Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr59.60, the stock trades at a trailing P/E ratio of 34.2x. Average trailing P/E is 18x in the Telecom industry in Europe. Total returns to shareholders of 59% over the past three years. Aankondiging • Jul 08
Telenor ASA (OB:TEL) agreed to acquire 50.80% stake in Bahnhof AB (publ) (OM:BAHN B) from KN Telecom AB and Andreas Norman for SEK 3.3 billion. Telenor ASA (OB:TEL) agreed to acquire 50.80% stake in Bahnhof AB (publ) (OM:BAHN B) from KN Telecom AB and Andreas Norman for SEK 3.3 billion on July 8, 2026. Under the terms of the acquisition, Telenor ASA will pay SEK 60 in cash per share. The transaction values Bahnhof AB at SEK 6.1 billion ($629.7 million) on an enterprise value basis. In a related transaction, Telenor ASA agreed to acquire 6.7% stake in Bahnhof AB from Investment AB Öresund. Upon completion of the transactions, Telenor ASA will hold 57.5% stake in Bahnhof AB and will trigger an obligation to make a mandatory cash offer to acquire remaining stake in Bahnhof. Following completion, Bahnhof will continue to operate under its own brand, maintaining its established focus on privacy, security and technical expertise. Telenor intends to build on Bahnhof's market position while combining the capabilities of both organizations.
The transaction is conditional upon receipt of necessary regulatory approvals and is expected to close within four to eight months. Reported Earnings • May 11
First quarter 2026 earnings: EPS in line with expectations, revenues disappoint First quarter 2026 results: EPS: kr0.58 (up from kr0.54 in 1Q 2025). Revenue: kr582.5m (up 8.6% from 1Q 2025). Net income: kr62.2m (up 7.8% from 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 06
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 20 May 2026. The company is paying out more than 100% of its profits and is paying out 88% of its cash flow. Trailing yield: 3.7%. Lower than top quartile of Swedish dividend payers (4.3%). Lower than average of industry peers (4.4%). Reported Earnings • Feb 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr1.68 (down from kr2.05 in FY 2024). Revenue: kr2.22b (up 10.0% from FY 2024). Net income: kr180.6m (down 18% from FY 2024). Profit margin: 8.1% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Telecom industry in Sweden. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 19
Dividend of kr2.00 announced Dividend of kr2.00 is the same as last year. Ex-date: 13th May 2026 Payment date: 20th May 2026 Dividend yield will be 3.7%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (97% earnings payout ratio) nor is it covered by cash flows (142% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 7.8% to bring the payout ratio under control. EPS is expected to grow by 20% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: kr0.53 (down from kr0.56 in 3Q 2024). Revenue: kr561.2m (up 9.7% from 3Q 2024). Net income: kr56.9m (down 5.2% from 3Q 2024). Profit margin: 10% (down from 12% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.8%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Telecom industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Price Target Changed • Aug 20
Price target increased by 13% to kr70.00 Up from kr62.00, the current price target is provided by 1 analyst. New target price is 8.9% above last closing price of kr64.30. Stock is up 25% over the past year. The company is forecast to post earnings per share of kr2.27 for next year compared to kr2.05 last year. Reported Earnings • Aug 19
Second quarter 2025 earnings: EPS in line with expectations, revenues disappoint Second quarter 2025 results: EPS: kr0.53 (up from kr0.50 in 2Q 2024). Revenue: kr548.6m (up 9.5% from 2Q 2024). Net income: kr56.7m (up 5.6% from 2Q 2024). Profit margin: 10% (in line with 2Q 2024). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Telecom industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 07
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 14 May 2025. Payment date: 20 May 2025. Payout ratio and cash payout ratio are on the higher end at 97% and 76% respectively. Trailing yield: 3.5%. Lower than top quartile of Swedish dividend payers (4.0%). Lower than average of industry peers (4.0%). Declared Dividend • Apr 23
Dividend of kr2.00 announced Dividend of kr2.00 is the same as last year. Ex-date: 14th May 2025 Payment date: 20th May 2025 Dividend yield will be 3.8%, which is lower than the industry average of 4.7%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it covered by cash flows (156% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 8.5% to bring the payout ratio under control. EPS is expected to grow by 25% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Aankondiging • Apr 23
Bahnhof AB (publ) announces Annual dividend, payable on May 20, 2025 Bahnhof AB (publ) announced Annual dividend of SEK 2.0000 per share payable on May 20, 2025, ex-date on May 14, 2025 and record date on May 15, 2025. Aankondiging • Apr 11
Bahnhof AB (publ), Annual General Meeting, May 13, 2025 Bahnhof AB (publ), Annual General Meeting, May 13, 2025, at 13:00 W. Europe Standard Time. Location: at sveavagen 41, stockholm. Sweden Reported Earnings • Feb 19
Full year 2024 earnings released: EPS: kr2.05 (vs kr2.00 in FY 2023) Full year 2024 results: EPS: kr2.05 (up from kr2.00 in FY 2023). Revenue: kr2.02b (up 8.0% from FY 2023). Net income: kr220.2m (up 2.5% from FY 2023). Profit margin: 11% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: kr0.56 (vs kr0.55 in 3Q 2023) Third quarter 2024 results: EPS: kr0.56 (up from kr0.55 in 3Q 2023). Revenue: kr511.6m (up 7.7% from 3Q 2023). Net income: kr60.1m (up 2.4% from 3Q 2023). Profit margin: 12% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Buy Or Sell Opportunity • Jul 19
Now 21% undervalued Over the last 90 days, the stock has risen 17% to kr53.80. The fair value is estimated to be kr68.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 16%. Upcoming Dividend • May 08
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 15 May 2024. Payment date: 21 May 2024. Payout ratio is on the higher end at 98%, however this is supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Swedish dividend payers (4.3%). Lower than average of industry peers (4.5%). Reported Earnings • May 07
First quarter 2024 earnings released: EPS: kr0.52 (vs kr0.47 in 1Q 2023) First quarter 2024 results: EPS: kr0.52 (up from kr0.47 in 1Q 2023). Revenue: kr491.4m (up 8.9% from 1Q 2023). Net income: kr56.2m (up 12% from 1Q 2023). Profit margin: 11% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 18
Dividend of kr2.00 announced Shareholders will receive a dividend of kr2.00. Ex-date: 15th May 2024 Payment date: 21st May 2024 Dividend yield will be 5.0%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (54% cash payout ratio). The dividend has increased by an average of 30% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control, which is less than the 17% EPS growth achieved over the last 5 years. Reported Earnings • Feb 13
Full year 2023 earnings released: EPS: kr1.99 (vs kr1.67 in FY 2022) Full year 2023 results: EPS: kr1.99 (up from kr1.67 in FY 2022). Revenue: kr1.88b (up 8.5% from FY 2022). Net income: kr214.1m (up 19% from FY 2022). Profit margin: 11% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 08
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr477.9m (up 9.5% from 3Q 2022). Net income: kr58.6m (up 25% from 3Q 2022). Profit margin: 12% (up from 11% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Aug 28
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr459.1m (up 6.6% from 2Q 2022). Net income: kr46.4m (up 1.9% from 2Q 2022). Profit margin: 10% (in line with 2Q 2022). Aankondiging • Jul 24
Bahnhof AB (publ) to Report First Half, 2023 Results on Aug 22, 2023 Bahnhof AB (publ) announced that they will report first half, 2023 results on Aug 22, 2023 Upcoming Dividend • May 03
Upcoming dividend of kr1.75 per share at 2.9% yield Eligible shareholders must have bought the stock before 10 May 2023. Payment date: 16 May 2023. Payout ratio is a comfortable 75% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Swedish dividend payers (5.1%). Lower than average of industry peers (4.1%). Buying Opportunity • Apr 21
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be kr54.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Earnings per share has grown by 14%. Reported Earnings • Feb 15
Full year 2022 earnings released: EPS: kr1.67 (vs kr1.40 in FY 2021) Full year 2022 results: EPS: kr1.67 (up from kr1.40 in FY 2021). Revenue: kr1.73b (up 7.9% from FY 2021). Net income: kr179.0m (up 19% from FY 2021). Profit margin: 10% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 11% per year. Buying Opportunity • Feb 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be kr44.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 15%. Aankondiging • Jan 16
Bahnhof AB (publ) to Report Fiscal Year 2022 Results on Feb 14, 2023 Bahnhof AB (publ) announced that they will report fiscal year 2022 results on Feb 14, 2023 Board Change • Nov 16
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. 6 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Kennet Lejnell 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 • May 06
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: kr417.1m (up 7.9% from 1Q 2021). Net income: kr42.4m (up 22% from 1Q 2021). Profit margin: 10% (up from 9.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Upcoming Dividend • May 04
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 17 May 2022. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Swedish dividend payers (4.8%). Lower than average of industry peers (4.0%). 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. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Kennet Lejnell 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 • Apr 21
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: kr1.40 (up from kr1.28 in FY 2020). Revenue: kr1.60b (up 9.0% from FY 2020). Net income: kr150.3m (up 9.0% from FY 2020). Profit margin: 9.4% (in line with FY 2020). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Reported Earnings • Feb 19
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: kr1.36 (up from kr1.27 in FY 2020). Revenue: kr1.60b (up 9.0% from FY 2020). Net income: kr146.4m (up 7.4% from FY 2020). Profit margin: 9.1% (down from 9.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 11% per year. Buying Opportunity • Feb 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be kr44.48, 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% per annum over the last 3 years. Earnings per share has grown by 15% per annum over the last 3 years. Reported Earnings • Aug 21
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: kr397.5m (up 10% from 2Q 2020). Net income: kr36.5m (up 9.0% from 2Q 2020). Profit margin: 9.2% (down from 9.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 05
Upcoming dividend of kr0.75 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 19 May 2021. Trailing yield: 1.4%. Lower than top quartile of Swedish dividend payers (3.5%). Lower than average of industry peers (4.6%). Is New 90 Day High Low • Feb 15
New 90-day high: kr37.45 The company is up 20% from its price of kr31.10 on 17 November 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 1.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: kr37.30 The company is up 16% from its price of kr32.20 on 09 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 8.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: kr33.90 The company is up 6.0% from its price of kr32.05 on 18 September 2020. The Swedish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: kr30.25 The company is down 5.0% from its price of kr31.80 on 24 July 2020. The Swedish market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 4.0% over the same period. Aankondiging • Oct 13
Bahnhof AB (publ) to Report Q3, 2020 Results on Nov 10, 2020 Bahnhof AB (publ) announced that they will report Q3, 2020 results on Nov 10, 2020 Aankondiging • Jul 20
Bahnhof AB (publ) to Report Q2, 2020 Results on Aug 18, 2020 Bahnhof AB (publ) announced that they will report Q2, 2020 results on Aug 18, 2020