Announcement • Feb 18
Accountor Finago Ab (Offeror) completed the acquisition of 95.7% stake in Heeros Oyj (HLSE : HEEROS) for €28.6 million. Accountor Finago Ab (Offeror) made a tender offer to acquire Heeros Oyj (HLSE : HEEROS) for €29.9 million on November 22, 2024. Under the terms, €5.58 per share will be paid in cash. The Board of Directors of Heeros has unanimously agreed that they will recommend that the shareholders of Heeros and the holders of the Option Rights accept the Tender Offer. The completion of the Tender Offer is subject to the satisfaction or waiver by the Offeror of certain customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer including, among other things, obtaining all necessary regulatory approvals, and the Tender Offer having been accepted with respect to the Shares representing, together with any other Shares otherwise acquired by the Offeror, more than ninety (90) percent of the issued and outstanding shares and votes in Heeros. The offer period under the Tender Offer is expected to commence on or about December 20, 2024 and to initially expire on or about February 17, 2025. The Offeror has today received merger control clearance for completing the Tender Offer from the Finnish Competition and Consumer Authority. Therefore, the Offeror has received all necessary regulatory approvals for the completion of the Tender Offer and the condition to completion of the Tender Offer concerning the receipt of regulatory approvals has been fulfilled. The completion of the Tender Offer is still subject to the fulfillment or, to the extent permitted by applicable laws and regulations, waiver by the Offeror of certain other customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer. Such conditions include, among others, the Tender Offer having been validly accepted with respect to Shares representing, together with any other Shares otherwise acquired by the Offeror prior to or during the Offer Period, more than ninety (90) percent of the issued and outstanding shares and voting rights in Heeros calculated in accordance with Chapter 18, Section 1 of the Finnish Companies Act (624/2006, as amended) and on a fully diluted basis. The Offeror expects to complete the Tender Offer during the first quarter of 2025. The preliminary result of the Tender Offer will be announced on or about the first (1st) Finnish banking day following the expiration of the Offer Period (including any extended or discontinued extended Offer Period). In connection with the announcement of such preliminary result, it will be announced whether the Tender Offer will be completed subject to the conditions to completion being fulfilled or waived on the date of the Offeror’s final result announcement and whether the Offer Period will be extended. The final result of the Tender Offer will be announced on or about the third (3rd) Finnish banking day following the expiration of the Offer Period (including any extended or discontinued extended Offer Period) at the latest. The announcement of the final result will confirm (i) the percentages of the Shares and Option Rights that have been validly tendered and not properly withdrawn and (ii) whether the Tender Offer will be completed. As of January 17 ,2025, Finnish Competition and Consumer Authority approved the deal. Therefore, the Offeror has received all necessary regulatory approvals for the completion of the Tender Offer and the condition to completion of the Tender Offer concerning the receipt of regulatory approvals has been fulfilled. The completion of the Tender Offer is still subject to the fulfillment or, to the extent permitted by applicable laws and regulations, waiver by the Offeror of certain other customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer. As of January 21, 2025, The Finnish Financial Supervisory Authority approved a supplement to the Tender Offer Document.
The Offeror has appointed Carnegie Investment Bank AB, Finland Branch, as financial adviser and arranger, and Avance Attorneys Ltd and Simpson Thacher & Bartlett LLP as legal advisers in connection with the Tender Offer. Heeros has appointed Danske Bank A/S, Finland Branch, as financial adviser and Roschier, Attorneys Ltd. as legal adviser in connection with the Tender Offer.
Accountor Finago Ab (Offeror) completed the acquisition of 95.7% stake in Heeros Oyj (HLSE : HEEROS) for €28.6 million on February 17, 2025. At the end of tender offer 5.131933 million shares are tendered. Reported Earnings • Feb 06
Full year 2024 earnings released Full year 2024 results: Revenue: €11.9m (up 5.7% from FY 2023). Net income: €618.9k (up 250% from FY 2023). Profit margin: 5.2% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Feb 01
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 Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (€29.5m market cap, or US$30.6m). Announcement • Dec 18
Heeros Oyj, Annual General Meeting, Mar 18, 2025 Heeros Oyj, Annual General Meeting, Mar 18, 2025. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to €5.45, the stock trades at a trailing P/E ratio of 39.8x. Average trailing P/E is 33x in the Software industry in Finland. Total loss to shareholders of 6.0% over the past three years. Announcement • Nov 22
Accountor Finago Ab (Offeror) made a tender offer to acquire Heeros Oyj (HLSE : HEEROS). Accountor Finago Ab (Offeror) made a tender offer to acquire Heeros Oyj (HLSE : HEEROS) for €30 million on November 22, 2024. Under the terms, €5.58 per share will be paid in cash. The Board of Directors of Heeros has unanimously agreed that they will recommend that the shareholders of Heeros and the holders of the Option Rights accept the Tender Offer. The completion of the Tender Offer is subject to the satisfaction or waiver by the Offeror of certain customary conditions on or prior to the Offeror’s announcement of the final result of the Tender Offer including, among other things, obtaining all necessary regulatory approvals, and the Tender Offer having been accepted with respect to the Shares representing, together with any other Shares otherwise acquired by the Offeror, more than ninety (90) percent of the issued and outstanding shares and votes in Heeros. The offer period under the Tender Offer is expected to commence on or about 20 December 2024 and to initially expire on or about 17 February 2025.
The Offeror has appointed Carnegie Investment Bank AB, Finland Branch, as financial adviser and arranger, and Avance Attorneys Ltd and Simpson Thacher & Bartlett LLP as legal advisers in connection with the Tender Offer. Heeros has appointed Danske Bank A/S, Finland Branch, as financial adviser and Roschier, Attorneys Ltd. as legal adviser in connection with the Tender Offer. Announcement • Oct 24
Heeros Oyj Provides Revenue Guidance for the Year 2024 Heeros Oyj provided revenue guidance for the year 2024. For the year, the company expects revenue to improve from the 2023 financial period. Reported Earnings • Jul 17
Second quarter 2024 earnings released: EPS: €0.05 (vs €0.03 loss in 2Q 2023) Second quarter 2024 results: EPS: €0.05 (up from €0.03 loss in 2Q 2023). Revenue: €2.93m (up 2.5% from 2Q 2023). Net income: €291.0k (up €461.0k from 2Q 2023). Profit margin: 9.9% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 15% per year. Announcement • Apr 19
Heeros Plc Provides Earnings Guidance for the Year 2024 Heeros Plc provided earnings guidance for the year 2024. For the year, the company expects revenue to improve from the 2023 financial period. Buy Or Sell Opportunity • Apr 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €3.56. The fair value is estimated to be €4.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to €3.39. The fair value is estimated to be €4.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 06
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: €0.033 (up from €0.078 loss in FY 2022). Revenue: €11.3m (up 1.9% from FY 2022). Net income: €176.8k (up €581.7k from FY 2022). Profit margin: 1.6% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 50%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Finland. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • Jan 29
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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (€21.7m market cap, or US$23.5m). Announcement • Oct 19
Heeros Oyj Lowers Revenue Guidance for the Fiscal Year 2023 Heeros Oyj Lowers Revenue Guidance for the Fiscal Year 2023. For the period, the company expects revenue growth percentage will be 23%-27% as compared to revenue growth of 30% previously guided. Reported Earnings • Jul 14
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: €0.03 loss per share (further deteriorated from €0.02 loss in 2Q 2022). Revenue: €2.86m (up 1.6% from 2Q 2022). Net loss: €170.0k (loss widened 44% from 2Q 2022). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 200%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jun 09
Heeros Oyj Provides Revenue Guidance for the Fiscal Year 2023 Heeros Oyj provided revenue guidance for the fiscal year 2023. for the year, the company expects revenue growth at the level of 30%. Buying Opportunity • Apr 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be €6.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Apr 08
Price target increased by 10% to €4.40 Up from €4.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €4.63. Stock is down 0.4% over the past year. The company is forecast to post earnings per share of €0.02 next year compared to a net loss per share of €0.078 last year. Buying Opportunity • Mar 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.5%. The fair value is estimated to be €6.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Mar 03
Now 20% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €6.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 04
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: €0.08 loss per share (down from €0.11 profit in FY 2021). Revenue: €11.1m (up 21% from FY 2021). Net loss: €405.0k (down 181% from profit in FY 2021). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Finland. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Dec 15
Lakeus Holding AB acquired a 12.9% stake in Heeros Oyj (HLSE:HEEROS) from Tenendum OY, Tuutti Invest Oy and Visio Allocator managed by UB Fund Management Company Ltd. Lakeus Holding AB acquired a 12.9% stake in Heeros Oyj (HLSE:HEEROS) from Tenendum OY, Tuutti Invest Oy and Visio Allocator managed by UB Fund Management Company Ltd. on December 13, 2022. Lakeus Holding AB completed the acquisition of a 12.9% stake in Heeros Oyj (HLSE:HEEROS) from Tenendum OY, Tuutti Invest Oy and Visio Allocator managed by UB Fund Management Company Ltd. on December 13, 2022. Announcement • Dec 10
Viking Venture AS acquired a 18% stake in Heeros Oyj. Viking Venture AS acquired a 18% stake in Heeros Oyj on December 8, 2022.Viking Venture AS completed the acquisition of a 18% stake in Heeros Oyj on December 8, 2022. Price Target Changed • Nov 16
Price target decreased to €3.30 Down from €4.00, the current price target is provided by 1 analyst. New target price is 18% below last closing price of €4.03. Stock is down 39% over the past year. The company is forecast to post a net loss per share of €0.07 compared to earnings per share of €0.11 last year. Major Estimate Revision • Oct 15
Consensus EPS estimates fall by 75% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €11.4m to €11.2m. Losses expected to increase from €0.04 per share to €0.07. Software industry in Finland expected to see average net income growth of 11% next year. Consensus price target down from €4.00 to €3.30. Share price fell 9.0% to €3.14 over the past week. Announcement • Oct 14
Heeros Oyj Announces Completely New Heeros HR Solution for SME Businesses Heeros Oyj announced the new Heeros HR solution is targeted to all SME businesses that want to gather and manage all their employee data easily on one platform. With quick and effortless implementation, Heeros HR solution is an easy-to-use modern solution to support companies’ human resources management. Heeros HR solution for agile human resources management: The whole company benefits from an integrated human resources management solution. Heeros HR solution enables efficient and timely human resources management. People and employment data is gathered in one secure system and made readily accessible for the HR department and team leads. A modern self-service portal also enables employees to access and maintain their own personal information. With the Heeros HR solution customer can: Manage employment data across the entire employee lifecycle, Maintain a clear overview of employee performance and development targets, Run ready-made reports on absences and vacations as well as on HR costs, Get timely notifications to support efficient team management, Create customizable reports on employee data, Quick and easy to implement. Heeros HR solution is easy to implement and use. With an existing Heeros eSalary installation, implementation is quick and effortless. Heeros HR and eSalary solutions are fully integrated and customer data flows between the solutions seamlessly. Major Estimate Revision • Jul 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. Forecast loss of -€0.04 per share in 2022, versus previous forecasts of €0.02 per share. Revenue forecast unchanged from €11.4m at last update. Software industry in Finland expected to see average net income growth of 23% next year. Consensus price target of €4.00 unchanged from last update. Share price fell 6.5% to €3.57 over the past week. Reported Earnings • Jul 15
Second quarter 2022 earnings: EPS exceeds analyst expectations Second quarter 2022 results: €0.02 loss per share (down from €0.005 profit in 2Q 2021). Revenue: €2.82m (up 26% from 2Q 2021). Net loss: €118.0k (down €140.0k from profit in 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 50%. Over the next year, revenue is forecast to grow 17%, compared to a 20% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to €4.50 Down from €6.00, the current price target is provided by 1 analyst. New target price is 10% above last closing price of €4.08. Stock is down 40% over the past year. The company is forecast to post earnings per share of €0.02 for next year compared to €0.11 last year. Price Target Changed • Apr 23
Price target decreased to €4.50 Down from €6.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of €4.42. Stock is down 38% over the past year. The company is forecast to post earnings per share of €0.02 for next year compared to €0.11 last year. Reported Earnings • Feb 05
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: €9.20m (up 5.1% from FY 2020). Net income: €498.9k (up €477.1k from FY 2020). Profit margin: 5.4% (up from 0.2% in FY 2020). Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 27%, compared to a 28% growth forecast for the industry in Finland. Major Estimate Revision • Jan 28
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from €0.07 to €0.08. Revenue forecast unchanged at €9.10m. Net income forecast to grow 5.4% next year vs 19% growth forecast for Software industry in Finland. Consensus price target of €6.00 unchanged from last update. Share price was steady at €4.63 over the past week. Price Target Changed • Dec 28
Price target decreased to €6.00 Down from €6.60, the current price target is provided by 1 analyst. New target price is 16% above last closing price of €5.18. Stock is down 31% over the past year. The company is forecast to post earnings per share of €0.07 for next year compared to €0.0049 last year. Price Target Changed • Nov 17
Price target increased to €7.00 Up from €6.40, the current price target is provided by 1 analyst. New target price is 7.0% above last closing price of €6.54. Stock is up 64% over the past year. The company is forecast to post earnings per share of €0.07 for next year compared to €0.0049 last year. Price Target Changed • Oct 07
Price target decreased to €6.40 Down from €8.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of €5.68. Stock is up 72% over the past year. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS €0.01 (vs €0.039 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €2.24m (up 3.5% from 2Q 2020). Net income: €22.0k (up €193.5k from 2Q 2020). Profit margin: 1.0% (up from net loss in 2Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 13
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €8.75m (up 1.7% from FY 2019). Net income: €22.0k (up €315.7k from FY 2019). Profit margin: 0.3% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 9.7%, compared to a 19% growth forecast for the Software industry in Finland. Is New 90 Day High Low • Dec 17
New 90-day high: €6.85 The company is up 105% from its price of €3.34 on 18 September 2020. The Finnish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 32% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: €4.84 The company is up 45% from its price of €3.34 on 25 August 2020. The Finnish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 26% over the same period. Is New 90 Day High Low • Oct 31
New 90-day high: €3.84 The company is up 44% from its price of €2.66 on 31 July 2020. The Finnish market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 21% over the same period.