Board Change • Jun 02
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Deputy Chair Marit Solberg is the most experienced director on the board, commencing their role in 2019. Independent Director Lars Carl Qvist was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Board Change • May 20
High number of new directors Independent Director Lars Carl Qvist was the last director to join the board, commencing their role in 2024. New Risk • Aug 29
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 6.8% 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. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: kr0.19 (vs kr0.18 in 2Q 2023) Second quarter 2024 results: EPS: kr0.19. Revenue: kr150.0m (up 13% from 2Q 2023). Net income: kr18.7m (down 1.6% from 2Q 2023). Profit margin: 12% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Announcement • Aug 16
Nekkar ASA (OB:NKR) completed the acquisition of 67% stake in Globetech AS for NOK 82.5 million. Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million on July 2, 2024. The share purchase for the 67% ownership share will be settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at closing of the transaction. Nekkar will utilize the company’s treasury shares to settle the share-based consideration, which is valued at the VWAP last five days prior to signing and subject to a two-year lock-up period. The cash-based consideration will be covered by Nekkar’s cash balance, which stood at NOK 197 million at March 31, 2024. In the first stage, Nekkar acquires 67 percent ownership of Globetech. Globetech’s enterprise value is at signing estimated to NOK 120 million on a 100 percent basis, based on last twelve months EBTIDA and an implied multiple of 7.7x EBITDA. In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027. In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11 million. The transaction is expected to be completed during the third quarter of 2024.
Nekkar ASA (OB:NKR) completed the acquisition of 67% stake in Globetech AS on August 15, 2024. New Risk • Aug 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €90.9m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €1.04, the stock trades at a trailing P/E ratio of 16.1x. Average forward P/E is 12x in the Machinery industry in Germany. Total returns to shareholders of 24% over the past three years. Announcement • Jul 04
Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million. Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million on July 2, 2024. The share purchase for the 67% ownership share will be settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at closing of the transaction. Nekkar will utilize the company’s treasury shares to settle the share-based consideration, which is valued at the VWAP last five days prior to signing and subject to a two-year lock-up period. The cash-based consideration will be covered by Nekkar’s cash balance, which stood at NOK 197 million at March 31, 2024. In the first stage, Nekkar acquires 67 percent ownership of Globetech. Globetech’s enterprise value is at signing estimated to NOK 120 million on a 100 percent basis, based on last twelve months EBTIDA and an implied multiple of 7.7x EBITDA. In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027. In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11 million. The transaction is expected to be completed during the third quarter of 2024. Board Change • Jun 06
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. 3 non-independent directors. Independent Director Trine Ulla was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 31
Nekkar Asa Approve Board Changes On AGM held on May 30, 2024, the Nekkar ASA announced that the general meeting gives its approval to elect Fabian Qvist as board member for 2 years. The general meeting agrees to elect Bjorn Erik Dahle as board member for 2 years. After this, the Board consists of Hakon Andre Berg (chair), Marit Solberg (deputy chair), Trine Ulla, Fabian Qvist and Bjorn Erik Dahle. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr0.78 (vs kr0.30 in FY 2022) Full year 2023 results: EPS: kr0.78 (up from kr0.30 in FY 2022). Revenue: kr575.0m (up 48% from FY 2022). Net income: kr83.0m (up 161% from FY 2022). Profit margin: 14% (up from 8.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: kr0.20 (vs kr0.056 in 3Q 2022) Third quarter 2023 results: EPS: kr0.20 (up from kr0.056 in 3Q 2022). Revenue: kr162.0m (up 59% from 3Q 2022). Net income: kr22.0m (up 264% from 3Q 2022). Profit margin: 14% (up from 5.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: kr0.18 (vs kr0.12 in 2Q 2022) Second quarter 2023 results: EPS: kr0.18 (up from kr0.12 in 2Q 2022). Revenue: kr132.3m (up 32% from 2Q 2022). Net income: kr19.0m (up 54% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • May 31
Nekkar ASA Approves Board Appointments Nekkar ASA announced that at its Annual General Meeting held on May 30, 2023, gives its approval to elect Trine Ulla as a board member for 2 years. The general meeting agrees to elect Håkon Andre Berg as a board member for 1 year. Anne Grete Ellingsen is elected as chair of the Nomination Committee for a period of two years. Ditlef de Vibe is elected as a member of the Nomination Committee for a two-year term. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: kr0.30 (vs kr1.04 in FY 2021) Full year 2022 results: EPS: kr0.30 (down from kr1.04 in FY 2021). Revenue: kr387.5m (down 19% from FY 2021). Net income: kr31.8m (down 71% from FY 2021). Profit margin: 8.2% (down from 23% in FY 2021). The decrease in margin was driven by lower revenue. 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 39% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 1 independent director (2 non-independent directors). Independent Director Ingunn Svegarden was the last independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: kr0.12 (vs kr0.35 in 2Q 2021) Second quarter 2022 results: EPS: kr0.12 (down from kr0.35 in 2Q 2021). Revenue: kr99.9m (down 18% from 2Q 2021). Net income: kr12.3m (down 67% from 2Q 2021). Profit margin: 12% (down from 30% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Aug 16
Nekkar ASA Announces Executive Changes Nekkar ASA announced that Kristoffer Lundeland will conclude his temporary assignment as acting CFO of Nekkar ASA with effect from 31 August 2022, following the publication of the second quarter and half-year 2022 results on 30 August 2022. Head of Finance in Nekkar ASA, Marianne Voreland Ottosen, will going forward oversee the company's finance and accounting functions. Voreland Ottosen is a highly experienced finance professional who joined Nekkar earlier this year. She has previously held senior finance roles at MHWirth and been compliance manager at Aker Solutions. She has also spent seven years with Deloitte Norway's audit & advisory team. She holds a master's degreein finance from the Norwegian School of Economics (NHH). Board Change • May 31
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 Ingunn Svegarden was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 29
Full year 2021 earnings released: EPS: kr1.04 (vs kr0.65 in FY 2020) Full year 2021 results: EPS: kr1.04 (up from kr0.65 in FY 2020). Revenue: kr480.0m (up 34% from FY 2020). Net income: kr110.2m (up 60% from FY 2020). Profit margin: 23% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 18% share price gain to €1.05, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 29x in the Machinery industry in Germany. Total returns to shareholders of 302% over the past three years. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS kr0.35 (vs kr0.005 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr121.8m (up 88% from 2Q 2020). Net income: kr36.9m (up kr36.4m from 2Q 2020). Profit margin: 30% (up from 0.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jun 16
Nekkar Asa Deleted from Other OTC Nekkar Asa Common Shares have been deleted from Other OTC effective June 15, 2021. The deletion is due to Inactive Security. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 15% share price gain to kr1.04, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 40x in the Machinery industry in Germany. Total returns to shareholders of 302% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 16% share price gain to kr1.07, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 47x in the Machinery industry in Germany. Total returns to shareholders of 310% over the past three years. Is New 90 Day High Low • Feb 20
New 90-day high: €0.78 The company is up 63% from its price of €0.48 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: €0.61 The company is up 15% from its price of €0.53 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 09
New 90-day high: €0.56 The company is up 58% from its price of €0.36 on 10 September 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 3.0% over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: €0.51 The company is up 54% from its price of €0.33 on 08 July 2020. The German market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 12% over the same period. Announcement • Aug 21
Nekkar ASA Announces Executive Changes Toril Eidesvik, CEO of Nekkar ASA has decided to leave Nekkar and have made an agreement with the Board of Directors that she will be released from her duties end of third quarter of 2020. Her agreement is a good leaver agreement, where she will continue to support Nekkar through the Cargotec /MacGregor legal arbitration process for as long as it takes. At the same date as she is leaving the company, Preben Liltved will be appointed as interim CEO of Nekkar. Preben Liltved have more than 25 years' experience from marine and offshore product and service business in different management positions. His solid technical background combined with global management experience in companies like Goltens, Aker Solutions, Macgregor, Palfinger and latest Eyde Mooring Solutions will give a strong contribution to operations in both Syncrolift and the new business opportunities within Aquaculture, Digitalisation and Offshore Energy and Renewable. 
