Board Change • May 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Lars Schedin was the last director to join the board, commencing their role in 2026. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 09
Magnora ASA Secures a Third Data Center Project, Adding 120 Mw, in the Helsinki - Tampere Area Magnora is joining as majority owner in an ongoing data center project in Finland, expanding its portfolio with a project for a high-density, AI-ready 120 MW facility. The project is developed together with Northern Europe Energy Group and expected to reach Ready-to-Build stage by the end of 2026. The physical conditions are excellent. The area has 150,000 m2 zoned for data center operations, potential for waste-heat recovery through the district heating network, access to all major Finnish fibre operators, stable ground conditions, and a distance of less than one kilometre to the electrical substation. Geographically, the site is located in Hameenlinna, between Helsinki and Tampere, close to international airports, and with more than 4 million people within a 1.5-hour drive - including a large pool of highly educated technical experts and engineers. The project was initiated by Northern Europe Energy Group ("NEEG") last year. Magnora holds a 70% ownership stake in the project through a joint venture (JV) with NEEG owning 30%. NEEG will be responsible for most of the operational development. Magnora contributes with strategic, industrial, and financial expertise, as well as the capability to advance the project in line with customer demand. The collaboration has strong support from the local municipality, aiming for an efficient permitting process that ensures local value creation and sustainable development. This is the third data center project/company Magnora enters within the last three months, in addition to Averoy (100 MW in development) and Storespeed (operational). Magnora continues its efforts to source and develop more projects in the data center space in the coming weeks and months. The Nordics are a preferred data center market globally and Magnora is well positioned with its experience, network and market understanding. Announcement • Nov 10
Magnora ASA, Annual General Meeting, Mar 24, 2026 Magnora ASA, Annual General Meeting, Mar 24, 2026. Announcement • Oct 07
Magnora ASA (OB:MGN) agreed to acquire 75% stake in Storespeed As. Magnora ASA (OB:MGN) agreed to acquire 75% stake in Storespeed As on October 6, 2025. The transaction is subject to pending closing conditions. Announcement • Jun 17
Undisclosed buyers acquired 30% stake in Hermana Holding ASA (OB:HERMA) from Magnora ASA (OB:MGN) for NOK 40.3 million. Undisclosed buyers acquired 30% stake in Hermana Holding ASA (OB:HERMA) from Magnora ASA (OB:MGN) for NOK 40.3 million on June 16, 2025. A cash consideration valued at NOK 10 per share will be paid for 4,025,621 shares.
Undisclosed buyers completed the acquisition of 30% stake in Hermana Holding ASA (OB:HERMA) from Magnora ASA (OB:MGN) on June 16, 2025. Announcement • Feb 28
Magnora ASA Provides Sales Target for the Year 2025 Magnora ASA provided sales target for the year 2025. For the year, the company announces sales target remains at 600 MW to 725 MW. Announcement • Feb 27
Magnora ASA Continues Quarterly Dividend Magnora ASA continued the practice of a NOK 0.187 per share quarterly dividend. Announcement • Nov 06
Magnora ASA, Annual General Meeting, Apr 29, 2025 Magnora ASA, Annual General Meeting, Apr 29, 2025. Declared Dividend • Oct 17
Third quarter dividend of kr0.19 announced Shareholders will receive a dividend of kr0.19. Ex-date: 18th October 2024 Payment date: 23rd October 2024 Dividend yield will be 42%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Announcement • Oct 17
Magnora Asa Announces Dividend, Payable on October 23, 2024 Magnora ASA announced that on 14 October, the Board of Directors held a board meeting to authorize cash distribution. The Board authorized a payment of 0.187 per share. The cash distribution is based on the Company's annual accounts for 2023 and authorization from the AGM held on 23 April 2024. The cash distribution is a repayment of paid-in capital in excess of the par value of the Magnora share. Ex-date is October 8, 2024. Record date is October 21, 2024. Payment date is October 23, 2024. New Risk • Oct 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% 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 12% per year for the foreseeable future. High level of non-cash earnings (211% accrual ratio). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: kr3.60 (vs kr0.25 loss in 3Q 2023) Third quarter 2024 results: EPS: kr3.60 (up from kr0.25 loss in 3Q 2023). Revenue: kr257.4m (up kr243.3m from 3Q 2023). Net income: kr235.4m (up kr252.1m from 3Q 2023). Profit margin: 92% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 10
Magnora ASA (OB:MGN) commences an Equity Buyback Plan for 6,575,183 shares, representing 10% of its issued share capital, under the authorization approved on April 23, 2024. Magnora ASA (OB:MGN) commences share repurchases on September 6, 2024, under the program mandated by the shareholders in the Annual General Meeting held on April 23, 2024. As per the mandate, the company is authorized to repurchase up to 6,575,183 shares, representing 10% of its issued share capital. The shares will be repurchased at a minimum price of NOK 1 per share and at a maximum price of NOK 100 per share. The repurchased shares will be used to cover the delivery of shares in accordance with obligations under issued options. The program will be valid till the next Annual General Meeting in 2025, but not later than June 30, 2025. As at April 23, 2024, the company had 65,751,825 shares in issue.
On September 5, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to NOK 50 million worth of its shares. The shares will be repurchased at a price of NOK 35 per share. The shares repurchased under the program will be used to reduce the number of outstanding shares for the issuing of compensation shares or other corporate purposes. The program will expire on April 15, 2025. Recent Insider Transactions • Aug 30
Executive Chairman recently bought €21k worth of stock On the 26th of August, Torstein Sanness bought around 10k shares on-market at roughly €2.06 per share. This transaction amounted to 1.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Torstein's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.16, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Renewable Energy industry in Europe. Total returns to shareholders of 89% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.59 per share. Upcoming Dividend • Aug 06
Upcoming dividend of kr4.19 per share Eligible shareholders must have bought the stock before 13 August 2024. Payment date: 16 August 2024. Trailing yield: 2.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (3.8%). New Risk • Jul 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% 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 22% per year for the foreseeable future. High level of non-cash earnings (48% accrual ratio). Revenue is less than US$1m. 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 (-26% net profit margin). Declared Dividend • Jul 19
Second quarter dividend of kr4.19 announced Shareholders will receive a dividend of kr4.19. Ex-date: 13th August 2024 Payment date: 16th August 2024 Dividend yield will be 172%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. New Risk • Jul 16
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (46% accrual ratio). Revenue is less than US$1m. 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 (-23% net profit margin). Buy Or Sell Opportunity • Jul 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €2.36. The fair value is estimated to be €3.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 69% over the last 3 years. Earnings per share has grown by 96%. Revenue is forecast to grow by 1,022% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Announcement • Jul 12
SunMind SAS completed the acquisition of Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors. SunMind signed an agreement to acquire Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors for approximately €340 million on May 29, 2024. The current owners of Helios will receive an upfront payment of €73 million and a substantial earnout component. Magnora holds 40% of the company’s shares prior to the transaction and will receive a corresponding share of upfront payment and earnout payments. For five years after closing, the sellers will benefit from an earnout tied to Helios’s portfolio of unsold projects. The earnout agreement could be worth up to NOK 3 billion (€262.38 million) if the entire portfolio subject to earnout is realized. Magnora will receive an estimated NOK 335 million (€29.3 million) at closing. For five years after closing, the sellers will benefit from an earnout tied to Helios’s portfolio of unsold projects. Helios’s current management will continue to manage and run Helios with an attractive incentive model in addition to the earn-out payments to owners. Closing of the transaction is subject to the buyer receiving FDI approval from the Swedish FDI Authority. The transaction is expected to be finalized in June. Peter Sundgren, Martin E Svanberg, Johan Cederblad, Jolene Reimerson, Mia Falk from Advokatfirman Vinge KB acted as legal advisors to SunMind and VINCI Concessions SA in the transaction.
On July 4, 2024, approval has been received of the buyer receiving FDI approval from the Swedish FDI Authority and parties have agreed to initiate closing. Magnora’s Board has approved the return of NOK 4 per share. This return of capital will be paid on the first practical date after closing the Helios transaction, that is in the middle of July 2024. The excepted closing date is mid-July 2024. Carnegie Investment Bank AB (publ) acted as financial advisor Helios Nordic Energy AB.
SunMind SAS completed the acquisition of Helios Nordic Energy AB from Magnora ASA (OB:MGN), management of Helios Nordic Energy AB and a few minority investors on July 11, 2024. The full upfront payment of €73 million will be released from escrow and distributed among the sellers without undue delay. Board Change • Jun 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • May 30
Vinci SA (ENXTPA:DG) signed an agreement to acquire 40% stake in Helios Nordic Energy AB from Magnora ASA (OB:MGN) for NOK 850 million. Vinci SA (ENXTPA:DG) signed an agreement to acquire 40% stake in Helios Nordic Energy AB from Magnora ASA (OB:MGN) for €73 million on May 29, 2024. The current owners of Helios will receive an upfront payment of €73 million and a substantial earnout component. Magnora holds 40% of the company’s shares prior to the transaction and will receive a corresponding share of upfront payment and earnout payments. Magnora will receive an estimated €31.01 million at closing. For five years after closing, the sellers will benefit from an earnout tied to Helios’s portfolio of unsold projects. Helios’s current management will continue to manage and run Helios with an attractive incentive model in addition to the earn-out payments to owners. Closing of the transaction is subject to the buyer receiving FDI approval from the Swedish FDI Authority. The transaction is expected to be finalized in June. Reported Earnings • Apr 18
First quarter 2024 earnings released: kr0.099 loss per share (vs kr0.10 profit in 1Q 2023) First quarter 2024 results: kr0.099 loss per share (down from kr0.10 profit in 1Q 2023). Net loss: kr6.60m (down 194% from profit in 1Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jan 19
Magnora ASA Separates Its Legacy Business from Its Renewables Business Magnora ASA announced that on 18 January, the board approved a plan to establish a separate entity for Magnora's Legacy Business (that is the contracts linked to the Company's divested FPSO business). Technically, the separation combines a demerger followed by a merger to transfer the Company's Licensing Business to a wholly owned subsidiary of Magnora. This requires an extraordinary general meeting of shareholders in Magnora. The Legacy Business is related to Magnora's historical business activities. In 2018, Magnora sold its formerly core business which included patents and related technology rights associated with the FPSO technology business. However, Magnora retained the right to use the technology under two existing agreements for two FPSOs, one of which was already in operation (the Western Isles FPSO) and the other soon to enter operations (The Penguins FPSO). Aligned with the stock exchange release dated 28 August 2023, and as a consequence of the corporate restructuring mentioned above, the Licensing Business will become a subsidiary. Following this restructuring, the Company intends to spin off the Legacy Business to its shareholders as a new listed company on the Oslo Stock Exchange. Irrespective of this, the strategic process continues. Announcement • Oct 26
Magnora Asa Authorizes Quarterly Cash Distribution, Payable on 2 November 2023 Magnora's Board of Directors authorized a cash distribution of NOK 50,000,000 (total annual number) corresponding to NOK 0.748 per share. This corresponds to NOK 0.187 per share each quarter. On 24 October, the Board of Directors held a board meeting to authorize the quarterly cash distribution. The Board authorized a payment of NOK 0.187 per share. The cash distribution is based on the Group's annual accounts for 2022 and was authorized by the AGM held on 25 April 2023. Last day including right: 25 October 2023. Ex-date: 26 October 2023. Record date: 27 October 2023. Payment date: 2 November 2023. Reported Earnings • Oct 24
Third quarter 2023 earnings released: kr0.25 loss per share (vs kr0.23 loss in 3Q 2022) Third quarter 2023 results: kr0.25 loss per share (further deteriorated from kr0.23 loss in 3Q 2022). Revenue: kr14.1m (up 271% from 3Q 2022). Net loss: kr16.7m (loss widened 9.9% from 3Q 2022). Revenue is expected to decline by 28% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 3.0%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 17
Executive Chairman recently bought €94k worth of stock On the 15th of August, Torstein Sanness bought around 35k shares on-market at roughly €2.68 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Torstein's only on-market trade for the last 12 months. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% 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 7.4% per year for the foreseeable future. High level of non-cash earnings (117% accrual ratio). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr231.9m (up kr226.0m from 2Q 2022). Net income: kr206.5m (up kr214.9m from 2Q 2022). Profit margin: 89% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is expected to decline by 37% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Announcement • Jun 20
Magnora ASA (OB:MGN) commences an Equity Buyback for 6,682,268 shares, representing 10% of its issued share capital, under the authorization approved on April 25, 2023. Magnora ASA (OB:MGN) commences share repurchases on June 15, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2023. As per the mandate, the company is authorized to repurchase up to 6,682,268 shares, representing 10% of its issued share capital for a nominal value of NOK 3.27 million. The shares will be repurchased at a minimum price of NOK 1 per share and at a maximum price of NOK 100 per share. The repurchased shares will be used to cover the delivery of shares in accordance with obligations under issued options. The program will be valid till the next Annual General Meeting in 2024, but not later than June 30, 2024. As at March 31, 2023, the company had 66,822,679 shares in issue and had 21,866 shares in treasury.
On June 9, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to NOK 50 million worth of its shares. The shares will be repurchased at a price of NOK 45 per share. The shares repurchased under the program will be used to reduce the number of outstanding shares for the issuing of compensation shares or other corporate purposes. The repurchases will commence on June 12, 2023, and the program will expire on April 15, 2024. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.65, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 294% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.62 per share. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Jun 10
Magnora ASA Launches Capital Distribution Program Magnora launched capital distribution program. The company’s board of directors has authorized a cash distribution of NOK 50,000,000 (total annual number) corresponding to NOK 0.748 per share. The policy is subject to further board resolutions. The size of the cash distribution will be considered each time the board approves a quarterly report, starting with the second quarter in August 2023. The first tranche of 0.187 per share will be paid in August 2023, subject to board resolutions. Going forward, Magnora's ambition is to increase this quarterly distribution in line with the growth of the company. If deemed appropriate by the Board of Directors, the quarterly review will also consider special distributions on top of the regular distribution. To the extent possible, the cash distribution will be repayment of paid-in capital in excess of the par value of the Magnora share and not classified as regular dividend. Reported Earnings • May 18
First quarter 2023 earnings released First quarter 2023 results: EPS: kr0. Revenue: kr16.4m (up 242% from 1Q 2022). Net income: kr14.8m (up kr28.1m from 1Q 2022). Profit margin: 90% (up from net loss in 1Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Announcement • May 13
First Solar, Inc. (NasdaqGS:FSLR) acquired Evolar AB from Magnora ASA (OB:MGN) for $38 million. First Solar, Inc. (NasdaqGS:FSLR) acquired Evolar AB from Magnora ASA (OB:MGN) for $38 million on May 12, 2023. Under the terms of agreement, First Solar paid upfront consideration of $38 million and an additional $42 million to be paid subject to certain technical milestones being achieved in the future. Magnora sold its stake for $29 million and further milestone payment of $24 million. Upon closing of the transaction, approximately 30 of Evolar’s Research & Development staff will transition to First Solar. Lundin, Statkraft, Hafslund, Arise Windpower, DNV and Aker companies advised Magnora in transaction. Deloitte AS acted as accountant to Magnora.
First Solar, Inc. (NasdaqGS:FSLR) completed the acquisition of Evolar AB from Magnora ASA (OB:MGN) on May 12, 2023. Reported Earnings • Mar 25
Full year 2022 earnings released: EPS: kr0.21 (vs kr1.11 loss in FY 2021) Full year 2022 results: EPS: kr0.21 (up from kr1.11 loss in FY 2021). Revenue: kr91.7m (up kr76.5m from FY 2021). Net income: kr12.5m (up kr75.3m from FY 2021). Profit margin: 14% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 36% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Full year 2022 earnings released: EPS: kr0.058 (vs kr1.11 loss in FY 2021) Full year 2022 results: EPS: kr0.058 (up from kr1.11 loss in FY 2021). Revenue: kr91.7m (up kr76.5m from FY 2021). Net income: kr3.90m (up kr66.7m from FY 2021). Profit margin: 4.3% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 131 percentage points per year, which is a significant difference in performance. Announcement • Jan 24
Magnora ASA to Report Q4, 2023 Results on Feb 13, 2024 Magnora ASA announced that they will report Q4, 2023 results on Feb 13, 2024 Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr15.2m (loss narrowed 2.6% from 3Q 2021). Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 181 percentage points per year, which is a significant difference in performance. Announcement • Sep 23
Magnora ASA announced that it expects to receive NOK 200 million in funding Magnora ASA announced the private placement of ordinary shares for gross proceeds of NOK 200 million on September 21, 2022. The subscription price per share and the total number of shares will be determined by the company's board of directors on the basis of an accelerated bookbuilding process conducted by the managers. The transaction will include participation from Hafslund Vekst AS for NOK 100 million in the transaction. The transaction will be directed towards a limited number of selected investors subject to, in each case, applicable exemptions from relevant prospectus, filing and registration requirements, outside the United States in reliance on Regulation S under the US Securities Act of 1933 as amended, and in the United States to qualified institutional buyers as defined in Rule 144A under the US Securities Act and to major U.S. institutional investors under SEC Rule 15a-6 to the United States Exchange Act of 1934. Reported Earnings • Aug 10
Second quarter 2022 earnings released Second quarter 2022 results: Net loss: kr8.40m (loss narrowed 16% from 2Q 2021). Over the next year, revenue is forecast to grow 427%, compared to a 12% growth forecast for the industry in Germany. Reported Earnings • May 11
First quarter 2022 earnings released: kr0.32 loss per share (vs kr0.14 loss in 1Q 2021) First quarter 2022 results: kr0.32 loss per share (down from kr0.14 loss in 1Q 2021). Net loss: kr18.1m (loss widened 124% from 1Q 2021). Over the next year, revenue is forecast to grow 471%, compared to a 18% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 136 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director John Hamilton was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 07
Magnora ASA (OB:MGN) acquired additional 13.5% minority stake in Evolar AB. Magnora ASA (OB:MGN) acquired additional 13.5% minority stake in Evolar AB on April 6, 2022. Magnora will use its existing cash holding to fund the transaction. With this transaction Magnora ASA have increased its stake from 50% to 63.5% stake in Evolar AB.
Magnora ASA (OB:MGN) completed the acquisition of additional 13.5% minority stake in Evolar AB on April 6, 2022. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr1.10 loss per share (down from kr0.54 profit in FY 2020). Net loss: kr62.8m (down 320% from profit in FY 2020). Revenue missed analyst estimates by 9.6%. Over the next year, revenue is forecast to grow 889%, compared to a 21% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 137 percentage points per year, which is a significant difference in performance. Announcement • Feb 16
Magnora ASA (OB:MGN) acquired a 92% stake in African Green Ventures. Magnora ASA (OB:MGN) acquired a 92% stake in African Green Ventures on February 15, 2022. The remaining 8% will be owned by AGV management. As part of the transaction, Peter Nygren, EVP Strategies in Magnora, will step down from his current position and become an active owner in AGV, pursuing the opportunities in South Africa.
Magnora ASA (OB:MGN) completed the acquisition of a 92% stake in African Green Ventures on February 15, 2022. Announcement • Dec 21
Magnora ASA (OB:MGN) acquired additional 9.3% stake in Evolar AB. Magnora ASA (OB:MGN) acquired additional 9.3% stake in Evolar AB on December 20, 2021. Magnora will use its existing cash holding to fund the transaction.
Magnora ASA (OB:MGN) completed the acquisition of additional 9.3% stake in Evolar AB on December 20, 2021. Reported Earnings • Nov 17
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: kr15.6m (down 314% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Recent Insider Transactions • Nov 17
Executive Chairman recently bought €290k worth of stock On the 16th of November, Torstein Sanness bought around 151k shares on-market at roughly €1.92 per share. This was the largest purchase by an insider in the last 3 months. This was Torstein's only on-market trade for the last 12 months. Announcement • Sep 11
Magnora ASA (OB:MGN) acquired additional 15% stake in Helios Nordic Energy AB. Magnora ASA (OB:MGN) acquired additional 15% stake in Helios Nordic Energy AB on September 9, 2021.
Magnora ASA (OB:MGN) completed the acquisition of additional 15% stake in Helios Nordic Energy AB on September 9, 2021. Reported Earnings • Aug 18
Second quarter 2021 earnings released: kr0.17 loss per share (vs kr0.23 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: kr2.40m (down 59% from 2Q 2020). Net loss: kr10.0m (down 183% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jun 24
Magnora ASA (OSE: MGN) acquired an unknown minority stake in Kustvind AB. Magnora ASA (OSE: MGN) acquired an unknown minority stake in Kustvind AB on June 23, 2021.
Magnora ASA (OSE: MGN) completed the acquisition of an unknown minority stake in Kustvind AB on June 23, 2021. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr1.75, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 209% over the past three years. Recent Insider Transactions • Jun 17
Chief Executive Officer recently bought €89k worth of stock On the 16th of June, Erik Sneve bought around 50k shares on-market at roughly €1.78 per share. This was the largest purchase by an insider in the last 3 months. Erik has been a buyer over the last 12 months, purchasing a net total of €211k worth in shares. Announcement • Jun 01
Magnora ASA (OB:MGN) agreed to acquire additional 12.26% minority stake in Evolar AB. Magnora ASA (OB:MGN) agreed to acquire additional 12.26% minority stake in Evolar AB on May 31, 2021. Reported Earnings • May 21
First quarter 2021 earnings released First quarter 2021 results: Revenue: -kr1.10m (down 112% from 1Q 2020). Net loss: kr8.10m (down 438% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 09
Executive Vice President of Operations recently bought €44k worth of stock On the 6th of April, Peter Nygren bought around 17k shares on-market at roughly €2.66 per share. This was the largest purchase by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS kr0.54 (vs kr0.38 in FY 2019) Full year 2020 results: Net income: kr28.5m (up 41% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 17% share price gain to kr2.93, the stock is trading at a trailing P/E ratio of 54.8x, up from the previous P/E ratio of 46.8x. This compares to an average P/E of 13x in the Energy Services industry in Europe. Total returns to shareholders over the past three years are 422%. Is New 90 Day High Low • Mar 11
New 90-day high: €2.90 The company is up 27% from its price of €2.29 on 11 December 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services 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 €20.96 per share. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 342%, compared to a 3.0% growth forecast for the Energy Services industry in Germany. Reported Earnings • Feb 18
Full year 2020 earnings released: EPS kr0.54 (vs kr0.38 in FY 2019) Full year 2020 results: Net income: kr28.5m (up 41% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Feb 16
Magnora ASA to Report Q4, 2021 Results on Feb 15, 2022 Magnora ASA announced that they will report Q4, 2021 results on Feb 15, 2022 Announcement • Feb 06
Magnora ASA Updates on Oddeheia and Bjelkeberg Wind Farm Project Magnora ASA enters into an option agreement with RWE Renewables regarding the intention of developing the Oddeheia and Bjelkeberg wind farm in Birkenes municipality in Agder county. As mentioned in the stock exchange announcement on 1 February 2021, RWE Renewables has applied to the Ministry of Petroleum and Energy for a one-year permit extension for the development. Magnora’s participation in the project is conditional upon approval of this permit extension. Magnora has been informed that Birkenes municipality council has voted in favour of a proposal to postpone making a decision regarding RWE Renewable’s permit extension application until the Norwegian Government presents its revised national budget this spring. The Oddeheia and Bjelkeberg onshore wind project will have an installed capacity of up to 98 MW when completed. Magnora's share in the project will be approximately 34%. Announcement • Feb 04
Magnora ASA Appoints Peter Nygren as Executive Vice President Magnora ASA announced the appointment of Peter Nygren as Executive Vice President and part of the Senior Management team. Mr. Nygren was previously CEO and co-founder of Arise and has more than two decades of experience from global renewable energy markets. Magnora is very pleased to bring Mr. Nygren onboard. Is New 90 Day High Low • Feb 04
New 90-day high: €2.71 The company is up 71% from its price of €1.59 on 06 November 2020. The German market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 31% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.46 per share. Announcement • Feb 03
Magnora ASA (OB:MGN) entered into an agreement to acquire 25% stake in Helios Nordic Energy AB Magnora ASA (OB:MGN) entered into an agreement to acquire 25% stake in Helios Nordic Energy AB on February 2, 2021. Magnora has also the option to acquire a further 15% stake in Helios. If the option is exercised, Magnora’s ownership in Helios will be 40% stake in Helios. Following the transaction, Magnora’s Chief Executive Officer, Erik Sneve will join the Helios board of directors. Advokatfirmaet Schjødt AS acted as legal advisor to Magnora. Announcement • Jan 31
Magnora ASA Enters Partnership to Establish Floating Wind Company Magnora ASA announced that it has entered into an agreement with an undisclosed global offshore energy technology and service company to establish a joint floating wind company called Magnora Floating Wind. Magnora’s strategic partner has vast experience over many decades in all basins, water depths and weather conditions. It has broad experience from unique technology, local procurement and content, mass fabrication, project management, construction and installation processes. In addition, it is amongst the most experienced companies within hydrogen, E&P and floating wind market. Magnora Floating Wind has already commenced its operations and started work on the application for the ScotWind round in Scotland, UK. In addition, the company will participate in the first offshore wind application round in Norway, which will open in 2021. Magnora Floating Wind will also consider entering new markets in the coming months. Magnora will within a short time frame disclose more information about its undisclosed partner, including the identity of the company. Magnora will then also provide more information about the joint company and ongoing initiatives. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr1.99, the stock is trading at a trailing P/E ratio of 42.6x, down from the previous P/E ratio of 50.3x. This compares to an average P/E of 12x in the Energy Services industry in Europe. Total returns to shareholders over the past three years are 233%.