Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €3.37, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Forestry industry in Europe. Total loss to shareholders of 15% over the past three years. Reported Earnings • Jul 15
Second quarter 2026 earnings released: kr1.95 loss per share (vs kr0.94 profit in 2Q 2025) Second quarter 2026 results: kr1.95 loss per share (down from kr0.94 profit in 2Q 2025). Revenue: kr2.58b (up 14% from 2Q 2025). Net loss: kr165.0m (down 306% from profit in 2Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annuncio • Jan 02
Norske Skog Asa Announces Appointment of Christoffer Bull as Senior Vice President Business Development and Resignation from Board of Directors, Effective January 1, 2026 Norske Skog announced the appointment of Christoffer Bull as Senior Vice President Business Development, effective 1 January 2026. Upon assuming this position, Mr. Bull will resign from his role as a member of the Norske Skog Board of Directors. Mr. Bull until recently served as COO of Greenbit AS and has served at the Norske Skog Board of Directors since 2023. His professional background includes nearly two decades with Norske Skog, including close to ten years at the group head office, as well as marketing director roles at Norske Skog Follum, Norske Skog Golbey, and Norske Skog Saugbrugs. Mr. Bull holds a master’s degree in economics from Université des Sciences Sociales Toulouse 1 and has completed an executive management programme at HEC Paris. In his new role, Mr. Bull will be responsible for the continued development and follow-up of Norske Skog’s packaging paper segment, with a particular focus on Norske Skog Golbey. His experience and expertise will be a valuable contribution to the Norske Skog Executive Management team. Annuncio • Apr 17
Boyer Capital Pty Ltd completed the acquisition of Norske Skog Industries Australia Limited from Norske Skog ASA (OB:NSKOG). Boyer Capital Pty Ltd agreed to acquire Norske Skog Industries Australia Limited from Norske Skog ASA (OB:NSKOG) for enterprise value of approximately NOK 190 million on February 7, 2025. A cash consideration of NOK 190 million will be paid by Boyer Capital Pty Ltd. As part of consideration, NOK 190 million is paid towards common equity of Norske Skog Industries Australia Limited.
The expected completion of the transaction is during the first quarter of 2025
Boyer Capital Pty Ltd completed the acquisition of Norske Skog Industries Australia Limited from Norske Skog ASA (OB:NSKOG) on April 16, 2025. Annuncio • Jan 13
Norske Skog ASA, Annual General Meeting, Apr 10, 2025 Norske Skog ASA, Annual General Meeting, Apr 10, 2025. Valuation Update With 7 Day Price Move • Nov 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €1.44, the stock trades at a trailing P/E ratio of 6.4x. Average forward P/E is 10x in the Forestry industry in Europe. Total loss to shareholders of 62% over the past three years. New Risk • Nov 04
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 7.1% 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 Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €1.95, the stock trades at a trailing P/E ratio of 8.5x. Average forward P/E is 10x in the Forestry industry in Europe. Total loss to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.40 per share. New Risk • Oct 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Oct 20
Third quarter 2024 earnings released: kr1.80 loss per share (vs kr1.45 profit in 3Q 2023) Third quarter 2024 results: kr1.80 loss per share (down from kr1.45 profit in 3Q 2023). Revenue: kr3.01b (up 14% from 3Q 2023). Net loss: kr153.0m (down 214% from profit in 3Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 07
Now 22% overvalued Over the last 90 days, the stock has fallen 27% to €2.64. The fair value is estimated to be €2.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 27% per annum over the same time period. Recent Insider Transactions • Sep 11
Chief Financial Officer recently bought €19k worth of stock On the 6th of September, Tord Torvund bought around 7k shares on-market at roughly €2.87 per share. This transaction increased Tord's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Tord's only on-market trade for the last 12 months. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr2.89 (vs kr0.48 in 2Q 2023) Second quarter 2024 results: EPS: kr2.89 (up from kr0.48 in 2Q 2023). Revenue: kr2.73b (down 13% from 2Q 2023). Net income: kr245.0m (up 444% from 2Q 2023). Profit margin: 9.0% (up from 1.4% in 2Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • May 01
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 2 experienced directors. No highly experienced directors. Independent Chair of the Board Arvid Grundekjon is the most experienced director on 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 board continuity. Lack of experienced directors. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: kr5.27 (vs kr27.28 in FY 2022) Full year 2023 results: EPS: kr5.27 (down from kr27.28 in FY 2022). Revenue: kr11.8b (down 19% from FY 2022). Net income: kr481.0m (down 81% from FY 2022). Profit margin: 4.1% (down from 18% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Forestry industry in Europe. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: kr5.63 (vs kr27.28 in FY 2022) Full year 2023 results: EPS: kr5.63 (down from kr27.28 in FY 2022). Revenue: kr12.7b (down 13% from FY 2022). Net income: kr480.0m (down 81% from FY 2022). Profit margin: 3.8% (down from 18% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Forestry 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 remained flat, which means it is significantly lagging earnings. Annuncio • Jan 12
Norske Skog ASA Announces Chief Financial Officer Changes Norske Skog strengthens corporate management. Tord Steinset Torvund (33) is employed as Chief Financial Officer (CFO) in Norske Skog ASA from 1 March 2024, because the current CFO, Rune Sollie (57), having announced that he wishes to resign. Tord Steinset Torvund (33) has been appointed as the new Chief Financial Officer (CFO). Despite his young age, Torvund has solid experience from various audit and finance positions both inside and outside Norske Skog. He has exceptionally good analytical skills and has demonstrated that he works in a structured manner with great work capacity. Tord is currently the finance director at Norske Skog Saugbrugs in Halden and was previously controller for the group's operations. He is currently also the general manager of Saugbrugs Bioenergi AS, and a board member of the Norske Skog companies Cebina AS and Cebico AS. Before his employment at Norske Skog, Tord worked as an auditor at KPMG for 5 years with responsibility for large industrial clients. He also has different experience from shorter working periods during his studies at Kværner ASA, Norsk Hydro ASA, and REC Silicon ASA. Tord has three master's degrees respectively in financial economics from the Norwegian School of Economics in Bergen (NHH), CEMS international management at NHH and St. Petersburg University, and in accounting and auditing (NHH). Rune Sollie is leaving as CFO. Rune Sollie (57) was employed in 2014 and has been part of the corporate management at Norske Skog throughout this period. Among other things, he has had responsibility for financial reporting, financing, IT and investor relations. Sollie has also been a board member in numerous Norske Skog companies in the same period, currently among others in Norske Skog Saugbrugs AS, Norske Skog Skogn AS and Norske Skog Industries Australia Ltd. as well as the minority owned company Circa Group AS. Sollie has been central to the refinancing and restructuring of Norske Skog and the new IPO in 2019. Annuncio • Nov 15
Norske Skog ASA Announces Dividend, Payable on or About 28 November 2023 Norske Skog ASA announced dividend of NOK 0.67 per share, Ex-date: 20 November 2023, Record date: 21 November 2023 and Payment date: On or about 28 November 2023. Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: kr1.45 (vs kr0.12 loss in 3Q 2022) Third quarter 2023 results: EPS: kr1.45 (up from kr0.12 loss in 3Q 2022). Revenue: kr3.04b (down 14% from 3Q 2022). Net income: kr134.0m (up kr145.0m from 3Q 2022). Profit margin: 4.4% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. 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 11% per year, which means it is significantly lagging earnings growth. Annuncio • Oct 11
Oji Fibre Solutions (NZ) Limited acquired Tasman mill industrial site and remaining mill assets from Norske Skog ASA (OB:NSKOG). Oji Fibre Solutions (NZ) Limited agreed to acquire Tasman mill industrial site and remaining mill assets from Norske Skog ASA (OB:NSKOG) for approximately NZD 10.9 million on September 20, 2023. The cash proceeds from the transaction were be received on October 10, 2023. Following this transaction with Oji, Norske Skog only retains some rural land areas, and some other land areas previously used for industrial landfilling and water treatment facilities. The transaction was approved by the Overseas Investment Office on September 20, 2023.
Oji Fibre Solutions (NZ) Limited completed the acquisition of Tasman mill industrial site and remaining mill assets from Norske Skog ASA (OB:NSKOG) on October 10, 2023. Annuncio • Sep 03
Norske Skog ASA Announces Chief Executive Officer Changes The board of directors of Norske Skog ASA has appointed Geir Drangsland as the new chief executive officer as of 1 September. Drangsland succeeds Tore Hansesætre, who has decided to leave Norske Skog after more than 14 years in the company. Geir Drangsland, who has served as the chair of the board since March 2023, steps out of the board of directors to become the new CEO of Norske Skog effective from 1 September 2023. Arvid Grundekjøn has been selected the new chair of the board of directors. Grundekjøn has been member of the board of directors since 2018. New Risk • Jul 16
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: 6.7% Last year net profit margin: 10% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (6.7% net profit margin). Reported Earnings • Jul 16
Second quarter 2023 earnings released: EPS: kr0.48 (vs kr9.92 in 2Q 2022) Second quarter 2023 results: EPS: kr0.48 (down from kr9.92 in 2Q 2022). Revenue: kr3.40b (down 11% from 2Q 2022). Net income: kr45.0m (down 95% from 2Q 2022). Profit margin: 1.3% (down from 25% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Jul 05
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 6.8% 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 Earnings are forecast to decline by an average of 7.7% per year for the foreseeable future. High level of non-cash earnings (33% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.98, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Forestry industry in Europe. Total returns to shareholders of 29% over the past three years. Reported Earnings • Apr 30
First quarter 2023 earnings released: kr1.91 loss per share (vs kr6.18 profit in 1Q 2022) First quarter 2023 results: kr1.91 loss per share (down from kr6.18 profit in 1Q 2022). Revenue: kr3.32b (flat on 1Q 2022). Net loss: kr181.0m (down 131% from profit in 1Q 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. 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 15% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 24
Independent Director recently bought €53k worth of stock On the 21st of March, Arvid Grundekjon bought around 10k shares on-market at roughly €5.28 per share. This transaction amounted to 32% 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 €102k more in shares than they have sold in the last 12 months. Annuncio • Jan 28
Norske Skog ASA Proposes Dividend The board of Norske Skog ASA proposed to the annual general meeting an authority to pay NOK 5 dividend per share. Annuncio • Jan 21
Norske Skog ASA to Report Fiscal Year 2022 Results on Mar 30, 2023 Norske Skog ASA announced that they will report fiscal year 2022 results on Mar 30, 2023 Board Change • Nov 16
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Arvid Grundekjon is the most experienced director on the board, commencing their role in 2018. Independent Director Trine-Marie Hagen was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Oct 22
Third quarter 2022 earnings released: kr0.12 loss per share (vs kr6.38 loss in 3Q 2021) Third quarter 2022 results: kr0.12 loss per share (improved from kr6.38 loss in 3Q 2021). Revenue: kr3.63b (up 43% from 3Q 2021). Net loss: kr11.0m (loss narrowed 98% from 3Q 2021). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Forestry industry in Europe are expected to remain flat. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 20% share price gain to €5.94, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Forestry industry in Europe. Total returns to shareholders of 63% over the past year. Reported Earnings • Jul 17
Second quarter 2022 earnings released: EPS: kr9.92 (vs kr3.77 loss in 2Q 2021) Second quarter 2022 results: EPS: kr9.92 (up from kr3.77 loss in 2Q 2021). Revenue: kr3.82b (up 75% from 2Q 2021). Net income: kr935.0m (up kr1.29b from 2Q 2021). Profit margin: 25% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 1.4%, compared to a 8.3% growth forecast for the industry in Germany. Reported Earnings • May 04
First quarter 2022 earnings released: EPS: kr6.18 (vs kr2.05 in 1Q 2021) First quarter 2022 results: EPS: kr6.18 (up from kr2.05 in 1Q 2021). Revenue: kr3.59b (up 67% from 1Q 2021). Net income: kr583.0m (up 201% from 1Q 2021). Profit margin: 16% (up from 9.0% in 1Q 2021). Over the next year, revenue is forecast to grow 16%, compared to a 6.3% growth forecast for the industry in Germany. Board Change • Apr 29
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Arvid Grundekjon is the most experienced director on the board, commencing their role in 2018. Independent Director Trine-Marie Hagen was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 03
Full year 2021 earnings released: kr3.90 loss per share (vs kr22.84 loss in FY 2020) Full year 2021 results: kr3.90 loss per share (up from kr22.84 loss in FY 2020). Revenue: kr9.85b (up 7.4% from FY 2020). Net loss: kr363.0m (loss narrowed 81% from FY 2020). Over the next year, revenue is forecast to grow 25%, compared to a 3.9% growth forecast for the industry in Germany. Recent Insider Transactions • Mar 04
Chairperson of the Board recently bought €138k worth of stock On the 2nd of March, Jen-Yue Chiang bought around 30k shares on-market at roughly €4.62 per share. In the last 3 months, they made an even bigger purchase worth €182k. Jen-Yue has been a buyer over the last 12 months, purchasing a net total of €321k worth in shares. Reported Earnings • Feb 06
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: kr3.85 loss per share (up from kr22.84 loss in FY 2020). Revenue: kr10.3b (up 12% from FY 2020). Net loss: kr363.0m (loss narrowed 81% from FY 2020). Revenue exceeded analyst estimates by 1.8%. Over the next year, revenue is forecast to grow 15%, compared to a 4.5% growth forecast for the industry in Germany. Recent Insider Transactions • Dec 23
Chairperson of the Board recently bought €182k worth of stock On the 21st of December, Jen-Yue Chiang bought around 50k shares on-market at roughly €3.64 per share. This was the largest purchase by an insider in the last 3 months. This was Jen-Yue's only on-market trade for the last 12 months. Reported Earnings • Oct 26
Third quarter 2021 earnings released The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: kr2.64b (up 22% from 3Q 2020). Net loss: kr602.0m (loss widened kr513.0m from 3Q 2020). Reported Earnings • Jul 18
Second quarter 2021 earnings released: kr3.77 loss per share (vs kr0.62 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: kr2.18b (up 8.4% from 2Q 2020). Net loss: kr355.0m (loss widened kr296.0m from 2Q 2020).