Announcement • Dec 04
Nixu to Delist its Shares from Nasdaq Helsinki Ltd The arbitral tribunal appointed by the Redemption Board of the Finland Chamber of Commerce (the ‘Arbitral Tribunal’) in connection with the redemption proceedings concerning the minority shares in Nixu Corporation (‘Nixu’) has in its interim award confirmed that DNV AS (‘DNV’) has the right to redeem the minority shares in Nixu and that DNV has the right to obtain title to the minority shares by posting a security approved by the Arbitral Tribunal for the payment of the redemption price and the possible interest accruing thereon. Nixu announced on October 9, 2023, that the Board of Directors of Nixu has resolved to apply for the termination of public trading in the shares of Nixu and for the delisting of its shares from the Official List of Nasdaq Helsinki Ltd. (‘Nasdaq Helsinki’) so that the delisting would occur as soon as possible upon DNV having gained title to all the shares in Nixu in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act. Following the confirmation of the redemption right, Nasdaq Helsinki has suspended trading in the Nixu shares December 1, 2023 at 3.40 p.m. EET. Upon Nixu's application, Nasdaq Helsinki has on October 23, 2023, decided that the shares in Nixu will be delisted from the Official List of Nasdaq Helsinki after DNV has gained title to all the shares in Nixu in the redemption proceedings in accordance with the Finnish Companies Act. The shares of Nixu will be listed for the last time December 1, 2023 in accordance with a separate release published by Nasdaq Helsinki. After the delisting has taken place, Nixu is not subject to the periodic reporting obligation set out in the Finnish Securities Market Act and will thereby not publish a periodic financial reporting from the ongoing or future reporting periods. Announcement • Oct 18
Nixu Corporation Provides Earnings Guidance for the Earnings Guidance for 2023 Nixu Corporation provided earnings guidance for the earnings guidance for 2023. For the year, the company estimates its revenue to be EUR 66 million -EUR 70 million and profitability to improve. Announcement • Oct 10
Nixu Applies for the Delisting of its Shares from Nasdaq Helsinki Ltd The board of directors of Nixu Corporation (‘Nixu’) has resolved to apply for the termination of public trading in the shares of Nixu and for the delisting of its shares from the Official List of Nasdaq Helsinki Ltd. (‘Nasdaq Helsinki’). DNV AS (‘DNV’) holds more than 90% of all the shares and voting rights carried by the shares in Nixu. DNV has on August 22, 2023, initiated redemption proceedings in respect of Nixu minority shares in order to obtain ownership of all the issued and outstanding shares in Nixu by serving its application to appoint an arbitral tribunal and to initiate arbitration proceedings in accordance with Chapter 18, Section 5, of the Finnish Companies Act. The Board of Directors of Nixu has resolved to submit an application to Nasdaq Helsinki for the termination of public trading and for the delisting of the Nixu shares. In the application, it will be requested that the delisting in respect of the Nixu shares admitted to trading on the Official List of Nasdaq Helsinki would become effective as soon as possible upon DNV having gained title to all the shares in Nixu in the pending redemption proceedings under Chapter 18 of the Finnish Companies Act. Announcement • Jul 01
Patric Andersson Appoints Patric Andersson to the Management Team on 1 December 2023 Patric Andersson will join the Nixu Corporate Management team on 1 December 2023 as Chief Information Security Officer. He will report to CEO Teemu Salmi. Andersson has broad experience within all areas of Information Technology spanning over three decades, of which the last 9 years has been in the field of Information Security. Most recently he has served in a similar position in Stora Enso, gaining experience in building and managing resilient cybersecurity capabilities. Announcement • Jun 30
DNV Intends to Apply for Nixu Shares to Be Delisted from Nasdaq Helsinki Ltd DNV AS (DNV or the Offeror) has on February 28, 2023, commenced a voluntary recommended public cash tender offer for all the issued and outstanding shares (Shares" or, individually, a "Share") that are not held by cyber security services company Nixu Corporation (Nixu or the Company) or any of its subsidiaries, and the issued and outstanding stock options (Stock Options) in Nixu (Tender Offer). The offer period for the Tender Offer commenced on February 28, 2023, at 9:30 a.m. (Finnish time) and expired on June 5, 2023, at 4:00 p.m. (Finnish time). The subsequent offer period for the Shares in accordance with the terms and conditions of the Tender Offer (Subsequent Offer Period) commenced on June 9, 2023 at 9:30 a.m. (Finnish time) and expired on June 26, 2023 at 4:00 p.m. (Finnish time). The Offeror has on June 16, 2023, filed an application with the Redemption Committee of the Finland Chamber of Commerce to initiate compulsory redemption proceedings for the remaining Shares under the Finnish Companies Act (624/2006, as amended). The Offeror intends to apply for the Shares to be delisted from Nasdaq Helsinki Ltd. ("Nasdaq Helsinki") as soon as permitted and reasonably practicable under the applicable laws and regulations and the rules of Nasdaq Helsinki. Announcement • Jun 22
Nixu Oyj Approves Board Appointments Nixu Oyj announced that at its Annual General Meeting and the organizing meeting of the Board of Directors was held on June 20, 2023, Joakim Karske and Anders Silwer. Liv A. Hovem and Thor H.B. Winther were elected as new members of the Board of Directors. The Annual General Meeting resolved to elect Thor H.B. Winther as the Chairman of the Board of Directors. At the organizing meeting, held after the Annual General Meeting on June 20, 2023, the Board of Directors elected Liv A. Hovem as the Deputy Chairman of the Board. The Board of Directors elected Liv A. Hovem as the Chair and Joakim Karske and Thor H.B. Winther as members of the Personnel and Remuneration Committee. In addition, the Board of Directors elected Thor H.B. Winther as the Chair and Liv A. Hovem and Anders Silwer as members of the Audit Committee. Announcement • Jun 09
DNV Intends to Apply for Delisting of Shares of Nixu from Nasdaq Helsinki DNV AS (DNV or the Offeror) has on February 28, 2023, commenced a voluntary recommended public cash tender offer for all the issued and outstanding shares (Shares or, individually, a Share) that are not held by cyber security services company Nixu Corporation (Nixu or the Company) or any of its subsidiaries, and the issued and outstanding stock options (Stock Options) in Nixu (the “Tender Offer”). The offer period for the Tender Offer commenced on February 28, 2023, at 9:30 a.m. (Finnish time) and expired on June 5, 2023, at 4:00 p.m. (Finnish time). It is the Offeror’s intention to acquire all the Shares and to apply for the Shares to be delisted from Nasdaq Helsinki Ltd. (“Nasdaq Helsinki”) as soon as permitted and reasonably practicable under the applicable laws and regulations and the rules of Nasdaq Helsinki. As the Offeror’s ownership in Nixu will exceed 90% of the Shares and voting rights carried by the Shares after the settlement of the Shares tendered in the Tender Offer, the Offeror intends to initiate compulsory redemption proceedings to acquire the remaining Shares in accordance with the Finnish Companies Act. Announcement • May 09
Nixu Corporation Announces the Appointment of Marek Rejmer as Senior Vice President of Identity and Access Management, Effective 1 August 2023 Nixu Corporation announced the appointment of Marek Rejmer as Senior Vice President, Identity and Access Management (IAM), effective 1 August 2023. Marek has extensive experience and a successful career in the IT industry, having held several management positions during his career. Most recently, he served as Group CIO for Telia Company and previously held the position of Head of Products and Solutions at Telia Sweden. Prior to that, Marek worked for several years as VP for Enterprise Applications at Tieto, where he was responsible for international business and global delivery. Marek's expertise and leadership will further enhance Nixu's ability to deliver exceptional value to its customers and drive continued growth and success. Reported Earnings • Mar 12
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: €0.006 (up from €0.13 loss in FY 2021). Revenue: €60.2m (up 16% from FY 2021). Net income: €42.0k (up €1.03m from FY 2021). Profit margin: 0.1% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 83%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Finland. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
DNV AS agreed to acquire 98.98643% stake in Nixu Oyj (HLSE:NIXU) for €98 million. DNV AS made an offer to acquire 98.98643% stake in Nixu Oyj (HLSE:NIXU) for approximately €100 million on February 16, 2023. The funds immediately available to the Offeror suffice for completing the Tender Offer and for financing the potential compulsory redemption proceedings in accordance with the Finnish Companies Act. The Offeror's obligation to complete the Tender Offer is not conditional upon availability of financing. As at the date of this release, Nixu has 7,447,219 issued shares, of which 7,445,693 are outstanding Shares and 1,526 of which are held in treasury, and a total of 219,300 outstanding Stock Options, comprising of 63,800 Stock Options 2019A, 68,000 Stock Options 2019B and 87,500 Stock Options 2019C. As at the date of this release, the Offeror holds 75,467 Shares and votes in Nixu. The price offered for each Stock Option validly tendered is EUR 0.91 in cash for each outstanding Stock Option 2019A, EUR 3.52 in cash for each outstanding Stock Option 2019B and EUR 3.05 in cash for each outstanding Stock Option 2019C subject to any adjustments. The deal is subject to Nixu board approval, regulatory and antitrust approval. As of February 16, 2023 Nixu board approved the deal. The Tender Offer is currently expected to be completed during the second quarter of 2023.
Nordea Bank Abp acts as financial advisor to DNV in connection with the Tender Offer and arranger in relation to the Tender Offer outside the United States. In addition, DNV has retained White & Case LLP as legal advisor in connection with the Tender Offer and Miltton Ltd as the communication advisor. Nixu has retained Danske Bank as financial advisor and Borenius Attorneys Ltd as legal advisor in connection with the Tender Offer. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: €0.01 (vs €0.13 loss in FY 2021) Full year 2022 results: EPS: €0.01 (up from €0.13 loss in FY 2021). Revenue: €60.3m (up 16% from FY 2021). Net income: €42.0k (up €1.03m from FY 2021). Profit margin: 0.1% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the IT industry in Finland. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 09
Nixu Corporation Provides Earnings Guidance for the Full Year 2023 Nixu Corporation provided earnings guidance for the full year 2023. For the year, the company estimates its revenue to be EUR 66 million to EUR 70 million and profitability to improve. Price Target Changed • Nov 16
Price target decreased to €7.50 Down from €8.85, the current price target is an average from 2 analysts. New target price is 21% above last closing price of €6.22. Stock is down 13% over the past year. The company is forecast to post earnings per share of €0.06 next year compared to a net loss per share of €0.13 last year. Price Target Changed • Aug 24
Price target decreased to €7.50 Down from €8.70, the current price target is an average from 2 analysts. New target price is 23% above last closing price of €6.10. Stock is down 19% over the past year. The company is forecast to post a net loss per share of €0.05 next year compared to a net loss per share of €0.13 last year. Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up €452.0k from 1H 2021). Profit margin: (up from net loss in 1H 2021). The move to profitability was driven by lower expenses. Over the next year, revenue is forecast to grow 9.1%, compared to a 6.3% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 20
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: €0.13 loss per share (up from €0.25 loss in FY 2020). Revenue: €51.8m (down 2.7% from FY 2020). Net loss: €984.0k (loss narrowed 46% from FY 2020). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 189%. Over the next year, revenue is forecast to grow 6.8%, compared to a 3.8% growth forecast for the industry in Finland. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 11
Price target decreased to €8.70 Down from €10.35, the current price target is an average from 2 analysts. New target price is 45% above last closing price of €6.02. Stock is down 45% over the past year. The company is forecast to post a net loss per share of €0.045 next year compared to a net loss per share of €0.25 last year. Price Target Changed • Oct 15
Price target decreased to €10.35 Down from €11.35, the current price target is an average from 2 analysts. New target price is 44% above last closing price of €7.20. Stock is down 16% over the past year. Reported Earnings • Aug 18
First half 2021 earnings released: €0.061 loss per share (vs €0.20 loss in 1H 2020) The company reported a decent first half result with reduced losses and improved control over expenses, although revenues were weaker. First half 2021 results: Revenue: €26.7m (down 3.4% from 1H 2020). Net loss: €452.0k (loss narrowed 69% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year. Breakeven Date Change • Aug 15
Forecast breakeven pushed back to 2022 The 2 analysts covering Nixu Oyj previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 78% to 2021. The company is expected to make a profit of €1.53m in 2022. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Reported Earnings • Feb 14
Full year 2020 earnings released: €0.25 loss per share (vs €0.48 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: €53.3m (up 4.1% from FY 2019). Net loss: €1.84m (loss narrowed 48% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 285%. Over the next year, revenue is forecast to grow 7.2%, compared to a 9.6% growth forecast for the IT industry in Finland. Price Target Changed • Feb 13
Price target raised to €10.60 Up from €9.70, the current price target is an average from 2 analysts. The new target price is close to the current share price of €10.85. As of last close, the stock is up 1.4% over the past year. Is New 90 Day High Low • Jan 12
New 90-day high: €10.15 The company is up 15% from its price of €8.84 on 14 October 2020. The Finnish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.19 per share. Is New 90 Day High Low • Dec 28
New 90-day high: €9.44 The company is up 10.0% from its price of €8.60 on 29 September 2020. The Finnish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the IT industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.59 per share. Price Target Changed • Nov 26
Price target raised to €10.25 Up from €9.20, the current price target is an average from 2 analysts. The new target price is 11% above the current share price of €9.24. As of last close, the stock is down 9.4% over the past year. Is New 90 Day High Low • Nov 05
New 90-day high: €9.34 The company is up 17% from its price of €7.96 on 07 August 2020. The Finnish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the IT industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.84 per share. Major Estimate Revision • Oct 15
Analysts increase EPS estimates to -€0.18 The 2020 consensus revenue estimate increased from €53.1m to €54.1m. Analysts raised their EPS forecasts from -€0.23 to -€0.18 in 2020. The IT industry in Finland is expected to see an average net income growth of 12% next year. The consensus price target increased from €9.20 to €9.70. Share price is up 4.1% to €8.56 over the past week. Price Target Changed • Oct 14
Price target raised to €9.70 Up from €8.70, the current price target is an average from 2 analysts. The new target price is 9.7% above the current share price of €8.84. As of last close, the stock is down 29% over the past year.