Announcement • Jun 18
Systemair Introduces Geniox HP Dfn Air Handling Unit with Integrated Heat Pump Using R290 Refrigerant Systemair introduced Geniox HP DFN air handling unit with an integrated heat pump using the R290 refrigerant. The solution has been developed to meet the EU's upcoming requirements regarding F-gases (fluorinated greenhouse gases) and the increasing demand for energy-efficient and future-proof installations. The Geniox HP DFN is an all-in-one solution delivering both ventilation and climate control, combining fresh air supply, high-efficiency heat recovery, and cooling in a single system. The unit can be installed both indoors and outdoors, providing a compact, space-efficient solution that improves indoor air quality, ensures stable thermal comfort, and reduces energy consumption across the building lifecycle. At its core is R290, a natural refrigerant with an ultra-low Global Warming Potential (GWP) of just 0.02. PFAS-free and fully compliant with EU:s coming F-gas regulations. The entire unit is delivered ready to operate, eliminating the requirement for specialised personnel to install the heat pump cycle. Customers receive a complete, compact, optimised, and highly energy-efficient package, making it a true plug-and-play solution with a straightforward installation. This is further supported by a robust safety system, ensuring reliable performance across all applications. Well-suited to commercial buildings, public venues, and retail spaces, the Geniox with integrated heat pump responds to the growing need for energy-efficient solutions while meeting future environmental demands. Declared Dividend • Jun 12
Dividend increased to kr1.45 Dividend of kr1.45 is 7.4% higher than last year. Ex-date: 28th August 2026 Payment date: 3rd September 2026 Dividend yield will be 1.7%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 11
Systemair AB (publ) announces Annual dividend, payable on September 03, 2026 Systemair AB (publ) announced Annual dividend of SEK 1.4500 per share payable on September 03, 2026, ex-date on August 28, 2026 and record date on August 31, 2026. Reported Earnings • Jun 10
Full year 2026 earnings released: EPS: kr3.65 (vs kr3.27 in FY 2025) Full year 2026 results: EPS: kr3.65 (up from kr3.27 in FY 2025). Revenue: kr12.5b (up 1.6% from FY 2025). Net income: kr760.7m (up 12% from FY 2025). Profit margin: 6.1% (up from 5.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Jun 10
Systemair AB (publ), Annual General Meeting, Aug 27, 2026 Systemair AB (publ), Annual General Meeting, Aug 27, 2026. Location: skinnskatteberg Sweden Announcement • Apr 22
Systemair Showcases New Ventilation Products and Solutions At Nordbygg Systemair participated at Nordbygg 2026, showcasing the breadth of one of the market’s most complete ventilation portfolios. The booth features several new products developed to simplify design, installation, and operation without compromising reliability or performance. Highlights include: MiniByter – a new renovation unit replacing old Bahco Minimaster on a 1:1 basis; Advanced remote support with Systemair Access – saves time and enables safer commissioning and optimized operation; New backflow protection for fans in operation – increases safety and operational stability; Axial fans with EC motors – offering high energy efficiency, modern control, and improved performance; Garage fans are now included in the fan portfolio to meet the needs of infrastructure projects. Together, these innovations demonstrate how Systemair can meet all ventilation needs — from individual components to integrated solutions. At Nordbygg, Systemair presents its broad air handling unit portfolio — from compact standard units to flexible, customized solutions for more demanding projects. One of the major news items is the further development of the Systemair Access control platform, now featuring remote commissioning capabilities and extended trend logging for optimized operation and energy use in air handling units. Systemair shares the booth with Menerga, part of the Systemair Group, and together they present a swimming facility project where Menerga supplied the wet units and Systemair the dry units, complemented by roof fans, centrifugal fans, iris dampers, and demand-controlled VAV. Systemair will also showcase its strengthened fire safety offering, including a complete range of backflow protection devices, smoke control and fire dampers, and smoke extraction fans, complemented by control and monitoring solutions. Announcement • Mar 23
Systemair Group Showcases Broad Range of Ventilation Systems At Mostra Convegno Expocomfort Systemair Group will spotlight its broad range of ventilation systems that seamlessly integrate with heating, cooling and air conditioning solutions. Systemair sees ventilation as the heart of every effective air treatment system. It ensures indoor air quality, thermal comfort, and energy efficiency -- key factors in sustainable building performance. The exhibition will focus on solving real-life challenges in various areas, offering visitors a combination of interactive applications, try Systemair's product selection tool and seeing real products. The Systemair brand will demonstrate air handling units (ahu) with built-in controls to be operated via app or cloud for hospitals and laboratories, schools and offices as well as a system solution for smoke management. SagiCofim will present its portfolio within the Engineered Air Quality concept, combining air filtration, air diffusion and acoustics to create efficient and healthy indoor environments. On display are filters for operating theatres, HEPA and ULPA filters, Eurovent-certified compact filters with A+ energy class, safe change housings, high-efficiency air diffusers and sound attenuators, showing how filtration, distribution and acoustics work together in demanding applications. Menerga will reveal a brand-new compact air handling unit for efficient ventilation, heating and dehumidification for indoor pools and wellness spaces. The air handling unit is energy efficient, offers reliable humidity control and has a space-saving design. Efficient heating and cooling are key to effective climate control, and Frico will present new infrared heaters, designed to extend the outdoor season with timeless design and smart heating, and a new complete range of water-heated fan heaters, developed and manufactured in Sweden for applications ranging from robust industrial heating to advanced comfort control in noise-sensitive environments. Several air curtains will also be available for live demonstration together with Frico Control system. Recent Insider Transactions • Mar 23
Vice Chairman of the Board recently bought kr109m worth of stock On the 18th of March, Gerald Engström bought around 2m shares on-market at roughly kr72.50 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Gerald's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 08
Independent Chairman of the Board recently bought kr379k worth of stock On the 5th of March, Lars Nolaker bought around 5k shares on-market at roughly kr75.80 per share. This transaction amounted to 8.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lars has been a buyer over the last 12 months, purchasing a net total of kr3.2m worth in shares. Reported Earnings • Mar 06
Third quarter 2026 earnings released: EPS: kr0.63 (vs kr0.62 in 3Q 2025) Third quarter 2026 results: EPS: kr0.63 (up from kr0.62 in 3Q 2025). Revenue: kr2.86b (down 5.9% from 3Q 2025). Net income: kr130.7m (up 1.5% from 3Q 2025). Profit margin: 4.6% (up from 4.2% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to kr75.90. The fair value is estimated to be kr95.34, 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 declined by 6.9%. Revenue is forecast to grow by 7.2% in 2 years. Earnings are forecast to grow by 51% in the next 2 years. Recent Insider Transactions • Dec 14
President & CEO recently sold kr2.5m worth of stock On the 11th of December, Roland Kasper sold around 29k shares on-market at roughly kr86.27 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Roland's only on-market trade for the last 12 months. New Risk • Dec 12
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: kr0 This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 05
Second quarter 2026 earnings released: EPS: kr1.28 (vs kr1.14 in 2Q 2025) Second quarter 2026 results: EPS: kr1.28 (up from kr1.14 in 2Q 2025). Revenue: kr3.27b (up 4.0% from 2Q 2025). Net income: kr265.0m (up 11% from 2Q 2025). Profit margin: 8.1% (up from 7.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Dec 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to kr77.20. The fair value is estimated to be kr96.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 8.0% in 2 years. Earnings are forecast to grow by 52% in the next 2 years. Recent Insider Transactions • Oct 06
Independent Chairman of the Board recently bought kr800k worth of stock On the 3rd of October, Lars Nolaker bought around 10k shares on-market at roughly kr80.00 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr864k. Lars has been a buyer over the last 12 months, purchasing a net total of kr2.9m worth in shares. Recent Insider Transactions • Sep 03
Key Executive recently bought kr864k worth of stock On the 29th of August, Lars Nolaker bought around 10k shares on-market at roughly kr86.40 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Lars has been a buyer over the last 12 months, purchasing a net total of kr2.1m worth in shares. Reported Earnings • Aug 31
First quarter 2026 earnings released: EPS: kr0.93 (vs kr1.01 in 1Q 2025) First quarter 2026 results: EPS: kr0.93 (down from kr1.01 in 1Q 2025). Revenue: kr3.09b (flat on 1Q 2025). Net income: kr192.2m (down 8.3% from 1Q 2025). Profit margin: 6.2% (down from 6.7% in 1Q 2025). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Aug 29
Systemair AB (Publ) Approves Dividend, Payable on 4 September 2025 The Board of Directors of Systemair AB (publ) at its AGM held on 28 August, 2025, approved a dividend of SEK 1.35 (1.20) per share. Record date: September 1, 2025; Payment date: September 4, 2025. Upcoming Dividend • Aug 22
Upcoming dividend of kr1.35 per share Eligible shareholders must have bought the stock before 29 August 2025. Payment date: 04 September 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (3.2%). Announcement • Aug 12
Systemair AB (publ) (OM:SYSR) completed the acquisition of Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar. Systemair AB (publ) (OM:SYSR) signed an agreement to acquire Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar on July 9, 2025.
The expected completion of the transaction is July 9, 2025 to August 31, 2025, which is during Systemair AB’s second quarter.
Ramkumar K, Sachin Bansal, Amit Khandelwal, Ajay Arora of Ernst & Young Private Limited acted as financial advisor to the shareholders of Nadi Airtechnics.
Systemair AB (publ) (OM:SYSR) completed the acquisition of Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar on August 11, 2025. Announcement • Jul 09
Systemair AB (publ) (OM:SYSR) signed an agreement to acquire Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar. Systemair AB (publ) (OM:SYSR) signed an agreement to acquire Nadi Airtechnics Pvt Ltd. from J.B. Kamdar and M.J. Kamdar on July 9, 2025.
The expected completion of the transaction is July 9, 2025 to August 31, 2025, which is during Systemair AB’s second quarter. Declared Dividend • Jun 25
Dividend increased to kr1.35 Dividend of kr1.35 is 13% higher than last year. Ex-date: 29th August 2025 Payment date: 4th September 2025 Dividend yield will be 1.6%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 07
Full year 2025 earnings released: EPS: kr3.27 (vs kr3.10 in FY 2024) Full year 2025 results: EPS: kr3.27 (up from kr3.10 in FY 2024). Revenue: kr12.3b (flat on FY 2024). Net income: kr680.7m (up 5.4% from FY 2024). Profit margin: 5.5% (up from 5.3% in FY 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to kr75.80. The fair value is estimated to be kr95.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 10%. Revenue is forecast to grow by 9.5% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Recent Insider Transactions • Apr 06
Key Executive recently bought kr1.2m worth of stock On the 2nd of April, Lars Nolaker bought around 16k shares on-market at roughly kr75.30 per share. This transaction amounted to 67% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Recent Insider Transactions • Mar 19
Independent Director recently bought kr1.1m worth of stock On the 10th of March, Gunilla Spongh bought around 14k shares on-market at roughly kr82.10 per share. This transaction increased Gunilla's direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr725k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 13
Independent Director recently bought kr1.1m worth of stock On the 10th of March, Gunilla Spongh bought around 14k shares on-market at roughly kr82.10 per share. This transaction increased Gunilla's direct individual holding by 5x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr725k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 06
Third quarter 2025 earnings released: EPS: kr0.62 (vs kr0.12 loss in 3Q 2024) Third quarter 2025 results: EPS: kr0.62 (up from kr0.12 loss in 3Q 2024). Revenue: kr3.04b (up 7.6% from 3Q 2024). Net income: kr128.8m (up kr153.7m from 3Q 2024). Profit margin: 4.2% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Announcement • Feb 27
Systemair AB (publ) to Report Q3, 2025 Results on Mar 06, 2025 Systemair AB (publ) announced that they will report Q3, 2025 results at 7:00 AM, Central European Standard Time on Mar 06, 2025 Announcement • Feb 18
Systemair AB (Publ) Announces Nomination Committee Appointments Systemair AB (publ) At the annual general meeting on 29 August 2024, it was resolved that the nomination committee shall consist of representatives of three of the largest shareholders or owner groups in terms of votes, according to Euroclear Sweden AB's printout of the share register as of 31 January 2025. It is hereby announced that after consultation between the company's three largest shareholders, ebm-papst AB has chosen to relinquish their seat on the nomination committee. The fourth largest shareholder Swedbank Robur Fonder has therefore been contacted. The nomination committee has been appointed to consist of the following persons: Magnus Tell (Chairman of the nomination committee), Alecta; Gerald Engström, Färna Invest AB; Lennart Francke, Swedbank Robur Fonder. Reported Earnings • Dec 05
Second quarter 2025 earnings released: EPS: kr1.14 (vs kr1.18 in 2Q 2024) Second quarter 2025 results: EPS: kr1.14 (down from kr1.18 in 2Q 2024). Revenue: kr3.15b (down 1.3% from 2Q 2024). Net income: kr237.9m (down 2.8% from 2Q 2024). Profit margin: 7.6% (down from 7.7% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Systemair AB (publ) to Report Q2, 2025 Results on Dec 04, 2024 Systemair AB (publ) announced that they will report Q2, 2025 results at 7:00 AM, Central European Standard Time on Dec 04, 2024 Announcement • Aug 30
Systemair AB (Publ) Approves Dividend, Payable on September 5, 2024 Systemair AB (publ) at the Annual General Meeting held on August 29, 2024 approved dividend of SEK 1.20 per share. The record date was set to September 2, 2024. The dividend will be paid on September 5, 2024 through Euroclear Sweden AB. Declared Dividend • Aug 17
Dividend increased to kr1.20 Dividend of kr1.20 is 9.1% higher than last year. Ex-date: 30th August 2024 Payment date: 5th September 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 46% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 12
Full year 2024 earnings released: EPS: kr3.10 (vs kr5.00 in FY 2023) Full year 2024 results: EPS: kr3.10 (down from kr5.00 in FY 2023). Revenue: kr12.3b (up 1.6% from FY 2023). Net income: kr645.6m (down 38% from FY 2023). Profit margin: 5.3% (down from 8.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to kr84.30. The fair value is estimated to be kr70.08, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Reported Earnings • Jun 05
Full year 2024 earnings released: EPS: kr3.10 (vs kr5.00 in FY 2023) Full year 2024 results: EPS: kr3.10 (down from kr5.00 in FY 2023). Revenue: kr12.3b (up 1.6% from FY 2023). Net income: kr645.6m (down 38% from FY 2023). Profit margin: 5.3% (down from 8.6% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jun 04
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to kr80.30. The fair value is estimated to be kr65.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 7.1% in 2 years. Earnings are forecast to decline by 18% in the next 2 years. Announcement • May 09
Systemair AB (publ) (OM:SYSR) acquired Phem Engineering Sdn. Bhd. Systemair AB (publ) (OM:SYSR) acquired Phem Engineering Sdn. Bhd. on May 8, 2024. Phem Engineering reported turnover of SEK 47 million for financial year ending in March 2024.Systemair AB (publ) (OM:SYSR) completed the acquisition of Phem Engineering Sdn. Bhd. on May 8, 2024. Buy Or Sell Opportunity • Apr 26
Now 21% overvalued Over the last 90 days, the stock has fallen 2.8% to kr72.90. The fair value is estimated to be kr60.05, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Buy Or Sell Opportunity • Apr 18
Now 20% overvalued Over the last 90 days, the stock has fallen 1.4% to kr72.10. The fair value is estimated to be kr60.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to grow by 3.8% in 2 years. Earnings are forecast to decline by 21% in the next 2 years. Reported Earnings • Mar 06
Third quarter 2024 earnings released: kr0.12 loss per share (vs kr0.79 profit in 3Q 2023) Third quarter 2024 results: kr0.12 loss per share (down from kr0.79 profit in 3Q 2023). Revenue: kr2.83b (down 7.1% from 3Q 2023). Net loss: kr24.9m (down 115% from profit in 3Q 2023). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Building industry in the United Kingdom. Buy Or Sell Opportunity • Feb 25
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 10.0% to kr78.85. The fair value is estimated to be kr63.96, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 4.6% in 2 years. Earnings are forecast to decline by 28% in the next 2 years. Board Change • Feb 08
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gunilla Spongh was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 09
Systemair Discontinues Menerga's Production in Germany Systemair has decided to discontinue the production of the Menerga products in Muelheim an der Ruhr, Germany, in 2024. The factory currently manufactures highly efficient ventilation units for swimming pools, waterparks, and low energy buildings. The production in Muelheim an der Ruhr will be discontinued and in parallel production of Menerga products, in Systemair's existing plant in Slovenia, will be ramped up. The process is expected to be completed in 2024. Resources for product development, sales, and support will remain in Muelheim an der Ruhr. The service business, which is extensive, will remain unchanged. The structural change entails a cost of approximately SEK 125 million for severance pay and impairment of assets, which will be charged to operating profit for the third quarter of 2023. In connection with the changes, the product range is also reviewed, and upgraded to a new common technical platform. Recent Insider Transactions • Oct 29
Key Executive recently bought kr460k worth of stock On the 26th of October, Lars Nolaker bought around 8k shares on-market at roughly kr57.54 per share. This transaction increased Lars' direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Lars' only on-market trade for the last 12 months. Buying Opportunity • Oct 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be kr71.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 39%. Revenue is forecast to grow by 4.6% in 2 years. Earnings is forecast to decline by 15% in the next 2 years. Announcement • Sep 01
Systemair AB (publ) Approves Dividend, Payable on September 7, 2023 Systemair AB (publ) at its AGM held on August 31, 2023, approved dividend of SEK 1.10 per share. The record date was set to September 4, 2023. The dividend will be paid on September 7, 2023 through Euroclear Sweden AB. Upcoming Dividend • Aug 25
Upcoming dividend of kr1.10 per share at 1.8% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 07 September 2023. Payout ratio is a comfortable 22% and the cash payout ratio is 84%. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (4.0%). Buying Opportunity • Aug 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be kr85.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings is forecast to decline by 1.1% per annum over the same time period. Reported Earnings • Aug 10
Full year 2023 earnings released: EPS: kr5.00 (vs kr2.62 in FY 2022) Full year 2023 results: EPS: kr5.00 (up from kr2.62 in FY 2022). Revenue: kr12.1b (up 25% from FY 2022). Net income: kr1.04b (up 91% from FY 2022). Profit margin: 8.6% (up from 5.6% in FY 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Systemair AB (Publ) Proposes Dividend, Payable on September 7, 2023 Systemair AB (publ)'s Board of Directors proposed a dividend of SEK 1.10 per share. 4 September 2023 is proposed as the record day for the dividend. If the AGM resolves in accordance with the proposal, it is estimated that Euroclear Sweden AB will be able to pay the dividend on 7 September 2023. New Risk • Jun 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.1% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 08
Full year 2023 earnings released: EPS: kr5.00 (vs kr2.62 in FY 2022) Full year 2023 results: EPS: kr5.00 (up from kr2.62 in FY 2022). Revenue: kr12.1b (up 25% from FY 2022). Net income: kr1.04b (up 91% from FY 2022). Profit margin: 8.6% (up from 5.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Building industry in the United Kingdom. Reported Earnings • Mar 12
Third quarter 2023 earnings released: EPS: kr0.79 (vs kr0.47 in 3Q 2022) Third quarter 2023 results: EPS: kr0.79 (up from kr0.47 in 3Q 2022). Revenue: kr3.04b (up 34% from 3Q 2022). Net income: kr164.1m (up 68% from 3Q 2022). Profit margin: 5.4% (up from 4.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Dec 08
Second quarter 2023 earnings released: EPS: kr0.21 (vs kr0.74 in 2Q 2022) Second quarter 2023 results: EPS: kr0.21 (down from kr0.74 in 2Q 2022). Revenue: kr3.04b (up 26% from 2Q 2022). Net income: kr43.2m (down 72% from 2Q 2022). Profit margin: 1.4% (down from 6.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Building industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 16% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gunilla Spongh was the last independent director to join the board, commencing their role in 2019. 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 • Aug 30
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Gunilla Spongh was the last independent director to join the board, commencing their role in 2019. 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 • Aug 19
Upcoming dividend of kr0.90 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of British dividend payers (5.2%). Lower than average of industry peers (3.7%). Reported Earnings • Aug 06
Full year 2022 earnings released: EPS: kr2.62 (vs kr1.95 in FY 2021) Full year 2022 results: EPS: kr2.62 (up from kr1.95 in FY 2021). Revenue: kr9.63b (up 13% from FY 2021). Net income: kr543.9m (up 34% from FY 2021). Profit margin: 5.6% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.3%, compared to a 8.8% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr53.80, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Building industry in the United Kingdom. Total loss to shareholders of 32% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr78.06 per share. Reported Earnings • Jun 09
Full year 2022 earnings released: EPS: kr2.62 (vs kr1.95 in FY 2021) Full year 2022 results: EPS: kr2.62 (up from kr1.95 in FY 2021). Revenue: kr9.63b (up 13% from FY 2021). Net income: kr543.9m (up 34% from FY 2021). Profit margin: 5.6% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 12%, compared to a 9.2% growth forecast for the industry in the United Kingdom. Reported Earnings • Mar 11
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: kr0.47 (up from kr0.33 in 3Q 2021). Revenue: kr2.28b (up 14% from 3Q 2021). Net income: kr97.7m (up 42% from 3Q 2021). Profit margin: 4.3% (up from 3.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 6.2%, compared to a 11% growth forecast for the industry in the United Kingdom. Reported Earnings • Dec 10
Second quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2022 results: EPS: kr0.74 (up from kr0.68 in 2Q 2021). Revenue: kr2.40b (up 9.0% from 2Q 2021). Net income: kr153.4m (up 9.1% from 2Q 2021). Profit margin: 6.4% (in line with 2Q 2021). Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 4.8%, compared to a 7.3% growth forecast for the industry in the United Kingdom. Board Change • Sep 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorated over the past week After last week's 76% share price decline to kr85.80, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 18x in the Building industry in the United Kingdom. Total loss to shareholders of 61% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr45.41 per share. Board Change • Sep 11
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 07
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Gunilla Spongh was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 18% share price gain to kr406, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 18x in the Building industry in the United Kingdom. Simply Wall St's valuation model estimates the intrinsic value at kr190 per share. Reported Earnings • Aug 04
Full year 2021 earnings released: EPS kr7.81 (vs kr7.34 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: kr8.52b (down 4.4% from FY 2020). Net income: kr406.2m (up 6.5% from FY 2020). Profit margin: 4.8% (up from 4.3% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 12
Full year 2021 earnings released: EPS kr7.81 (vs kr7.34 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: kr8.52b (down 4.4% from FY 2020). Net income: kr406.2m (up 6.5% from FY 2020). Profit margin: 4.8% (up from 4.3% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 20% share price gain to kr307, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Building industry in the United Kingdom. Total returns to shareholders of 178% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr163 per share.