Announcement • Mar 06
Sýn hf., Annual General Meeting, Mar 26, 2026 Sýn hf., Annual General Meeting, Mar 26, 2026. Reported Earnings • Nov 09
Third quarter 2025 earnings released: Kr0.96 loss per share (vs Kr0.70 loss in 3Q 2024) Third quarter 2025 results: Kr0.96 loss per share (further deteriorated from Kr0.70 loss in 3Q 2024). Revenue: Kr5.18b (down 1.6% from 3Q 2024). Net loss: Kr239.0m (loss widened 121% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings have declined by 4.9% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings have declined by 4.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Kr4.46b market cap, or US$35.2m). Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: Revenue: Kr5.22b (down 12% from 1Q 2024). Net loss: Kr344.0m (loss widened 125% from 1Q 2024). New Risk • Feb 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Share price has been highly volatile over the past 3 months (6.4% average weekly change). Minor Risk Market cap is less than US$100m (Kr5.30b market cap, or US$38.1m). New Risk • Feb 10
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 3.1% 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 Risk Share price has been highly volatile over the past 3 months (3.1% average weekly change). Minor Risks High level of debt (70% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (Kr7.28b market cap, or US$51.5m). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to Kr24.60, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 17x in the Telecom industry in Europe. Total loss to shareholders of 60% over the past three years. Announcement • Oct 02
Hexatronic Group AB (publ) (OM:HTRO) completed the acquisition of Parts of Endor from Sýn hf. (ICSE:SYN). Hexatronic Group AB (publ) (OM:HTRO) signed a letter of intent to acquire Parts of Endor from Sýn hf. (ICSE:SYN) on July 8, 2024. The acquisition will not have a material impact on Hexatronic's results. In total, less than five employees will be transferred to Hexatronic. Hexatronic expects to take over the business in autumn.
Hexatronic Group AB (publ) (OM:HTRO) completed the acquisition of Parts of Endor from Sýn hf. (ICSE:SYN) on October 1, 2024. Reported Earnings • Sep 01
Second quarter 2024 earnings released: Kr0.77 loss per share (vs Kr1.07 profit in 2Q 2023) Second quarter 2024 results: Kr0.77 loss per share (down from Kr1.07 profit in 2Q 2023). Revenue: Kr5.48b (down 2.7% from 2Q 2023). Net loss: Kr186.0m (down 169% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 08
First quarter 2024 earnings released: Kr0.61 loss per share (vs Kr0.79 profit in 1Q 2023) First quarter 2024 results: Kr0.61 loss per share (down from Kr0.79 profit in 1Q 2023). Revenue: Kr5.93b (up 1.3% from 1Q 2023). Net loss: Kr153.0m (down 172% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Apr 26
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 3.7% 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 (0.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (3.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (Kr11.4b market cap, or US$81.4m). Announcement • Mar 22
Syn Announces CFO Changes Syn has announced the appointment of Edvald Gislason as CFO, succeeding Kristina Fridgeirsdottir, who retired earlier this month. Gislason joins Syn from the bank Kvika, where he set up and led the economics department. He has also worked as a manager of operations at Iceland's Payment Intermediary and in analysis at NextCODE, CCP and Nykredit Bank in Denmark. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: Kr8.40 (vs Kr3.30 in FY 2022) Full year 2023 results: EPS: Kr8.40 (up from Kr3.30 in FY 2022). Revenue: Kr23.5b (up 2.1% from FY 2022). Net income: Kr2.11b (up 138% from FY 2022). Profit margin: 9.0% (up from 3.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Jan 05
Syn Announces CEO Changes Syn has announced the appointment of Herdis Droefn Fjeldsted as Syn CEO with effect from 11 January, 2024. She takes over from Pal Asgrimsson, who held the role in a temporary capacity. Fjeldsted is the former CEO of merchant services, card issuer and payment gateway provider Valitor, which she led through a restructuring and eventual sale to Rapyd. Announcement • Nov 10
Sýn hf. Provides Earnings Guidance for the Fiscal Year 2023 Sýn hf. provided earnings guidance for the fiscal year 2023. for the year, the company expects EBIT of ISK 2,200 million-ISK 2,500 million. Announcement • Oct 19
Syn Announces CEO Changes Syn announced the resignation of CEO Yngvi Halldorsson with immediate effect. Halldorsson said his decision to leave the company after four years was right for him at this point in time. Pall Asgrimsson, executive director of the legal department, will act as CEO temporarily until a permanent replacement has been found. Announcement • Aug 31
Sýn hf. Provides Earnings Guidance for the Year 2023 Sýn hf. provided earnings guidance for the year 2023. For the year, the company expects EBIT guidance for 2023 amounting to ISK 2,200-2,500 million, excluding non-recurring profit from the sale of Sýn’s core network, remains unchanged. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: Kr1.07 (vs Kr0.19 in 2Q 2022) Second quarter 2023 results: EPS: Kr1.07 (up from Kr0.19 in 2Q 2022). Revenue: Kr5.63b (down 6.3% from 2Q 2022). Net income: Kr269.0m (up 308% from 2Q 2022). Profit margin: 4.8% (up from 1.1% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Aug 30
Sýn hf. (ICSE:SYN) completed the acquisition of Bland from Heimkaup. Sýn hf. (ICSE:SYN) acquired Bland from Heimkaup in June, 2023.
Sýn hf. (ICSE:SYN) completed the acquisition of Bland from Heimkaup in June, 2023. Announcement • Aug 01
Sýn hf. to Report First Half, 2023 Results on Aug 29, 2023 Sýn hf. announced that they will report first half, 2023 results on Aug 29, 2023 New Risk • Jun 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Icelandic stocks, typically moving 4.2% 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 (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (Kr11.9b market cap, or US$85.1m). Buying Opportunity • May 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be Kr63.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: Kr0.79 (vs Kr0.77 in 1Q 2022) First quarter 2023 results: EPS: Kr0.79 (up from Kr0.77 in 1Q 2022). Revenue: Kr5.86b (up 3.1% from 1Q 2022). Net income: Kr213.0m (up 2.9% from 1Q 2022). Profit margin: 3.6% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be Kr67.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 20
Full year 2022 earnings released: EPS: Kr3.30 (vs Kr7.10 in FY 2021) Full year 2022 results: EPS: Kr3.30 (down from Kr7.10 in FY 2021). Revenue: Kr23.0b (up 5.6% from FY 2021). Net income: Kr888.0m (down 58% from FY 2021). Profit margin: 3.9% (down from 9.6% in FY 2021). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Johann Hjartarson was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 29
Syn Appoints Yngvi Halldorsson as CEO Syn has announced the appointment of Yngvi Halldorsson as the company's CEO. He sat on Syn's board from 2014 to 2019, and since 2019, he has been its chief operating officer (COO). He replaces Heidar Gudjonsson as CEO. Announcement • Sep 07
Syn Announces New Board Composition Icelandic company Syn, the parent of Vodafone Iceland, said that its EGM on 31 August elected Johann Hjartarson, Jon Skaftason, Pall Gislason, Petrea I Gudmundsdottir and Sesselia Birgisdottir to its main board. It added that Dadi Kristansson and Salome Gudmundsdottir were elected as deputy board members. The EGM had been called upon the request of 16.08% shareholder Gavia Invest, which sought the election of a new board. Reported Earnings • Sep 02
Second quarter 2022 earnings released: EPS: Kr0.12 (vs Kr0.42 loss in 2Q 2021) Second quarter 2022 results: EPS: Kr0.12 (up from Kr0.42 loss in 2Q 2021). Revenue: Kr6.01b (up 14% from 2Q 2021). Net income: Kr66.0m (up Kr183.0m from 2Q 2021). Profit margin: 1.1% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improved over the past week After last week's 16% share price gain to Kr59.50, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 16x in the Telecom industry in Europe. Total returns to shareholders of 65% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Chairman of the Board of Directors Hjorleifur Palsson was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Kr7.10 (up from Kr1.40 loss in FY 2020). Revenue: Kr21.8b (up 4.7% from FY 2020). Net income: Kr2.10b (up Kr2.51b from FY 2020). Profit margin: 9.6% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Dec 16
DigitalBridge Investment Management acquired Telecom tower portfolios from Sýn hf. (ICSE:SYN), and Nova hf. DigitalBridge Investment Management acquired Telecom tower portfolios from Sýn hf. (ICSE:SYN), and Nova hf. on December 14, 2021. Oakley Advisory Limited acted as a financial advisor, Linklaters LLP acted as a legal advisor to DigitalBridge Investment Management.
DigitalBridge Investment Management completed the acquisition of Telecom tower portfolios from Sýn hf. (ICSE:SYN), and Nova hf. on December 14, 2021. Reported Earnings • Sep 05
Second quarter 2021 earnings released: Kr0.42 loss per share (vs Kr0.21 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: Kr5.29b (down 1.2% from 2Q 2020). Net loss: Kr117.0m (loss widened 95% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
First quarter 2021 earnings released The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were flat. First quarter 2021 results: Revenue: Kr4.96b (flat on 1Q 2020). Net loss: Kr231.0m (loss narrowed 34% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 26
Full year 2020 earnings released: Kr1.40 loss per share (vs Kr5.90 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: Kr20.8b (up 4.9% from FY 2019). Net loss: Kr405.0m (loss narrowed 77% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 25
New 90-day high: Kr42.85 The company is up 14% from its price of Kr37.60 on 27 November 2020. The Icelandic market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Telecom industry, which is down 3.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day high: Kr39.70 The company is up 17% from its price of Kr33.80 on 11 November 2020. The Icelandic market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Telecom industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: Kr39.20 The company is up 29% from its price of Kr30.30 on 18 September 2020. The Icelandic market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 1.0% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: Kr37.60 The company is up 38% from its price of Kr27.20 on 28 August 2020. The Icelandic market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 3.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS Kr0.03 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: Kr5.03b (up 3.0% from 3Q 2019). Net income: Kr8.00m (up Kr79.0m from 3Q 2019). Profit margin: 0.2% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 103% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 13
New 90-day high: Kr31.20 The company is up 35% from its price of Kr23.10 on 14 July 2020. The Icelandic market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 5.0% over the same period.