Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr.465, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 14x in the Capital Markets industry in Europe. Total returns to shareholders of 317% over the past three years. New Risk • Apr 08
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 6.6% 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 Shareholders have been substantially diluted in the past year (293% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Revenue is less than US$5m (kr.12m revenue, or US$1.9m). Market cap is less than US$100m (kr.69.1m market cap, or US$10.8m). Announcement • Mar 26
Newcap Holding A/S, Annual General Meeting, Apr 21, 2026 Newcap Holding A/S, Annual General Meeting, Apr 21, 2026, at 09:30 Romance Standard Time. Location: annexstraede 6, 2500 valby., Denmark New Risk • Mar 15
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 Risks Shareholders have been substantially diluted in the past year (293% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (kr.56.3m market cap, or US$8.60m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 293% 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 Shareholders have been substantially diluted in the past year (293% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (kr.59.2m market cap, or US$9.19m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.9% average weekly change). Announcement • Jan 07
CrossingBridge Advisors, LLC (OTCPK:ENDI) acquired an unknown minority stake in Newcap Holding A/S (CPSE:NEWCAP). CrossingBridge Advisors, LLC (OTCPK:ENDI) acquired an unknown minority stake in Newcap Holding A/S (CPSE:NEWCAP) on January 5, 2026. CrossingBridge Advisors, LLC now owns a 15% stake in Newcap Holding A/S.
CrossingBridge Advisors, LLC (OTCPK:ENDI) completed the acquisition of an unknown minority stake in Newcap Holding A/S (CPSE:NEWCAP) on January 5, 2026. Announcement • Mar 13
Newcap Holding A/S, Annual General Meeting, Apr 29, 2025 Newcap Holding A/S, Annual General Meeting, Apr 29, 2025, at 09:30 Romance Standard Time. Location: dla piper law firm, oslo plads 2, 2100 copenhagen o, Denmark New Risk • Feb 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Danish stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (34% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (kr.12.0m market cap, or US$1.68m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Mar 12
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.4.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (kr.23.0m market cap, or US$3.37m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). New Risk • Aug 27
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.4.8m 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.4.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (kr.31.4m market cap, or US$4.55m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). 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. No experienced directors. 4 highly experienced directors. No independent directors (4 non-independent directors). Vice-Chairman of the Board M&A Vinther was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 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. No experienced directors. 4 highly experienced directors. No independent directors (4 non-independent directors). Vice-Chairman of the Board M&A Vinther was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Nov 25
New 90-day low: kr.0.42 The company is down 38% from its price of kr.0.67 on 27 August 2020. The Danish market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 4.0% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: kr.0.45 The company is down 25% from its price of kr.0.60 on 30 July 2020. The Danish market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 5.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: kr.0.77 The company is up 35% from its price of kr.0.57 on 07 July 2020. The Danish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 19
New 90-day high: kr.0.71 The company is up 14% from its price of kr.0.63 on 18 June 2020. The Danish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 2.0% over the same period. 