Buy Or Sell Opportunity • Jun 09
Now 20% overvalued Over the last 90 days, the stock has fallen 4.1% to kr236. The fair value is estimated to be kr196, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. New Risk • May 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 374% Cash payout ratio: 91% Dividend yield: 3.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 374% Cash payout ratio: 91% Earnings have declined by 34% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (65% net profit margin). Announcement • May 06
Trimco Group (UK) Limited proposed to acquire Nilörngruppen AB (publ) (OM:NIL B) from AB Traction (OM:TRAC B), Protector Forsikring ASA (OB:PROT), Kavaljer Fonder, Krister Magnusson, and others for approximately SEK 880 million. Trimco Group (UK) Limited proposed to acquire Nilörngruppen AB (publ) (OM:NIL B) from AB Traction (OM:TRAC B), Protector Forsikring ASA (OB:PROT), Kavaljer Fonder, Krister Magnusson, and others for approximately SEK 880 million on May 4, 2026. Under the Offer, Trimco offers SEK 77 in cash for each class A and class B share in Nilörngruppen, corresponding to a total equity value of approximately SEK 878 million.
The Board of Directors unanimously recommends that the shareholders of Nilörngruppen accept the offer. The transaction is subject to approval by regulatory board / committee. The completion of the Offer is conditional on customary conditions, e.g. that the Offeror becomes the owner of more than 90% of the total number of shares. The acceptance period for the Offer is expected to commence around June 19, 2026, and end around July 10, 2026, subject to any extensions.
KANTER Advokatbyrå KB acted as legal advisor for Nilörngruppen AB. Stockholm Corporate Finance AB acted as fairness opinion provider for Nilörngruppen AB. DNB Carnegie Investment Bank AB acted as financial advisor for Trimco Group (UK) Limited. Roschier Advokatbyrå Ab acted as legal advisor for Trimco Group (UK) Limited. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor for Trimco Group (UK) Limited. 
