Announcement • Jun 19
Instabank Asa Decides To Continue As Norwegian Bank And Withdraws Banking Licence Application In Finland Instabank ASA resolved to discontinue the process of relocating the Bank’s home state to Finland and to withdraw the banking licence application submitted to the Finnish Financial Supervisory Authority by the Bank’s wholly owned subsidiary Instafin Oy. Instabank will continue its operations as a Norwegian bank headquartered in Oslo. The decision follows the final SREP decision from the Norwegian Financial Supervisory Authority, announced on June 16, 2026, which reduced the Bank’s combined Pillar 2 Requirement and Pillar 2 Guidance by 2.0 percentage points. The decision released approximately NOK 128 million in total capital, of which approximately NOK 86 million is Common Equity Tier 1 capital, based on risk-weighted assets as of March 31, 2026. The process of relocating the Bank’s home state was initiated to secure more competitive regulatory framework conditions and a more capital-efficient platform for continued growth. When the process was initiated, the Bank’s total capital requirements in Finland were expected to be significantly lower than the requirements applicable in Norway. Following the Norwegian Financial Supervisory Authority’s decision, the remaining capital advantage of a relocation is considered limited and could no longer justify the regulatory and operational complexity, material costs and organisational consequences that a relocation would entail. The Board also notes that the latest signals from Norwegian authorities, including the Government’s Financial Markets Report for 2026, point towards more harmonised capital requirements for banks operating in Norway, which may further reduce any remaining regulatory differences over time. The Board has concluded that the Bank’s long-term value creation and strategic development are best served by continued operation as a Norwegian bank with its head office in Oslo. The released capital strengthens the Bank’s financial flexibility and supports Instabank’s growth strategy across its Nordic and European markets, without the execution risk and resource burden that a relocation would entail. As communicated in the Bank’s interim report for the First Quarter of 2026, Instabank considered both a continued Norwegian structure and a relocation to be positive outcomes for shareholders. With the reduced capital requirements now confirmed, the Board considers continued operation as a Norwegian bank to be the most value-creating path forward for shareholders, customers and employees. This information is subject to disclosure requirements under section 5-12 of the Norwegian Securities Trading Act. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr854.0m to kr823.5m. EPS estimate also fell from kr0.40 per share to kr0.335 per share. Net income forecast to grow 31% next year vs 91% growth forecast for Banks industry in Norway. Consensus price target up from kr4.50 to kr4.60. Share price fell 3.6% to kr4.03 over the past week. Reported Earnings • May 11
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: kr0.072 (up from kr0.06 in 1Q 2025). Revenue: kr91.1m (down 1.9% from 1Q 2025). Net income: kr32.7m (up 42% from 1Q 2025). Profit margin: 36% (up from 25% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 5.7%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 03
Upcoming dividend of kr0.09 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 20 April 2026. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Norwegian dividend payers (7.5%). Lower than average of industry peers (5.9%). Declared Dividend • Mar 16
Dividend increased to kr0.09 Dividend of kr0.09 is 13% higher than last year. Ex-date: 10th April 2026 Payment date: 20th April 2026 Dividend yield will be 2.2%, which is lower than the industry average of 5.8%. Sustainability & Growth Dividend is well covered by earnings (30% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 122% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 14
Instabank ASA announces Annual dividend, payable on April 20, 2026 Instabank ASA announced Annual dividend of NOK 0.0900 per share payable on April 20, 2026, ex-date on April 10, 2026 and record date on April 13, 2026. Reported Earnings • Feb 10
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr0.20. Revenue: kr413.3m (up 23% from FY 2024). Net income: kr122.8m (up 25% from FY 2024). Profit margin: 30% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Revenue is forecast to grow 39% p.a. on average during the next 2 years, compared to a 2.8% growth forecast for the Banks industry in Norway. Recent Insider Transactions • Feb 09
Chief Commercial Officer recently bought kr375k worth of stock On the 6th of February, Robert Leinders-Krog bought around 95k shares on-market at roughly kr3.95 per share. This transaction increased Robert'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 kr2.5m more in shares than they have sold in the last 12 months. Announcement • Dec 01
Instabank ASA, Annual General Meeting, Apr 08, 2027 Instabank ASA, Annual General Meeting, Apr 08, 2027. Announcement • Nov 25
Instabank ASA has completed a Follow-on Equity Offering in the amount of NOK 29 million. Instabank ASA has completed a Follow-on Equity Offering in the amount of NOK 29 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: NOK 2.9
Transaction Features: Rights Offering Reported Earnings • Nov 02
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: kr0.08 (up from kr0.07 in 3Q 2024). Revenue: kr106.6m (up 20% from 3Q 2024). Net income: kr30.4m (up 15% from 3Q 2024). Profit margin: 28% (down from 30% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.8%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% 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. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Sep 19
Chief Compliance & Risk Officer recently bought kr71k worth of stock On the 16th of September, Karen Edelberg bought around 25k shares on-market at roughly kr2.85 per share. This transaction amounted to 69% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr876k. Insiders have collectively bought kr2.1m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Sep 10
Now 20% undervalued Over the last 90 days, the stock has risen 20% to kr2.88. The fair value is estimated to be kr3.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 102% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Major Estimate Revision • Aug 22
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from kr592.2m to kr601.6m. EPS estimate fell from kr0.302 to kr0.261 per share. Net income forecast to grow 25% next year vs 116% growth forecast for Banks industry in Norway. Consensus price target of kr3.30 unchanged from last update. Share price rose 2.7% to kr3.01 over the past week. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: kr0.06 (vs kr0.07 in 2Q 2024) Second quarter 2025 results: EPS: kr0.06 (down from kr0.07 in 2Q 2024). Revenue: kr93.1m (up 14% from 2Q 2024). Net income: kr21.7m (down 20% from 2Q 2024). Profit margin: 23% (down from 33% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 3% per year. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: kr0.06 (vs kr0.05 in 1Q 2024) First quarter 2025 results: EPS: kr0.06 (up from kr0.05 in 1Q 2024). Revenue: kr92.9m (up 32% from 1Q 2024). Net income: kr23.1m (up 27% from 1Q 2024). Profit margin: 25% (down from 26% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: kr0.26 (down from kr0.27 in FY 2023). Revenue: kr334.9m (up 13% from FY 2023). Net income: kr98.1m (down 2.7% from FY 2023). Profit margin: 29% (down from 34% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. New Risk • Mar 19
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.6% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (kr839.7m market cap, or US$79.5m). Announcement • Mar 14
Instabank ASA announces Annual dividend, payable on April 24, 2025 Instabank ASA announced Annual dividend of NOK 0.0800 per share payable on April 24, 2025, ex-date on April 11, 2025 and record date on April 14, 2025. Recent Insider Transactions • Feb 25
Chief Compliance & Risk Officer recently bought kr77k worth of stock On the 20th of February, Karen Edelberg bought around 36k shares on-market at roughly kr2.14 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth kr108k. Insiders have collectively bought kr546k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 12
Chief Financial Officer recently bought kr108k worth of stock On the 7th of February, Per Haug bought around 50k shares on-market at roughly kr2.15 per share. This transaction amounted to 32% 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 Per's only on-market trade for the last 12 months. Reported Earnings • Feb 09
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: kr0.26 (down from kr0.27 in FY 2023). Revenue: kr334.9m (up 13% from FY 2023). Net income: kr98.1m (down 2.7% from FY 2023). Profit margin: 29% (down from 34% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Announcement • Jan 16
Instabank ASA to Report Fiscal Year 2025 Final Results on Mar 12, 2026 Instabank ASA announced that they will report fiscal year 2025 final results on Mar 12, 2026 Major Estimate Revision • Dec 03
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr488.2m to kr503.0m. EPS estimate increased from kr0.223 to kr0.25 per share. Net income forecast to grow 24% next year vs 80% growth forecast for Banks industry in Norway. Consensus price target of kr2.50 unchanged from last update. Share price rose 2.9% to kr1.95 over the past week. Major Estimate Revision • Nov 17
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr488.2m to kr503.0m. EPS estimate increased from kr0.223 to kr0.25 per share. Net income forecast to grow 24% next year vs 75% growth forecast for Banks industry in Norway. Consensus price target of kr2.50 unchanged from last update. Share price rose 2.7% to kr1.90 over the past week. Reported Earnings • Nov 03
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: kr0.07 (in line with 3Q 2023). Revenue: kr88.5m (up 12% from 3Q 2023). Net income: kr26.4m (down 6.2% from 3Q 2023). Profit margin: 30% (down from 36% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr470.8m to kr488.0m. EPS estimate increased from kr0.17 to kr0.22 per share. Net income forecast to grow 1.4% next year vs 68% growth forecast for Banks industry in Norway. Consensus price target up from kr1.90 to kr2.25. Share price was steady at kr1.94 over the past week. Price Target Changed • Aug 20
Price target increased by 18% to kr2.25 Up from kr1.90, the current price target is provided by 1 analyst. New target price is 18% above last closing price of kr1.90. Stock is up 12% over the past year. The company is forecast to post earnings per share of kr0.22 for next year compared to kr0.27 last year. Reported Earnings • Aug 18
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr0.07 (up from kr0.05 in 2Q 2023). Revenue: kr81.9m (up 17% from 2Q 2023). Net income: kr27.0m (up 13% from 2Q 2023). Profit margin: 33% (down from 34% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 81%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 09
Consensus EPS estimates fall by 23%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr461.2m to kr471.0m. EPS estimate fell from kr0.22 to kr0.17 per share. Net income forecast to shrink 24% next year vs 116% growth forecast for Banks industry in Norway . Consensus price target of kr1.90 unchanged from last update. Share price rose 2.0% to kr1.78 over the past week. Reported Earnings • May 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: kr0.05 (down from kr0.07 in 1Q 2023). Revenue: kr70.2m (flat on 1Q 2023). Net income: kr18.2m (down 23% from 1Q 2023). Profit margin: 26% (down from 34% in 1Q 2023). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 1.4% growth forecast for the Banks industry in Norway. 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 4% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 20
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: kr0.27 (up from kr0.25 in FY 2022). Revenue: kr297.3m (up 16% from FY 2022). Net income: kr100.9m (up 23% from FY 2022). Profit margin: 34% (up from 32% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, while revenues in the Banks industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 29
Board Member recently bought kr121k worth of stock On the 26th of February, Farzad Jalily bought around 71k shares on-market at roughly kr1.72 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr222k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 11
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: kr0.27 (up from kr0.25 in FY 2022). Revenue: kr297.3m (up 16% from FY 2022). Net income: kr100.9m (up 23% from FY 2022). Profit margin: 34% (up from 32% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: kr0.07 (vs kr0.055 in 3Q 2022) Third quarter 2023 results: EPS: kr0.07 (up from kr0.055 in 3Q 2022). Revenue: kr79.1m (up 26% from 3Q 2022). Net income: kr28.2m (up 53% from 3Q 2022). Profit margin: 36% (up from 29% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 22
Board Member recently bought kr101k worth of stock On the 20th of September, Farzad Jalily bought around 65k shares on-market at roughly kr1.55 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr878k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: kr0.072 (vs kr0.056 in 2Q 2022) Second quarter 2023 results: EPS: kr0.072 (up from kr0.056 in 2Q 2022). Revenue: kr69.8m (up 9.2% from 2Q 2022). Net income: kr23.8m (up 34% from 2Q 2022). Profit margin: 34% (up from 28% in 2Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 15
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr423.9m to kr417.9m. EPS estimate also fell from kr0.276 per share to kr0.231 per share. Net income forecast to shrink 0.5% next year vs 114% growth forecast for Banks industry in Norway . Consensus price target of kr2.00 unchanged from last update. Share price fell 3.0% to kr1.62 over the past week. Reported Earnings • Apr 30
First quarter 2023 earnings: Revenues exceed analyst expectations First quarter 2023 results: Revenue: kr69.9m (up 7.7% from 1Q 2022). Net income: kr23.7m (up 15% from 1Q 2022). Profit margin: 34% (up from 32% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.3%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Banks industry in Norway. Major Estimate Revision • Mar 04
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from kr376.3m to kr398.4m. EPS estimate increased from kr0.237 to kr0.30 per share. Net income forecast to grow 3.2% next year vs 62% growth forecast for Banks industry in Norway. Consensus price target of kr2.00 unchanged from last update. Share price was steady at kr1.76 over the past week. Recent Insider Transactions • Feb 12
Chief Executive Officer recently bought kr226k worth of stock On the 9th of February, Robert Berg bought around 133k shares on-market at roughly kr1.70 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr503k. This was Robert's only on-market trade for the last 12 months. Reported Earnings • Feb 09
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: kr0.25 (down from kr0.25 in FY 2021). Revenue: kr257.4m (up 7.6% from FY 2021). Net income: kr82.2m (down 1.5% from FY 2021). Profit margin: 32% (down from 35% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 31% per year and the company’s share price has also increased by 31% per year. Board Change • Dec 30
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. 6 non-independent directors. Chief Technology Officer & Employee Representative Director Farzad Jalily 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. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 31% share price decline to kr1.90, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Banks industry in Norway. Total returns to shareholders of 90% over the past three years. Buying Opportunity • Sep 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.9%. The fair value is estimated to be kr3.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 37%. Revenue is forecast to grow by 84% in 2 years. Earnings is forecast to grow by 47% in the next 2 years. Buying Opportunity • Sep 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be kr3.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 37%. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: kr0.12 (vs kr0.06 in 2Q 2021) Second quarter 2022 results: EPS: kr0.12. Revenue: kr63.9m (up 12% from 2Q 2021). Net income: kr17.8m (down 8.9% from 2Q 2021). Profit margin: 28% (down from 34% in 2Q 2021). The decrease in margin was driven by higher expenses. Buying Opportunity • Aug 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be kr3.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 38%. Buying Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be kr3.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 38%. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorated over the past week After last week's 23% share price decline to kr2.75, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 12x in the Banks industry in Norway. Total returns to shareholders of 129% over the past three years. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: kr0.06 (up from kr0.04 in 1Q 2021). Revenue: kr64.9m (up 29% from 1Q 2021). Net income: kr20.6m (up 47% from 1Q 2021). Profit margin: 32% (up from 28% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 29%. Over the next year, revenue is forecast to grow 58%, compared to a 8.9% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
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. 6 non-independent directors. Chief Technology Officer & Employee Representative Director Frazad Jalily 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. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 53% share price gain to kr3.69, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Banks industry in Norway. Total returns to shareholders of 141% over the past three years. Buying Opportunity • Mar 07
Now 24% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be kr3.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% per annum over the last 3 years. Earnings per share has grown by 34% per annum over the last 3 years. Reported Earnings • Feb 11
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: kr0.25 (up from kr0.13 in FY 2020). Revenue: kr240.2m (up 41% from FY 2020). Net income: kr83.5m (up 96% from FY 2020). Profit margin: 35% (up from 25% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 55%, compared to a 11% growth forecast for the banks industry in Norway. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 10
Chief Marketing Officer recently bought kr1.3m worth of stock On the 7th of September, Jørgen Rui bought around 634k shares on-market at roughly kr2.05 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr2.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 08
Chief Marketing Officer recently bought kr256k worth of stock On the 30th of June, Jørgen Rui bought around 138k shares on-market at roughly kr1.85 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 19
Chief Marketing Officer recently bought kr51k worth of stock On the 17th of March, Jørgen Rui bought around 66k shares on-market at roughly kr0.77 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr178k. Insiders have collectively bought kr1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 05
Chief Risk Officer recently bought kr85k worth of stock On the 4th of March, Kjetil Knudsen bought around 53k shares on-market at roughly kr1.60 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr178k. Insiders have collectively bought kr1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 20
Chief Executive Officer recently bought kr178k worth of stock On the 19th of February, Robert Berg bought around 111k shares on-market at roughly kr1.60 per share. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of kr617k worth in shares. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 34% share price gain to kr1.90, the stock is trading at a trailing P/E ratio of 14.6x, up from the previous P/E ratio of 10.9x. This compares to an average P/E of 10x in the Banks industry in Norway. Total return to shareholders over the past three years is a loss of 34%. Is New 90 Day High Low • Dec 24
New 90-day high: kr1.50 The company is up 43% from its price of kr1.05 on 25 September 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Banks industry, which is up 20% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: kr1.40 The company is up 8.0% from its price of kr1.30 on 25 August 2020. The Norwegian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Banks industry, which is also up 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 24
Market bids up stock over the past week After last week's 20% share price gain to kr1.40, the stock is trading at a trailing P/E ratio of 10.7x, up from the previous P/E ratio of 8.9x. This compares to an average P/E of 9x in the Banks industry in Norway. Total return to shareholders over the past three years is a loss of 42%.