New Risk • Jun 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr.19m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-kr.19m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: kr.0.20 loss per share. Revenue: kr.36.6m (up 53% from 1Q 2025). Net loss: kr.21.4m (loss narrowed 42% from 1Q 2025). Reported Earnings • Mar 03
Full year 2025 earnings released Full year 2025 results: Revenue: kr.146.6m (up 26% from FY 2024). Net loss: kr.80.7m (loss narrowed 28% from FY 2024). Aankondiging • Jan 03
Napatech A/S Approves the Election of Lars Rahbæk Boilesen as Chair of the Board of Directors Napatech A/S at its extraordinary general meeting held on 3 December 2025 approved the election of Lars Rahbæk Boilesen as new chair of the board of directors. Consequently, Napatech A/S' board of directors then consists of Lars Rahbæk Boilesen (chair), Johan Christian Jebsen, Sven Tore Larsen, Shannon John Poulin, Patricia Lorraine Kummrow, Zane Andrew Ball and Lynn Anne Comp. Aankondiging • Dec 22
Napatech A/S, Annual General Meeting, Apr 23, 2026 Napatech A/S, Annual General Meeting, Apr 23, 2026. Recent Insider Transactions Derivative • Nov 09
CFO & Member of the Executive Board exercised options to buy kr665k worth of stock. On the 5th of November, Heine Thorsgaard exercised options to buy 25k shares at a strike price of around kr9.92, costing a total of kr248k. This transaction amounted to 100% of their direct individual holding at the time of the trade. Since March 2025, Heine's direct individual holding has decreased from 145.83k shares to 25.00k. Company insiders have collectively sold kr2.8m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 06
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr.40.1m (up 18% from 3Q 2024). Net loss: kr.11.2m (loss narrowed 56% from 3Q 2024). Recent Insider Transactions Derivative • Aug 31
CFO & Member of the Executive Board exercised options to buy kr600k worth of stock. On the 27th of August, Heine Thorsgaard exercised options to buy 25k shares at a strike price of around kr9.92, costing a total of kr248k. Since December 2024, Heine's direct individual holding has decreased from 136.67k shares to 0. Company insiders have collectively sold kr3.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 26
Second quarter 2025 earnings released: kr.0.28 loss per share (vs kr.0.38 loss in 2Q 2024) Second quarter 2025 results: kr.0.28 loss per share (improved from kr.0.38 loss in 2Q 2024). Revenue: kr.31.6m (up 36% from 2Q 2024). Net loss: kr.28.3m (loss narrowed 19% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Aug 26
New major risk - Revenue and earnings growth Earnings have declined by 62% 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 62% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (kr3.3m sold). New Risk • Aug 17
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 Norwegian stocks, typically moving 6.5% 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 (6.5% average weekly change). Significant insider selling over the past 3 months (kr3.3m sold). Recent Insider Transactions • Jun 13
Key Executive recently sold kr3.3m worth of stock On the 10th of June, Heine Thorsgaard sold around 150k shares on-market at roughly kr22.12 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Heine's only on-market trade for the last 12 months. Reported Earnings • May 28
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr.23.8m (up 11% from 1Q 2024). Net loss: kr.36.8m (loss widened 14% from 1Q 2024). Revenue is forecast to grow 61% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Communications industry in Europe. Board Change • Apr 25
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Director Howard Bubb is the most experienced director on the board, commencing their role in 2016. Independent Vice Chairman of the Board Anna Topolovsky was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Aankondiging • Apr 24
Napatech A/S Approves Board Elections Napatech A/S at its AGM held on April 24, 2025 approved election of Lynn Anne Comp, Patty Kummrow and Zane Ball as new members of the board of directors. Major Estimate Revision • Mar 05
Consensus revenue estimates fall by 44% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr.335.0m to kr.187.0m. Forecast losses increased from -kr.0.08 to -kr.0.53 per share. Communications industry in Norway expected to see average net income growth of 34% next year. Consensus price target broadly unchanged at kr37.01. Share price fell 12% to kr18.10 over the past week. Reported Earnings • Feb 27
Full year 2024 earnings released Full year 2024 results: Revenue: kr.116.4m (down 36% from FY 2023). Net loss: kr.111.3m (loss widened 248% from FY 2023). Revenue is forecast to grow 56% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Communications industry in Europe. New Risk • Feb 26
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 Norwegian stocks, typically moving 8.4% 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. This is currently the only risk that has been identified for the company. Aankondiging • Jan 08
Napatech A/S Appoints Shannon Poulin as a Member of the Board of Directors Napatech A/S held its extraordinary general meeting on 17 December 2024 and the proposal to elect Shannon Poulin as a new member of the board of directors was adopted. Consequently, Napatech A/S' board of directors now consists of Johan Christian Jebsen (chair), Howard Gregory Bubb, Danny Lobo, Anna Beth Topolovsky, Sven Tore Larsen, and Shannon Poulin. Aankondiging • Dec 20
Napatech A/S, Annual General Meeting, Apr 24, 2025 Napatech A/S, Annual General Meeting, Apr 24, 2025. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings have declined by 40% 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 40% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Nov 05
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr.34.0m (down 32% from 3Q 2023). Net loss: kr.25.6m (loss widened kr.25.0m from 3Q 2023). Revenue is forecast to grow 81% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Communications industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Sep 08
Insider recently sold kr414k worth of stock On the 3rd of September, Flemming Andersen sold around 12k shares on-market at roughly kr33.89 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr1.6m more than they sold in the last 12 months. Major Estimate Revision • Aug 29
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr.161.0m to kr.127.0m. Forecast losses increased from -kr.0.51 to -kr.1.03 per share. Communications industry in Norway expected to see average net income growth of 27% next year. Consensus price target down from kr38.15 to kr36.82. Share price was steady at kr33.00 over the past week. Reported Earnings • Aug 23
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr.23.2m (down 39% from 2Q 2023). Net loss: kr.35.1m (loss widened 166% from 2Q 2023). Revenue is forecast to grow 71% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Communications industry in Europe. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr.43m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-kr.43m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risk Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.21.5m (down 42% from 1Q 2023). Net loss: kr.32.2m (loss widened 49% from 1Q 2023). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Communications industry in Europe. Major Estimate Revision • May 15
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr.176.0m to kr.161.0m. Losses expected to increase from kr.0.42 per share to kr.0.51. Communications industry in Norway expected to see average net income growth of 45% next year. Consensus price target up from kr20.36 to kr37.03. Share price rose 13% to kr33.20 over the past week. Aankondiging • Apr 27
Napatech A/S Approves Board and Committee Appointments Napatech A/S at its AGM held on April 25, 2024 approved to elect Svenn-Tore Larsen as new member of the board of directors. the company also approved to elect a new member of the nomination committee. The current nom- ination committee consists of Nils Foldal (chair) and Håvard Nilsson (member). It was proposed that Ole Peter Lorentzen was elected as an additional member of the nomination committee for a term of two years bringing the total number of members of the nomination committee to three. Reported Earnings • Feb 29
Full year 2023 earnings released Full year 2023 results: Revenue: kr.182.7m (up 15% from FY 2022). Net loss: kr.32.0m (loss narrowed 34% from FY 2022). Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Communications industry in Europe. Major Estimate Revision • Feb 27
Consensus estimates of losses per share improve by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from kr.176.0m to kr.185.0m. EPS estimate increased from -kr.0.49 per share to -kr.0.35 per share. Communications industry in Norway expected to see average net income growth of 39% next year. Consensus price target up from kr13.28 to kr18.02. Share price rose 2.0% to kr17.75 over the past week. Reported Earnings • Nov 08
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr.49.7m (up 34% from 3Q 2022). Net loss: kr.587.0k (loss narrowed 95% from 3Q 2022). Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Communications industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Aankondiging • Sep 15
Napatech Announces the Availability of the Production-Grade 200 Gbps IPU Based Upon the Intel®? IPU Platform F2000X-PL Napatech™? announced the availability of the industry's first production-grade 200 Gbps IPU based upon the Intel®? IPU Platform F2000X-PL. Napatech's F2070X™?. IPU is engineered for cloud, enterprise, and telecom data centers that are optimized for hybrid multi-cloud and edge-computing architectures, supporting applications that may be virtualized (virtual machines), cloud-native (containers), bare-metal and microservices-based. IPU meet the most demanding challenges of modern data center designs without compromise, including: Performance: hardware-based, line-rate forwarding with sophisticated packet processing. Efficiency: offloading of infrastructure processes, reclaiming valuable host CPU resources for applications and services. Customization: software and hardware programmable, delivering hardware performance at the speed of software innovation. Security: Hard isolation between tenant applications and services, and operator infrastructure processes. Sustainability: tenant and service scalability per server, reducing cost, power, and cooling per rack. Ease of Use: The Intel®? Xeon®? D processor simplifies moving the networking and storage stacks from the host to the IPU. Napatech's. F2070X IPU expands upon the Intel®? IPGA Platform F2000X-PL, which is the architecture selected by early adopters in hyperscale cloud, telecom cloud, and next wave cloud networks. The Napatech F2070X IPU is a turnkey, production-grade, warranted, and supported product based on this leadership Intel reference platform. The F2070X IPU hardware is packed with the latest Intel technology, including an Intel Xeon D SoC and Intel Agilex®? 7 FPGA. The 200 Gbps card includes two ports configurable for 10, 25, and 100 gigabit Ethernet. Multiple versions are available in various SoC, FPGA, and memory configurations, and are supported in standard, high-volume servers from leading manufacturers. The F2070XIPU is powered by Napatech's software and high-velocity roadmap that deliver NIC functionality, while offloading and accelerating networking (OVS), Storage (NVMe/TCP), Security (TLS), and other workloads. Aankondiging • Sep 12
Napatech A/S Launches 5G User Plane Function Offload Solution on Its Intel Agilex FPGA Based 400Gbps Smartnic Napatech A/S announced the availability of its offload solution for 5G User Plane Function (UPF) on the new NT400 400Gbps SmartNIC which leverages the latest Intel Agilex(R) FPGA. Unlike most 4G networks based on purpose-built appliances, the 5G packet core is implemented as virtualized or cloud- native software running on servers located within edge and core data centers. As Communications Service Providers (CSPs) and enterprises scale up the deployments of their telecom infrastructure and private networks, they face strong financial pressure to maximize the number of users that can be supported on each server while also minimizing the energy consumption of their edge data centers. Within the 5G packet core, the UPF subsystem represents the higher compute workload, performing critical packet inspection, routing and forwarding functions. As data rates increase and workloads proliferate, some service providers may consider offloading some real-time packet processing from general-purpose server CPU cores widely deployed in today's virtualized and cloud native networks. To support this, Napatech enables 5G core vendors to address the key business challenges around packet core deployments through its integrated hardware/software solution that comprises a fully-offloaded UPF fast path implemented within the Link-Inline(TM) software stack, running on programmable SmartNICs. Napatech's UPF offload solution is supported by an ecosystem of packet core software suppliers and server OEMs, with partners such as A5G Networks, Advantech, Druid Software and Kontron having already announced products that leverage this technology, while others have integrations in progress. The new Napatech NT400 400Gbps SmartNIC maximizes the performance of its UPF offload solution, processing up to 190 million concurrent flows with a flow learning rate greater than 2 million flows per second, achieving a total throughput of up to 113 million packets per second on stateful connections and ensuring full 2x 200G wire speed operation for typical packet sizes. Aankondiging • Aug 29
Napatech A/S Leverages Latest Intel Agilex®? Fpga to Launch Industry's First 400Gbps Smartnic Solutions Napatech A/S announced the availability of the Napatech's first 400Gbps programmable SmartNIC solutions, leveraging the latest Intel Agilex®? 7 FPGAs to deliver best-in-class performance for applications in security, cloud services, network monitoring and recording. Enterprises and OEMs providing high-performance solutions for network monitoring and recording require NICs with a performance level that matches the high PCI Express (PCIe) bandwidth available in the latest servers such as those based on 4th Gen Intel Xeon®? Scalable Processors. The new Napatech NT400 SmartNIC platform, based on the Intel®? FPGA SmartNIC N6000-PL Platform, addresses this need through a PCIe Gen 4 16-lane host interface which enables full-duplex 2x100Gbps traffic between network ports and host applications. Similarly, for applications like the 5G packet core in telecom infrastructure that require high-bandwidth inline processing of network data, the NT400 platform sustains a total 400G of traffic over tens of millions of flows. The NT400 programmable SmartNIC platform includes two QSFP56 network ports, supporting up to 2x200G traffic with the flexibility to configure 10G, 25G, 40G, 50G, 100G and 200G network links. The SmartNIC hardware is complemented by Napatech's portfolio of production-grade software packages, including Link-Capture™? for use cases such as network monitoring and recording, Link-Virtualization™? that provides a virtualized data plane for cloud services and Link-Inline™? for inline applications such as 5G User Plane Function (UPF). These integrated solutions deliver a true "IT experience" whereby the user just installs the card and the software, immediately achieving seamless acceleration of their application with no requirement to directly program the SmartNIC itself. Aankondiging • Aug 26
Napatech A/S Provides Revenue Guidance for the Year 2023 Napatech A/S provided revenue guidance for the year 2023. The company expects Revenue in the range of DKK 180 million – DKK 200 million. Major Estimate Revision • Aug 20
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr.184.0m to kr.180.0m. Losses expected to increase from kr.0.37 per share to kr.0.47. Communications industry in Norway expected to see average net income growth of 7.1% next year. Consensus price target down from kr14.76 to kr14.00. Share price was steady at kr10.10 over the past week. Board Change • May 19
Less than half of directors are independent Following 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 Chairman Lars Boilesen was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr.37.1m (down 29% from 1Q 2022). Net loss: kr.21.6m (loss widened 228% from 1Q 2022). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 02
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr.253.0m to kr.184.0m. Forecast losses increased from kr.0.00 to -kr.0.37 per share. Communications industry in Norway expected to see average net income decline 5.9% next year. Consensus price target down from kr15.52 to kr14.48. Share price was steady at kr10.00 over the past week. Buying Opportunity • Mar 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be kr12.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 59% in a year. Earnings is forecast to grow by 100% in the next year. Buying Opportunity • Mar 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be kr12.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 59% in a year. Earnings is forecast to grow by 100% in the next year. Reported Earnings • Mar 02
Full year 2022 earnings released Full year 2022 results: Revenue: kr.158.6m (down 19% from FY 2021). Net loss: kr.48.3m (down 220% from profit in FY 2021). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Communications industry in Europe. Aankondiging • Dec 24
Napatech A/S to Report First Half, 2023 Results on Aug 24, 2023 Napatech A/S announced that they will report first half, 2023 results on Aug 24, 2023 Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr.37.0m (down 22% from 3Q 2021). Net loss: kr.12.7m (down 268% from profit in 3Q 2021). Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Communications industry in Europe. Over the last 3 years on average, earnings per share has increased by 131% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 21% share price gain to kr13.90, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 18x in the Communications industry in Europe. Total returns to shareholders of 159% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr13.28, the stock trades at a forward P/E ratio of 52x. Average forward P/E is 16x in the Communications industry in Europe. Total returns to shareholders of 177% over the past three years. Reported Earnings • Aug 19
Second quarter 2022 earnings released: kr.0.14 loss per share (vs kr.0.07 profit in 2Q 2021) Second quarter 2022 results: kr.0.14 loss per share (down from kr.0.07 profit in 2Q 2021). Revenue: kr.35.5m (down 24% from 2Q 2021). Net loss: kr.11.4m (down 295% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 51%, compared to a 8.4% growth forecast for the Communications industry in Norway. Over the last 3 years on average, earnings per share has increased by 135% per year but the company’s share price has only increased by 122% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 31
Independent Director recently bought kr122k worth of stock On the 28th of May, Howard Bubb bought around 11k shares on-market at roughly kr11.14 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr331k. Insiders have collectively bought kr380k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 18
Independent Director recently bought kr51k worth of stock On the 16th of May, Howard Bubb bought around 5k shares on-market at roughly kr10.00 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr331k. Insiders have collectively bought kr257k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 16% share price gain to kr9.88, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 22x in the Communications industry in Europe. Total returns to shareholders of 485% over the past three years. Recent Insider Transactions • May 07
Chairman recently bought kr331k worth of stock On the 4th of May, Lars Boilesen bought around 39k shares on-market at roughly kr8.54 per share. This was the largest purchase by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Reported Earnings • May 05
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: kr.52.2m (up 12% from 1Q 2021). Net loss: kr.6.59m (down 227% from profit in 1Q 2021). Revenue missed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 33%, compared to a 7.0% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 138% per year but the company’s share price has only increased by 79% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Christian Jebsen was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: kr.195.5m (flat on FY 2020). Net income: kr.40.2m (up 319% from FY 2020). Profit margin: 21% (up from 4.9% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 26%, compared to a 6.9% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 21% share price decline to kr10.24, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 24x in the Communications industry in Europe. Total returns to shareholders of 202% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 16% share price gain to kr14.48, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 24x in the Communications industry in Europe. Total returns to shareholders of 427% over the past three years.