Board Change • Jun 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Chairman of the Board Geir Flæsen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 26
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: 2.3% Last year net profit margin: 12% 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 Debt is not well covered by operating cash flow (8.2% operating cash flow to total debt). High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • May 21
New major risk - Revenue and earnings growth Earnings have declined by 60% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Debt is not well covered by operating cash flow (5.3% operating cash flow to total debt). Earnings have declined by 60% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to kr23.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 4x in the Shipping industry in Norway. Total loss to shareholders of 20% over the past three years. New Risk • Apr 29
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 Norwegian stocks, typically moving 11% 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 Risks Debt is not well covered by operating cash flow (5.3% operating cash flow to total debt). High level of non-cash earnings (25% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Apr 27
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: €0.031 (up from €0.038 loss in FY 2023). Revenue: €63.9m (up 62% from FY 2023). Net income: €3.78m (up €7.64m from FY 2023). Profit margin: 5.9% (up from net loss in FY 2023). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 2.2% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: €0.03 (vs €0.038 loss in FY 2023) Full year 2024 results: EPS: €0.03 (up from €0.038 loss in FY 2023). Revenue: €70.4m (up 79% from FY 2023). Net income: €3.78m (up €7.64m from FY 2023). Profit margin: 5.4% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 1.9% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Annonce • Dec 12
Edda Wind ASA, Annual General Meeting, May 28, 2025 Edda Wind ASA, Annual General Meeting, May 28, 2025. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: €0.004 (vs €0.016 in 3Q 2023) Third quarter 2024 results: EPS: €0.004 (down from €0.016 in 3Q 2023). Revenue: €18.4m (up 56% from 3Q 2023). Net income: €241.0k (down 87% from 3Q 2023). Profit margin: 1.3% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 33% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Price Target Changed • Nov 17
Price target decreased by 11% to kr28.00 Down from kr31.33, the current price target is an average from 3 analysts. New target price is 38% above last closing price of kr20.30. Stock is down 18% over the past year. The company is forecast to post a net loss per share of €0.0079 next year compared to a net loss per share of €0.038 last year. Price Target Changed • Oct 03
Price target decreased by 11% to kr29.33 Down from kr33.00, the current price target is an average from 3 analysts. New target price is 41% above last closing price of kr20.80. Stock is down 11% over the past year. The company is forecast to post a net loss per share of €0.0078 next year compared to a net loss per share of €0.038 last year. Reported Earnings • Aug 29
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: €0.03 loss per share (further deteriorated from €0.002 loss in 2Q 2023). Revenue: €14.9m (up 62% from 2Q 2023). Net loss: €3.88m (loss widened €3.68m from 2Q 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 33% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. New Risk • Jun 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Reported Earnings • Apr 30
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: €0.038 loss per share (down from €0.03 profit in FY 2022). Revenue: €39.4m (up 39% from FY 2022). Net loss: €3.87m (down 300% from profit in FY 2022). Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 43% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Price Target Changed • Mar 07
Price target decreased by 7.7% to kr32.75 Down from kr35.50, the current price target is an average from 4 analysts. New target price is 44% above last closing price of kr22.80. Stock is down 9.5% over the past year. The company is forecast to post earnings per share of €0.048 next year compared to a net loss per share of €0.04 last year. Reported Earnings • Mar 03
Full year 2023 earnings released: €0.04 loss per share (vs €0.03 profit in FY 2022) Full year 2023 results: €0.04 loss per share (down from €0.03 profit in FY 2022). Revenue: €39.4m (up 39% from FY 2022). Net loss: €3.87m (down 300% from profit in FY 2022). Revenue is forecast to grow 44% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Shipping industry in Norway. Annonce • Feb 01
Edda Wind ASA Announces Resignation of Tom Johan Austrheim as CFO Edda Wind ASA announced that Tom Johan Austrheim has decided to resign as CFO to take a new position in another company. He will remain in his current role for a period to secure handover. Annonce • Jan 10
Edda Wind ASA to Report Q3, 2024 Results on Nov 19, 2024 Edda Wind ASA announced that they will report Q3, 2024 results on Nov 19, 2024 Major Estimate Revision • Dec 17
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.0057 to €0.0069. Revenue forecast unchanged at €41.3m. Net income forecast to grow 425% next year vs 4.9% growth forecast for Shipping industry in Norway. Consensus price target of kr35.50 unchanged from last update. Share price was steady at kr24.25 over the past week. Reported Earnings • Nov 15
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: €0.02 (up from €0.006 in 3Q 2022). Revenue: €11.8m (up 59% from 3Q 2022). Net income: €1.85m (up 364% from 3Q 2022). Profit margin: 16% (up from 5.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 29%. Revenue is forecast to grow 60% p.a. on average during the next 3 years, compared to a 2.7% decline forecast for the Shipping industry in Norway. Annonce • Oct 15
Geveran Trading Co., Ltd. acquired an unknown minority stake in Edda Wind ASA (OB:EWIND) for NOK 50 million. Geveran Trading Co., Ltd. acquired an unknown minority stake in Edda Wind ASA (OB:EWIND) for NOK 50 million on October 13, 2023. Geveran Trading Co., Ltd. completed the acquisition of an unknown minority stake in Edda Wind ASA (OB:EWIND) on October 13, 2023. Price Target Changed • Aug 20
Price target decreased by 7.9% to kr35.00 Down from kr38.00, the current price target is an average from 3 analysts. New target price is 45% above last closing price of kr24.20. Stock is up 1.7% over the past year. The company is forecast to post earnings per share of €0.013 for next year compared to €0.03 last year. Reported Earnings • Aug 18
Second quarter 2023 earnings released: €0.004 loss per share (vs €0.009 profit in 2Q 2022) Second quarter 2023 results: €0.004 loss per share (down from €0.009 profit in 2Q 2022). Revenue: €9.24m (up 34% from 2Q 2022). Net loss: €199.0k (down 135% from profit in 2Q 2022). Revenue is forecast to grow 56% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Shipping industry in Norway. Price Target Changed • Aug 17
Price target decreased by 9.0% to kr35.50 Down from kr39.00, the current price target is an average from 2 analysts. New target price is 46% above last closing price of kr24.30. Stock is up 2.1% over the past year. The company is forecast to post earnings per share of €0.12 for next year compared to €0.03 last year. Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 66% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.067 to €0.111. Revenue forecast unchanged at €47.0m. Net income forecast to grow 1,380% next year vs 16% growth forecast for Shipping industry in Norway. Consensus price target of kr38.00 unchanged from last update. Share price was steady at kr24.05 over the past week. Major Estimate Revision • Jul 28
Consensus EPS estimates increase by 64% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from €0.042 to €0.069. Revenue forecast unchanged at €46.7m. Net income forecast to grow 1,109% next year vs 27% growth forecast for Shipping industry in Norway. Consensus price target of kr38.00 unchanged from last update. Share price fell 5.3% to kr24.25 over the past week. Reported Earnings • May 14
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: €0.01 loss per share (down from €0.012 profit in 1Q 2022). Revenue: €6.89m (up 1.8% from 1Q 2022). Net loss: €433.0k (down 155% from profit in 1Q 2022). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 3.6% decline forecast for the Shipping industry in Norway. Recent Insider Transactions • Mar 31
Chief Financial Officer recently bought kr220k worth of stock On the 29th of March, Tom Austrheim bought around 10k shares on-market at roughly kr22.00 per share. This transaction amounted to 6.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tom's only on-market trade for the last 12 months. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: €0.03 (vs €0.063 in FY 2021) Full year 2022 results: EPS: €0.03 (down from €0.063 in FY 2021). Revenue: €28.4m (up 16% from FY 2021). Net income: €1.94m (down 14% from FY 2021). Profit margin: 6.8% (down from 9.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 1.2% decline forecast for the Shipping industry in Norway. Reported Earnings • Nov 17
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: €0.01. Revenue: €7.43m (up 11% from 3Q 2021). Net income: €398.0k (flat on 3Q 2021). Profit margin: 5.4% (down from 5.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 38% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Adrian Geelmuyden was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Sep 21
Director recently bought kr221k worth of stock On the 19th of September, Jan Eyvin Wang bought around 10k shares on-market at roughly kr22.12 per share. This transaction amounted to 26% 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 the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 20
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: €0.009. Revenue: €6.89m (up 2.7% from 2Q 2021). Net income: €567.0k (up 44% from 2Q 2021). Profit margin: 8.2% (up from 5.9% in 2Q 2021). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 43%, compared to a 80% growth forecast for the Shipping industry in Norway. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Adrian Geelmuyden was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 12
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: €0.063 (down from €0.091 in FY 2020). Revenue: €24.4m (up 37% from FY 2020). Net income: €2.24m (down 26% from FY 2020). Profit margin: 9.2% (down from 17% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 35%, compared to a 28% growth forecast for the industry in Norway.