View ValuationB3 Consulting Group 향후 성장Future 기준 점검 3/6B3 Consulting Group (는) 각각 연간 57.3% 및 4.4% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 57.1% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 19.5% 로 예상됩니다.핵심 정보57.3%이익 성장률57.13%EPS 성장률IT 이익 성장12.6%매출 성장률4.4%향후 자기자본이익률19.53%애널리스트 커버리지Low마지막 업데이트06 May 2026최근 향후 성장 업데이트업데이트 없음모든 업데이트 보기Recent updates공시 • Apr 12B3 Consulting Group AB (publ), Annual General Meeting, May 13, 2026B3 Consulting Group AB (publ), Annual General Meeting, May 13, 2026, at 14:00 W. Europe Standard Time. Location: company premises at wallingatan 2, 111 60, stockholm Sweden공시 • Apr 03B3 Consulting Group AB (publ), Annual General Meeting, May 07, 2025B3 Consulting Group AB (publ), Annual General Meeting, May 07, 2025, at 14:00 W. Europe Standard Time. Location: at wallingatan 2, 111 60 stockholm Sweden공시 • Feb 20B3 Consulting Group AB (publ) (OM:B3) signed an agreement to acquire 51% stake in Habberstad As for NOK 15.8 million.B3 Consulting Group AB (publ) (OM:B3) signed an agreement to acquire 51% stake in Habberstad As for NOK 15.8 million on February 19, 2025. A cash consideration of NOK 15.8 million will be paid by B3 Consulting Group AB (publ). As part of consideration, NOK 15.8 million is paid towards common equity of Habberstad As. The company will remain intact with current management, branding and own internal functions. No cost initiatives will be taken. For the period ending December 31, 2024, Habberstad As reported total revenue of NOK 78.6 million and EBIT of NOK 5.6 million.Upcoming Dividend • Nov 07Upcoming dividend of kr3.50 per shareEligible shareholders must have bought the stock before 13 November 2024. Payment date: 19 November 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.3%).New Risk • Oct 27New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€63.5m market cap, or US$68.5m).Reported Earnings • Oct 24Third quarter 2024 earnings released: EPS: kr8.65 (vs kr1.05 in 3Q 2023)Third quarter 2024 results: EPS: kr8.65 (up from kr1.05 in 3Q 2023). Revenue: kr245.3m (up 9.9% from 3Q 2023). Net income: kr74.3m (up kr65.1m from 3Q 2023). Profit margin: 30% (up from 4.1% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat.Valuation Update With 7 Day Price Move • Aug 20Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €7.72, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the IT industry in Germany. Total returns to shareholders of 31% over the past three years.Buy Or Sell Opportunity • Aug 06Now 22% undervaluedOver the last 90 days, the stock has risen 4.0% to €6.72. The fair value is estimated to be €8.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 242% in the next 2 years.Reported Earnings • Jul 17Second quarter 2024 earnings released: EPS: kr0.62 (vs kr1.68 in 2Q 2023)Second quarter 2024 results: EPS: kr0.62 (down from kr1.68 in 2Q 2023). Revenue: kr266.4m (down 11% from 2Q 2023). Net income: kr5.20m (down 64% from 2Q 2023). Profit margin: 2.0% (down from 4.8% in 2Q 2023). 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 8.7% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year.공시 • Jul 10B3 Consulting Group AB (publ) (OM:B3) completed the acquisition of Webstep AB from Webstep AS.B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 50.9 million on May 23, 2024. The consideration consists of SEK 25.49 million in cash and SEK 25.49 million in non-convertible debt. As part of the consideration, SEK 50.98 million was paid towards common equity. The transaction is subject to applicable regulatory approvals and other customary closing conditions. The transaction is expected to close in H2 2024.Pareto Securities AB acted as Financial Advisor to Webstep AS. B3 Consulting Group AB (publ) (OM:B3) completed the acquisition of Webstep AB from Webstep AS on July 9, 2024.공시 • May 25B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 51 million.B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 50.9 million on May 23, 2024. The consideration consists of SEK 25.49 million in cash and SEK 25.49 million in non-convertible debt. As part of the consideration, SEK 50.98 million was paid towards common equity. The transaction is subject to applicable regulatory approvals and other customary closing conditions. The transaction is expected to close in H2 2024.Buy Or Sell Opportunity • Apr 26Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 28% to €5.80. The fair value is estimated to be €7.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 112% in the next 2 years.Reported Earnings • Apr 25First quarter 2024 earnings released: EPS: kr0.63 (vs kr3.41 in 1Q 2023)First quarter 2024 results: EPS: kr0.63 (down from kr3.41 in 1Q 2023). Revenue: kr281.9m (down 13% from 1Q 2023). Net income: kr5.30m (down 82% from 1Q 2023). Profit margin: 1.9% (down from 8.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the IT industry in Germany.Reported Earnings • Feb 16Full year 2023 earnings released: EPS: kr7.12 (vs kr11.83 in FY 2022)Full year 2023 results: EPS: kr7.12 (down from kr11.83 in FY 2022). Revenue: kr1.14b (flat on FY 2022). Net income: kr60.5m (down 42% from FY 2022). Profit margin: 5.3% (down from 9.0% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in Germany.Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €8.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 42% over the past year.Valuation Update With 7 Day Price Move • Nov 25Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €8.24, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 39% over the past year.Reported Earnings • Oct 28Third quarter 2023 earnings released: EPS: kr1.05 (vs kr2.17 in 3Q 2022)Third quarter 2023 results: EPS: kr1.05 (down from kr2.17 in 3Q 2022). Revenue: kr223.7m (down 5.1% from 3Q 2022). Net income: kr9.20m (down 51% from 3Q 2022). Profit margin: 4.1% (down from 7.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the IT industry in Germany.Reported Earnings • Jul 21Second quarter 2023 earnings released: EPS: kr1.68 (vs kr2.97 in 2Q 2022)Second quarter 2023 results: EPS: kr1.68 (down from kr2.97 in 2Q 2022). Revenue: kr299.8m (up 3.6% from 2Q 2022). Net income: kr14.4m (down 44% from 2Q 2022). Profit margin: 4.8% (down from 8.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the IT industry in Germany.New Risk • Jun 29New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €91.1m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€91.1m market cap, or US$99.3m).Recent Insider Transactions • Jun 06Chairman recently bought €56k worth of stockOn the 2nd of June, Sverre Bjerkeli bought around 5k shares on-market at roughly €11.12 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. Sverre has been a buyer over the last 12 months, purchasing a net total of €4.2m worth in shares.Valuation Update With 7 Day Price Move • May 31Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €11.34, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in Germany. Total returns to shareholders of 14% over the past year.Upcoming Dividend • May 04Upcoming dividend of kr8.00 per share at 5.8% yieldEligible shareholders must have bought the stock before 11 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%).Valuation Update With 7 Day Price Move • May 03Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to €13.66, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the IT industry in Germany. Total returns to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €24.75 per share.Reported Earnings • Feb 18Full year 2022 earnings released: EPS: kr11.83 (vs kr5.32 in FY 2021)Full year 2022 results: EPS: kr11.83 (up from kr5.32 in FY 2021). Revenue: kr1.15b (up 25% from FY 2021). Net income: kr103.3m (up 128% from FY 2021). Profit margin: 9.0% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in Germany.Valuation Update With 7 Day Price Move • Dec 06Investor sentiment improved over the past weekAfter last week's 17% share price gain to €16.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Germany. Total returns to shareholders of 116% over the past year.Recent Insider Transactions • Dec 01Insider recently sold €312k worth of stockOn the 23rd of November, Tommy Sarenbrant sold around 21k shares on-market at roughly €15.07 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €995k. Despite this recent sale, insiders have collectively bought €2.0m more than they sold in the last 12 months.Reported Earnings • Oct 29Third quarter 2022 earnings released: EPS: kr2.17 (vs kr0.57 in 3Q 2021)Third quarter 2022 results: EPS: kr2.17 (up from kr0.57 in 3Q 2021). Revenue: kr235.9m (up 25% from 3Q 2021). Net income: kr18.7m (up 282% from 3Q 2021). Profit margin: 7.9% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 10% growth forecast for the IT industry in Germany.Reported Earnings • Jul 22Second quarter 2022 earnings released: EPS: kr2.97 (vs kr1.37 in 2Q 2021)Second quarter 2022 results: EPS: kr2.97 (up from kr1.37 in 2Q 2021). Revenue: kr289.7m (up 24% from 2Q 2021). Net income: kr25.5m (up 120% from 2Q 2021). Profit margin: 8.8% (up from 5.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.9%, compared to a 17% growth forecast for the industry in Germany.Valuation Update With 7 Day Price Move • Jul 11Investor sentiment improved over the past weekAfter last week's 16% share price gain to €10.70, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the IT industry in Germany. Total returns to shareholders of 100% over the past year.Board Change • May 20High number of new directorsIndependent Director Leif Frykman was the last director to join the board, commencing their role in 2022.Recent Insider Transactions • May 04Insider recently sold €303k worth of stockOn the 29th of April, Fredrik Blomgren sold around 24k shares on-market at roughly €12.80 per share. In the last 3 months, there was an even bigger sale from another insider worth €383k. Insiders have been net sellers, collectively disposing of €1.0m more than they bought in the last 12 months.Reported Earnings • Apr 28First quarter 2022 earnings released: EPS: kr3.38 (vs kr0.71 in 1Q 2021)First quarter 2022 results: EPS: kr3.38 (up from kr0.71 in 1Q 2021). Revenue: kr292.4m (up 28% from 1Q 2021). Net income: kr29.0m (up 392% from 1Q 2021). Profit margin: 9.9% (up from 2.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.9%, compared to a 20% growth forecast for the industry in Germany.Recent Insider Transactions • Feb 23Insider recently sold €383k worth of stockOn the 21st of February, Tommy Sarenbrant sold around 42k shares on-market at roughly €9.11 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €714k more than they bought in the last 12 months.Reported Earnings • Feb 21Full year 2021 earnings: EPS in line with expectations, revenues disappointFull year 2021 results: EPS: kr5.32 (up from kr2.89 in FY 2020). Revenue: kr921.9m (up 8.3% from FY 2020). Net income: kr45.3m (up 98% from FY 2020). Profit margin: 4.9% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 13%, compared to a 17% growth forecast for the industry in Germany.Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS kr0.57 (vs kr0.45 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr189.0m (up 16% from 3Q 2020). Net income: kr4.90m (up 32% from 3Q 2020). Profit margin: 2.6% (up from 2.3% in 3Q 2020). The increase in margin was driven by higher revenue.Valuation Update With 7 Day Price Move • Aug 27Investor sentiment improved over the past weekAfter last week's 16% share price gain to €6.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the IT industry in Germany.Reported Earnings • Aug 25Second quarter 2021 earnings released: EPS kr1.37 (vs kr0.76 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr234.4m (up 7.2% from 2Q 2020). Net income: kr11.6m (up 97% from 2Q 2020). Profit margin: 4.9% (up from 2.7% in 2Q 2020). The increase in margin was driven by higher revenue.이익 및 매출 성장 예측DB:B37 - 애널리스트 향후 추정치 및 과거 재무 데이터 (SEK Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/20281,33461112128312/31/20271,2664984106312/31/20261,19126567233/31/20261,19153033N/A12/31/20251,209113538N/A9/30/20251,23032827N/A6/30/20251,221801111N/A3/31/20251,172851112N/A12/31/20241,12983-19-15N/A9/30/20241,08793-55N/A6/30/20241,06528211N/A3/31/20241,09837815N/A12/31/20231,141616368N/A9/30/20231,180839595N/A6/30/20231,19292125126N/A3/31/20231,182103148149N/A12/31/20221,148103151152N/A9/30/20221,08796119121N/A6/30/20221,04182112113N/A3/31/202298568102104N/A12/31/2021922457578N/A9/30/2021872264445N/A6/30/2021846244446N/A3/31/2021831197374N/A12/31/2020851236869N/A9/30/20208692299102N/A6/30/202088219103106N/A3/31/2020870135561N/A12/31/201983911N/A55N/A9/30/201980416N/A21N/A6/30/201977818N/A28N/A3/31/201975923N/A27N/A12/31/201872623N/A45N/A9/30/201871130N/A52N/A6/30/201869029N/A36N/A3/31/201865426N/A22N/A12/31/201762024N/A29N/A9/30/201758018N/A31N/A6/30/201755019N/A48N/A3/31/201752623N/A68N/A12/31/201648923N/A39N/A9/30/201645523N/A27N/A6/30/201643622N/A32N/A3/31/201640221N/A21N/A12/31/201538319N/A24N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: B37 의 연간 예상 수익 증가율(57.3%)이 saving rate(1.9%)보다 높습니다.수익 vs 시장: B37 의 연간 수익(57.3%)이 German 시장(17.1%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: B37 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: B37 의 수익(연간 4.4%)이 German 시장(연간 6.8%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: B37 의 수익(연간 4.4%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: B37의 자본 수익률은 3년 후 19.5%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YSoftware 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/24 18:03종가2026/05/22 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스B3 Consulting Group AB (publ)는 4명의 분석가가 다루고 있습니다. 이 중 3명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관null nullABG Sundal Colliernull nullABG Sundal Collier SponsoredVincent EdholmPareto Securities1명의 분석가 더 보기
공시 • Apr 12B3 Consulting Group AB (publ), Annual General Meeting, May 13, 2026B3 Consulting Group AB (publ), Annual General Meeting, May 13, 2026, at 14:00 W. Europe Standard Time. Location: company premises at wallingatan 2, 111 60, stockholm Sweden
공시 • Apr 03B3 Consulting Group AB (publ), Annual General Meeting, May 07, 2025B3 Consulting Group AB (publ), Annual General Meeting, May 07, 2025, at 14:00 W. Europe Standard Time. Location: at wallingatan 2, 111 60 stockholm Sweden
공시 • Feb 20B3 Consulting Group AB (publ) (OM:B3) signed an agreement to acquire 51% stake in Habberstad As for NOK 15.8 million.B3 Consulting Group AB (publ) (OM:B3) signed an agreement to acquire 51% stake in Habberstad As for NOK 15.8 million on February 19, 2025. A cash consideration of NOK 15.8 million will be paid by B3 Consulting Group AB (publ). As part of consideration, NOK 15.8 million is paid towards common equity of Habberstad As. The company will remain intact with current management, branding and own internal functions. No cost initiatives will be taken. For the period ending December 31, 2024, Habberstad As reported total revenue of NOK 78.6 million and EBIT of NOK 5.6 million.
Upcoming Dividend • Nov 07Upcoming dividend of kr3.50 per shareEligible shareholders must have bought the stock before 13 November 2024. Payment date: 19 November 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.3%).
New Risk • Oct 27New minor risk - Shareholder dilutionThe company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€63.5m market cap, or US$68.5m).
Reported Earnings • Oct 24Third quarter 2024 earnings released: EPS: kr8.65 (vs kr1.05 in 3Q 2023)Third quarter 2024 results: EPS: kr8.65 (up from kr1.05 in 3Q 2023). Revenue: kr245.3m (up 9.9% from 3Q 2023). Net income: kr74.3m (up kr65.1m from 3Q 2023). Profit margin: 30% (up from 4.1% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat.
Valuation Update With 7 Day Price Move • Aug 20Investor sentiment improves as stock rises 15%After last week's 15% share price gain to €7.72, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the IT industry in Germany. Total returns to shareholders of 31% over the past three years.
Buy Or Sell Opportunity • Aug 06Now 22% undervaluedOver the last 90 days, the stock has risen 4.0% to €6.72. The fair value is estimated to be €8.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 242% in the next 2 years.
Reported Earnings • Jul 17Second quarter 2024 earnings released: EPS: kr0.62 (vs kr1.68 in 2Q 2023)Second quarter 2024 results: EPS: kr0.62 (down from kr1.68 in 2Q 2023). Revenue: kr266.4m (down 11% from 2Q 2023). Net income: kr5.20m (down 64% from 2Q 2023). Profit margin: 2.0% (down from 4.8% in 2Q 2023). 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 8.7% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year.
공시 • Jul 10B3 Consulting Group AB (publ) (OM:B3) completed the acquisition of Webstep AB from Webstep AS.B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 50.9 million on May 23, 2024. The consideration consists of SEK 25.49 million in cash and SEK 25.49 million in non-convertible debt. As part of the consideration, SEK 50.98 million was paid towards common equity. The transaction is subject to applicable regulatory approvals and other customary closing conditions. The transaction is expected to close in H2 2024.Pareto Securities AB acted as Financial Advisor to Webstep AS. B3 Consulting Group AB (publ) (OM:B3) completed the acquisition of Webstep AB from Webstep AS on July 9, 2024.
공시 • May 25B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 51 million.B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 50.9 million on May 23, 2024. The consideration consists of SEK 25.49 million in cash and SEK 25.49 million in non-convertible debt. As part of the consideration, SEK 50.98 million was paid towards common equity. The transaction is subject to applicable regulatory approvals and other customary closing conditions. The transaction is expected to close in H2 2024.
Buy Or Sell Opportunity • Apr 26Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 28% to €5.80. The fair value is estimated to be €7.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 112% in the next 2 years.
Reported Earnings • Apr 25First quarter 2024 earnings released: EPS: kr0.63 (vs kr3.41 in 1Q 2023)First quarter 2024 results: EPS: kr0.63 (down from kr3.41 in 1Q 2023). Revenue: kr281.9m (down 13% from 1Q 2023). Net income: kr5.30m (down 82% from 1Q 2023). Profit margin: 1.9% (down from 8.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the IT industry in Germany.
Reported Earnings • Feb 16Full year 2023 earnings released: EPS: kr7.12 (vs kr11.83 in FY 2022)Full year 2023 results: EPS: kr7.12 (down from kr11.83 in FY 2022). Revenue: kr1.14b (flat on FY 2022). Net income: kr60.5m (down 42% from FY 2022). Profit margin: 5.3% (down from 9.0% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in Germany.
Valuation Update With 7 Day Price Move • Dec 09Investor sentiment improves as stock rises 19%After last week's 19% share price gain to €8.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 42% over the past year.
Valuation Update With 7 Day Price Move • Nov 25Investor sentiment improves as stock rises 17%After last week's 17% share price gain to €8.24, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 39% over the past year.
Reported Earnings • Oct 28Third quarter 2023 earnings released: EPS: kr1.05 (vs kr2.17 in 3Q 2022)Third quarter 2023 results: EPS: kr1.05 (down from kr2.17 in 3Q 2022). Revenue: kr223.7m (down 5.1% from 3Q 2022). Net income: kr9.20m (down 51% from 3Q 2022). Profit margin: 4.1% (down from 7.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the IT industry in Germany.
Reported Earnings • Jul 21Second quarter 2023 earnings released: EPS: kr1.68 (vs kr2.97 in 2Q 2022)Second quarter 2023 results: EPS: kr1.68 (down from kr2.97 in 2Q 2022). Revenue: kr299.8m (up 3.6% from 2Q 2022). Net income: kr14.4m (down 44% from 2Q 2022). Profit margin: 4.8% (down from 8.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the IT industry in Germany.
New Risk • Jun 29New minor risk - Market cap sizeThe company's market capitalization is less than US$100m. Market cap: €91.1m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€91.1m market cap, or US$99.3m).
Recent Insider Transactions • Jun 06Chairman recently bought €56k worth of stockOn the 2nd of June, Sverre Bjerkeli bought around 5k shares on-market at roughly €11.12 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. Sverre has been a buyer over the last 12 months, purchasing a net total of €4.2m worth in shares.
Valuation Update With 7 Day Price Move • May 31Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to €11.34, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in Germany. Total returns to shareholders of 14% over the past year.
Upcoming Dividend • May 04Upcoming dividend of kr8.00 per share at 5.8% yieldEligible shareholders must have bought the stock before 11 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%).
Valuation Update With 7 Day Price Move • May 03Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to €13.66, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the IT industry in Germany. Total returns to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €24.75 per share.
Reported Earnings • Feb 18Full year 2022 earnings released: EPS: kr11.83 (vs kr5.32 in FY 2021)Full year 2022 results: EPS: kr11.83 (up from kr5.32 in FY 2021). Revenue: kr1.15b (up 25% from FY 2021). Net income: kr103.3m (up 128% from FY 2021). Profit margin: 9.0% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in Germany.
Valuation Update With 7 Day Price Move • Dec 06Investor sentiment improved over the past weekAfter last week's 17% share price gain to €16.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Germany. Total returns to shareholders of 116% over the past year.
Recent Insider Transactions • Dec 01Insider recently sold €312k worth of stockOn the 23rd of November, Tommy Sarenbrant sold around 21k shares on-market at roughly €15.07 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €995k. Despite this recent sale, insiders have collectively bought €2.0m more than they sold in the last 12 months.
Reported Earnings • Oct 29Third quarter 2022 earnings released: EPS: kr2.17 (vs kr0.57 in 3Q 2021)Third quarter 2022 results: EPS: kr2.17 (up from kr0.57 in 3Q 2021). Revenue: kr235.9m (up 25% from 3Q 2021). Net income: kr18.7m (up 282% from 3Q 2021). Profit margin: 7.9% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 10% growth forecast for the IT industry in Germany.
Reported Earnings • Jul 22Second quarter 2022 earnings released: EPS: kr2.97 (vs kr1.37 in 2Q 2021)Second quarter 2022 results: EPS: kr2.97 (up from kr1.37 in 2Q 2021). Revenue: kr289.7m (up 24% from 2Q 2021). Net income: kr25.5m (up 120% from 2Q 2021). Profit margin: 8.8% (up from 5.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.9%, compared to a 17% growth forecast for the industry in Germany.
Valuation Update With 7 Day Price Move • Jul 11Investor sentiment improved over the past weekAfter last week's 16% share price gain to €10.70, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the IT industry in Germany. Total returns to shareholders of 100% over the past year.
Board Change • May 20High number of new directorsIndependent Director Leif Frykman was the last director to join the board, commencing their role in 2022.
Recent Insider Transactions • May 04Insider recently sold €303k worth of stockOn the 29th of April, Fredrik Blomgren sold around 24k shares on-market at roughly €12.80 per share. In the last 3 months, there was an even bigger sale from another insider worth €383k. Insiders have been net sellers, collectively disposing of €1.0m more than they bought in the last 12 months.
Reported Earnings • Apr 28First quarter 2022 earnings released: EPS: kr3.38 (vs kr0.71 in 1Q 2021)First quarter 2022 results: EPS: kr3.38 (up from kr0.71 in 1Q 2021). Revenue: kr292.4m (up 28% from 1Q 2021). Net income: kr29.0m (up 392% from 1Q 2021). Profit margin: 9.9% (up from 2.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.9%, compared to a 20% growth forecast for the industry in Germany.
Recent Insider Transactions • Feb 23Insider recently sold €383k worth of stockOn the 21st of February, Tommy Sarenbrant sold around 42k shares on-market at roughly €9.11 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €714k more than they bought in the last 12 months.
Reported Earnings • Feb 21Full year 2021 earnings: EPS in line with expectations, revenues disappointFull year 2021 results: EPS: kr5.32 (up from kr2.89 in FY 2020). Revenue: kr921.9m (up 8.3% from FY 2020). Net income: kr45.3m (up 98% from FY 2020). Profit margin: 4.9% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 13%, compared to a 17% growth forecast for the industry in Germany.
Reported Earnings • Nov 11Third quarter 2021 earnings released: EPS kr0.57 (vs kr0.45 in 3Q 2020)The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr189.0m (up 16% from 3Q 2020). Net income: kr4.90m (up 32% from 3Q 2020). Profit margin: 2.6% (up from 2.3% in 3Q 2020). The increase in margin was driven by higher revenue.
Valuation Update With 7 Day Price Move • Aug 27Investor sentiment improved over the past weekAfter last week's 16% share price gain to €6.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the IT industry in Germany.
Reported Earnings • Aug 25Second quarter 2021 earnings released: EPS kr1.37 (vs kr0.76 in 2Q 2020)The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr234.4m (up 7.2% from 2Q 2020). Net income: kr11.6m (up 97% from 2Q 2020). Profit margin: 4.9% (up from 2.7% in 2Q 2020). The increase in margin was driven by higher revenue.