View ValuationAvensia 将来の成長Future 基準チェック /26Avensiaは、18.1%と4.1%でそれぞれ年率18.1%で利益と収益が成長すると予測される一方、EPSはgrowで18.1%年率。主要情報18.1%収益成長率18.09%EPS成長率Software 収益成長16.0%収益成長率4.1%将来の株主資本利益率n/aアナリストカバレッジLow最終更新日07 May 2026今後の成長に関する最新情報更新なしすべての更新を表示Recent updatesBoard Change • May 20Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Monika Dagberg was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.お知らせ • Feb 19Avensia AB (publ), Annual General Meeting, May 06, 2026Avensia AB (publ), Annual General Meeting, May 06, 2026.お知らせ • Feb 20Avensia AB (publ), Annual General Meeting, May 07, 2025Avensia AB (publ), Annual General Meeting, May 07, 2025.Reported Earnings • Oct 25Third quarter 2024 earnings released: EPS: kr0.10 (vs kr0.18 in 3Q 2023)Third quarter 2024 results: EPS: kr0.10 (down from kr0.18 in 3Q 2023). Revenue: kr91.8m (flat on 3Q 2023). Net income: kr3.73m (down 45% from 3Q 2023). Profit margin: 4.1% (down from 7.5% in 3Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings.Reported Earnings • Jul 19Second quarter 2024 earnings released: EPS: kr0.21 (vs kr0.15 loss in 2Q 2023)Second quarter 2024 results: EPS: kr0.21 (up from kr0.15 loss in 2Q 2023). Revenue: kr112.5m (up 10% from 2Q 2023). Net income: kr7.97m (up kr13.5m from 2Q 2023). Profit margin: 7.1% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.New Risk • May 10New major risk - Revenue and earnings growthEarnings have declined by 45% 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 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (€27.8m market cap, or US$29.9m).Reported Earnings • May 08First quarter 2024 earnings released: EPS: kr0.11 (vs kr0.18 loss in 1Q 2023)First quarter 2024 results: EPS: kr0.11 (up from kr0.18 loss in 1Q 2023). Revenue: kr103.4m (down 8.3% from 1Q 2023). Net income: kr4.11m (up kr10.8m from 1Q 2023). Profit margin: 4.0% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings.New Risk • Feb 18New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (€26.0m market cap, or US$28.0m).Reported Earnings • Feb 18Full year 2023 earnings released: kr0.13 loss per share (vs kr0.33 loss in FY 2022)Full year 2023 results: kr0.13 loss per share (improved from kr0.33 loss in FY 2022). Revenue: kr417.0m (down 3.4% from FY 2022). Net loss: kr4.75m (loss narrowed 61% from FY 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance.Recent Insider Transactions • Nov 04Director recently bought €133k worth of stockOn the 1st of November, Per Adolfsson bought around 185k shares on-market at roughly €0.72 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €425k more in shares than they have sold in the last 12 months.New Risk • Oct 31New major risk - Revenue and earnings growthEarnings have declined by 37% 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 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (€26.7m market cap, or US$28.2m).Recent Insider Transactions • Aug 17Insider recently bought €5.0k worth of stockOn the 9th of August, Anders Wehtje bought around 6k shares on-market at roughly €0.80 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, they made an even bigger purchase worth €14k. Insiders have collectively bought €269k more in shares than they have sold in the last 12 months.Recent Insider Transactions • Aug 14Insider recently bought €5.0k worth of stockOn the 9th of August, Anders Wehtje bought around 6k shares on-market at roughly €0.80 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, they made an even bigger purchase worth €14k. Insiders have collectively bought €277k more in shares than they have sold in the last 12 months.New Risk • Jul 20New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.7% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (€29.7m market cap, or US$33.2m).Reported Earnings • Jul 19Second quarter 2023 earnings released: kr0.15 loss per share (vs kr0.002 profit in 2Q 2022)Second quarter 2023 results: kr0.15 loss per share (down from kr0.002 profit in 2Q 2022). Revenue: kr102.4m (down 7.3% from 2Q 2022). Net loss: kr5.56m (down kr5.65m from profit in 2Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Software industry in Germany.New Risk • Jun 30New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (€26.3m market cap, or US$28.6m).Reported Earnings • Feb 17Full year 2022 earnings released: kr0.33 loss per share (vs kr0.47 profit in FY 2021)Full year 2022 results: kr0.33 loss per share (down from kr0.47 profit in FY 2021). Revenue: kr435.8m (up 11% from FY 2021). Net loss: kr12.1m (down 169% from profit in FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Software industry in Germany.Buying Opportunity • Feb 16Now 33% undervalued after recent price dropOver the last 90 days, the stock is down 20%. The fair value is estimated to be €1.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 68% in the next 2 years.Buying Opportunity • Jan 31Now 21% undervaluedOver the last 90 days, the stock is up 7.2%. The fair value is estimated to be €1.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 68% in the next 2 years.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Roland Vejdemo was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Oct 21Third quarter 2022 earnings released: kr0.045 loss per share (vs kr0.07 profit in 3Q 2021)Third quarter 2022 results: kr0.045 loss per share (down from kr0.07 profit in 3Q 2021). Revenue: kr93.9m (up 9.8% from 3Q 2021). Net loss: kr1.65m (down 164% from profit in 3Q 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in Germany.Reported Earnings • Jul 21Second quarter 2022 earnings released: EPS: kr0.002 (vs kr0.13 in 2Q 2021)Second quarter 2022 results: EPS: kr0.002 (down from kr0.13 in 2Q 2021). Revenue: kr111.6m (up 14% from 2Q 2021). Net income: kr90.0k (down 98% from 2Q 2021). Profit margin: 0.1% (down from 4.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 8.3% growth forecast for the industry in Germany.Valuation Update With 7 Day Price Move • Jul 20Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to €1.18, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 21x in the Software industry in Germany. Total loss to shareholders of 1.7% over the past year.Reported Earnings • May 06First quarter 2022 earnings released: EPS: kr0.19 (vs kr0.008 in 1Q 2021)First quarter 2022 results: EPS: kr0.19 (up from kr0.008 in 1Q 2021). Revenue: kr118.2m (up 26% from 1Q 2021). Net income: kr7.07m (up kr6.79m from 1Q 2021). Profit margin: 6.0% (up from 0.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19%, compared to a 14% growth forecast for the industry in Germany.Upcoming Dividend • Apr 29Upcoming dividend of kr0.65 per shareEligible shareholders must have bought the stock before 06 May 2022. Payment date: 13 May 2022. Payout ratio and cash payout ratio are on the higher end at 84% and 82% respectively. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.0%). Higher than average of industry peers (1.9%).Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Roland Vejdemo was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.Reported Earnings • Feb 17Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: kr0.47 (up from kr0.031 in FY 2020). Revenue: kr396.1m (up 23% from FY 2020). Net income: kr17.6m (up kr16.4m from FY 2020). Profit margin: 4.4% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 21%, compared to a 14% growth forecast for the industry in Germany.Reported Earnings • Oct 22Third quarter 2021 earnings released: EPS kr0.07 (vs kr0.025 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr85.9m (up 31% from 3Q 2020). Net income: kr2.59m (up kr3.51m from 3Q 2020). Profit margin: 3.0% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue.Recent Insider Transactions • Sep 07Chief Financial Officer recently bought €50k worth of stockOn the 31st of August, Anders Wehtje bought around 34k shares on-market at roughly €1.46 per share. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of €269k worth in shares.Reported Earnings • Jul 23Second quarter 2021 earnings released: EPS kr0.13 (vs kr0.015 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr97.6m (up 26% from 2Q 2020). Net income: kr4.61m (up kr4.04m from 2Q 2020). Profit margin: 4.7% (up from 0.7% in 2Q 2020). The increase in margin was driven by higher revenue.Reported Earnings • May 09First quarter 2021 earnings released: EPS kr0.008 (vs kr0.17 in 1Q 2020)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: kr95.8m (up 5.6% from 1Q 2020). Net income: kr278.0k (down 96% from 1Q 2020). Profit margin: 0.3% (down from 6.8% in 1Q 2020). The decrease in margin was driven by higher expenses.Upcoming Dividend • Apr 29Upcoming dividend of kr0.30 per shareEligible shareholders must have bought the stock before 06 May 2021. Payment date: 13 May 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.5%).Valuation Update With 7 Day Price Move • Feb 18Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to kr1.41, the stock is trading at a trailing P/E ratio of 39.3x, down from the previous P/E ratio of 47.3x. This compares to an average P/E of 32x in the Software industry in Germany.Is New 90 Day High Low • Feb 18New 90-day low: €1.41The company is down 8.0% from its price of €1.53 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 7.0% over the same period.Is New 90 Day High Low • Jan 09New 90-day high: €1.77The company is up 36% from its price of €1.30 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 17% over the same period.Recent Insider Transactions • Dec 24Insider recently sold €5.2k worth of stockOn the 15th of December, Kristian Hagset sold around 3k shares on-market at roughly €1.66 per share. In the last 3 months, there was an even bigger sale from another insider worth €18k. Insiders have been net sellers, collectively disposing of €94k more than they bought in the last 12 months.Recent Insider Transactions • Dec 16Insider recently sold €8.4k worth of stockOn the 9th of December, Mia Moström sold around 5k shares on-market at roughly €1.61 per share. In the last 3 months, there was an even bigger sale from another insider worth €18k. Insiders have been net sellers, collectively disposing of €84k more than they bought in the last 12 months.Recent Insider Transactions • Dec 03Insider recently sold €18k worth of stockOn the 27th of November, Thomas Bergström sold around 10k shares on-market at roughly €1.78 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €76k more than they bought in the last 12 months.Is New 90 Day High Low • Nov 11New 90-day high: €1.57The company is up 41% from its price of €1.11 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 25% over the same period.Recent Insider Transactions • Nov 07Chief Financial Officer recently bought €15k worth of stockOn the 2nd of November, Anders Wehtje bought around 11k shares on-market at roughly €1.38 per share. In the last 3 months, they made an even bigger purchase worth €19k. Anders has been a buyer over the last 12 months, purchasing a net total of €41k worth in shares.Valuation Update With 7 Day Price Move • Oct 14Market bids up stock over the past weekAfter last week's 16% share price gain to kr1.51, the stock is trading at a trailing P/E ratio of 39.5x, up from the previous P/E ratio of 34x. This compares to an average P/E of 30x in the Software industry in Germany.業績と収益の成長予測DB:5IY - アナリストの将来予測と過去の財務データ ( )SEK Millions日付収益収益フリー・キャッシュフロー営業活動によるキャッシュ平均アナリスト数12/31/202845539N/A40112/31/202743437N/A69112/31/202641128N/A4313/31/2026411184445N/A12/31/2025423224142N/A9/30/2025432244646N/A6/30/2025435235555N/A3/31/2025438245959N/A12/31/2024422174949N/A9/30/2024415163233N/A6/30/2024414201112N/A3/31/202440461313N/A12/31/2023414-534N/A9/30/2023417-23-17-15N/A6/30/2023419-3102N/A3/31/2023427-26-9-8N/A12/31/2022431-121415N/A9/30/2022434163738N/A6/30/2022427202829N/A3/31/2022414243438N/A12/31/2021391181420N/A9/30/20213663817N/A6/30/2021346-1-110N/A3/31/2021326-51020N/A12/31/202032312032N/A9/30/2020321132031N/A6/30/2020317153548N/A3/31/2020314162841N/A12/31/201930619N/A27N/A9/30/201929718N/A37N/A6/30/201928919N/A34N/A3/31/201927519N/A19N/A12/31/201825016N/A26N/A9/30/201822512N/A14N/A6/30/201820810N/A11N/A3/31/201819010N/A9N/A12/31/20171696N/A13N/A9/30/20171507N/A14N/A6/30/201714211N/A16N/A3/31/201713112N/A21N/A12/31/201612411N/A15N/A9/30/201612012N/A12N/A6/30/201611210N/A3N/A3/31/20161065N/A-1N/A12/31/20151004N/A5N/A9/30/2015921N/A8N/A6/30/2015891N/A12N/Aもっと見るアナリストによる今後の成長予測収入対貯蓄率: 5IYの予測収益成長率 (年間18.1% ) は 貯蓄率 ( 1.9% ) を上回っています。収益対市場: 5IYの収益 ( 18.1% ) はGerman市場 ( 17.1% ) よりも速いペースで成長すると予測されています。高成長収益: 5IYの収益は増加すると予測されていますが、大幅には増加しません。収益対市場: 5IYの収益 ( 4.1% ) German市場 ( 6.8% ) よりも低い成長が予測されています。高い収益成長: 5IYの収益 ( 4.1% ) 20%よりも低い成長が予測されています。一株当たり利益成長率予想将来の株主資本利益率将来のROE: 5IYの 自己資本利益率 が 3 年後に高くなると予測されるかどうかを判断するにはデータが不十分です成長企業の発掘7D1Y7D1Y7D1YSoftware 業界の高成長企業。View Past Performance企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/25 18:34終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Avensia AB (publ) 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。2 アナリスト機関Simon GranathABG Sundal Collier SponsoredFredrik NilssonRedeye
Board Change • May 20Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Monika Dagberg was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment.
お知らせ • Feb 19Avensia AB (publ), Annual General Meeting, May 06, 2026Avensia AB (publ), Annual General Meeting, May 06, 2026.
お知らせ • Feb 20Avensia AB (publ), Annual General Meeting, May 07, 2025Avensia AB (publ), Annual General Meeting, May 07, 2025.
Reported Earnings • Oct 25Third quarter 2024 earnings released: EPS: kr0.10 (vs kr0.18 in 3Q 2023)Third quarter 2024 results: EPS: kr0.10 (down from kr0.18 in 3Q 2023). Revenue: kr91.8m (flat on 3Q 2023). Net income: kr3.73m (down 45% from 3Q 2023). Profit margin: 4.1% (down from 7.5% in 3Q 2023). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings.
Reported Earnings • Jul 19Second quarter 2024 earnings released: EPS: kr0.21 (vs kr0.15 loss in 2Q 2023)Second quarter 2024 results: EPS: kr0.21 (up from kr0.15 loss in 2Q 2023). Revenue: kr112.5m (up 10% from 2Q 2023). Net income: kr7.97m (up kr13.5m from 2Q 2023). Profit margin: 7.1% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings.
New Risk • May 10New major risk - Revenue and earnings growthEarnings have declined by 45% 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 45% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (€27.8m market cap, or US$29.9m).
Reported Earnings • May 08First quarter 2024 earnings released: EPS: kr0.11 (vs kr0.18 loss in 1Q 2023)First quarter 2024 results: EPS: kr0.11 (up from kr0.18 loss in 1Q 2023). Revenue: kr103.4m (down 8.3% from 1Q 2023). Net income: kr4.11m (up kr10.8m from 1Q 2023). Profit margin: 4.0% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings.
New Risk • Feb 18New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 6.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (€26.0m market cap, or US$28.0m).
Reported Earnings • Feb 18Full year 2023 earnings released: kr0.13 loss per share (vs kr0.33 loss in FY 2022)Full year 2023 results: kr0.13 loss per share (improved from kr0.33 loss in FY 2022). Revenue: kr417.0m (down 3.4% from FY 2022). Net loss: kr4.75m (loss narrowed 61% from FY 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance.
Recent Insider Transactions • Nov 04Director recently bought €133k worth of stockOn the 1st of November, Per Adolfsson bought around 185k shares on-market at roughly €0.72 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €425k more in shares than they have sold in the last 12 months.
New Risk • Oct 31New major risk - Revenue and earnings growthEarnings have declined by 37% 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 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (€26.7m market cap, or US$28.2m).
Recent Insider Transactions • Aug 17Insider recently bought €5.0k worth of stockOn the 9th of August, Anders Wehtje bought around 6k shares on-market at roughly €0.80 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, they made an even bigger purchase worth €14k. Insiders have collectively bought €269k more in shares than they have sold in the last 12 months.
Recent Insider Transactions • Aug 14Insider recently bought €5.0k worth of stockOn the 9th of August, Anders Wehtje bought around 6k shares on-market at roughly €0.80 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, they made an even bigger purchase worth €14k. Insiders have collectively bought €277k more in shares than they have sold in the last 12 months.
New Risk • Jul 20New major risk - Financial positionThe company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 4.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (4.7% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (€29.7m market cap, or US$33.2m).
Reported Earnings • Jul 19Second quarter 2023 earnings released: kr0.15 loss per share (vs kr0.002 profit in 2Q 2022)Second quarter 2023 results: kr0.15 loss per share (down from kr0.002 profit in 2Q 2022). Revenue: kr102.4m (down 7.3% from 2Q 2022). Net loss: kr5.56m (down kr5.65m from profit in 2Q 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Software industry in Germany.
New Risk • Jun 30New major risk - Share price stabilityThe company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (€26.3m market cap, or US$28.6m).
Reported Earnings • Feb 17Full year 2022 earnings released: kr0.33 loss per share (vs kr0.47 profit in FY 2021)Full year 2022 results: kr0.33 loss per share (down from kr0.47 profit in FY 2021). Revenue: kr435.8m (up 11% from FY 2021). Net loss: kr12.1m (down 169% from profit in FY 2021). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.7% growth forecast for the Software industry in Germany.
Buying Opportunity • Feb 16Now 33% undervalued after recent price dropOver the last 90 days, the stock is down 20%. The fair value is estimated to be €1.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 68% in the next 2 years.
Buying Opportunity • Jan 31Now 21% undervaluedOver the last 90 days, the stock is up 7.2%. The fair value is estimated to be €1.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 68% in the next 2 years.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Roland Vejdemo was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Oct 21Third quarter 2022 earnings released: kr0.045 loss per share (vs kr0.07 profit in 3Q 2021)Third quarter 2022 results: kr0.045 loss per share (down from kr0.07 profit in 3Q 2021). Revenue: kr93.9m (up 9.8% from 3Q 2021). Net loss: kr1.65m (down 164% from profit in 3Q 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Software industry in Germany.
Reported Earnings • Jul 21Second quarter 2022 earnings released: EPS: kr0.002 (vs kr0.13 in 2Q 2021)Second quarter 2022 results: EPS: kr0.002 (down from kr0.13 in 2Q 2021). Revenue: kr111.6m (up 14% from 2Q 2021). Net income: kr90.0k (down 98% from 2Q 2021). Profit margin: 0.1% (down from 4.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 15%, compared to a 8.3% growth forecast for the industry in Germany.
Valuation Update With 7 Day Price Move • Jul 20Investor sentiment deteriorated over the past weekAfter last week's 18% share price decline to €1.18, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 21x in the Software industry in Germany. Total loss to shareholders of 1.7% over the past year.
Reported Earnings • May 06First quarter 2022 earnings released: EPS: kr0.19 (vs kr0.008 in 1Q 2021)First quarter 2022 results: EPS: kr0.19 (up from kr0.008 in 1Q 2021). Revenue: kr118.2m (up 26% from 1Q 2021). Net income: kr7.07m (up kr6.79m from 1Q 2021). Profit margin: 6.0% (up from 0.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 19%, compared to a 14% growth forecast for the industry in Germany.
Upcoming Dividend • Apr 29Upcoming dividend of kr0.65 per shareEligible shareholders must have bought the stock before 06 May 2022. Payment date: 13 May 2022. Payout ratio and cash payout ratio are on the higher end at 84% and 82% respectively. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.0%). Higher than average of industry peers (1.9%).
Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Roland Vejdemo was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.
Reported Earnings • Feb 17Full year 2021 earnings: Revenues and EPS in line with analyst expectationsFull year 2021 results: EPS: kr0.47 (up from kr0.031 in FY 2020). Revenue: kr396.1m (up 23% from FY 2020). Net income: kr17.6m (up kr16.4m from FY 2020). Profit margin: 4.4% (up from 0.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 21%, compared to a 14% growth forecast for the industry in Germany.
Reported Earnings • Oct 22Third quarter 2021 earnings released: EPS kr0.07 (vs kr0.025 loss in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr85.9m (up 31% from 3Q 2020). Net income: kr2.59m (up kr3.51m from 3Q 2020). Profit margin: 3.0% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue.
Recent Insider Transactions • Sep 07Chief Financial Officer recently bought €50k worth of stockOn the 31st of August, Anders Wehtje bought around 34k shares on-market at roughly €1.46 per share. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of €269k worth in shares.
Reported Earnings • Jul 23Second quarter 2021 earnings released: EPS kr0.13 (vs kr0.015 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr97.6m (up 26% from 2Q 2020). Net income: kr4.61m (up kr4.04m from 2Q 2020). Profit margin: 4.7% (up from 0.7% in 2Q 2020). The increase in margin was driven by higher revenue.
Reported Earnings • May 09First quarter 2021 earnings released: EPS kr0.008 (vs kr0.17 in 1Q 2020)The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: kr95.8m (up 5.6% from 1Q 2020). Net income: kr278.0k (down 96% from 1Q 2020). Profit margin: 0.3% (down from 6.8% in 1Q 2020). The decrease in margin was driven by higher expenses.
Upcoming Dividend • Apr 29Upcoming dividend of kr0.30 per shareEligible shareholders must have bought the stock before 06 May 2021. Payment date: 13 May 2021. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.5%).
Valuation Update With 7 Day Price Move • Feb 18Investor sentiment deteriorated over the past weekAfter last week's 17% share price decline to kr1.41, the stock is trading at a trailing P/E ratio of 39.3x, down from the previous P/E ratio of 47.3x. This compares to an average P/E of 32x in the Software industry in Germany.
Is New 90 Day High Low • Feb 18New 90-day low: €1.41The company is down 8.0% from its price of €1.53 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 7.0% over the same period.
Is New 90 Day High Low • Jan 09New 90-day high: €1.77The company is up 36% from its price of €1.30 on 09 October 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 17% over the same period.
Recent Insider Transactions • Dec 24Insider recently sold €5.2k worth of stockOn the 15th of December, Kristian Hagset sold around 3k shares on-market at roughly €1.66 per share. In the last 3 months, there was an even bigger sale from another insider worth €18k. Insiders have been net sellers, collectively disposing of €94k more than they bought in the last 12 months.
Recent Insider Transactions • Dec 16Insider recently sold €8.4k worth of stockOn the 9th of December, Mia Moström sold around 5k shares on-market at roughly €1.61 per share. In the last 3 months, there was an even bigger sale from another insider worth €18k. Insiders have been net sellers, collectively disposing of €84k more than they bought in the last 12 months.
Recent Insider Transactions • Dec 03Insider recently sold €18k worth of stockOn the 27th of November, Thomas Bergström sold around 10k shares on-market at roughly €1.78 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €76k more than they bought in the last 12 months.
Is New 90 Day High Low • Nov 11New 90-day high: €1.57The company is up 41% from its price of €1.11 on 13 August 2020. The German market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 25% over the same period.
Recent Insider Transactions • Nov 07Chief Financial Officer recently bought €15k worth of stockOn the 2nd of November, Anders Wehtje bought around 11k shares on-market at roughly €1.38 per share. In the last 3 months, they made an even bigger purchase worth €19k. Anders has been a buyer over the last 12 months, purchasing a net total of €41k worth in shares.
Valuation Update With 7 Day Price Move • Oct 14Market bids up stock over the past weekAfter last week's 16% share price gain to kr1.51, the stock is trading at a trailing P/E ratio of 39.5x, up from the previous P/E ratio of 34x. This compares to an average P/E of 30x in the Software industry in Germany.