Reported Earnings • Jul 18
Second quarter 2026 earnings released: EPS: Kr0.39 (vs Kr0.51 in 2Q 2025) Second quarter 2026 results: EPS: Kr0.39 (down from Kr0.51 in 2Q 2025). Revenue: Kr9.65b (up 5.9% from 2Q 2025). Net income: Kr730.7m (down 25% from 2Q 2025). Profit margin: 7.6% (down from 11% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • May 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 37% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.2% average weekly change). New Risk • May 06
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 Icelandic stocks, typically moving 4.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.1% average weekly change). Reported Earnings • May 05
First quarter 2026 earnings released: Kr0.18 loss per share (vs Kr0.72 loss in 1Q 2025) First quarter 2026 results: Kr0.18 loss per share (improved from Kr0.72 loss in 1Q 2025). Revenue: Kr592.0m (down 92% from 1Q 2025). Net loss: Kr336.0m (loss narrowed 75% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 20
Skagi hf. announces Annual dividend, payable on April 01, 2026 Skagi hf. announced Annual dividend of ISK 0.3988 per share payable on April 01, 2026, ex-date on March 18, 2026 and record date on March 19, 2026. Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: Kr1.00 (vs Kr1.19 in FY 2024) Full year 2025 results: EPS: Kr1.00 (down from Kr1.19 in FY 2024). Revenue: Kr39.2b (up 12% from FY 2024). Net income: Kr1.90b (down 16% from FY 2024). Profit margin: 4.8% (down from 6.4% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jan 21
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 Icelandic stocks, typically moving 4.3% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (4.3% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to Kr19.20, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 13x in the Insurance industry in Europe. Total returns to shareholders of 18% over the past three years. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: Kr0.38 (vs Kr0.23 in 3Q 2024) Third quarter 2025 results: EPS: Kr0.38 (up from Kr0.23 in 3Q 2024). Revenue: Kr9.39b (up 11% from 3Q 2024). Net income: Kr715.8m (up 68% from 3Q 2024). Profit margin: 7.6% (up from 5.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. New Risk • Oct 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Icelandic stocks, typically moving 3.2% 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 Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risk Share price has been volatile over the past 3 months (3.2% average weekly change). Reported Earnings • May 05
First quarter 2025 earnings released: Kr0.71 loss per share (vs Kr0.07 profit in 1Q 2024) First quarter 2025 results: Kr0.71 loss per share (down from Kr0.07 profit in 1Q 2024). Revenue: Kr7.75b (down 7.5% from 1Q 2024). Net loss: Kr1.35b (down Kr1.49b from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Mar 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 9.4% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: Kr1.19 (vs Kr0.97 in FY 2023) Full year 2024 results: EPS: Kr1.19 (up from Kr0.97 in FY 2023). Revenue: Kr36.6b (up 22% from FY 2023). Net income: Kr2.26b (up 23% from FY 2023). Profit margin: 6.2% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Board Change • Feb 13
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Vilhjalmur Egilsson is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: Kr0.23 (vs Kr0.35 in 3Q 2023) Third quarter 2024 results: EPS: Kr0.23 (down from Kr0.35 in 3Q 2023). Revenue: Kr8.50b (up 11% from 3Q 2023). Net income: Kr425.8m (down 31% from 3Q 2023). Profit margin: 5.0% (down from 8.0% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. New Risk • Aug 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.3% Last year net profit margin: 5.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 5.4% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (98% payout ratio). Share price has been volatile over the past 3 months (3.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: Kr0.07 (vs Kr0.50 in 2Q 2023) Second quarter 2024 results: EPS: Kr0.07 (down from Kr0.50 in 2Q 2023). Revenue: Kr7.89b (up 1.0% from 2Q 2023). Net income: Kr136.7m (down 84% from 2Q 2023). Profit margin: 1.7% (down from 11% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 01
First quarter 2024 earnings released: EPS: Kr0.07 (vs Kr0.13 in 1Q 2023) First quarter 2024 results: EPS: Kr0.07 (down from Kr0.13 in 1Q 2023). Revenue: Kr8.23b (up 14% from 1Q 2023). Net income: Kr139.0m (down 40% from 1Q 2023). Profit margin: 1.7% (down from 3.2% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Mar 17
Dividend of Kr0.52 announced Shareholders will receive a dividend of Kr0.52. Ex-date: 22nd March 2024 Payment date: 2nd April 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 40% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.2% EPS decline seen over the last 5 years. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: Kr0.97 (vs Kr0.55 in FY 2022) Full year 2023 results: EPS: Kr0.97 (up from Kr0.55 in FY 2022). Revenue: Kr27.2b (up 9.8% from FY 2022). Net income: Kr1.85b (up 97% from FY 2022). Profit margin: 6.8% (up from 3.8% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 01
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to Kr18.60. The fair value is estimated to be Kr15.50, however this is not to be taken as a sell 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 26%. New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (197% cash payout ratio). Profit margins are more than 30% lower than last year (5.4% net profit margin). Shareholders have been diluted in the past year (9.0% increase in shares outstanding). New Risk • Oct 03
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 Icelandic stocks, typically moving 4.0% 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: Minor Risks Dividend is not well covered by cash flows (175% cash payout ratio). Share price has been volatile over the past 3 months (4.0% average weekly change). Profit margins are more than 30% lower than last year (5.4% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: Kr0.50 (vs Kr0.27 in 2Q 2022) Second quarter 2023 results: EPS: Kr0.50 (up from Kr0.27 in 2Q 2022). Revenue: Kr7.65b (up 24% from 2Q 2022). Net income: Kr849.4m (up 78% from 2Q 2022). Profit margin: 11% (up from 7.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • May 08
First quarter 2023 earnings released: EPS: Kr0.13 (vs Kr0.04 in 1Q 2022) First quarter 2023 results: EPS: Kr0.13 (up from Kr0.04 in 1Q 2022). Revenue: Kr7.15b (up 21% from 1Q 2022). Net income: Kr231.8m (up 219% from 1Q 2022). Profit margin: 3.2% (up from 1.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. Board Change • Apr 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Director Guony Hansdottir was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Mar 10
Upcoming dividend of Kr0.55 per share at 2.9% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 28 March 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.9%. Lower than top quartile of Icelandic dividend payers (4.7%). Lower than average of industry peers (5.0%). Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: Kr0.55 (vs Kr4.39 in FY 2021) Full year 2022 results: EPS: Kr0.55 (down from Kr4.39 in FY 2021). Revenue: Kr24.8b (down 19% from FY 2021). Net income: Kr940.0m (down 88% from FY 2021). Profit margin: 3.8% (down from 25% in FY 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 22
Third quarter 2022 earnings released: Kr0.04 loss per share (vs Kr1.24 profit in 3Q 2021) Third quarter 2022 results: Kr0.04 loss per share (down from Kr1.24 profit in 3Q 2021). Revenue: Kr6.42b (down 17% from 3Q 2021). Net loss: Kr69.6m (down 103% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be Kr21.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 44%. Reported Earnings • Aug 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Kr6.18b (down 23% from 2Q 2021). Net income: Kr476.1m (down 82% from 2Q 2021). Profit margin: 7.7% (down from 32% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: Kr0.04 (vs Kr1.01 in 1Q 2021) First quarter 2022 results: EPS: Kr0.04 (down from Kr1.01 in 1Q 2021). Revenue: Kr5.89b (down 25% from 1Q 2021). Net income: Kr72.7m (down 96% from 1Q 2021). Profit margin: 1.2% (down from 24% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Vátryggingafélag Íslands hf. to Report Fiscal Year 2022 Results on Feb 23, 2023 Vátryggingafélag Íslands hf. announced that they will report fiscal year 2022 results on Feb 23, 2023 Upcoming Dividend • Mar 11
Upcoming dividend of Kr2.00 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 29 March 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of Icelandic dividend payers (6.2%). Higher than average of industry peers (5.4%). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Kr4.39 (up from Kr0.95 in FY 2020). Revenue: Kr30.6b (up 14% from FY 2020). Net income: Kr7.68b (up 327% from FY 2020). Profit margin: 25% (up from 6.7% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS Kr1.24 (vs Kr0.58 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: Kr7.75b (up 16% from 3Q 2020). Net income: Kr2.23b (up 116% from 3Q 2020). Profit margin: 29% (up from 16% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS Kr1.40 (vs Kr0.51 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: Kr8.06b (up 14% from 2Q 2020). Net income: Kr2.60b (up 184% from 2Q 2020). Profit margin: 32% (up from 13% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 04
First quarter 2021 earnings released: EPS Kr1.01 (vs Kr0.98 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: Kr7.86b (up 61% from 1Q 2020). Net income: Kr1.90b (up Kr3.87b from 1Q 2020). Profit margin: 24% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Mar 15
First Dividend Is Kr0.85 Per Share Will be paid on the 29th of March to those who are registered shareholders by the 22nd of March. The company last paid an ordinary dividend in February 2019. The average dividend yield among industry peers is 4.7%. Is New 90 Day High Low • Feb 11
New 90-day high: Kr14.93 The company is up 19% from its price of Kr12.52 on 13 November 2020. The Icelandic market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: Kr14.41 The company is up 37% from its price of Kr10.55 on 01 October 2020. The Icelandic market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 18% over the same period. Is New 90 Day High Low • Nov 28
New 90-day high: Kr13.21 The company is up 26% from its price of Kr10.50 on 28 August 2020. The Icelandic market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 03
New 90-day high: Kr12.48 The company is up 23% from its price of Kr10.15 on 05 August 2020. The Icelandic market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 10.0% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of Kr714.4m, down 70% from the prior year. Total revenue was Kr25.6b over the last 12 months, largely unchanged from the prior year. Is New 90 Day High Low • Oct 09
New 90-day high: Kr10.90 The company is up 7.0% from its price of Kr10.17 on 09 July 2020. The Icelandic market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is down 4.0% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: Kr10.85 The company is up 3.0% from its price of Kr10.49 on 19 June 2020. The Icelandic market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Insurance industry, which is up 1.0% over the same period.