Board Change • May 20
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. No independent directors (7 non-independent directors). Employee Representative Director Kari Markhus is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 20
Eqva ASA Announces That Petter Sørdahl Has Decided to Step Down as CFO Eqva ASA announced that Chief Financial Officer (CFO) of EQVA ASA, Petter Sørdahl, has decided to step down from his position as CFO. He will remain in his position for up to 3 months from this date. The management has initiated the succession process. Announcement • Jun 19
Eqva ASA Announces Committee Changes Eqva ASA at its AGM held on June 19, 2025, announced that in accordance with the Nomination Committee's and the boards proposal, the general meeting made the following resolution for the new board of directors: Chair: Ingrid Due-Gundersen; Member of the board: Hans Olav Lindal; Member of the board: Birthe Cecilie Lepsøe; Member of the board: Gudmund Øvrehus; Member of the board: Tore Schiøtz. The Nomination Committee shall consist of the following members: Erling Astrup (Chair) and
Morten Egge. Announcement • Feb 18
Eqva ASA (OB:EQVA) agreed to acquire IMTAS As from IMTAS management and shareholders for approximately NOK 190 million. Eqva ASA (OB:EQVA) entered into an agreement to acquire IMTAS As from IMTAS management and shareholders for approximately NOK 190 million on February 17, 2025. The consideration consists of NOK 52 million of the consideration will be settled in cash and NOK 40 million of the consideration will be settled by the issuance of a Seller’s Credit, NOK 68.8 million in consideration shares will be issued to the sellers of IMTAS Group at a subscription price of NOK 11.2544 per share and earn-out of up to NOK 30 million. This reflects an implied EV/EBITDA multiple of 4.8x, based on 2024 estimates. This acquisition uniquely positions EQVA for further expansion in the industrial services industry in Norway and the Nordics. The acquisition will be financed through a new term loan from Nordea Bank, reinvestment from the sellers in Eqva, and a seller’s credit. The new bank facility with Nordea will also refinance most of EQVA’s existing interest bearing debt and expand the overdraft facility, offering more favourable interest rates for EQVA. EQVA has secured a committed offer from Nordea, combining acquisition and refinancing, totaling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favorable interest rates for EQVA. The acquisition of IMTAS is expected to be accretive for our shareholders, with both shortand long-term growth potential. Reported Earnings • Nov 17
Third quarter 2024 earnings released: kr0.054 loss per share (vs kr0.28 loss in 3Q 2023) Third quarter 2024 results: kr0.054 loss per share (improved from kr0.28 loss in 3Q 2023). Revenue: kr242.4m (up 60% from 3Q 2023). Net loss: kr3.89m (loss narrowed 82% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (€30.7m market cap, or US$33.6m). Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: kr0.13 (vs kr0.021 loss in 2Q 2023) Second quarter 2024 results: EPS: kr0.13 (up from kr0.021 loss in 2Q 2023). Revenue: kr250.6m (up 10% from 2Q 2023). Net income: kr9.14m (up kr10.7m from 2Q 2023). Profit margin: 3.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
First quarter 2024 earnings released First quarter 2024 results: EPS: kr0.48. Revenue: kr258.1m (up 29% from 1Q 2023). Net income: kr34.7m (up kr35.6m from 1Q 2023). Profit margin: 14% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Announcement • Apr 27
Eqva ASA Announces Chief Executive Officer Changes The Board of Directors of Eqva ASA has appointed Even Matre Ellingsen as new Chief Executive Officer (CEO) of the company effective as of 2 May 2024. From that date he will resign from the board which he has chaired since 2022. Even Matre Ellingsen replaces Erik Høyvik, who has been with the company since 2021. Erik will be engaged in specialised projects and available for the new CEO for a certain period. The change of CEO follows a series of significant changes in Eqva over the past few years. Even Matre Ellingsen holds extensive experience in corporate finance and various management positions first in Pareto Securities and then in Fearnley Securities, which he joined as CEO and managing partner in 2012. From 2019 to 2021 he was Group CEO of Astrup Fearnley. New Risk • Mar 25
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: -kr57m 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 Risk Less than 1 year of cash runway based on free cash flow trend (-kr57m free cash flow). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (€20.6m market cap, or US$22.3m). Reported Earnings • Feb 29
Full year 2023 earnings released: kr0.18 loss per share (vs kr0.30 loss in FY 2022) Full year 2023 results: kr0.18 loss per share (improved from kr0.30 loss in FY 2022). Revenue: kr687.2m (up 50% from FY 2022). Net loss: kr13.1m (loss narrowed 39% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Announcement • Nov 22
Tersan Shipyard Inc acquired Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million Tersan Shipyard Inc entered into agreement to acquire Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million on November 13, 2023. The transaction was also to include the acquisition of Havyard Leirvik Holding AS's subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. Tersan Shipyard Inc completed the acquisition of Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) on November 21, 2023. Reported Earnings • Nov 17
Third quarter 2023 earnings released: kr0.28 loss per share (vs kr0.17 loss in 3Q 2022) Third quarter 2023 results: kr0.28 loss per share (further deteriorated from kr0.17 loss in 3Q 2022). Revenue: kr151.8m (down 7.9% from 3Q 2022). Net loss: kr21.0m (loss widened 104% from 3Q 2022). Announcement • Nov 15
Tersan Shipyard Inc entered into agreement to acquire Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million. Tersan Shipyard Inc entered into agreement to acquire Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million on November 13, 2023. The transaction was also to include the acquisition of Havyard Leirvik Holding AS's subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. Announcement • Sep 01
Eqva ASA Announces Chief Financial Officer Changes Eqva ASA announced reference is made to the stock exchange announcement of 31 May 2023, where Chief Financial Officer (CFO) Eirik Sævareid had decided to step down from his position. As a result, Ask Haukaas will take over as interim CFO from 1 September 2023. Ask will remain in this position until a permanent CFO is announced. A recruitment process regarding a permanent CFO is ongoing. Reported Earnings • Aug 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr227.1m (up 251% from 2Q 2022). Net loss: kr1.51m (loss widened 265% from 2Q 2022). New Risk • Aug 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risk Market cap is less than US$100m (€19.6m market cap, or US$21.5m). Announcement • Jun 10
Eqva ASA, Annual General Meeting, Jun 30, 2023 Eqva ASA, Annual General Meeting, Jun 30, 2023, at 10:00 Central European Standard Time. Announcement • Jun 01
Eqva ASA Announces Cessation of Eirik Sævareid as CFO Eqva ASA announced that Eirik Sævareid, has decided to step down from his position as CFO. He will remain in his position up to 3 months from this date. The management has initiated the succession process. Reported Earnings • May 18
First quarter 2023 earnings released: kr0.012 loss per share (vs kr0.005 loss in 1Q 2022) First quarter 2023 results: kr0.012 loss per share (further deteriorated from kr0.005 loss in 1Q 2022). Revenue: kr200.3m (up 210% from 1Q 2022). Net loss: kr863.0k (loss widened 109% from 1Q 2022). Reported Earnings • Mar 05
Full year 2022 earnings released Full year 2022 results: Revenue: kr440.7m (down 52% from FY 2021). Net loss: kr30.5m (down 151% from profit in FY 2021). Board Change • Nov 16
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 2 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Employee Representative Director Jan Gjerde is the most experienced director on the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Oct 05
Chairman of the Board recently bought €1.0m worth of stock On the 27th of September, Even Ellingsen bought around 3m shares on-market at roughly €0.34 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Even has been a buyer over the last 12 months, purchasing a net total of €5.0m worth in shares. Board Change • Sep 22
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Director Hege Notoy was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Sep 02
First half 2022 earnings released: kr0.01 loss per share (vs kr3.79 profit in 1H 2021) First half 2022 results: kr0.01 loss per share (down from kr3.79 profit in 1H 2021). Revenue: kr129.3m (down 89% from 1H 2021). Net loss: kr828.0k (down 101% from profit in 1H 2021). Recent Insider Transactions • Jul 08
Insider recently bought €4.0m worth of stock On the 29th of June, Even Ellingsen bought around 8m shares on-market at roughly €0.50 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €8.0m more in shares than they have sold in the last 12 months. Announcement • May 21
Havyard Group ASA (OB:HYARD) entered into a agreement to acquire 100% stake in HG Group AS and an unknown minority stake in BKS Holding AS for approximately NOK 360 million. Havyard Group ASA (OB:HYARD) entered into a agreement to acquire 100% stake in HG Group AS and an unknown minority stake in BKS Holding AS for approximately NOK 360 million on May 20, 2022. As per the terms of the transaction an agreement has been made to take over the shares in BKS Holding AS, to the extent not already owned by HG Group and Havyard will become a 100% owner of BKS Holding AS and Fossberg Kraft AS. Through the completion of the Transaction, the sellers will hold a substantial part of the shares in Havyard corresponding to approximately 65%.The sellers will be represented in Havyard's board of directors, here under by Even Matre Ellingsen being suggested as the new chairman of the board. The parties' obligation to consummate the Transaction is subject to certain customary conditions, including (a) the approval by an extraordinary general meeting of the Company to issue the consideration shares, (b) a demerger of certain business from HG Group AS, (c) a dividend distribution of 10,000,000 shares in HAV Group AS from the Company, (d) clearance of the Transaction by The Norwegian Competition Authority; (e) preparation and issuance of required documents for the listing of the consideration shares, (f) received consents to refinancing of certain debt, and (g) confirmation from Oslo Børs that is has no objections to the continued listing of the Company’s shares. It is currently expected that the extraordinary general meeting of the Company will be held in mid-June 2022 and that closing of the agreement will take place late June / early July 2022.
Fearnley Securities AS acted as financial advisor to Havyard Group ASA (OB:HYARD). Wikborg Rein & Co. acted as legal advisor to Havyard Group ASA (OB:HYARD). Arctic Securities AS acted as financial advisor to HG Group AS. Advokatfirmaet Schjødt As acted as legal advisor to HG Group AS. Announcement • Jan 25
Qualitech Staffing acquired an minority stake in HPR Sp. z o.o. from Havyard Group ASA (OB:HYARD). Qualitech Staffing acquired an minority stake in HPR Sp. z o.o. from Havyard Group ASA (OB:HYARD) on January 24, 2022. Together, the two owners will be in a stronger position in the growing market in both the maritime and onshore sectors. The company will continue to focus on shipyards and other maritime industries, but, in cooperation with QualiTech, HPR will also offer staffing services to other sectors such as building and construction, offshore, infrastructure, industry etc. where it can offer experience of different disciplines and trades.
Qualitech Staffing completed the acquisition of an minority stake in HPR Sp. z o.o. from Havyard Group ASA (OB:HYARD) on January 24, 2022. Announcement • Dec 11
Havyard Group ASA (OB:HYARD) commences an Equity Buyback Plan, under the authorization approved on May 27, 2021. Havyard Group ASA (OB:HYARD) commences a share repurchases on December 1, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 27, 2021. As per the mandate, the company is authorized to repurchase up to an aggregate nominal value of up to NOK 123.90 million. The consideration per share may not be less than NOK 1 and may not exceed NOK 50. The authorization is valid until the Annual General Meeting in 2022, however no longer than until June 30, 2022.
On November 26, 2021, the company initiated a share repurchase program. Under the program, the company will repurchase up to 3,500,000 shares. The repurchase program will continue until May 1, 2022. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: kr0.57 (down from kr1.74 in 3Q 2020). Revenue: kr232.6m (down 55% from 3Q 2020). Net income: kr14.1m (down 67% from 3Q 2020). Profit margin: 6.0% (down from 8.4% in 3Q 2020). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 20% share price gain to kr1.16, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 30x in the Machinery industry in Germany. Recent Insider Transactions • Jun 19
Independent Director recently bought €8.7k worth of stock On the 10th of June, Helge Simonnes bought around 7k shares on-market at roughly €1.24 per share. In the last 3 months, they made an even bigger purchase worth €19k. Insiders have collectively bought €28k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 13
Independent Director recently bought €8.7k worth of stock On the 10th of June, Helge Simonnes bought around 7k shares on-market at roughly €1.24 per share. In the last 3 months, they made an even bigger purchase worth €19k. Insiders have collectively bought €28k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 16% share price gain to kr1.22, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 40x in the Machinery industry in Germany. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr1.19, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 41x in the Machinery industry in Germany. Reported Earnings • May 02
Full year 2020 earnings released: EPS kr3.43 (vs kr19.43 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr2.32b (up 3.8% from FY 2019). Net income: kr84.9m (up kr566.5m from FY 2019). Profit margin: 3.7% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses.