Annuncio • Feb 27
Thomson Reuters Corporation (TSX:TRI) completed the acquisition of Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab, Bengt Nilsson, Summa Equity Fund I, a fund managed by Summa Equity AB and others. Thomson Reuters Corporation (TSX:TRI) made a public tender offer to acquire Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab, Bengt Nilsson, Summa Equity Fund I, a fund managed by Summa Equity AB and others for SEK 6.4 billion on January 11, 2024. As on January 15, 2024, Thomson Reuters Corporation (TSX:TRI) made a public tender offer to acquire Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab, Bengt Nilsson and others for SEK 8.1 billion. The offer price per share is SEK 40. The Offer is not subject to any financing contingency. The consideration payable in respect of the Offer is fully financed through funds currently available to Thomson Reuters. The Offer is conditioned by acceptance by over 90 per cent of the Company's shareholders. As on January 15, 2024, since the announcement of the Offer, Thomson Reuters acquired 86,720,670 shares in Pagero from inter alia Summa Equity and Pagero’s CEO Bengt Nilsson, equal to 53.81% of all shares and all votes in Pagero. Thomson Reuters increases the price of its Offer from SEK 40 to SEK 50 in cash per share. The independent bid committee of Pagero's board today unanimously recommends all shareholders in Pagero to accept the Revised Offer and declares the Offer unconditional. On January 16, 2024, Thomson Reuters acquired additional shares and became the owner of approximately 59.3% of the shares in Pagero. As of January 18, 2024, Avalara, Inc. has decided to withdraw the Offer. As of February 2, 2024, Thomson Reuters now controls approximately 84.53% stake in Pagero Group.Morgan Stanley & Co. LLC acted as a financial advisor, and Linklaters LLP acted as a legal advisor to Thomson Reuters Corporation. Lazard Canada Inc & Lazard AB acted as financial advisor and Advokatfirman Cederquist KB acted as legal advisor to Pagero Group AB (publ).Thomson Reuters Corporation (TSX:TRI) completed the acquisition of Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab, Bengt Nilsson, Summa Equity Fund I, a fund managed by Summa Equity AB and others on February 26, 2024. Annuncio • Jan 16
Vertex, Inc. (NasdaqGM:VERX) cancelled the acquisition of Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab and others. Vertex, Inc. (NasdaqGM:VERX) made a public tender offer to acquire Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab and others for SEK 5.8 billion on December 13, 2023. Vertex intends to fund the transaction with proceeds from its existing undrawn revolving credit facility and from issuance of a new series of Convertible Preferred Stock in the amount of SEK 5.2 billion to Silver Lake. As of January 11, 2024, Thomson Reuters Corporation (TSX:TRI) made a public tender offer to acquire Pagero Group AB (publ) (OM:PAGERO) for offer price per share of SEK 40. As of January 12, 2024, Avalara, Inc. made a public tender offer to acquire remaining 86.3% stake in Pagero Group AB (publ) (OM:PAGERO) for offer price per share of SEK 45.
Vertex has also received irrevocable undertakings to accept the offer from Pagero's two largest shareholders Vålåuggen Invest AB and Norelia AB in total representing approximately 40.4%. Vertex has been informed by the independent bid committee of the Board of Directors of Pagero of its resolution to unanimously recommend the shareholders of Pagero to accept the public offer made by Vertex. The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of Pagero's shares and customary closing conditions. The acceptance period of the offer is expected to commence on or around December 15, 2023 and expire on or around January 23, 2024. The transaction is expected to be accretive to Vertex's margins in the second full year after closing, with additional opportunity to increase revenue synergies and cost benefits in the medium to long term.
Greenhill acted as financial advisor and DLA Piper acted as legal advisor to Vertex. Centerview Partners acted as financial advisor to Vertex. Lazard AB acted as financial advisor to Pagero Group AB.
Vertex, Inc. (NasdaqGM:VERX) cancelled the acquisition of Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab and others on January 14, 2024. Annuncio • Jan 12
Avalara, Inc. made a public tender offer to acquire remaining 86.3% stake in Pagero Group AB (publ) (OM:PAGERO) from Investering & Tryghed A/S and others for SEK 6.25 billion. Avalara, Inc. made a public tender offer to acquire remaining 86.3% stake in Pagero Group AB (publ) (OM:PAGERO) from Investering & Tryghed A/S and others for SEK 6.25 billion on January 12, 2023. The offer price per share is SEK 45. As of the date of this announcement, BidCo holds and controls 22,072,735 shares and votes in Pagero, corresponding to approximately 13.70% of all shares and votes in Pagero. The consideration payable in respect of the Offer is fully secured by a combination of funds available to BidCo by way of an equity commitment letter issued by Vista Equity Partners funds and cash on hand. If BidCo acquires more than 90% of the total number of shares in Pagero, BidCo intends to commence compulsory redemption to acquire all remaining shares in Pagero and to promote delisting of Pagero's shares from Nasdaq First North Growth Market. The independent bid committee of the board of directors of Pagero is expected to announce its opinion regarding the Offer no later than two weeks prior to the expiry of the acceptance period in the Offer. Completion of the Offer is conditional upon the Offer being accepted to such extent that BidCo becomes the owner of shares representing more than 90% of the total number of outstanding shares in Pagero, no other party announcing an offer to acquire shares in Pagero on terms that are more favorable to the shareholders of Pagero than the Offer; with respect to the Offer and completion of the acquisition of Pagero, receipt of all necessary regulatory, governmental or similar clearances, approvals, decisions and other actions from authorities or similar, including from competition authorities, in each case on terms which, in BidCo's opinion, are acceptable and Pagero not taking any action that is likely to impair the prerequisites for making or completing the Offer. The acceptance period in the Offer is expected to commence on or around January 16, 2024, and end on or around February 6, 2024.
The independent bid committee has retained Lazard as financial adviser and Cederquist as legal adviser. Goldman Sachs & Co. LLC is acting as sole financial advisor to Avalara, and Roschier Advokatbyrå AB and Kirkland & Ellis LLP are acting as legal advisors to BidCo, Avalara and Vista Equity Partners in connection with the Offer. Price Target Changed • Dec 22
Price target increased by 16% to kr25.00 Up from kr21.50, the current price target is provided by 1 analyst. New target price is 30% below last closing price of kr35.80. The company posted a net loss per share of kr1.79 last year. Annuncio • Dec 14
Vertex, Inc. (NasdaqGM:VERX) made a public tender offer to acquire Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab and Norelia AB for SEK 5.8 billion. Vertex, Inc. (NasdaqGM:VERX) made a public tender offer to acquire Pagero Group AB (publ) (OM:PAGERO) from VÅLÅUggen Invest Ab and Norelia AB for SEK 5.8 billion on December 13, 2023. Vertex intends to fund the transaction with proceeds from its existing undrawn revolving credit facility and from issuance of a new series of Convertible Preferred Stock in the amount of SEK 5.2 billion to Silver Lake. Vertex has also received irrevocable undertakings to accept the offer from Pagero's two largest shareholders Vålåuggen Invest AB and Norelia AB in total representing approximately 40.4%. Vertex has been informed by the independent bid committee of the Board of Directors of Pagero of its resolution to unanimously recommend the shareholders of Pagero to accept the public offer made by Vertex. The offer is subject to certain regulatory approvals, the receipt of valid tenders of more than 90% of Pagero's shares and customary closing conditions. The acceptance period of the offer is expected to commence on or around December 15, 2023 and expire on or around January 23, 2024. The transaction is expected to be accretive to Vertex's margins in the second full year after closing, with additional opportunity to increase revenue synergies and cost benefits in the medium to long term.Greenhill acted as financial advisor and DLA Piper acted as legal advisor to Vertex. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings have declined by 40% 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 Risk Earnings have declined by 40% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.7% increase in shares outstanding). New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings have declined by 40% 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 Risk Earnings have declined by 40% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Reported Earnings • Nov 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr243.0m (up 36% from 3Q 2022). Net loss: kr76.8m (loss widened 11% from 3Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Sweden. New Risk • Oct 27
New major risk - Revenue and earnings growth Earnings have declined by 43% 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 Risk Earnings have declined by 43% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Annuncio • Oct 05
Pagero Group AB (publ) Launches Launch of Its Upgraded Pagero Network, Bringing A New User Interface and New Features to Market Pagero Group AB (publ) announced the launch of its upgraded Pagero Network, bringing a new user interface and new features to market. With the upgrade, it is now easier than ever before for users to find and connect with other businesses on the network. In addition to a new interface, users get access to a wide range of new functionalities and features, such as: Search lets a user search for and connect with customers and suppliers available on Pagero Network; Profile lets a user build a business profile that is visible to existing and potential customers and suppliers on the platform; Monitor lets users upload lists of existing customers and suppliers to see which of them are available on Pagero Network; Invite help users invite customers and suppliers to sign up to Pagero Network. Recent Insider Transactions • Sep 06
Chief Relationship Officer recently sold kr92k worth of stock On the 4th of September, Fredrik Rosenqvist sold around 6k shares on-market at roughly kr16.50 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr523k more than they sold in the last 12 months. Major Estimate Revision • Aug 31
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -kr1.09 to -kr1.33 per share. Revenue forecast unchanged at kr796.3m. Software industry in Sweden expected to see average net income growth of 58% next year. Consensus price target of kr21.50 unchanged from last update. Share price was steady at kr16.15 over the past week. New Risk • Jul 19
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: kr293m Forecast net loss in 2 years: kr67m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. This is currently the only risk that has been identified for the company. Price Target Changed • Jun 22
Price target increased by 19% to kr21.50 Up from kr18.00, the current price target is an average from 2 analysts. New target price is 38% above last closing price of kr15.60. Stock is up 13% over the past year. The company is forecast to post a net loss per share of kr1.09 next year compared to a net loss per share of kr1.79 last year. Price Target Changed • May 12
Price target increased by 12% to kr19.00 Up from kr17.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of kr16.20. Stock is up 11% over the past year. The company is forecast to post a net loss per share of kr1.09 next year compared to a net loss per share of kr1.79 last year. Reported Earnings • Apr 20
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: kr1.79 loss per share (further deteriorated from kr1.15 loss in FY 2021). Revenue: kr736.2m (up 35% from FY 2021). Net loss: kr275.8m (loss widened 74% from FY 2021). Revenue missed analyst estimates by 17%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Software industry in Sweden. Reported Earnings • Feb 25
Full year 2022 earnings released: kr1.79 loss per share (vs kr1.15 loss in FY 2021) Full year 2022 results: kr1.79 loss per share (further deteriorated from kr1.15 loss in FY 2021). Revenue: kr741.4m (up 36% from FY 2021). Net loss: kr275.8m (loss widened 74% from FY 2021). Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Sweden. Major Estimate Revision • Feb 22
Consensus revenue estimates increase by 22% The consensus outlook for revenues in fiscal year 2022 has improved. 2022 revenue forecast increased from kr594.8m to kr725.0m. Forecast losses expected to reduce from -kr1.65 to -kr1.62 per share. Software industry in Sweden expected to see average net income growth of 45% next year. Consensus price target up from kr17.00 to kr18.00. Share price was steady at kr13.60 over the past week. Breakeven Date Change • Jan 01
Forecast to breakeven in 2025 The analyst covering Pagero Group expects the company to break even for the first time. New forecast suggests the company will make a profit of kr12.0m in 2025. Average annual earnings growth of 57% is required to achieve expected profit on schedule. Recent Insider Transactions • Dec 15
Chief Commercial Officer recently bought kr71k worth of stock On the 9th of December, Julius Nilsson bought around 6k shares on-market at roughly kr12.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr130k. Insiders have collectively bought kr1.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 01
Chief Product Officer recently bought kr130k worth of stock On the 23rd of November, Gustav Dahllof bought around 10k shares on-market at roughly kr13.30 per share. This transaction increased Gustav's direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr420k. Insiders have collectively bought kr1.9m more in shares than they have sold in the last 12 months. Annuncio • Nov 23
Pagero Appoints Nomination Committee for AGM in May 2023 Pagero Group Ab (Publ) announced that the following representatives of Pagero Group AB's shareholders will be members of the Nomination Committee for the 2023 annual general meeting: Jan Andersson, appointed by Swedbank Robur Fonder, Mats Ryding, appointed by Greenfield AB/Bengt Nilsson, Mehdi Lahlou, appointed by Vålåuggen Invest AB/Summa Equity, Birger Steen, chairman of the board, Pagero Group AB. The company's chairman of the board, Birger Steen, shall convene the nomination committee for its first meeting. The nomination committee will generate proposals for the 2023 annual general meeting regarding the chairman of the annual general meeting, board members, chairman of the board, auditor, and board fee with a split between the chairman and other board members as well as compensation for committee work, fee for the company's auditor and any changes to the instructions for the nomination committee. The annual general meeting will take place on May 11, 2023, in Gothenburg. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -kr1.49 to -kr1.65 per share. Revenue forecast unchanged at kr594.8m. Software industry in Sweden expected to see average net income growth of 40% next year. Consensus price target of kr17.00 unchanged from last update. Share price rose 6.8% to kr13.90 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: kr0.45 loss per share (vs kr0.25 loss in 3Q 2021) Third quarter 2022 results: kr0.45 loss per share (further deteriorated from kr0.25 loss in 3Q 2021). Revenue: kr179.2m (up 23% from 3Q 2021). Net loss: kr69.4m (loss widened 112% from 3Q 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Software industry in Sweden. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr179.2m (up 23% from 3Q 2021). Net loss: kr69.4m (loss widened 112% from 3Q 2021). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Software industry in Sweden. Price Target Changed • Nov 07
Price target decreased to kr17.00 Down from kr19.00, the current price target is provided by 1 analyst. New target price is 35% above last closing price of kr12.60. Stock is down 36% over the past year. The company is forecast to post a net loss per share of kr1.49 next year compared to a net loss per share of kr1.15 last year. Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 52% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr606.0m to kr594.3m. Losses expected to increase from kr0.97 per share to kr1.48. Software industry in Sweden expected to see average net income growth of 28% next year. Consensus price target down from kr19.00 to kr18.00. Share price fell 2.3% to kr13.70 over the past week. Reported Earnings • Aug 23
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr173.4m (up 45% from 2Q 2021). Net loss: kr106.3m (loss widened 215% from 2Q 2021). Over the next year, revenue is forecast to grow 5.7%, compared to a 33% growth forecast for the Software industry in Sweden. Annuncio • Aug 23
Pagero Group Ab (Publ) to Report Q4, 2022 Results on Feb 24, 2023 Pagero Group Ab (Publ) announced that they will report Q4, 2022 results on Feb 24, 2023 Major Estimate Revision • May 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -kr0.83 to -kr0.94 per share. Revenue forecast unchanged at kr608.7m. Software industry in Sweden expected to see average net income growth of 48% next year. Consensus price target of kr24.00 unchanged from last update. Share price fell 8.4% to kr13.92 over the past week. Annuncio • May 10
Pagero Launches Support for P27 to Help Nordic Companies Meet Future Requirements Pagero announced that its e-banking service now supports P27, the new payment platform that will replace Bankgirot. From 2023, Bankgirot will be phased out as platform for payments between companies in the Nordic region. Bankgirot will be replaced by P27 Nordic Payments Platform, a new payment infrastructure for the Nordics developed in a joint initiative by Danske Bank, Handelsbanken, Nordea, OP Financial Group, SEB and Swedbank. The goal is to offer a simpler and more future-proof payment infrastructure for companies and individuals in the Nordic region.Pagero, which for over a decade has helped companies streamline banking and payment processes, is now announcing support for P27 in its e-banking service. The support has already been implemented for around a hundred companies that will be ready for P27 when it goes live.Pagero E-banking is a service that allows companies to process payments - for all their companies, banks and currencies - in one interface. But the benefits are not just related to a smoother payment process.Pagero E-banking is mainly available to customers in the Nordic region, but development is underway to launch the product in more markets. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Fredrik vom Hofe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 24
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: kr1.15 loss per share (down from kr0.74 loss in FY 2020). Revenue: kr543.7m (up 24% from FY 2020). Net loss: kr158.4m (loss widened 87% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 11%, compared to a 52% growth forecast for the industry in Sweden. Annuncio • Mar 04
Pagero Group Ab (Publ) (OM:PAGERO) signed an agreement to acquire Sri Lankan-based R&D operations from Creative Technologies (PVT). Pagero Group Ab (Publ) (OM:PAGERO) signed an agreement to acquire Sri Lankan-based R&D operations from Creative Technologies (PVT) on March 2, 2022. Creative Technologies will assist with local administrative operations for the next four years. The transaction will create financial possibilities to expand Pagero's Sri Lankan R&D operations without increasing total costs and the transaction is not considered to have significant impact on its performance. Reported Earnings • Feb 26
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: kr1.19 loss per share (up from kr7.38 loss in FY 2020). Revenue: kr545.4m (up 25% from FY 2020). Net loss: kr158.4m (loss widened 87% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.1%, compared to a 60% growth forecast for the industry in Sweden. Annuncio • Feb 19
Pagero Group Ab (Publ) to Report Fiscal Year 2021 Results on Feb 25, 2022 Pagero Group Ab (Publ) announced that they will report fiscal year 2021 results at 7:30 AM, Central European Standard Time on Feb 25, 2022 Recent Insider Transactions • Dec 18
Chief Commercial Officer recently bought kr179k worth of stock On the 14th of December, Julius Nilsson bought around 10k shares on-market at roughly kr17.90 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr553k. Insiders have collectively bought kr847k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 28
Chief Financial Officer recently bought kr553k worth of stock On the 26th of November, Jan-Olof Ohlsson bought around 30k shares on-market at roughly kr18.45 per share. This was the largest purchase by an insider in the last 3 months. This was Jan-Olof's only on-market trade for the last 12 months. Recent Insider Transactions • Oct 26
Independent Director recently bought kr100k worth of stock On the 22nd of October, Fredrik vom Hofe bought around 4k shares on-market at roughly kr22.70 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Oct 22
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Fredrik vom Hofe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.