Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Chairman of the Board Michael Andersen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 07
Solar A/S Provides Earnings Guidance for 2026 Solar A/S provided earnings guidance for 2026. For 2025, the company now expect revenue of approximately DKK 12,900 million to DKK 13,400 million. 2026 revenue: Revenue is positively impacted by two key drivers: first, a Solar Polaris project, which includes deliveries to a major solar park and is expected to contribute a total of DKK 275 million. Second, the acquisition of Sonepar Norge last year adds an additional DKK 700 million in revenue. Announcement • Dec 09
UBS Group AG (SWX:UBSG) acquired 5.07% stake in Solar A/S (CPSE:SOLAR B). UBS Group AG (SWX:UBSG) acquired 5.07% stake in Solar A/S (CPSE:SOLAR B) on December 3, 2025.
UBS Group AG (SWX:UBSG) completed the acquisition of 5.07% stake in Solar A/S (CPSE:SOLAR B) on December 3, 2025. Announcement • Feb 20
Solar A/S Proposes Extraordinary Dividend Solar A/S at its Annual General Meeting will be held on 14 March 2025, The Board of Directors proposes that the company’s Board of Directors be authorised in the period up until the next Annual General Meeting to resolve to distribute extraordinary dividend of up to DKK 50.00 per share. Announcement • Dec 10
Solar A/S to Report Fiscal Year 2024 Results on Feb 06, 2025 Solar A/S announced that they will report fiscal year 2024 results on Feb 06, 2025 Announcement • Nov 02
Solar Revises Financial Guidance for the Year 2024 Solar revised financial guidance for the year 2024. Due to a slower recovery than expected, revenue guidance has been revised downwards from DKK 12,500 million to DKK 12,300 million. 2024 guidance continues to be impacted by the unpredictable market outlook caused by macroeconomic uncertainties. However, the company expects the macroeconomic situation to recover towards the end of the year albeit at a slower pace than initially expected. Reported Earnings • Nov 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr.2.86b (down 3.5% from 3Q 2023). Net income: kr.78.0m (up 9.9% from 3Q 2023). Profit margin: 2.7% (up from 2.4% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 4.1% growth forecast for the Trade Distributors industry in Europe. Announcement • Nov 01
Solar A/S, Annual General Meeting, Mar 14, 2025 Solar A/S, Annual General Meeting, Mar 14, 2025. Reported Earnings • Aug 09
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr.3.10b (down 4.6% from 2Q 2023). Net income: kr.27.0m (down 65% from 2Q 2023). Profit margin: 0.9% (down from 2.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Announcement • Aug 09
Solar A/S Reconfirms Earnings Guidance for the Year 2024 Solar A/S reconfirmed earnings guidance for the year 2024. For the year, the company confirms revenue guidance of DKK 12,500 million. Announcement • May 03
Solar A/S Provides Earnings Guidance for the Year 2024 Solar A/S provided earnings guidance for the year 2024. For the year, the company confirm revenue guidance of DKK 12,500 million. Reported Earnings • May 03
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr.3.03b (down 17% from 1Q 2023). Net loss: kr.5.00m (down 103% from profit in 1Q 2023). Revenue is forecast to stay flat during the next 2 years compared to a 3.1% growth forecast for the Trade Distributors industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 13
Independent Chairman of the Board recently bought €67k worth of stock On the 11th of March, Michael Andersen bought around 1k shares on-market at roughly €47.74 per share. This transaction increased Michael's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Upcoming Dividend • Mar 11
Upcoming dividend of kr.30.00 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 20 March 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 8.4%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (2.7%). New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 23% 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. Profit margins are more than 30% lower than last year (2.7% net profit margin). Declared Dividend • Feb 19
Dividend of kr.30.00 announced Shareholders will receive a dividend of kr.30.00. Ex-date: 18th March 2024 Payment date: 20th March 2024 Dividend yield will be 59%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 09
Solar A/S Proposes Dividend Solar A/S announced that at the Annual General Meeting, the Board of Directors will propose dividend distribution of DKK 30.00 per share, corresponding to a payout ratio of 63%. New Risk • Feb 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.7% Last year net profit margin: 4.4% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (2.7% net profit margin). Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €48.85, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 16x in the Trade Distributors industry in Europe. Total returns to shareholders of 15% over the past three years. Announcement • Feb 03
Solar A/S Provides Earnings Guidance for the Year 2024 Solar A/S provided earnings guidance for the year 2024. For the year, the company expects revenue of DKK 12.5 billion. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 24% 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. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 24% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risks High level of debt (49% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr.2.97b (down 9.2% from 3Q 2022). Net income: kr.71.0m (down 60% from 3Q 2022). Profit margin: 2.4% (down from 5.4% in 3Q 2022). The decrease in margin was driven by lower revenue. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 25% 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. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 25% per year for the foreseeable future. High level of non-cash earnings (24% accrual ratio). Minor Risks High level of debt (49% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Aug 12
Solar A/S Provides Revenue Guidance for 2023 Solar A/S provided revenue guidance for 2023. The company expects revenue of DKK 13.5 billion. Reported Earnings • Aug 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr.3.25b (down 5.8% from 2Q 2022). Net income: kr.77.0m (down 48% from 2Q 2022). Profit margin: 2.4% (down from 4.3% in 2Q 2022). The decrease in margin was driven by lower revenue. Reported Earnings • May 03
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr.3.66b (up 5.6% from 1Q 2022). Net income: kr.145.0m (down 14% from 1Q 2022). Profit margin: 4.0% (down from 4.9% in 1Q 2022). The decrease in margin was driven by higher expenses. 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 32% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 13
Upcoming dividend of kr.45.00 per share at 7.6% yield Eligible shareholders must have bought the stock before 20 March 2023. Payment date: 22 March 2023. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 7.6%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 10
Full year 2022 earnings released Full year 2022 results: Revenue: kr.13.9b (up 12% from FY 2021). Net income: kr.660.0m (up 24% from FY 2021). Profit margin: 4.8% (up from 4.3% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Nov 16
Less than half of directors are independent There are 8 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: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sophie Knauer is the most experienced director on the board, commencing their role in 2017. Independent Director Morten Chrone 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 04
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr.3.27b (up 14% from 3Q 2021). Net income: kr.176.0m (up 42% from 3Q 2021). Profit margin: 5.4% (up from 4.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 3.0% growth forecast for the Trade Distributors industry in Europe. Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr.3.45b (up 11% from 2Q 2021). Net income: kr.147.0m (flat on 2Q 2021). Profit margin: 4.3% (down from 4.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 1.9%, compared to a 8.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • Aug 10
Solar A/S Provides Revenue Guidance for the Full Year 2022 Solar A/S provided revenue guidance for the full year 2022. For the period, The company expects revenue at DKK 13.45 billion, corresponding to an organic growth of approx. 9%. Reported Earnings • May 06
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr.3.46b (up 15% from 1Q 2021). Net income: kr.168.0m (up 68% from 1Q 2021). Profit margin: 4.9% (up from 3.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.5%, compared to a 9.8% growth forecast for the industry in Germany. Announcement • May 05
Solar A/S Announces Extraordinary Dividend The Board of Directors of Solar has assessed the company’s capital structure and decided to use the authority granted by the latest annual general meeting to distribute an extraordinary dividend. An extraordinary dividend of DKK 45.00 per share of DKK 100, totaling DKK 329 million, will be distributed. This was made possible because of the upwards revised EBITDA guidance for 2022. The distribution of dividend will take place on 17 May 2022 to shareholders, who have recorded their shares in their portfolio as at 16 May 2022. 11 May 2022 will be the last trading day with right to extraordinary dividend for shares, which are traded at normal value (T+2). Board Change • Apr 27
Less than half of directors are independent There are 8 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: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Sophie Knauer is the most experienced director on the board, commencing their role in 2017. Independent Director Morten Chrone 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. Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improved over the past week After last week's 17% share price gain to €114, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Trade Distributors industry in Europe. Total returns to shareholders of 237% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €177 per share. Announcement • Apr 21
Solar A/S Revises Earnings Guidance for 2022 Solar A/S revised earnings guidance for 2022. Moreover, the company is increasing revenue guidance by DKK 500 million to DKK 13,250 million compared to previous guidance of DKK 12,750 million as presented in announcement no. 2 2022. Upcoming Dividend • Mar 14
Upcoming dividend of kr.45.00 per share Eligible shareholders must have bought the stock before 21 March 2022. Payment date: 23 March 2022. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of German dividend payers (3.6%). Higher than average of industry peers (2.7%). Board Change • Mar 08
Less than half of directors are independent 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. 4 experienced directors. 1 highly experienced director. 3 independent directors (6 non-independent directors). Chairman Jens Borum is the most experienced director on the board, commencing their role in 1982. Independent Director Morten Chrone 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 12
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: kr.12.4b (up 7.8% from FY 2020). Net income: kr.531.0m (up 139% from FY 2020). Profit margin: 4.3% (up from 1.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 2.6%, compared to a 8.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Solar A/S Announces Retirement of Jens Borum as Chairman of the Board of Directors At the Annual General Meeting in March 2022 Solar A/S announced retirement of Jens Borum as Chairman of the Board of Directors at the Annual General Meeting in March 2022. Reported Earnings • Nov 05
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr.2.87b (up 9.7% from 3Q 2020). Net income: kr.124.0m (up 49% from 3Q 2020). Profit margin: 4.3% (up from 3.2% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
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: kr.3.10b (up 13% from 2Q 2020). Net income: kr.148.0m (up 5.0% from 2Q 2020). Profit margin: 4.8% (down from 5.1% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 07
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr.3.00b (down 1.3% from 1Q 2020). Net income: kr.100.0m (up 233% from 1Q 2020). Profit margin: 3.3% (up from 1.0% in 1Q 2020). The increase in margin was driven by lower expenses. 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 12% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Solar A/S Updates Earnings Guidance for the Year 2021 Solar A/S updated earnings guidance for the year 2021. For the year, the company increasing revenue guidance by DKK 200 million to DKK 11,750 million compared to previous guidance of DKK 11,550 million as presented in announcement no. 2 annual report 2020 from 11 February 2021. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improved over the past week After last week's 16% share price gain to kr.75.30, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 24x in the Trade Distributors industry in Europe. Total returns to shareholders of 66% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €126 per share. Upcoming Dividend • Mar 15
Upcoming Dividend of kr.28.00 Per Share Will be paid on the 24th of March to those who are registered shareholders by the 22nd of March. The trailing yield of 5.6% is in the top quartile of German dividend payers (3.3%), and it is higher than industry peers (1.5%). Reported Earnings • Feb 12
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr.11.5b (down 1.8% from FY 2019). Net income: kr.222.0m (up 236% from FY 2019). Profit margin: 1.9% (up from 0.6% in FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 1.6%, compared to a 4.7% growth forecast for the Trade Distributors industry in Germany. Is New 90 Day High Low • Feb 12
New 90-day high: €60.50 The company is up 34% from its price of €45.00 on 13 November 2020. The German market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €62.48 per share. Is New 90 Day High Low • Dec 29
New 90-day high: €46.90 The company is up 17% from its price of €40.10 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €59.73 per share. Is New 90 Day High Low • Nov 19
New 90-day high: €46.60 The company is up 11% from its price of €42.00 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €49.98 per share. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue misses expectations Revenue missed analyst estimates by 2.0%. Over the next year,revenue is forecast to stay flat, in line with the revenue forecast for the Trade Distributors industry in Germany. Is New 90 Day High Low • Oct 23
New 90-day high: €43.65 The company is up 24% from its price of €35.20 on 24 July 2020. The German market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €85.02 per share. Announcement • Oct 10
An unknown buyer acquired an unknown minority stake in BIMobject AB (OM:BIM) from Solar A/S (CPSE:SOLAR B) for approximately SEK 330 million. An unknown buyer acquired an unknown minority stake in BIMobject AB (OM:BIM) from Solar A/S (CPSE:SOLAR B) for approximately SEK 330 million on October 8, 2020.
An unknown buyer completed the acquisition of an unknown minority stake in BIMobject AB (OM:BIM) from Solar A/S (CPSE:SOLAR B) on October 8, 2020.