Buy Or Sell Opportunity • Jun 30
Now 20% undervalued Over the last 90 days, the stock has risen 8.3% to €7.04. The fair value is estimated to be €8.82, 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. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Jun 18
Systemair Introduces Geniox HP Dfn Air Handling Unit with Integrated Heat Pump Using R290 Refrigerant Systemair introduced Geniox HP DFN air handling unit with an integrated heat pump using the R290 refrigerant. The solution has been developed to meet the EU's upcoming requirements regarding F-gases (fluorinated greenhouse gases) and the increasing demand for energy-efficient and future-proof installations. The Geniox HP DFN is an all-in-one solution delivering both ventilation and climate control, combining fresh air supply, high-efficiency heat recovery, and cooling in a single system. The unit can be installed both indoors and outdoors, providing a compact, space-efficient solution that improves indoor air quality, ensures stable thermal comfort, and reduces energy consumption across the building lifecycle. At its core is R290, a natural refrigerant with an ultra-low Global Warming Potential (GWP) of just 0.02. PFAS-free and fully compliant with EU:s coming F-gas regulations. The entire unit is delivered ready to operate, eliminating the requirement for specialised personnel to install the heat pump cycle. Customers receive a complete, compact, optimised, and highly energy-efficient package, making it a true plug-and-play solution with a straightforward installation. This is further supported by a robust safety system, ensuring reliable performance across all applications. Well-suited to commercial buildings, public venues, and retail spaces, the Geniox with integrated heat pump responds to the growing need for energy-efficient solutions while meeting future environmental demands. Declared Dividend • Jun 12
Dividend of kr1.45 announced Shareholders will receive a dividend of kr1.45. Ex-date: 28th August 2026 Payment date: 3rd September 2026 Dividend yield will be 20%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 7.3% to €7.20. The fair value is estimated to be €9.09, 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. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Jun 11
Systemair AB (publ) announces Annual dividend, payable on September 03, 2026 Systemair AB (publ) announced Annual dividend of SEK 1.4500 per share payable on September 03, 2026, ex-date on August 28, 2026 and record date on August 31, 2026. Reported Earnings • Jun 10
Full year 2026 earnings released: EPS: kr3.65 (vs kr3.27 in FY 2025) Full year 2026 results: EPS: kr3.65 (up from kr3.27 in FY 2025). Revenue: kr12.5b (up 1.6% from FY 2025). Net income: kr760.7m (up 12% from FY 2025). Profit margin: 6.1% (up from 5.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jun 10
Systemair AB (publ), Annual General Meeting, Aug 27, 2026 Systemair AB (publ), Annual General Meeting, Aug 27, 2026. Location: skinnskatteberg Sweden Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Peter Fenkl was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 22
Systemair Showcases New Ventilation Products and Solutions At Nordbygg Systemair participated at Nordbygg 2026, showcasing the breadth of one of the market’s most complete ventilation portfolios. The booth features several new products developed to simplify design, installation, and operation without compromising reliability or performance. Highlights include: MiniByter – a new renovation unit replacing old Bahco Minimaster on a 1:1 basis; Advanced remote support with Systemair Access – saves time and enables safer commissioning and optimized operation; New backflow protection for fans in operation – increases safety and operational stability; Axial fans with EC motors – offering high energy efficiency, modern control, and improved performance; Garage fans are now included in the fan portfolio to meet the needs of infrastructure projects. Together, these innovations demonstrate how Systemair can meet all ventilation needs — from individual components to integrated solutions. At Nordbygg, Systemair presents its broad air handling unit portfolio — from compact standard units to flexible, customized solutions for more demanding projects. One of the major news items is the further development of the Systemair Access control platform, now featuring remote commissioning capabilities and extended trend logging for optimized operation and energy use in air handling units. Systemair shares the booth with Menerga, part of the Systemair Group, and together they present a swimming facility project where Menerga supplied the wet units and Systemair the dry units, complemented by roof fans, centrifugal fans, iris dampers, and demand-controlled VAV. Systemair will also showcase its strengthened fire safety offering, including a complete range of backflow protection devices, smoke control and fire dampers, and smoke extraction fans, complemented by control and monitoring solutions. Announcement • Mar 23
Systemair Group Showcases Broad Range of Ventilation Systems At Mostra Convegno Expocomfort Systemair Group will spotlight its broad range of ventilation systems that seamlessly integrate with heating, cooling and air conditioning solutions. Systemair sees ventilation as the heart of every effective air treatment system. It ensures indoor air quality, thermal comfort, and energy efficiency -- key factors in sustainable building performance. The exhibition will focus on solving real-life challenges in various areas, offering visitors a combination of interactive applications, try Systemair's product selection tool and seeing real products. The Systemair brand will demonstrate air handling units (ahu) with built-in controls to be operated via app or cloud for hospitals and laboratories, schools and offices as well as a system solution for smoke management. SagiCofim will present its portfolio within the Engineered Air Quality concept, combining air filtration, air diffusion and acoustics to create efficient and healthy indoor environments. On display are filters for operating theatres, HEPA and ULPA filters, Eurovent-certified compact filters with A+ energy class, safe change housings, high-efficiency air diffusers and sound attenuators, showing how filtration, distribution and acoustics work together in demanding applications. Menerga will reveal a brand-new compact air handling unit for efficient ventilation, heating and dehumidification for indoor pools and wellness spaces. The air handling unit is energy efficient, offers reliable humidity control and has a space-saving design. Efficient heating and cooling are key to effective climate control, and Frico will present new infrared heaters, designed to extend the outdoor season with timeless design and smart heating, and a new complete range of water-heated fan heaters, developed and manufactured in Sweden for applications ranging from robust industrial heating to advanced comfort control in noise-sensitive environments. Several air curtains will also be available for live demonstration together with Frico Control system. Announcement • Aug 29
Systemair AB (Publ) Approves Dividend, Payable on 4 September 2025 The Board of Directors of Systemair AB (publ) at its AGM held on 28 August, 2025, approved a dividend of SEK 1.35 (1.20) per share. Record date: September 1, 2025; Payment date: September 4, 2025. Announcement • Aug 12
Systemair AB (publ) (OM:SYSR) completed the acquisition of Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar. Systemair AB (publ) (OM:SYSR) signed an agreement to acquire Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar on July 9, 2025.
The expected completion of the transaction is July 9, 2025 to August 31, 2025, which is during Systemair AB’s second quarter.
Ramkumar K, Sachin Bansal, Amit Khandelwal, Ajay Arora of Ernst & Young Private Limited acted as financial advisor to the shareholders of Nadi Airtechnics.
Systemair AB (publ) (OM:SYSR) completed the acquisition of Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar on August 11, 2025. Announcement • Jul 09
Systemair AB (publ) (OM:SYSR) signed an agreement to acquire Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar. Systemair AB (publ) (OM:SYSR) signed an agreement to acquire Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar on July 9, 2025.
The expected completion of the transaction is July 9, 2025 to August 31, 2025, which is during Systemair AB’s second quarter. Announcement • Feb 27
Systemair AB (publ) to Report Q3, 2025 Results on Mar 06, 2025 Systemair AB (publ) announced that they will report Q3, 2025 results at 7:00 AM, Central European Standard Time on Mar 06, 2025 Announcement • Feb 18
Systemair AB (Publ) Announces Nomination Committee Appointments Systemair AB (publ) At the annual general meeting on 29 August 2024, it was resolved that the nomination committee shall consist of representatives of three of the largest shareholders or owner groups in terms of votes, according to Euroclear Sweden AB's printout of the share register as of 31 January 2025. It is hereby announced that after consultation between the company's three largest shareholders, ebm-papst AB has chosen to relinquish their seat on the nomination committee. The fourth largest shareholder Swedbank Robur Fonder has therefore been contacted. The nomination committee has been appointed to consist of the following persons: Magnus Tell (Chairman of the nomination committee), Alecta; Gerald Engström, Färna Invest AB; Lennart Francke, Swedbank Robur Fonder. Announcement • Nov 27
Systemair AB (publ) to Report Q2, 2025 Results on Dec 04, 2024 Systemair AB (publ) announced that they will report Q2, 2025 results at 7:00 AM, Central European Standard Time on Dec 04, 2024 Reported Earnings • Aug 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr3.11b (down 2.0% from 1Q 2024). Net income: kr209.7m (down 14% from 1Q 2024). Profit margin: 6.7% (down from 7.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Aug 30
Systemair AB (Publ) Approves Dividend, Payable on September 5, 2024 Systemair AB (publ) at the Annual General Meeting held on August 29, 2024 approved dividend of SEK 1.20 per share. The record date was set to September 2, 2024. The dividend will be paid on September 5, 2024 through Euroclear Sweden AB. Declared Dividend • Aug 18
Dividend of kr1.20 announced Shareholders will receive a dividend of kr1.20. Ex-date: 30th August 2024 Payment date: 5th September 2024 Dividend yield will be 19%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 12
Full year 2024 earnings released: EPS: kr3.10 (vs kr5.00 in FY 2023) Full year 2024 results: EPS: kr3.10 (down from kr5.00 in FY 2023). Revenue: kr12.3b (up 1.6% from FY 2023). Net income: kr645.6m (down 38% from FY 2023). Profit margin: 5.3% (down from 8.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 01
Now 15% overvalued after recent price rise Over the last 90 days, the stock has risen 6.2% to €6.90. The fair value is estimated to be €5.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Buy Or Sell Opportunity • Jun 28
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.3% to €7.07. The fair value is estimated to be €5.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: kr3.10 (vs kr5.00 in FY 2023) Full year 2024 results: EPS: kr3.10 (down from kr5.00 in FY 2023). Revenue: kr12.3b (up 1.6% from FY 2023). Net income: kr645.6m (down 38% from FY 2023). Profit margin: 5.3% (down from 8.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.2% to €6.83. The fair value is estimated to be €5.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 4.2% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Announcement • May 09
Systemair AB (publ) (OM:SYSR) acquired Phem Engineering Sdn. Bhd. Systemair AB (publ) (OM:SYSR) acquired Phem Engineering Sdn. Bhd. on May 8, 2024. Phem Engineering reported turnover of SEK 47 million for financial year ending in March 2024.Systemair AB (publ) (OM:SYSR) completed the acquisition of Phem Engineering Sdn. Bhd. on May 8, 2024. Buy Or Sell Opportunity • Mar 28
Now 24% overvalued Over the last 90 days, the stock has fallen 8.4% to €6.42. The fair value is estimated to be €5.18, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Reported Earnings • Mar 05
Third quarter 2024 earnings released: kr0.12 loss per share (vs kr0.79 profit in 3Q 2023) Third quarter 2024 results: kr0.12 loss per share (down from kr0.79 profit in 3Q 2023). Revenue: kr2.83b (down 7.1% from 3Q 2023). Net loss: kr24.9m (down 115% from profit in 3Q 2023). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Feb 08
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gunilla Spongh 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. Announcement • Nov 09
Systemair Discontinues Menerga's Production in Germany Systemair has decided to discontinue the production of the Menerga products in Muelheim an der Ruhr, Germany, in 2024. The factory currently manufactures highly efficient ventilation units for swimming pools, waterparks, and low energy buildings. The production in Muelheim an der Ruhr will be discontinued and in parallel production of Menerga products, in Systemair's existing plant in Slovenia, will be ramped up. The process is expected to be completed in 2024. Resources for product development, sales, and support will remain in Muelheim an der Ruhr. The service business, which is extensive, will remain unchanged. The structural change entails a cost of approximately SEK 125 million for severance pay and impairment of assets, which will be charged to operating profit for the third quarter of 2023. In connection with the changes, the product range is also reviewed, and upgraded to a new common technical platform. Buying Opportunity • Oct 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be €6.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 39%. Revenue is forecast to grow by 4.6% in 2 years. Earnings is forecast to decline by 15% in the next 2 years. Announcement • Sep 01
Systemair AB (publ) Approves Dividend, Payable on September 7, 2023 Systemair AB (publ) at its AGM held on August 31, 2023, approved dividend of SEK 1.10 per share. The record date was set to September 4, 2023. The dividend will be paid on September 7, 2023 through Euroclear Sweden AB. Reported Earnings • Sep 01
First quarter 2024 earnings released: EPS: kr1.17 (vs kr1.04 in 1Q 2023) First quarter 2024 results: EPS: kr1.17 (up from kr1.04 in 1Q 2023). Revenue: kr3.17b (up 11% from 1Q 2023). Net income: kr243.9m (up 13% from 1Q 2023). Profit margin: 7.7% (up from 7.6% in 1Q 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Aug 25
Upcoming dividend of kr1.10 per share at 1.8% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 22% and the cash payout ratio is 84%. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.6%). Buying Opportunity • Aug 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be €7.55, 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% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is forecast to decline by 1.1% per annum over the same time period. Reported Earnings • Aug 10
Full year 2023 earnings released: EPS: kr5.00 (vs kr2.62 in FY 2022) Full year 2023 results: EPS: kr5.00 (up from kr2.62 in FY 2022). Revenue: kr12.1b (up 25% from FY 2022). Net income: kr1.04b (up 91% from FY 2022). Profit margin: 8.6% (up from 5.6% in FY 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Systemair AB (Publ) Proposes Dividend, Payable on September 7, 2023 Systemair AB (publ)'s Board of Directors proposed a dividend of SEK 1.10 per share. 4 September 2023 is proposed as the record day for the dividend. If the AGM resolves in accordance with the proposal, it is estimated that Euroclear Sweden AB will be able to pay the dividend on 7 September 2023. New Risk • Jul 17
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.0% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 08
Full year 2023 earnings released: EPS: kr5.00 (vs kr2.62 in FY 2022) Full year 2023 results: EPS: kr5.00 (up from kr2.62 in FY 2022). Revenue: kr12.1b (up 25% from FY 2022). Net income: kr1.04b (up 91% from FY 2022). Profit margin: 8.6% (up from 5.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 12
Third quarter 2023 earnings released: EPS: kr0.79 (vs kr0.47 in 3Q 2022) Third quarter 2023 results: EPS: kr0.79 (up from kr0.47 in 3Q 2022). Revenue: kr3.04b (up 34% from 3Q 2022). Net income: kr164.1m (up 68% from 3Q 2022). Profit margin: 5.4% (up from 4.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Dec 09
Second quarter 2023 earnings released: EPS: kr0.21 (vs kr0.74 in 2Q 2022) Second quarter 2023 results: EPS: kr0.21 (down from kr0.74 in 2Q 2022). Revenue: kr3.04b (up 26% from 2Q 2022). Net income: kr43.2m (down 72% from 2Q 2022). Profit margin: 1.4% (down from 6.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Building industry in Europe. 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 15% per year. Announcement • Nov 18
Panasonic Corporation entered into an agreement to acquire Systemair S.r.l, and Tecnair S.p.A from Systemair AB (publ) (OM:SYSR) for enterprise value of €100 million. Panasonic Corporation entered into an agreement to acquire Systemair S.r.l, and Tecnair S.p.A from Systemair AB (publ) (OM:SYSR) for enterprise value of €100 million on November 17, 2022. The consolidated rolling 12 months revenues, August 1st 2021 to July 31st 2022, of the air-conditioning business amounted to €69 million. The transaction is subject to regulatory approvals, completion of necessary HR consultations and standard closing conditions, with forecasted closing during the first half of 2023. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gunilla Spongh 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. Buying Opportunity • Sep 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be €5.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 21% in the next 2 years. Board Change • Aug 30
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gunilla Spongh 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. Upcoming Dividend • Aug 19
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 06
Full year 2022 earnings released: EPS: kr2.62 (vs kr1.95 in FY 2021) Full year 2022 results: EPS: kr2.62 (up from kr1.95 in FY 2021). Revenue: kr9.63b (up 13% from FY 2021). Net income: kr543.9m (up 34% from FY 2021). Profit margin: 5.6% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.3%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 21
Systemair AB (publ) Proposes A Dividend, Payable on 1 September 2022 The Board of Directors of Systemair AB (publ) proposed a dividend of SEK 0.90 per share. 29 August 2022 is proposed as the record day for the dividend. If the AGM resolves in accordance with the proposal, it is estimated that Euroclear Sweden AB will be able to pay the dividend on 1 September 2022. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €5.07, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Building industry in Europe. Total returns to shareholders of 81% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.75 per share. Reported Earnings • Jun 09
Full year 2022 earnings released: EPS: kr2.62 (vs kr1.95 in FY 2021) Full year 2022 results: EPS: kr2.62 (up from kr1.95 in FY 2021). Revenue: kr9.63b (up 13% from FY 2021). Net income: kr543.9m (up 34% from FY 2021). Profit margin: 5.6% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 09
Systemair AB (publ) Proposes Dividend The Board of Directors of Systemair AB (publ) proposed a dividend of SEK 0.90 (0.75) per share. Announcement • Apr 09
Systemair AB (publ) (OM:SYSR) entered into a strategic agreement to acquire SagiCofim S.p.A. for €33.6 million. Systemair AB (publ) (OM:SYSR) entered into a strategic agreement to acquire SagiCofim S.p.A. for €33.6 million on April 7, 2022. Systemair will pay the consideration of €33.6 million on a debt and cash free basis. SagiCofim will continue its business activities in the filtration, air conditioning and engineered systems sectors (HVAC), integrating and expanding the mutual product offering and management will continue to lead the company. SagiCofim reported sales of €36 million and EBITDA of €4 million. The transaction requires approval from Italian government under the "golden power" regulation and expected to complete by the end of May 2022. Reported Earnings • Mar 11
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: kr0.47 (up from kr0.33 in 3Q 2021). Revenue: kr2.28b (up 14% from 3Q 2021). Net income: kr97.7m (up 42% from 3Q 2021). Profit margin: 4.3% (up from 3.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 6.2%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €6.96, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Building industry in Europe. Total returns to shareholders of 217% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.22 per share. Announcement • Feb 01
Systemair AB (publ) (OM:SYSR) agreed to acquire Tecnair Lv SpA from LU-VE S.p.A. (BIT:LUVE) and Monti family for €15 million. Systemair AB (publ) (OM:SYSR) agreed to acquire Tecnair Lv SpA from LU-VE S.p.A. (BIT:LUVE) and Monti family for €15 million on a debt free basis on January 31, 2022. Systemair will acquire 80% of Tecnair from LU-VE S.p.A and the remaining 20% from Monti family. For the year ended 2021, Tecnair reported sales of €12 million and EBITDA of €1.2 million. Tecnair has 43 employees and is located in Uboldo outside Milan but will relocate to Systemair's existing premises in Barlassina 15 km from Uboldo. The transaction is subject to approval from the Italian authorities and is expected to complete by the end of March, 2022. Reported Earnings • Dec 10
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: kr0.74 (up from kr0.68 in 2Q 2021). Revenue: kr2.40b (up 9.0% from 2Q 2021). Net income: kr153.4m (up 9.1% from 2Q 2021). Profit margin: 6.4% (in line with 2Q 2021). Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.8%, compared to a 10% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 13
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 77% share price decline to €8.85, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 20x in the Building industry in Europe. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.86 per share. Board Change • Sep 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 03
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 16% share price gain to €39.30, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 22x in the Building industry in Europe. Total returns to shareholders of 325% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €19.02 per share. Reported Earnings • Aug 04
Full year 2021 earnings released: EPS kr7.81 (vs kr7.34 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: kr8.52b (down 4.4% from FY 2020). Net income: kr406.2m (up 6.5% from FY 2020). Profit margin: 4.8% (up from 4.3% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 06
Systemair AB (publ) (OM:SYSR) acquired 50.1% stake in Burda Worldwide Technologies GmbH. Systemair AB (publ) (OM:SYSR) acquired 50.1% stake in Burda Worldwide Technologies GmbH on July 5, 2021. For the year ended 2020, Burda Worldwide Technologies reported revenues of €4 million.
Systemair AB (publ) (OM:SYSR) completed the acquisition of 50.1% stake in Burda Worldwide Technologies GmbH on July 5, 2021. Announcement • Jun 10
Systemair AB (publ) Provides Earnings Guidance for the Fiscal 2021 Systemair AB (publ) provided earnings guidance for the fiscal 2021. Average annual growth in sales over a business cycle should be no less than 10%. The average operating margin over a business cycle should be no less than 10%. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to kr31.10, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 23x in the Building industry in Europe. Total returns to shareholders of 251% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.87 per share. Announcement • May 28
Systemair Provides Earnings Guidance for the Fourth Quarter Fiscal 2021 Systemair provides earnings guidance for the fourth quarter fiscal 2021. Systemair is expected to report sales and profit for the fourth quarter above market expectations and the previous year's outcome. Net sales are expected to amount to SEK 2,208 million against SEK 2,031 million and organic growth to 17.1%. Operating profit (EBIT) is expected at SEK 173 million. Recent Insider Transactions • Mar 29
Independent Director recently bought €5.0k worth of stock On the 26th of March, Gunilla Spongh bought around 210 shares on-market at roughly €23.73 per share. In the last 3 months, they made an even bigger purchase worth €6.3k. Despite this recent purchase, insiders have collectively sold €1.1m more in shares than they bought in the last 12 months. Recent Insider Transactions • Mar 24
Independent Director recently bought €6.3k worth of stock On the 18th of March, Gunilla Spongh bought around 260 shares on-market at roughly €24.12 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold €1.1m more in shares than they bought in the last 12 months.