New Risk • Apr 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.7% average weekly change). High level of non-cash earnings (37% accrual ratio). Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (kr.93.1m market cap, or US$14.6m). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr.29.40, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 17x in the Hospitality industry in Europe. Total loss to shareholders of 27% over the past three years. New Risk • Apr 07
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 Danish stocks, typically moving 7.3% 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 (37% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (kr.67.3m market cap, or US$10.4m). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr.28.60, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 17x in the Hospitality industry in Europe. Total loss to shareholders of 29% over the past three years. Reported Earnings • Mar 12
Full year 2025 earnings released Full year 2025 results: Revenue: kr.73.8m (down 1.9% from FY 2024). Net income: kr.6.02m (up kr.50.2m from FY 2024). Profit margin: 8.2% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 High level of non-cash earnings (66% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (kr.73.8m market cap, or US$11.7m). Announcement • Dec 13
Aalborg Boldspilklub A/S, Annual General Meeting, Apr 08, 2026 Aalborg Boldspilklub A/S, Annual General Meeting, Apr 08, 2026. New Risk • Jul 10
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 Danish stocks, typically moving 6.7% 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 Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (kr.98.0m market cap, or US$15.4m). New Risk • May 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr.65.2m (US$9.82m) This is considered a major risk. Companies with a small market capitalization 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 Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Market cap is less than US$10m (kr.65.2m market cap, or US$9.82m). Announcement • Mar 07
Aalborg Boldspilklub A/S, Annual General Meeting, Apr 02, 2025 Aalborg Boldspilklub A/S, Annual General Meeting, Apr 02, 2025, at 16:00 Romance Standard Time. Location: aalborg portland park, harald jensens vej 9, 9000 aalborg, Denmark Reported Earnings • Mar 06
Full year 2024 earnings released: kr.21.41 loss per share (vs kr.24.00 loss in FY 2023) Full year 2024 results: kr.21.41 loss per share. Revenue: kr.75.2m (down 8.1% from FY 2023). Net loss: kr.44.2m (loss widened 28% from FY 2023). New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr.23m free cash flow). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (kr.87.8m market cap, or US$12.2m). New Risk • Aug 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr.23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr.23m free cash flow). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr.119.0m market cap, or US$17.6m). New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 8.5% 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 Earnings have declined by 8.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr.71.7m market cap, or US$10.5m). Reported Earnings • Mar 07
Full year 2023 earnings released: kr.24.00 loss per share (vs kr.16.36 loss in FY 2022) Full year 2023 results: kr.24.00 loss per share (further deteriorated from kr.16.36 loss in FY 2022). Revenue: kr.81.8m (down 3.9% from FY 2022). Net loss: kr.34.4m (loss widened 118% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr.34m free cash flow). Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Market cap is less than US$100m (kr.75.0m market cap, or US$10.9m). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Director Henrik Hagbarth was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 73% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr.40m free cash flow). Shareholders have been substantially diluted in the past year (73% increase in shares outstanding). Market cap is less than US$10m (kr.65.0m market cap, or US$9.40m). Reported Earnings • Mar 06
Full year 2022 earnings released: kr.16.36 loss per share (vs kr.15.86 loss in FY 2021) Full year 2022 results: kr.16.36 loss per share (further deteriorated from kr.15.86 loss in FY 2021). Revenue: kr.85.2m (up 33% from FY 2021). Net loss: kr.15.8m (loss widened 3.1% from FY 2021). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 20
First half 2022 earnings released: kr.5.34 loss per share (vs kr.1.68 loss in 1H 2021) First half 2022 results: kr.5.34 loss per share (down from kr.1.68 loss in 1H 2021). Revenue: kr.43.1m (up 87% from 1H 2021). Net loss: kr.5.14m (loss widened 218% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Buying Opportunity • Apr 29
Now 20% undervalued Over the last 90 days, the stock is up 52%. The fair value is estimated to be kr.76.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr.15.86 loss per share (down from kr.12.23 profit in FY 2020). Revenue: kr.71.5m (up 64% from FY 2020). Net loss: kr.15.3m (down 230% from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 05
Full year 2020 earnings released: EPS kr.12.23 (vs kr.101 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr.65.8m (up 9.0% from FY 2019). Net income: kr.11.8m (up kr.45.3m from FY 2019). Profit margin: 18% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day high: kr.42.40 The company is up 5.0% from its price of kr.40.40 on 27 November 2020. The Danish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: kr.41.80 The company is up 2.0% from its price of kr.41.00 on 30 October 2020. The Danish market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 25% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: kr.38.40 The company is down 40% from its price of kr.63.50 on 16 July 2020. The Danish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 4.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: kr.59.50 The company is down 18% from its price of kr.72.50 on 26 June 2020. The Danish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 1.0% over the same period.