Board Change • Dec 05
No independent directors There are 4 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: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Employee Representative Director Anette Lero 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 experienced directors. Reported Earnings • Nov 18
Third quarter 2023 earnings released: kr0.70 loss per share (vs kr0.50 loss in 3Q 2022) Third quarter 2023 results: kr0.70 loss per share (further deteriorated from kr0.50 loss in 3Q 2022). Net loss: kr112.0m (loss widened 49% from 3Q 2022). Revenue is forecast to grow 107% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • Oct 27
No independent directors There are 4 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: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Employee Representative Director Anette Lero 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 experienced directors. Reported Earnings • Sep 02
Second quarter 2023 earnings released: kr0.60 loss per share (vs kr0.40 loss in 2Q 2022) Second quarter 2023 results: kr0.60 loss per share (further deteriorated from kr0.40 loss in 2Q 2022). Net loss: kr99.2m (loss widened 42% from 2Q 2022). Revenue is forecast to grow 98% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Commercial Services industry in Germany. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Announcement • Sep 01
Quantafuel AS (OB:QFUEL) acquired 50% stake in Polynate AS. Quantafuel AS (OB:QFUEL) exercised this option to acquire 50% stake in Polynate AS on August 31, 2023. With the transaction concluded, the composition of Polynate’s Board of Directors will reflect the ownership of Quantafuel, with Dominic Howson and Chris Lach representing Quantafuel, Kjetil Vikingstad and Bernt-Olof Morgan Olausson representing Geminor, and with Håkon Thomas Olsen serving as the Chairman of Polynate's board.
Quantafuel AS (OB:QFUEL) completed the acquisition of 50% stake in Polynate AS on August 31, 2023. Announcement • Aug 24
Quantafuel AS Announces CFO Changes In line with previous communication on 15 May 2023 regarding management changes, company announced that Jens Petter Broby will assume the position of Chief Financial Officer (CFO) at Quantafuel AS, effective from 1 September. Jens Petter Broby has been an integral part of the Quantafuel team since January 2019. As part of the transition, Christian Bekkevold Nilsen will provide support until the end of September. Quantafuel is grateful for Nilsen's contributions. Board Change • Aug 04
No independent directors There are 3 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: 3 new directors. No experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Employee Representative Director Anette Lero 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 experienced directors. Announcement • Jun 17
Quantafuel as Elects Omar Shafi Khan as Board Member Quantafuel AS at its EGM held on June 16, 2023 approved election of Omar Shafi Khan as new board member. Board Change • May 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: 2 independent directors. 6 non-independent directors. Independent Chairman Gjerdseth Andersen 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. Reported Earnings • May 13
First quarter 2023 earnings released: kr0.20 loss per share (vs kr0.50 loss in 1Q 2022) First quarter 2023 results: kr0.20 loss per share (improved from kr0.50 loss in 1Q 2022). Net loss: kr38.6m (loss narrowed 45% from 1Q 2022). Revenue is forecast to grow 102% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Commercial Services industry in Germany. Reported Earnings • Mar 01
Full year 2022 earnings released: kr1.90 loss per share (vs kr0.028 loss in FY 2021) Full year 2022 results: kr1.90 loss per share (further deteriorated from kr0.028 loss in FY 2021). Net loss: kr304.3m (loss widened kr300.4m from FY 2021). Revenue is forecast to grow 79% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Commercial Services industry in Germany. Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The 4 analysts covering Quantafuel expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr181.3m in 2025. Average annual earnings growth of 71% is required to achieve expected profit on schedule. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr75.0m (loss widened 244% from 3Q 2021). Revenue is forecast to grow 89% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Commercial Services industry in Germany. Board Change • Nov 16
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. 5 non-independent directors. Independent Chairman Gjerdseth Andersen 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. Announcement • Nov 16
Quantafuel ASA Announces Changes to the Board of Directors In a recently concluded election, the employees of Quantafuel have elected Anette Knoph Lerø as employee representative in the Board of Directors. Anette will replace the current employee representative Berit Koppervik. The replacement will have effect from 14. November 2022. Board Change • Oct 29
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. 6 non-independent directors. Independent Chairman Gjerdseth Andersen 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. Announcement • Oct 01
Quantafuel Announces the Appointment of Christian Bekkevold Nilsen as the Company's New Chief Financial Officer Quantafuel announced the appointment of Christian Bekkevold Nilsen as the company's new Chief Financial Officer. He will enter his role on October 10th, 2022. Bekkevold Nilsen has held CFO positions in Norconsult and Nordpool. He has also been a Finance Director in the French industrial group Alstom. Nilsen holds a Master of Science degree in Business from Handelshøyskolen in Northern Norway and is a Norwegian citizen. He has lived and worked in Belgium, France, Japan, and Switzerland, before he and his family returned to Norway in 2010. Bekkevold Nilsen will take over from Kristian Flaten, who will focus on the ongoing financing processes, as Quantafuel is now entering into the roll-out phase, as communicated in the first half 2022 report. Reported Earnings • Sep 01
Second quarter 2022 earnings released: kr0.40 loss per share (vs kr0.07 loss in 2Q 2021) Second quarter 2022 results: kr0.40 loss per share (down from kr0.07 loss in 2Q 2021). Net loss: kr69.8m (loss widened kr60.8m from 2Q 2021). Over the next year, revenue is forecast to grow 604%, compared to a 4.3% growth forecast for the Commercial Services industry in Germany. Board Change • Jul 28
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. 5 non-independent directors. Independent Chairman Gjerdseth Andersen 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. Board Change • Jun 16
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. 5 non-independent directors. Independent Chairman Gjerdseth Andersen 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. Announcement • Feb 08
Quantafuel ASA Closed Down All Production for the Time Being Quantafuel’s plant in Skive, Denmark, has experienced a mechanical failure in the burner chamber of one of the production lines. As a safety precaution, company have closed down all production for the time being, until root cause is identified and rectified. Quantafuel has started an investigation into the failure, which occurred on Saturday evening. There were no personal injuries, neither any hazardous substances released to the environment. Danish authorities have been informed, but do not see a need for their participation. Quantafuel continues to work towards finding and rectifying the root cause of the failure. Company will revert to the market with further details, including expected production downtime. Additional technical details: Each of the four lines has a reactor consisting of a burner chamber and a rotating inner part. The burner chamber is heated up by a gas burner and the hot flue gas from the burner chamber heats the inner part of the reactor, where plastics pyrolysis takes place. Hence, the pyrolysis gas and the flue gas are physically separated and cannot be mixed due to the reactors’ design. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €2.44, the stock trades at a forward P/E ratio of 122x. Average forward P/E is 16x in the Commercial Services industry in Europe. Total loss to shareholders of 59% over the past year. Announcement • Jan 12
Quantafuel ASA Reports That Two Out of the Four Lines At Its Skive Plant Have Produced At A Load and Performance Level Qualifying for Proof-Of-Concept Quantafuel ASA reported that two out of the four lines at its Skive plant have produced at a load and performance level qualifying for Proof-of-Concept. Both lines have operated stably at design capacity before the runs were cut short by mechanical failures in the feeding systems.We expect to resume production shortly following inspection and repair. All four lines in Skive are identical, and PoC is linked to running one of these lines with post-consumer plastic waste at high load with high availability for a prolonged duration, producing a liquid acceptable for the company's offtake partner. As communicated, PoC is an important step in the company's production ramp-up towards full production that the company target to reach in Fourth Quarter 2022. The 2022 target for Skive is processing of 12,000 tonnes of plastics, ending the year at a 20,000 tonnes per year run rate as communicated previously. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €2.93, the stock trades at a forward P/E ratio of 73x. Average forward P/E is 17x in the Commercial Services industry in Europe. Total loss to shareholders of 59% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €2.59 per share. Announcement • Dec 31
Quantafuel ASA (OB:QFUEL) reached an agreement to acquire Quantafuel Uk Ltd/Quantafuel Sunderland Limited/Quantafuel Cheshire Limited for NOK 51.5 million. Quantafuel ASA (OB:QFUEL) reached an agreement to acquire remaining 50% stake in Quantafuel Uk Ltd/Quantafuel Sunderland Limited/Quantafuel Cheshire Limited for NOK 51.1 million on December 30, 2021. Under the terms of agreement, the transaction value is to be paid in cash or shares at Quantafuel’s discretion, split in three performance-based tranches related to Proof-of-Concept in Skive and the establishment of new UK plants, with a total value of up to NOK 51.5 million. The agreement has been completed following historic agreements with the parties. Any consideration shares will be issued under Quantafuel ASA board’s current authority to increase the share capital. Further, Midas retains an option to participate in the two first Quantafuel plants in the UK with up to 5%, and Quantafuel retains the option to employ Midas Group in a consulting function. Following the agreement, Quantafuel ASA owns 100% of the three UK companies. Announcement • Dec 24
Quantafuel ASA's Skive Completes Commissioning and Started Production Quantafuel ASA's Skive completed commissioning and started production. After a successful upgrade and commissioning, the first line of Quantafuel’s Skive plant is back in production. It have been feeding plastics into the production line at high load and target for Proof-of-Concept (PoC) around year end is maintained. Quantafuel’s Skive plant is progressing according to plan, as communicated in the third quarter report, and in update on 8th December 2021. The plant has transitioned into production mode and maintain target of reaching Proof-of-Concept (POC) around year end. All four lines in Skive are identical, and PoC is linked to running one of these lines with commercial plastics at high load with high availability for a prolonged duration, producing a liquid acceptable for offtake partner. The 2022 target for Skive is processing of 12,000 tonnes of plastics, ending the year at a 20,000 tonnes per year run rate as communicated previously. The forecasted CAPEX of NOK 610 million remains unchanged. Reported Earnings • Nov 12
Third quarter 2021 earnings released: kr0.20 loss per share (vs kr2.57 loss in 3Q 2020) Third quarter 2021 results: Net loss: kr21.8m (loss narrowed 94% from 3Q 2020). Breakeven Date Change • Oct 11
Forecast to breakeven in 2021 The 3 analysts covering Quantafuel expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr49.7m in 2021. Earnings growth of 89% is required to achieve expected profit on schedule. Board Change • Oct 11
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. 6 non-independent directors. Independent Chairman Gjerdseth 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. Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The 3 analysts covering Quantafuel expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr49.7m in 2021. Earnings growth of 89% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 14
Forecast to breakeven in 2022 The 3 analysts covering Quantafuel expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr2.33m in 2022. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 12
Forecast to breakeven in 2022 The 3 analysts covering Quantafuel expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr2.33m in 2022. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Breakeven Date Change • Sep 10
Forecast to breakeven in 2022 The 3 analysts covering Quantafuel expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr2.33m in 2022. Average annual earnings growth of 91% is required to achieve expected profit on schedule. Recent Insider Transactions • Sep 10
Deputy Chair of the Board recently bought €70k worth of stock On the 9th of September, Svein Spieler bought around 30k shares on-market at roughly €2.32 per share. This was the largest purchase by an insider in the last 3 months. This was Svein's only on-market trade for the last 12 months. Breakeven Date Change • May 20
Forecast breakeven moved forward to 2021 The 3 analysts covering Quantafuel previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of kr75.3m in 2021. Earnings growth of 81% is required to achieve expected profit on schedule. Announcement • Mar 06
Quantafuel ASA Receives Environmental Certificate and Sends First Commercial Products to BASF Quantafuel ASA announced that German TÜV has issued REDcert2 environmental certificate for Quantafuel. This certificate testifies that Quantafuel sources feedstock from sustainable sources and has robust systems documenting mass balance and resource efficiency. Following the receipt of the certificate, Quantafuel has sent the first commercial batch of products from Skive to BASF. Supporting Quantafuel’s work with sustainable and commercial operations, the Danish Environmental Protection Agency has confirmed that materials undergoing chemical recycling are classified as material recycling if being used for used for making new plastic products. Further, The Skive community has confirmed that the liquid hydrocarbon products from the Quantafuel Skive plastic-to-liquid plant satisfies the “End of Waste” criteria in the Danish Waste Order. Announcement • Feb 26
Quantafuel ASA Hires Christian Lach as New Deputy CEO and Chief Commercial Officer Quantafuel ASA announced hire of Dr. Christian Lach as Deputy CEO and Chief Commercial Officer. Dr. Lach comes from the position as Project Lead ChemCycling in BASF. Reported Earnings • Feb 24
Full year 2020 earnings released: kr3.68 loss per share (vs kr1.58 loss in FY 2019) Full year 2020 results: Net loss: kr495.5m (loss widened 226% from FY 2019). Analyst Estimate Surprise Post Earnings • Feb 24
Revenue misses expectations Revenue missed analyst estimates by 35%. Over the next year, revenue is forecast to grow 1,405%, compared to a 10% growth forecast for the Commercial Services industry in Germany. Announcement • Feb 07
Quantafuel ASA to Start Operation of Its Pilot Plant for Testing of New Reactor Design in Kristiansund Quantafuel ASA announced that the company is getting ready to start operation of its pilot plant for testing of new reactor design in Kristiansund. In addition, the company continues to make progress with Skive process adjustments to enable full operation. Mounting and commissioning of equipment at its Replast facilities in Kristiansund is progressing ahead of plan, and within end of first quarter of 2021 The company expects to see the first results from this important pilot plant incorporating a new reactor design. In parallel, the Kristiansund plant is preparing for a future unique set-up with combined feedstock pretreatment, and chemical and mechanical recycling. The plant receives plastic that is normally incinerated or handled by landfills, with Quantafuel turning it into valuable resources. The next important milestone for Quantafuel is to reach an operating level that gives comfort to make investment decisions (FID) together with existing and potential new partners. Quantafuel is discussing the roll-out of large-scale capacity plants with both existing and potential new partners and will inform the market in due course. Announcement • Jan 13
Quantafuel ASA (OB:QFUEL) reached an agreement to acquire 40% in Geminor AS from Kjetil Vikingstad and Ralf Schöpwinkel for approximately NOK 170 million. Quantafuel ASA (OB:QFUEL) reached an agreement to acquire 40% in Geminor AS from Kjetil Vikingstad and Ralf Schöpwinkel for approximately NOK 170 million on January 12, 2021. The consideration will be settled in 2.7 million shares of Quantafuel ASA and a cash element of NOK 2 million. Out of the shares, 0.9 million are subject to a 9-months lock up. As part of the transaction, Quantafuel is also granted an option to acquire the remaining shares in Geminor. Geminor AS reported net debt of NOK 50 million as on December 31, 2019. SpareBank 1 Markets and Danske Bank, Norwegian Branch acted as transaction advisers and Wikborg Rein has acted as legal advisor to Quantafuel. Is New 90 Day High Low • Jan 09
New 90-day high: €6.31 The company is up 8.0% from its price of €5.84 on 09 October 2020. The German market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Commercial Services industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €23.79 per share. Analyst Estimate Surprise Post Earnings • Nov 19
Revenue beats expectations Revenue exceeded analyst estimates by 212%. Over the next year, revenue is forecast to grow 1,662%, compared to a 5.0% growth forecast for the Commercial Services industry in Germany. Announcement • Aug 12
Quantafuel AS (OB:QFUEL-ME) acquired 49% stake in Replast AS. Quantafuel AS (OB:QFUEL-ME) acquired 49% stake in Replast AS on August 11, 2020.
Quantafuel AS (OB:QFUEL-ME) completed the acquisition of 49% stake in Replast AS on August 11, 2020. 