Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Director Anna Stalenbring was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 27
VBG Group AB (publ) to Report Fiscal Year 2026 Results on Feb 17, 2027 VBG Group AB (publ) announced that they will report fiscal year 2026 results on Feb 17, 2027 Aankondiging • Feb 19
VBG Group AB (publ) announces Annual dividend, payable on May 20, 2026 VBG Group AB (publ) announced Annual dividend of SEK 7.2500 per share payable on May 20, 2026, ex-date on May 13, 2026 and record date on May 15, 2026. Aankondiging • Nov 11
VBG Group AB (publ) to Report Fiscal Year 2025 Final Results on Apr 13, 2026 VBG Group AB (publ) announced that they will report fiscal year 2025 final results at 12:00 PM, Central European Standard Time on Apr 13, 2026 Aankondiging • Oct 31
VBG Group AB (publ), Annual General Meeting, May 12, 2026 VBG Group AB (publ), Annual General Meeting, May 12, 2026. Aankondiging • May 14
VBG Group AB (publ) Approves Dividend, Payable on 20 May 2025 VBG Group AB (publ) at its AGM held on May 13, 2025 approved board of directors’ proposal, on a dividend of SEK 7.25 per share. The record date for the right to receive dividend was resolved to be 15 May 2025. Payment of the dividend by Euroclear Sweden AB is expected to be initiated on 20 May 2025. Aankondiging • Feb 20
VBG Group AB (publ), Annual General Meeting, May 13, 2025 VBG Group AB (publ), Annual General Meeting, May 13, 2025. Aankondiging • Feb 19
VBG Group AB (publ) to Report Fiscal Year 2025 Results on Feb 18, 2026 VBG Group AB (publ) announced that they will report fiscal year 2025 results on Feb 18, 2026 Aankondiging • Jan 14
Vbg Group AB (Publ) Appoints Ola Hermansson as Division CEO of Truck & Trailer Equipment VBG Group has announced the appointment of Ola Hermansson as the new Division CEO of Truck & Trailer Equipment (TTE). Ola Hermansson, who has lead VBG Group Truck Equipment operations to date, brings 30 years of leadership experience in the automotive industry. Ola holds a master's degree in mechanical engineering from Luleå University of Technology. Ola Hermansson joined the division Truck & Trailer Equipment within VBG Group in 2020 and his previously career includes senior leadership positions at Saab Automobile, AB Volvo and CEVT AB. Ola has been responsible for leading global body structure projects, vehicle program development and for teams in multiple regions including, France, India, North America, Japan and China. Ola Hermansson will assume the role of Division CEO of Truck & Trailer Equipment on January 14, 2025. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: kr4.49 (vs kr6.36 in 3Q 2023) Third quarter 2024 results: EPS: kr4.49 (down from kr6.36 in 3Q 2023). Revenue: kr1.27b (down 12% from 3Q 2023). Net income: kr112.3m (down 29% from 3Q 2023). Profit margin: 8.8% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Germany. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €33.70, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Machinery industry in Germany. Total returns to shareholders of 108% over the past year. New Risk • Jul 22
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 German stocks, typically moving 7.1% 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 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 (7.1% average weekly change). Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: kr6.71 (vs kr5.53 in 2Q 2023) Second quarter 2024 results: EPS: kr6.71 (up from kr5.53 in 2Q 2023). Revenue: kr1.49b (up 3.0% from 2Q 2023). Net income: kr167.8m (up 21% from 2Q 2023). Profit margin: 11% (up from 9.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Germany. Buy Or Sell Opportunity • Jul 02
Now 22% undervalued Over the last 90 days, the stock has risen 61% to €42.60. The fair value is estimated to be €54.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • Jun 22
Now 24% undervalued Over the last 90 days, the stock has risen 49% to €40.65. The fair value is estimated to be €53.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Upcoming Dividend • Apr 26
Upcoming dividend of kr7.00 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 10 May 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.3%). Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr1.54b (up 9.7% from 1Q 2023). Net income: kr195.8m (up 38% from 1Q 2023). Profit margin: 13% (up from 10% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Germany. Aankondiging • Mar 28
VBG Group AB (publ) Proposes Dividend for the Year 2023, Payable on 10 May 2024 VBG Group AB (publ) announced that at its annual general meeting to be held on 2 May 2024, the board of directors proposes a payment of an ordinary dividend of SEK 7.00 (5.50), with record date on 6 May 2024. If the general meeting resolves in accordance with the proposal, payment of the dividend by Euroclear Sweden AB is expected to be initiated on 10 May 2024. Declared Dividend • Mar 28
Dividend of kr7.00 announced Shareholders will receive a dividend of kr7.00. Ex-date: 3rd May 2024 Payment date: 10th May 2024 Dividend yield will be 26%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Mar 12
Key Executive recently bought €15k worth of stock On the 6th of March, Fredrik Jigneus bought around 610 shares on-market at roughly €24.83 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Fredrik has been a buyer over the last 12 months, purchasing a net total of €34k worth in shares. New Risk • Feb 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 21
Full year 2023 earnings released: EPS: kr22.74 (vs kr14.73 in FY 2022) Full year 2023 results: EPS: kr22.74 (up from kr14.73 in FY 2022). Revenue: kr5.74b (up 25% from FY 2022). Net income: kr568.6m (up 54% from FY 2022). Profit margin: 9.9% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 3.0% growth forecast for the Machinery industry in Germany. Aankondiging • Nov 24
VBG Group AB (publ) to Report Fiscal Year 2023 Final Results on Mar 28, 2024 VBG Group AB (publ) announced that they will report fiscal year 2023 final results on Mar 28, 2024 Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €19.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Machinery industry in Germany. Reported Earnings • Oct 27
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr1.44b (up 32% from 3Q 2022). Net income: kr158.9m (up 153% from 3Q 2022). Profit margin: 11% (up from 5.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. New Risk • Oct 25
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 German stocks, typically moving 6.4% 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 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 (6.4% average weekly change). Aankondiging • Sep 25
VBG Group AB (publ) to Report Q3, 2023 Results on Oct 24, 2023 VBG Group AB (publ) announced that they will report Q3, 2023 results on Oct 24, 2023 Aankondiging • Aug 18
VBG Group AB (publ), Annual General Meeting, May 02, 2024 VBG Group AB (publ), Annual General Meeting, May 02, 2024. Reported Earnings • Jul 23
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr1.45b (up 27% from 2Q 2022). Net income: kr138.2m (up 38% from 2Q 2022). Profit margin: 9.5% (in line with 2Q 2022). Aankondiging • Jun 21
VBG Group AB (publ) to Report Q2, 2023 Results on Jul 20, 2023 VBG Group AB (publ) announced that they will report Q2, 2023 results on Jul 20, 2023 Reported Earnings • May 02
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr1.40b (up 21% from 1Q 2022). Net income: kr142.1m (up 24% from 1Q 2022). Profit margin: 10% (in line with 1Q 2022). Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Director Anna Stalenbring was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
