 24
Magnora ASA to Report Q4, 2023 Results on Feb 13, 2024 Magnora ASA announced that they will report Q4, 2023 results on Feb 13, 2024 Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr15.2m (loss narrowed 2.6% from 3Q 2021). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Energy Services industry in the United Kingdom. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: kr8.40m (loss narrowed 16% from 2Q 2021). Over the next year, revenue is forecast to grow 427%, compared to a 1.3% growth forecast for the industry in the United Kingdom. Recent Insider Transactions • Jul 05
Chief Financial Officer recently bought kr432k worth of stock On the 4th of July, Bard Olsen bought around 24k shares on-market at roughly kr18.00 per share. This was the largest purchase by an insider in the last 3 months. This was Bard's only on-market trade for the last 12 months. Reported Earnings • May 10
First quarter 2022 earnings released: kr0.32 loss per share (vs kr0.14 loss in 1Q 2021) First quarter 2022 results: kr0.32 loss per share (down from kr0.14 loss in 1Q 2021). Net loss: kr18.1m (loss widened 124% from 1Q 2021). Over the next year, revenue is forecast to grow 471%, compared to a 5.3% growth forecast for the industry in the United Kingdom. Board Change • Apr 29
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr1.10 loss per share (down from kr0.54 profit in FY 2020). Net loss: kr62.8m (down 320% from profit in FY 2020). Revenue missed analyst estimates by 9.6%. Over the next year, revenue is forecast to grow 889%, compared to a 3.1% growth forecast for the industry in the United Kingdom. Recent Insider Transactions • Jan 19
Insider recently bought kr495k worth of stock On the 17th of January, Bjorn Gronlie bought around 22k shares on-market at roughly kr23.00 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr2.9m. Insiders have collectively bought kr6.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 30
Key Executive recently bought kr245k worth of stock On the 29th of December, Peter Nygren bought around 13k shares on-market at roughly kr18.37 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr2.9m. Peter has been a buyer over the last 12 months, purchasing a net total of kr692k worth in shares. Recent Insider Transactions • Dec 16
Insider recently bought kr50k worth of stock On the 13th of December, Emilie Brackman bought around 3k shares on-market at roughly kr19.30 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr2.9m. Insiders have collectively bought kr6.0m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 17
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: kr15.6m (down 314% from profit in 3Q 2020). Recent Insider Transactions • Nov 17
Executive Chairman recently bought kr2.9m worth of stock On the 16th of November, Torstein Sanness bought around 151k shares on-market at roughly kr19.00 per share. This was the largest purchase by an insider in the last 3 months. This was Torstein's only on-market trade for the last 12 months. Recent Insider Transactions • Oct 15
Director recently bought kr76k worth of stock On the 14th of October, Hilde Adland bought around 5k shares on-market at roughly kr16.87 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr202k. Insiders have collectively bought kr2.9m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 21
Insider recently bought kr202k worth of stock On the 20th of August, Bjorn Gronlie bought around 13k shares on-market at roughly kr15.50 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr900k. Insiders have collectively bought kr4.0m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released: kr0.17 loss per share (vs kr0.23 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: kr2.40m (down 59% from 2Q 2020). Net loss: kr10.0m (down 183% from profit in 2Q 2020). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr17.96, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Energy Services industry in Europe. Total returns to shareholders of 203% over the past three years. Recent Insider Transactions • Jun 17
Chief Executive Officer recently bought kr900k worth of stock On the 16th of June, Erik Sneve bought around 50k shares on-market at roughly kr18.00 per share. This was the largest purchase by an insider in the last 3 months. Erik has been a buyer over the last 12 months, purchasing a net total of kr2.2m worth in shares. Reported Earnings • May 21
First quarter 2021 earnings released First quarter 2021 results: Revenue: -kr1.10m (down 112% from 1Q 2020). Net loss: kr8.10m (down 438% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 08
Executive Vice President of Operations recently bought kr447k worth of stock On the 6th of April, Peter Nygren bought around 17k shares on-market at roughly kr26.82 per share. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • Feb 18
Full year 2020 earnings released: EPS kr0.54 (vs kr0.38 in FY 2019) Full year 2020 results: Net income: kr28.5m (up 41% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 342% compared to a 10% decline forecast for the Energy Services industry in the United Kingdom. 
