Breakeven Date Change • May 28
Forecast breakeven date moved forward to 2022 The 2 analysts covering Mercell Holding previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of kr6.70m in 2022. Earnings growth of 87% is required to achieve expected profit on schedule. Reported Earnings • May 26
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: kr0.03 (down from kr0.12 in 1Q 2021). Revenue: kr201.7m (up 36% from 1Q 2021). Net income: kr15.0m (down 71% from 1Q 2021). Profit margin: 7.4% (down from 35% in 1Q 2021). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates. Over the next year, revenue is forecast to grow 18%, compared to a 32% growth forecast for the industry in Norway. Price Target Changed • Apr 27
Price target decreased to kr3.50 Down from kr10.25, the current price target is an average from 2 analysts. New target price is 15% above last closing price of kr3.04. Stock is down 70% over the past year. The company is forecast to post a net loss per share of kr0.12 next year compared to a net loss per share of kr0.24 last year. Reported Earnings • Feb 27
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: kr0.24 loss per share (up from kr0.55 loss in FY 2020). Revenue: kr706.3m (up 126% from FY 2020). Net loss: kr113.2m (loss narrowed 23% 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 22%, compared to a 32% growth forecast for the industry in Norway. Major Estimate Revision • Dec 01
Consensus EPS estimates fall to -kr0.32 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from kr737.2m to kr704.0m. Losses expected to increase from -kr0.27 to -kr0.32. Software industry in Norway expected to see average net income growth of 31% next year. Consensus price target of kr13.00 unchanged from last update. Share price rose 15% to kr6.03 over the past week. Reported Earnings • Nov 25
Third quarter 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2021 results: kr0.11 loss per share (up from kr0.15 loss in 3Q 2020). Revenue: kr188.6m (up 143% from 3Q 2020). Net loss: kr57.0m (loss widened 29% from 3Q 2020). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 26%. Earnings per share (EPS) surpassed analyst estimates by 26%. Over the next year, revenue is forecast to grow 45%, compared to a 32% growth forecast for the industry in Norway. Price Target Changed • Sep 28
Price target decreased to kr13.00 Down from kr15.00, the current price target is provided by 1 analyst. New target price is 61% above last closing price of kr8.07. Stock is down 33% over the past year. Reported Earnings • Aug 26
Second quarter 2021 earnings released: kr0.26 loss per share (vs kr0.096 loss in 2Q 2020) The company reported a decent second quarter result with improved revenues, although losses increased and control over costs was weaker. Second quarter 2021 results: Revenue: kr170.3m (up 149% from 2Q 2020). Net loss: kr123.6m (loss widened 478% from 2Q 2020). Reported Earnings • May 21
First quarter 2021 earnings released: EPS kr0.12 The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr148.2m (up 136% from 1Q 2020). Net income: kr52.1m (up kr81.4m from 1Q 2020). Profit margin: 35% (up from net loss in 1Q 2020). Recent Insider Transactions Derivative • Apr 15
Chief Technology Officer exercised options to buy kr5.9m worth of stock. On the 14th of April, Geir Pettersen exercised options to buy 531k shares at a strike price of around kr1.50, costing a total of kr796k. This transaction amounted to 531% of their direct individual holding at the time of the trade. As of today, Geir currently holds no shares directly. This was the only transaction from an insider over the last 12 months. Analyst Estimate Surprise Post Earnings • Mar 02
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 122%, compared to a 47% growth forecast for the Software industry in Norway. Reported Earnings • Mar 02
Full year 2020 earnings released: kr0.54 loss per share (vs kr0.26 loss in FY 2019) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: kr311.9m (up 88% from FY 2019). Net loss: kr224.7m (loss widened 282% from FY 2019). 공고 • Dec 11
Mercell Holding AS (OB:MRCEL-ME) completed the acquisition of Visma Commerce AB and Visma Commerce AS from Visma AS. Mercell Holding AS (OB:MRCEL-ME) entered into a binding agreement to acquire Visma Commerce AB and Visma Commerce AS from Visma AS for an enterprise value of SEK 2 billion on November 25, 2020. The transaction consideration will be paid in cash upon completion. The deal will be financed through a share issuance of SEK 1.2 billion (NOK 1.3 billion) that has been fully underwritten by a consortium consisting primarily of large existing shareholders in Mercell and a fully underwritten senior secured bond issue of SEK 1.1 billion. Visma Commerce reported revenues of SEK 189 million(NOK 198 million) and EBITDA of SEK 93.8 million (NOK 98 million) for the year ending on the third quarter of 2020. The completion of the transaction is subject to the carveout of Visma Proceedo and certain other customary conditions. The deal is subject to complete during the fourth quarter of 2020. ABG Sundal Collier Holding ASA acted as financial advisor while Advokatfirmaet Thommessen AS and Alexander Sandberg Lund, Amund Erdal, Stephan Brodschöll, Jeanette Granvoll Brokerud and Magnus Sandvik Gyllensten of Advokatfirmaet CLP acted as legal advisors to Mercell in the transaction. ABG Sundal Collier and Pareto Securities are acting as financial advisors for the equity and bond financing. Advokatfirmaet Schjødt AS is acting as legal advisor to the ABG Sundal Collier and Pareto Securities. Crux Advisers is advisor to Mercell on Investor Relations and capital market communications.
Mercell Holding AS (OB:MRCEL-ME) completed the acquisition of Visma Commerce AB and Visma Commerce AS from Visma AS December 10, 2020. Reported Earnings • Sep 18
First half earnings released Over the last 12 months the company has reported total losses of kr109.3m, with losses widening by 134% from the prior year. Total revenue was kr231.5m over the last 12 months, up 57% from the prior year. 공고 • Sep 04
Mercell Holding AS (OB:MRCEL-ME) acquired Comcare AS. Mercell Holding AS (OB:MRCEL-ME) acquired Comcare AS on September 3, 2020. The acquisition of Comcare AS will significantly strengthen Mercell Holding AS's market position in the Danish public eProcurement market. Mercell Holding AS and Comcare AS have been successful in a growing market fueled by the ongoing digitization of the public sector. Combining forces will enable to take advantage of a wide array of strategic opportunities going forward.
Mercell Holding AS (OB:MRCEL-ME) completed the acquisition of Comcare AS on September 3, 2020.