New Risk • May 31
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 57% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (57% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.0% net profit margin). Annuncio • Apr 18
Multiconsult ASA Approves Dividend, Payable on or Around 27 April 2026 Multiconsult ASA at its annual general meeting held on 16 April 2026 approved the proposed dividend of NOK 5.00 per share. Multiconsult ASA shares will trade ex-dividend of NOK 5.00 from 17 April 2026 (Oslo Børs). Dividend payment is expected on or around 27 April 2026. Annuncio • Feb 10
Multiconsult ASA Proposes Cash Dividend for the Financial Year 2025, Payable on or Around 20 April 2026 Multiconsult ASA board of directors will propose a dividend of NOK 5.00 per share for the financial year 2025 to the annual general meeting on 16 April 2026. Dividend amount: NOK 5.00 per share. Declared currency: NOK. Last day including right: 16 April 2026. Ex-date: 17 April 2026. Record date: 20 April 2026. Payment date: On or around 20 April 2026. Date of approval: 16 April 2026. The dividend payment is conditioned upon approval by general meeting in the company, summoned to be held on 16 April 2026. See further information about the background for the dividend included in the notice for the general meeting to published on 17 March 2026. Annuncio • Jan 22
Multiconsult Asa Appoints Karsten Warloe as Chief Executive Officer, Effective from June 1, 2026 Multiconsult ASA announces that the board of directors has appointed Karsten Warloe as Chief Executive Officer, effective from June 1, 2026. Warloe currently serves as CEO of Kiwa Norway and brings extensive international leadership experience from executive roles in ABB, Statnett and Norsk Hydro. He has a master's degree in engineering from Norwegian University of Science and Technology (NTNU) and a Master of Management degree from Norwegian School of Management BI. Current CEO Grethe Bergly will continue in her role until the handover. Grethe Bergly will continue as CEO until the transition is complete and is committed to ensuring a smooth handover to Warloe. Annuncio • Dec 05
Multiconsult ASA (OB:MULTI) completed the acquisition of ViaNova AS, ViaNova Trondheim AS, ViaNova Kristiansand AS and ViaNova Eureka AS. Multiconsult ASA (OB:MULTI) signed a letter of intent to acquire ViaNova AS, ViaNova Trondheim AS, ViaNova Kristiansand AS and ViaNova Eureka AS in a transaction valued at NOK 300 million on June 19, 2025. Multiconsult signed a Share Purchase Agreement on October 21, 2025. The transaction, valued at NOK 300 million on a debt and cash-free basis. The purchase price will be adjusted for net debt and working capital adjustments, as well as the annual profit up to the completion of the transaction. The parties have agreed to negotiate in good faith and aim to sign a binding share purchase agreement before the end of the exclusivity period on September 30, 2025. Closing of the transaction is expected in mid November 2025.
For the period ending December 31, 2024, ViaNova AS, ViaNova Trondheim AS, ViaNova Kristiansand AS and ViaNova Eureka AS reported operating revenue of NOK 227.5 million and EBIT of NOK 21.9 million.
The transaction is subject to subject to the negotiation of a final and binding share purchase agreement, approval from the Norwegian Competition Authority and due diligence. The transaction is anticipated to be completed by mid-October 2025.
Multiconsult ASA (OB:MULTI) completed the acquisition of ViaNova AS, ViaNova Trondheim AS, ViaNova Kristiansand AS and ViaNova Eureka AS on December 3, 2025. Annuncio • Oct 03
Multiconsult Asa Announces Changes to the Executive Management Team, effective 1 October 2025 Multiconsult ASA, announced appointment of Kristin Olsson Augestad as managing director of Multiconsult Norway effective 1 October 2025. The number of managers with dual roles in Multiconsult group and Multiconsult Norway is reduced to sharpen management focus and capacity in both entities. Annuncio • Jun 25
Multiconsult ASA, Annual General Meeting, Apr 16, 2026 Multiconsult ASA, Annual General Meeting, Apr 16, 2026. Annuncio • Apr 01
Multiconsult ASA (OB:MULTI) entered into a share purchase agreement to acquire Lifetec AS. Multiconsult ASA (OB:MULTI) entered into a share purchase agreement to acquire Lifetec AS on April 1, 2025. A cash consideration will be paid by Multiconsult ASA. As part of consideration, an undisclosed value is paid towards common equity of Lifetec As. Lifetec's 6 employees will be organised in the section for Acoustics in Oslo. The acoustics environment in Multiconsult now counts over 50 employees.
For the period ending December 31, 2024, Lifetec As reported total revenue of NOK 12 million, EBIT of NOK 1.8 million and net income of NOK 1.5 million. Annuncio • Mar 27
Multiconsult ASA Announces Resignation of Grethe Bergly as CEO Multiconsult ASA announced that Grethe Bergly has decided to step down as CEO of Multiconsult after 23 years in executive management team, including the past six years as CEO. Bergly will remain in her position until a successor has been appointed, a transition expected to be completed by the end of 2025. The board of directors has initiated the process to recruit a new CEO. Annuncio • Feb 25
Multiconsult ASA (OB:MULTI) announces an Equity Buyback for 500,000 shares, for NOK 150 million. Multiconsult ASA (OB:MULTI) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, for NOK 150 million. The purpose of the program is to meet obligations arising from company's employee share saving program and executive management bonus schemes. and a portion of the purchased shares will be used to settle the loan under the share loan agreement with company's largest shareholder Stiftelsen Multiconsult. The program is valid till November 28, 2025. As of February 24, 2025, the company had 34,355 treasury shares. Annuncio • Feb 13
Multiconsult ASA Proposes A Dividend for the Financial Year 2024, Payable on or Around 24 April 2025 Multiconsult ASA will propose a dividend of NOK 10.00 per share for the financial year 2024 to the annual general meeting on 10 April 2025. Ex-date: 11 April 2025, Record date: 14 April 2025, Payment date: On or around 24 April 2025. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: kr2.95 (vs kr0.40 in 3Q 2023) Third quarter 2024 results: EPS: kr2.95 (up from kr0.40 in 3Q 2023). Revenue: kr1.15b (up 18% from 3Q 2023). Net income: kr81.1m (up kr70.0m from 3Q 2023). Profit margin: 7.1% (up from 1.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annuncio • Sep 03
Multiconsult Reaches Settlement Agreement with Client Multiconsult has reached a settlement agreement with a client related to a contractual dispute in an ongoing project. Under the settlement, Multiconsult will receive a one-time payment of around NOK 32 million as compensation. The payment will be reflected in Multiconsult's third quarter 2024 results. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: kr5.36 (vs kr1.30 in 2Q 2023) Second quarter 2024 results: EPS: kr5.36 (up from kr1.30 in 2Q 2023). Revenue: kr1.42b (up 24% from 2Q 2023). Net income: kr148.3m (up 312% from 2Q 2023). Profit margin: 10% (up from 3.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annuncio • Jun 25
Multiconsult ASA, Annual General Meeting, Apr 10, 2025 Multiconsult ASA, Annual General Meeting, Apr 10, 2025. New Risk • May 19
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: 5.3% Last year net profit margin: 7.8% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • May 09
First quarter 2024 earnings released: EPS: kr3.52 (vs kr5.76 in 1Q 2023) First quarter 2024 results: EPS: kr3.52 (down from kr5.76 in 1Q 2023). Revenue: kr1.37b (up 4.3% from 1Q 2023). Net income: kr97.2m (down 39% from 1Q 2023). Profit margin: 7.1% (down from 12% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 05
Upcoming dividend of kr8.00 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 22 April 2024. Payout ratio is a comfortable 69% and the cash payout ratio is 77%. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: kr11.56 (vs kr11.06 in FY 2022) Full year 2023 results: EPS: kr11.56 (up from kr11.06 in FY 2022). Revenue: kr4.80b (up 15% from FY 2022). Net income: kr318.1m (up 5.0% from FY 2022). Profit margin: 6.6% (down from 7.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Feb 13
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 German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Feb 07
Full year 2023 earnings released: EPS: kr11.56 (vs kr11.06 in FY 2022) Full year 2023 results: EPS: kr11.56 (up from kr11.06 in FY 2022). Revenue: kr4.80b (up 15% from FY 2022). Net income: kr318.1m (up 5.0% from FY 2022). Profit margin: 6.6% (down from 7.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annuncio • Feb 06
Multiconsult ASA Proposes a Dividend for the Financial Year 2023, Payable on or Around 22 April 2024 Multiconsult ASA proposed a dividend of NOK 8.00 per share for the financial year 2023 to the annual general meeting on 11 April 2024. Ex-date: 12 April 2024 and record date is on 15 April 2024. The payment date is on or around 22 April 2024. Annuncio • Nov 03
Multiconsult ASA (OB:MULTI) acquired Planteknikk As. Multiconsult ASA (OB:MULTI) acquired Planteknikk As on November 2, 2023. For FY 2022, Planteknikk recorded operating revenues of NOK8.6 million and achieved an EBIT of NOK1.5 million.Multiconsult ASA (OB:MULTI) completed the acquisition of Planteknikk As on November 2, 2023. Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: kr0.40 (vs kr1.75 in 3Q 2022) Third quarter 2023 results: EPS: kr0.40 (down from kr1.75 in 3Q 2022). Revenue: kr977.0m (up 12% from 3Q 2022). Net income: kr11.1m (down 77% from 3Q 2022). Profit margin: 1.1% (down from 5.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 24
Second quarter 2023 earnings released: EPS: kr1.30 (vs kr2.11 in 2Q 2022) Second quarter 2023 results: EPS: kr1.30 (down from kr2.11 in 2Q 2022). Revenue: kr1.15b (up 10.0% from 2Q 2022). Net income: kr36.0m (down 38% from 2Q 2022). Profit margin: 3.1% (down from 5.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 16% per year. Annuncio • Jun 29
Multiconsult ASA (OB:MULTI) acquired 70% stake in A-Lab As. Multiconsult ASA (OB:MULTI) entered into an agreement to acquire 70% stake in A-Lab As for enterprise value of approximately NOK 150 million on June 5, 2023. Consideration will be paid in cash and Multiconsult shares. Multiconsult will issue 140 452 new shares to the shareholders of A-Lab. The transaction is subject to approval from the Norwegian Competition Authorities. For 2022, A-Lab has reported revenue of NOK 179.7 million and EBIT of NOK 19.6 million. Johan Svedberg and Christina Lavold of Kluge Advokatfirma AS acted as legal advisor to Multiconsult ASA (OB:MULTI).
Multiconsult ASA (OB:MULTI) completed the acquisition of 70% stake in A-Lab As on June 28, 2023. Annuncio • Jun 06
Multiconsult ASA (OB:MULTI) entered into an agreement to acquire 70% stake in A-Lab As for enterprise value of approximately NOK 150 million. Multiconsult ASA (OB:MULTI) entered into an agreement to acquire 70% stake in A-Lab As for enterprise value of approximately NOK 150 million on June 5, 2023. Consideration will be paid in cash and Multiconsult shares. The transaction is subject to approval from the Norwegian Competition Authorities. For 2022, A-Lab As reported revenue of NOK 179.7 million and EBIT of NOK 19.6 million. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: kr5.76 (vs kr4.44 in 1Q 2022) First quarter 2023 results: EPS: kr5.76 (up from kr4.44 in 1Q 2022). Revenue: kr1.31b (up 15% from 1Q 2022). Net income: kr158.1m (up 30% from 1Q 2022). Profit margin: 12% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 08
Upcoming dividend of kr9.00 per share at 5.9% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 24 April 2023. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.7%). Recent Insider Transactions • Mar 29
Independent Chairman recently bought €63k worth of stock On the 27th of March, Rikard Appelgren bought around 5k shares on-market at roughly €12.56 per share. This transaction amounted to 14% 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 Rikard's only on-market trade for the last 12 months. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: kr11.06 (vs kr8.67 in FY 2021) Full year 2022 results: EPS: kr11.06 (up from kr8.67 in FY 2021). Revenue: kr4.19b (up 10% from FY 2021). Net income: kr303.0m (up 29% from FY 2021). Profit margin: 7.2% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 09
Full year 2022 earnings released: EPS: kr11.06 (vs kr8.67 in FY 2021) Full year 2022 results: EPS: kr11.06 (up from kr8.67 in FY 2021). Revenue: kr4.19b (up 10% from FY 2021). Net income: kr303.0m (up 29% from FY 2021). Profit margin: 7.2% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Professional Services industry in Europe. 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 20% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 08
Multicoult Asa Proposes Dividend for the Financial Year 2022, Payable on or Around 24 April 2023 Multicoult ASAS proposed a dividend of NOK 9.00 per share for the financial year 2022 to the annual general meeting on 13 April 2023. Dividend amount: NOK 9.00 per share. Declared currency: NOK. Last day including right: 13 April 2023. Ex-date: 14 April 2023. Record date: 17 April 2023. Payment date: On or around 24 April 2023. Date of approval: 13 April 2023. Annuncio • Dec 02
Multiconsult ASA (OB:MULTI) entered into an agreement to purchase 100% stake in Roar Jorgensen As. Multiconsult ASA (OB:MULTI) entered into an agreement to purchase 100% stake in Roar Jorgensen As on November 30, 2022. The share price will be based on the volume weighted average share price of Multiconsult five days consecutive trading days in the week prior to closing. Roar Jørgensen AS will continue as a standalone subsidiary of Multiconsult ASA. For 2021, Roar Jørgensen recorded operating revenues of NOK 58.6 million, EBIT of NOK 13.5 million and net profit (after tax) of NOK 10.6 million. The consideration will be settled with cash and shares with an expected closing in December 2022. Roar Jørgensen currently has 38 employees. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Tore Sjursen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: kr1.75 (vs kr1.01 in 3Q 2021) Third quarter 2022 results: EPS: kr1.75 (up from kr1.01 in 3Q 2021). Revenue: kr876.0m (up 14% from 3Q 2021). Net income: kr48.0m (up 75% from 3Q 2021). Profit margin: 5.5% (up from 3.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: kr2.11 (vs kr2.90 in 2Q 2021) Second quarter 2022 results: EPS: kr2.11 (down from kr2.90 in 2Q 2021). Revenue: kr1.05b (up 6.2% from 2Q 2021). Net income: kr57.8m (down 26% from 2Q 2021). Profit margin: 5.5% (down from 7.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.8%, compared to a 8.2% growth forecast for the Professional Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: kr4.44 (vs kr2.47 in 1Q 2021) First quarter 2022 results: EPS: kr4.44 (up from kr2.47 in 1Q 2021). Revenue: kr1.14b (up 16% from 1Q 2021). Net income: kr121.6m (up 83% from 1Q 2021). Profit margin: 11% (up from 6.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.8%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Tore Sjursen was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annuncio • Apr 20
Multiconsult ASA Announces CFO Changes Multiconsult ASA has appointed Ove B. Haupberg new Chief Financial Officer (CFO). Mr. Haupberg comes from a position as CFO in Eltel Networks Norway and has extensive financial and management experience from several leading companies. Among others he has served as CFO for OBOS BBL and COOP Norge SA. Ove B. Haupberg hold an MSc. in Business from Norwegian School of Economics (NHH) in Bergen. Mr. Haupberg will begin in his new role 1 September 2022. As announced on 24 November 2021, Hans-Jørgen Wibstad will resign from Multiconsult to take on a new position as CFO in Norwegian Air Suttle ASA. Mr. Wibstad ends his employment in Multiconsult6 May 2022. Unni Kristiansen is appointed acting CFO in the period from 6 May to 1 September 2022. She comes from the position of Group Chief Accountant in Multiconsult ASA and has extensive experience from accounting, finance and financial reporting. Kristiansen has been with Multiconsult for 4 years and has previous experience from, among others, Renewable Energy Corporation ASA and Posten Norge AS. She is a graduate student at Norges Handelshøyskole (NHH) in Bergen. Upcoming Dividend • Apr 01
Upcoming dividend of kr6.00 per share Eligible shareholders must have bought the stock before 08 April 2022. Payment date: 21 April 2022. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (2.3%). Recent Insider Transactions • Feb 12
Independent Director recently bought €77k worth of stock On the 10th of February, Rikard Appelgren bought around 5k shares on-market at roughly €15.41 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €686k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr8.67 (down from kr9.25 in FY 2020). Revenue: kr3.80b (up 3.9% from FY 2020). Net income: kr234.7m (down 5.8% from FY 2020). Profit margin: 6.2% (down from 6.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 9.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 10
Multiconsult ASA Proposes Dividend for 2021 Multiconsult ASA announced that the board of directors proposed a dividend of NOK 6 per share to be paid as ordinary dividend for 2021. Annuncio • Jan 21
Multiconsult ASA (OB:MULTI) agreed to acquire Smidt & Ingebrigtsen As. Multiconsult ASA (OB:MULTI) agreed to acquire Smidt & Ingebrigtsen As on January 19, 2022. As a part of the transaction, Smidt & Ingebrigtsen As’s seven employees will join Multiconsult ASA. The transaction is expected to complete in February 2022. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS kr1.01 (vs kr1.36 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr769.6m (up 2.8% from 3Q 2020). Net income: kr27.5m (down 25% from 3Q 2020). Profit margin: 3.6% (down from 4.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 04
Independent Chairman of the Board recently bought €78k worth of stock On the 3rd of November, Bård Mikkelsen bought around 5k shares on-market at roughly €15.66 per share. In the last 3 months, there was an even bigger purchase from another insider worth €260k. Bård has been a buyer over the last 12 months, purchasing a net total of €129k worth in shares. Reported Earnings • Aug 22
Second quarter 2021 earnings released: EPS kr2.90 (vs kr2.44 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr986.8m (up 3.7% from 2Q 2020). Net income: kr78.1m (up 19% from 2Q 2020). Profit margin: 7.9% (up from 6.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 20
Independent Chairman of the Board recently bought €51k worth of stock On the 19th of August, Bård Mikkelsen bought around 3k shares on-market at roughly €17.05 per share. This was the largest purchase by an insider in the last 3 months. Bård has been a buyer over the last 12 months, purchasing a net total of €75k worth in shares. Annuncio • Aug 17
Multiconsult ASA (OB:MULTI) completed the acquisition of Erichsen & Horgen As for approximately NOK 420 million. Multiconsult ASA (OB:MULTI) entered into an agreement to acquire Erichsen & Horgen As for an enterprise value of approximately NOK 410 million on July 9, 2021. The consideration will be settled with 80% cash and 20% shares on a cash and debt free basis. The share price will be based on the volume weighted average share price of Multiconsult five days prior to closing. The cash portion of the consideration will be funded from existing cash and increase in the existing revolving credit facility. Multiconsult has increased the limit of its revolving credit facility (RCF) from NOK 200 million to NOK 450 million. For 2020, Erichsen & Horgen recorded operating revenues of NOK 331.3 million, EBIT of NOK 31.3 million and net profit (after tax) of NOK 24.3 million. The transaction is subject to approval from the Norwegian Competition Authorities.
Multiconsult ASA (OB:MULTI) completed the acquisition of Erichsen & Horgen As for approximately NOK 420 million on August 16, 2021. The purchase price was settled in a combination of NOK 337.5 million in cash (80%) and 460129 shares of NOK 84.4 million in Multiconsult shares (20%). Annuncio • Jun 30
An unknown buyer acquired 10.03% stake in Multiconsult ASA (OB:MULTI) from Protector Forsikring ASA for approximately NOK 450 million. An unknown buyer acquired 10.03% stake in Multiconsult ASA (OB:MULTI) from Protector Forsikring ASA for approximately NOK 450 million on June 29, 2021. As per the transaction, Protector Forsikring ASA sold 2.7 million shares at NOK 168 per share. Post completion, Protector Forsikring hold no stake in Multiconsult ASA.
An unknown buyer completed the acquisition of 10.03% stake in Multiconsult ASA (OB:MULTI) from Protector Forsikring ASA on June 29, 2021. Reported Earnings • May 07
First quarter 2021 earnings released: EPS kr2.47 (vs kr3.12 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr979.0m (down 1.5% from 1Q 2020). Net income: kr66.6m (down 21% from 1Q 2020). Profit margin: 6.8% (down from 8.5% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 13
Upcoming dividend of kr8.00 per share Eligible shareholders must have bought the stock before 20 April 2021. Payment date: 28 April 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 28
Full year 2020 earnings released: EPS kr9.25 (vs kr1.30 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr3.66b (up 6.6% from FY 2019). Net income: kr249.2m (up kr214.1m from FY 2019). Profit margin: 6.8% (up from 1.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 19
Full year 2020 earnings released: EPS kr9.25 (vs kr1.30 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr3.66b (up 6.6% from FY 2019). Net income: kr249.2m (up kr214.1m from FY 2019). Profit margin: 6.8% (up from 1.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to stay flat compared to a 5.9% growth forecast for the Professional Services industry in Germany. Is New 90 Day High Low • Feb 16
New 90-day high: €13.90 The company is up 10.0% from its price of €12.60 on 18 November 2020. The German market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.29 per share. Annuncio • Jan 23
Multiconsult Polska to Provide Technical Support for Construction of Solidarity Transport Hub in Poland Multiconsult Polska has been awarded a contract to provide technical support in the spatial survey and ground study for master plan and predesign documentation for Solidarity Transport Hub in Poland. Solidarity Transport Hub is a state-owned company founded in 2018 to prepare and carry out a long term project to construct the new transport hub under the same name. Multiconsult Polska will be responsible for obtaining a complete set of terrain data in the area of geology, geophysics, as well as geodesy, archaeology, environment and sapper recognition which will be used for planning,
design, preparation and implementation of the investment. The contract value is estimated to NOK 68 million over the next two years. Multiconsult Polska is a fully owned subsidiary of Multiconsult ASA. Solidarity Transport Hub planned to be built 40km outside of Warsaw, the new transport hub will comprise a hub for international airport, railway and road interchange for Poland set over 3,000ha., and is currently the biggest infrastructure investment in Poland. Is New 90 Day High Low • Jan 23
New 90-day high: €12.80 The company is up 48% from its price of €8.65 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 6.0% over the same period. Recent Insider Transactions • Dec 18
Independent Director recently bought €5.9k worth of stock On the 14th of December, Hanne Rønneberg bought around 500 shares on-market at roughly €11.87 per share. In the last 3 months, there was an even bigger purchase from another insider worth €24k. Insiders have collectively bought €87k more in shares than they have sold in the last 12 months. Annuncio • Dec 17
Multiconsult Polska Secures Contract from Polish National Roads and Motorways Multiconsult Polska has signed a contract with The General Directorate of National Roads and Motorways (GDDKiA) in Poland. The contract involves supervision and management of design and construction of the S19 Expressway in north-western Poland. The contract value is estimated to NOK 43 million over the next five years. Multiconsult Polska is a fully owned subsidiary of Multiconsult. As the Contract Engineer, Multiconsult Polska will be responsible for review of the design, monitoring construction works and management, including coordination of contracts for the construction phase of approximately 27 km of expressway. Recent Insider Transactions • Dec 17
Independent Director recently bought €5.9k worth of stock On the 14th of December, Hanne Rønneberg bought around 500 shares on-market at roughly €11.87 per share. In the last 3 months, there was an even bigger purchase from another insider worth €24k. Insiders have collectively bought €87k more in shares than they have sold in the last 12 months. Upcoming Dividend • Nov 25
Upcoming Dividend of kr2.00 Per Share Will be paid on the 10th of December to those who are registered shareholders by the 2nd of December. The trailing yield of 1.5% is below the top quartile of German dividend payers (3.6%), and is lower than industry peers (2.5%). Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 28% share price gain to kr11.30, the stock is trading at a trailing P/E ratio of 18.4x, up from the previous P/E ratio of 14.4x. This compares to an average P/E of 27x in the Professional Services industry in Europe. Total returns to shareholders over the past three years are 50%. Recent Insider Transactions • Nov 11
Independent Chairman of the Board recently bought €24k worth of stock On the 4th of November, Bård Mikkelsen bought around 3k shares on-market at roughly €9.66 per share. This was the largest purchase by an insider in the last 3 months. Bård has been a buyer over the last 12 months, purchasing a net total of €43k worth in shares. Is New 90 Day High Low • Nov 05
New 90-day high: €10.10 The company is up 59% from its price of €6.35 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 4.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS kr1.36 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: kr748.5m (up 3.9% from 3Q 2019). Net income: kr96.5m (up kr88.8m from 3Q 2019). Profit margin: 13% (up from 1.1% in 3Q 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue beats expectations Revenue exceeded analyst estimates by 35%. Over the next year, revenue is forecast to grow 4.2%, compared to a 1.3% growth forecast for the Professional Services industry in Germany. Annuncio • Oct 04
Multiconsult ASA to Report Fiscal Year 2020 Final Results on Mar 26, 2021 Multiconsult ASA announced that they will report fiscal year 2020 final results on Mar 26, 2021