New Risk • Jun 17
New major risk - Revenue and earnings growth Earnings have declined by 3.4% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Shares are highly illiquid. Earnings have declined by 3.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr.198.2m market cap, or US$30.8m). Board Change • Jun 12
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Chairman Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 22
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Chairman Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. 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 • Jan 15
Upcoming dividend of kr.85.14 per share Eligible shareholders must have bought the stock before 21 January 2026. Payment date: 23 January 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Danish dividend payers (4.7%). Lower than average of industry peers (2.4%). Declared Dividend • Dec 21
Dividend of kr.85.14 announced Dividend of kr.85.14 is the same as last year. Ex-date: 21st January 2026 Payment date: 23rd January 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 21
Full year 2025 earnings released: EPS: kr.253 (vs kr.214 in FY 2024) Full year 2025 results: EPS: kr.253 (up from kr.214 in FY 2024). Revenue: kr.352.0m (up 11% from FY 2024). Net income: kr.12.8m (up 18% from FY 2024). Profit margin: 3.6% (up from 3.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Announcement • Dec 19
Brd. Klee A/S announces Annual dividend, payable on January 23, 2026 Brd. Klee A/S announced Annual dividend of DKK 85.1400 per share payable on January 23, 2026, ex-date on January 21, 2026 and record date on January 22, 2026. New Risk • Dec 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported March 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr.206.2m market cap, or US$32.2m). Announcement • Sep 23
Brd. Klee A/S, Annual General Meeting, Jan 20, 2026 Brd. Klee A/S, Annual General Meeting, Jan 20, 2026, at 11:00 Romance Standard Time. Location: gadagervej 11-13, 2620 albertslund, Denmark Board Change • Jun 26
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr.4,080, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 16x in the Trade Distributors industry in Europe. Total returns to shareholders of 8.8% over the past three years. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr.3,699, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 14x in the Trade Distributors industry in Europe. Total loss to shareholders of 7.9% over the past three years. Upcoming Dividend • Jan 15
Upcoming dividend of kr.85.14 per share Eligible shareholders must have bought the stock before 22 January 2025. Payment date: 24 January 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Danish dividend payers (5.1%). In line with average of industry peers (2.4%). Board Change • Jan 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Dec 15
Full year 2024 earnings released: EPS: kr.214 (vs kr.278 in FY 2023) Full year 2024 results: EPS: kr.214 (down from kr.278 in FY 2023). Revenue: kr.316.3m (up 31% from FY 2023). Net income: kr.10.8m (down 23% from FY 2023). Profit margin: 3.4% (down from 5.8% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Dec 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). 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 (4.2% net profit margin). Market cap is less than US$100m (kr.191.1m market cap, or US$27.0m). Announcement • Sep 30
Brd. Klee A/S, Annual General Meeting, Jan 21, 2025 Brd. Klee A/S, Annual General Meeting, Jan 21, 2025, at 11:00 Romance Standard Time. Location: gadagervej 11-13, 2620 albertslund, Denmark New Risk • May 25
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: 4.2% Last year net profit margin: 6.2% 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: Major Risk Shares are highly illiquid. 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 (4.2% net profit margin). Market cap is less than US$100m (kr.219.4m market cap, or US$31.9m). Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr.4,380, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 15x in the Trade Distributors industry in Europe. Total returns to shareholders of 70% over the past three years. Reported Earnings • Dec 22
Full year 2023 earnings released Full year 2023 results: Revenue: kr.241.4m (up 5.3% from FY 2022). Net income: kr.14.0m (down 14% from FY 2022). Profit margin: 5.8% (down from 7.1% in FY 2022). The decrease in margin was driven by higher expenses. Board Change • Dec 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Dec 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr.202.2m market cap, or US$29.2m). Board Change • Dec 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 08
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Oct 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Kim Harding Lehmann was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 27
First half 2023 earnings released First half 2023 results: Revenue: kr.126.9m (up 15% from 1H 2022). Net income: kr.6.39m (down 15% from 1H 2022). Profit margin: 5.0% (down from 6.8% in 1H 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr.4,120, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 8x in the Trade Distributors industry in Denmark. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr.5,500, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 10x in the Trade Distributors industry in Denmark. Total returns to shareholders of 150% over the past three years. Upcoming Dividend • Jan 13
Upcoming dividend of kr.85.14 per share Eligible shareholders must have bought the stock before 20 January 2023. Payment date: 24 January 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Danish dividend payers (6.4%). Lower than average of industry peers (2.0%). Reported Earnings • Dec 17
Full year 2022 earnings released Full year 2022 results: Revenue: kr.229.3m (up 20% from FY 2021). Net income: kr.16.4m (up 8.3% from FY 2021). Profit margin: 7.1% (down from 7.9% in FY 2021). The decrease in margin was driven by higher expenses. Buying Opportunity • Dec 02
Now 21% undervalued Over the last 90 days, the stock is up 5.7%. The fair value is estimated to be kr.5,178, 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 grown by 6.8%. Board Change • Nov 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 Kim Harding Lehmann was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 16% share price gain to kr.4,400, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 9x in the Trade Distributors industry in Denmark. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 20% share price gain to kr.4,220, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 9x in the Trade Distributors industry in Denmark. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 15% share price gain to kr.4,580, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 9x in the Trade Distributors industry in Denmark. Total returns to shareholders of 107% over the past three years. Reported Earnings • May 22
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down kr.7.89m from profit in 1H 2021). Profit margin: (down from 8.4% in 1H 2021). The decrease in margin was driven by lower expenses. Board Change • Apr 27
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 Kim Harding Lehmann was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 17% share price gain to kr.4,060, the stock trades at a trailing P/E ratio of 13.6x. Average trailing P/E is 12x in the Trade Distributors industry in Denmark. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 22% share price gain to kr.4,620, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 14x in the Trade Distributors industry in Denmark. Total returns to shareholders of 98% over the past three years. Upcoming Dividend • Jan 14
Upcoming dividend of kr.379 per share Eligible shareholders must have bought the stock before 21 January 2022. Payment date: 25 January 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Danish dividend payers (3.0%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 15% share price gain to kr.4,200, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 16x in the Trade Distributors industry in Denmark. Total returns to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment improved over the past week After last week's 21% share price gain to kr.3,980, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 17x in the Trade Distributors industry in Denmark. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 18% share price gain to kr.3,660, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 16x in the Trade Distributors industry in Denmark. Total returns to shareholders of 40% over the past three years.