New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 228% This is considered a major 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 Less than 1 year of cash runway based on free cash flow trend (-kr34m free cash flow). Share price has been highly volatile over the past 3 months (45% average daily change). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (228% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr702.4m market cap, or US$75.6m). 공시 • Feb 18
Obducat AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 50 million. Obducat AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 50 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 66,666,667
Price\Range: SEK 0.75
Transaction Features: Rights Offering Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: kr0.024 (vs kr0.015 in 3Q 2023) Third quarter 2024 results: EPS: kr0.024 (up from kr0.015 in 3Q 2023). Revenue: kr34.0m (up 33% from 3Q 2023). Net income: kr3.92m (up 61% from 3Q 2023). Profit margin: 12% (up from 9.5% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Nov 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (kr263.5m market cap, or US$24.3m). Reported Earnings • May 05
First quarter 2024 earnings released: kr0.031 loss per share (vs kr0.008 loss in 1Q 2023) First quarter 2024 results: kr0.031 loss per share (further deteriorated from kr0.008 loss in 1Q 2023). Revenue: kr9.89m (down 61% from 1Q 2023). Net loss: kr4.97m (loss widened 316% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr0.007 (vs kr0.037 loss in FY 2022) Full year 2023 results: EPS: kr0.007 (up from kr0.037 loss in FY 2022). Revenue: kr93.1m (up 59% from FY 2022). Net income: kr1.06m (up kr6.62m from FY 2022). Profit margin: 1.1% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr25.6m (up 196% from 3Q 2022). Net income: kr2.43m (up kr6.48m from 3Q 2022). Profit margin: 9.5% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Board Change • Oct 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Elna Astrom was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings have declined by 94% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr9.9b free cash flow). Earnings have declined by 94% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (5.2% increase in shares outstanding). Market cap is less than US$100m (kr295.5m market cap, or US$28.4m). Reported Earnings • Jul 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr12.5b (up kr12.4b from 2Q 2022). Net loss: kr2.90b (loss widened kr2.90b from 2Q 2022). Recent Insider Transactions • May 10
Insider recently bought kr168k worth of stock On the 8th of May, Håkan Petersson bought around 100k shares on-market at roughly kr1.68 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr281k. Insiders have collectively bought kr488k more in shares than they have sold in the last 12 months. Recent Insider Transactions Derivative • Mar 14
President exercised options to buy kr105k worth of stock. On the 9th of March, Patrik Lundstrom exercised options to buy 65k shares at a strike price of around kr0.79, costing a total of kr52k. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. Since June 2022, Patrik has owned 2.87m shares directly. Company insiders have collectively bought kr461k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Feb 25
Insider recently bought kr281k worth of stock On the 21st of February, Håkan Petersson bought around 200k shares on-market at roughly kr1.40 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. 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. Reported Earnings • Feb 20
Full year 2022 earnings released: kr0.037 loss per share (vs kr0.18 loss in FY 2021) Full year 2022 results: kr0.037 loss per share (improved from kr0.18 loss in FY 2021). Revenue: kr58.5m (up 82% from FY 2021). Net loss: kr5.56m (loss narrowed 78% from FY 2021). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr8.66m (up 42% from 3Q 2021). Net loss: kr4.05m (loss narrowed 38% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 22
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr10.9m (up 134% from 2Q 2021). Net loss: kr3.32m (loss narrowed 57% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Recent Insider Transactions Derivative • Apr 21
President exercised options to buy kr143k worth of stock. On the 14th of April, Patrik Lundstrom exercised options to buy 114k shares at a strike price of around kr1.07, costing a total of kr122k. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. Since September 2021, Patrik has owned 2.76m shares directly. Company insiders have collectively bought kr126k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr0.15 loss per share (down from kr0.15 loss in FY 2020). Revenue: kr32.1m (down 41% from FY 2020). Net loss: kr22.1m (loss widened 3.7% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 40% per year. Reported Earnings • Nov 01
Third quarter 2021 earnings released The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: kr6.10m (down 31% from 3Q 2020). Net loss: kr6.54m (loss widened 21% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Board Change • Aug 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Jarl Hjarre was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 24
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker revenues and control over costs, although losses reduced. Second quarter 2021 results: Revenue: kr4.67m (down 50% from 2Q 2020). Net loss: kr7.79m (loss narrowed 28% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 04
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: kr8.26m (down 58% from 1Q 2020). Net loss: kr4.22m (down 327% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 11
New 90-day high: kr1.28 The company is up 39% from its price of kr0.92 on 11 December 2020. The Swedish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: kr0.85 The company is down 31% from its price of kr1.24 on 24 September 2020. The Swedish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Semiconductor industry, which is down 37% over the same period. Is New 90 Day High Low • Nov 06
New 90-day low: kr0.92 The company is down 36% from its price of kr1.44 on 07 August 2020. The Swedish market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is down 19% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: kr1.06 The company is down 26% from its price of kr1.44 on 21 July 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is down 12% over the same period. Is New 90 Day High Low • Oct 04
New 90-day low: kr1.14 The company is down 3.0% from its price of kr1.17 on 06 July 2020. The Swedish market is up 11% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Semiconductor industry, which is also down 3.0% over the same period.