New Risk • May 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.0x 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 Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risk Market cap is less than US$100m (kr261.4m market cap, or US$28.1m). Reported Earnings • May 15
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr370.4m (up 46% from 1Q 2025). Net loss: kr7.60m (down 181% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Mar 22
Director recently bought kr618k worth of stock On the 19th of March, Tore Schiøtz bought around 200k shares on-market at roughly kr3.09 per share. This transaction amounted to 67% 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 kr900k. Insiders have collectively bought kr2.7m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 02
Chief Financial Officer recently bought kr99k worth of stock On the 26th of February, Daniel Molvik bought around 33k shares on-market at roughly kr3.02 per share. This transaction amounted to 40% 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 Daniel's only on-market trade for the last 12 months. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: kr0.19 (vs kr0.40 in FY 2024) Full year 2025 results: EPS: kr0.19 (down from kr0.40 in FY 2024). Revenue: kr1.29b (up 17% from FY 2024). Net income: kr15.7m (down 47% from FY 2024). Profit margin: 1.2% (down from 2.7% 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 86% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Dec 11
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 Norwegian stocks, typically moving 7.1% 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 Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by earnings (0% payout ratio). Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (kr260.6m market cap, or US$25.8m). Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr3.41, the stock trades at a trailing P/E ratio of 30.5x. Average trailing P/E is 27x in the Machinery industry in Norway. Total returns to shareholders of 29% over the past three years. New Risk • Nov 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x 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 Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Dividend is not well covered by earnings (0% payout ratio). Profit margins are more than 30% lower than last year (0.7% net profit margin). Market cap is less than US$100m (kr352.7m market cap, or US$34.4m). Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: kr0.12 (vs kr0.054 loss in 3Q 2024) Third quarter 2025 results: EPS: kr0.12 (up from kr0.054 loss in 3Q 2024). Revenue: kr328.7m (up 36% from 3Q 2024). Net income: kr9.96m (up kr13.8m from 3Q 2024). Profit margin: 3.0% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Oct 20
Eqva ASA Announces That Petter Sørdahl Has Decided to Step Down as CFO Eqva ASA announced that Chief Financial Officer (CFO) of EQVA ASA, Petter Sørdahl, has decided to step down from his position as CFO. He will remain in his position for up to 3 months from this date. The management has initiated the succession process. Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: kr0 (vs kr0.13 in 2Q 2024) Second quarter 2025 results: EPS: kr0 (down from kr0.13 in 2Q 2024). Revenue: kr348.7m (up 39% from 2Q 2024). Net income: kr1.0k (down 100% from 2Q 2024). Profit margin: 0% (down from 3.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jun 19
Eqva ASA Announces Committee Changes Eqva ASA at its AGM held on June 19, 2025, announced that in accordance with the Nomination Committee's and the boards proposal, the general meeting made the following resolution for the new board of directors: Chair: Ingrid Due-Gundersen; Member of the board: Hans Olav Lindal; Member of the board: Birthe Cecilie Lepsøe; Member of the board: Gudmund Øvrehus; Member of the board: Tore Schiøtz. The Nomination Committee shall consist of the following members: Erling Astrup (Chair) and
Morten Egge. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: kr0.12 (vs kr0.48 in 1Q 2024) First quarter 2025 results: EPS: kr0.12 (down from kr0.48 in 1Q 2024). Revenue: kr227.2m (down 12% from 1Q 2024). Net income: kr9.43m (down 73% from 1Q 2024). Profit margin: 4.2% (down from 14% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Mar 06
Chief Executive Officer recently bought kr108k worth of stock On the 27th of February, Even Ellingsen bought around 20k shares on-market at roughly kr5.40 per share. This transaction amounted to less than 1% 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 Even's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Mar 05
Insider exercised options to buy kr550k worth of stock. On the 28th of February, Trygve Kjerpeseth exercised options to buy 100k shares at a strike price of around kr4.70, costing a total of kr470k. As of today, Trygve currently holds no shares directly. Company insiders have collectively bought kr1.3m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 04
Full year 2024 earnings released: EPS: kr0.46 (vs kr0.30 loss in FY 2023) Full year 2024 results: EPS: kr0.46 (up from kr0.30 loss in FY 2023). Revenue: kr1.10b (up 65% from FY 2023). Net income: kr34.3m (up kr56.2m from FY 2023). Profit margin: 3.1% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2024 earnings released: kr0.054 loss per share (vs kr0.28 loss in 3Q 2023) Third quarter 2024 results: kr0.054 loss per share (improved from kr0.28 loss in 3Q 2023). Revenue: kr242.4m (up 60% from 3Q 2023). Net loss: kr3.89m (loss narrowed 82% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.6% 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: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Shareholders have been diluted in the past year (4.6% increase in shares outstanding). Market cap is less than US$100m (kr358.4m market cap, or US$33.6m). Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr5.52, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 16x in the Machinery industry in Norway. Total returns to shareholders of 207% over the past three years. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr6.56, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 17x in the Machinery industry in Norway. Total returns to shareholders of 258% over the past three years. Reported Earnings • Aug 30
Second quarter 2024 earnings released: EPS: kr0.13 (vs kr0.021 loss in 2Q 2023) Second quarter 2024 results: EPS: kr0.13 (up from kr0.021 loss in 2Q 2023). Revenue: kr250.6m (up 10% from 2Q 2023). Net income: kr9.14m (up kr10.7m from 2Q 2023). Profit margin: 3.6% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. New Risk • Aug 09
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 Norwegian stocks, typically moving 9.9% 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 (2.2x net interest cover). Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Market cap is less than US$100m (kr363.7m market cap, or US$33.5m). Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: EPS: kr0.48. Revenue: kr258.1m (up 29% from 1Q 2023). Net income: kr34.7m (up kr35.6m from 1Q 2023). Profit margin: 14% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Apr 27
Eqva ASA Announces Chief Executive Officer Changes The Board of Directors of Eqva ASA has appointed Even Matre Ellingsen as new Chief Executive Officer (CEO) of the company effective as of 2 May 2024. From that date he will resign from the board which he has chaired since 2022. Even Matre Ellingsen replaces Erik Høyvik, who has been with the company since 2021. Erik will be engaged in specialised projects and available for the new CEO for a certain period. The change of CEO follows a series of significant changes in Eqva over the past few years. Even Matre Ellingsen holds extensive experience in corporate finance and various management positions first in Pareto Securities and then in Fearnley Securities, which he joined as CEO and managing partner in 2012. From 2019 to 2021 he was Group CEO of Astrup Fearnley. Reported Earnings • Feb 29
Full year 2023 earnings released: kr0.18 loss per share (vs kr0.30 loss in FY 2022) Full year 2023 results: kr0.18 loss per share (improved from kr0.30 loss in FY 2022). Revenue: kr687.2m (up 50% from FY 2022). Net loss: kr13.1m (loss narrowed 39% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Recent Insider Transactions Derivative • Feb 08
Director exercised options to buy kr103k worth of stock. On the 1st of February, Ellen Hanetho exercised options to buy 33k shares at a strike price of around kr3.01, costing a total of kr100k. As of today, Ellen currently holds no shares directly. Company insiders have collectively bought kr649k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Nov 22
Tersan Shipyard Inc acquired Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million Tersan Shipyard Inc entered into agreement to acquire Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million on November 13, 2023. The transaction was also to include the acquisition of Havyard Leirvik Holding AS's subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. Tersan Shipyard Inc completed the acquisition of Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) on November 21, 2023. Recent Insider Transactions • Nov 21
Chairman of the Board recently bought kr67k worth of stock On the 16th of November, Even Ellingsen bought around 25k shares on-market at roughly kr2.69 per share. This transaction amounted to less than 1% 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 Even's only on-market trade for the last 12 months. Reported Earnings • Nov 17
Third quarter 2023 earnings released: kr0.28 loss per share (vs kr0.17 loss in 3Q 2022) Third quarter 2023 results: kr0.28 loss per share (further deteriorated from kr0.17 loss in 3Q 2022). Revenue: kr151.8m (down 7.9% from 3Q 2022). Net loss: kr21.0m (loss widened 104% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Announcement • Nov 15
Tersan Shipyard Inc entered into agreement to acquire Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million. Tersan Shipyard Inc entered into agreement to acquire Havyard Leirvik Holding AS from Eqva ASA (OB:EQVA) for NOK 30 million on November 13, 2023. The transaction was also to include the acquisition of Havyard Leirvik Holding AS's subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. Announcement • Sep 01
Eqva ASA Announces Chief Financial Officer Changes Eqva ASA announced reference is made to the stock exchange announcement of 31 May 2023, where Chief Financial Officer (CFO) Eirik Sævareid had decided to step down from his position. As a result, Ask Haukaas will take over as interim CFO from 1 September 2023. Ask will remain in this position until a permanent CFO is announced. A recruitment process regarding a permanent CFO is ongoing. Reported Earnings • Aug 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr227.1m (up 251% from 2Q 2022). Net loss: kr1.51m (loss widened 265% from 2Q 2022). New Risk • Aug 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 Norwegian stocks, typically moving 7.9% 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 Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (kr221.4m market cap, or US$21.8m). Announcement • Jun 10
Eqva ASA, Annual General Meeting, Jun 30, 2023 Eqva ASA, Annual General Meeting, Jun 30, 2023, at 10:00 Central European Standard Time. Announcement • Jun 01
Eqva ASA Announces Cessation of Eirik Sævareid as CFO Eqva ASA announced that Eirik Sævareid, has decided to step down from his position as CFO. He will remain in his position up to 3 months from this date. The management has initiated the succession process. Reported Earnings • May 18
First quarter 2023 earnings released: kr0.012 loss per share (vs kr0.005 loss in 1Q 2022) First quarter 2023 results: kr0.012 loss per share (further deteriorated from kr0.005 loss in 1Q 2022). Revenue: kr200.3m (up 210% from 1Q 2022). Net loss: kr863.0k (loss widened 109% from 1Q 2022). 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: kr440.7m (down 52% from FY 2021). Net loss: kr30.5m (down 151% from profit in FY 2021). Board Change • Nov 16
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. 2 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Employee Representative Director Jan Gjerde is the most experienced director on the board, commencing their role in 2022. 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. Recent Insider Transactions • Oct 05
Chairman of the Board recently bought kr11m worth of stock On the 27th of September, Even Ellingsen bought around 3m shares on-market at roughly kr3.52 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Even has been a buyer over the last 12 months, purchasing a net total of kr52m worth in shares. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 29% share price gain to kr3.88, the stock trades at a trailing P/E ratio of 20.7x. Average trailing P/E is 19x in the Machinery industry in Norway. Total returns to shareholders of 346% over the past three years. Board Change • Sep 22
Less than half of directors are independent There are 5 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: 1 independent director. 6 non-independent directors. Independent Director Hege Notoy was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Sep 01
First half 2022 earnings released: kr0.01 loss per share (vs kr3.79 profit in 1H 2021) First half 2022 results: kr0.01 loss per share (down from kr3.79 profit in 1H 2021). Revenue: kr129.3m (down 89% from 1H 2021). Net loss: kr828.0k (down 101% from profit in 1H 2021). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 14
Insider recently bought kr117k worth of stock On the 8th of July, Even Ellingsen bought around 33k shares on-market at roughly kr3.52 per share. In the last 3 months, they made an even bigger purchase worth kr41m. Insiders have collectively bought kr83m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 08
Insider recently bought kr41m worth of stock On the 29th of June, Even Ellingsen bought around 8m shares on-market at roughly kr5.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr83m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 10
Independent Director recently bought kr107k worth of stock On the 7th of June, Helge Simonnes bought around 12k shares on-market at roughly kr8.80 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr495k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 04
Independent Director recently bought kr134k worth of stock On the 2nd of December, Helge Simonnes bought around 10k shares on-market at roughly kr13.58 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr596k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: kr0.57 (down from kr1.74 in 3Q 2020). Revenue: kr232.6m (down 55% from 3Q 2020). Net income: kr14.1m (down 67% from 3Q 2020). Profit margin: 6.0% (down from 8.4% in 3Q 2020). Revenue was in line with analyst estimates. 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 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 15% share price gain to kr11.54, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 26x in the Machinery industry in Europe. Total loss to shareholders of 3.4% over the past three years. Recent Insider Transactions • Jul 22
Independent Director recently bought kr93k worth of stock On the 15th of July, Helge Simonnes bought around 10k shares on-market at roughly kr9.47 per share. In the last 3 months, they made an even bigger purchase worth kr195k. Insiders have collectively bought kr463k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 17
Independent Director recently bought kr93k worth of stock On the 15th of July, Helge Simonnes bought around 10k shares on-market at roughly kr9.47 per share. In the last 3 months, they made an even bigger purchase worth kr195k. Insiders have collectively bought kr373k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 11
Independent Director recently bought kr88k worth of stock On the 10th of June, Helge Simonnes bought around 7k shares on-market at roughly kr12.50 per share. In the last 3 months, they made an even bigger purchase worth kr195k. Insiders have collectively bought kr280k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 03
Independent Director recently bought kr195k worth of stock On the 27th of May, Helge Simonnes bought around 17k shares on-market at roughly kr11.45 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr192k more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 29
Independent Director recently bought kr195k worth of stock On the 27th of May, Helge Simonnes bought around 17k shares on-market at roughly kr11.45 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr192k more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improved over the past week After last week's 16% share price gain to kr12.70, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 29x in the Machinery industry in Europe. Total loss to shareholders of 3.4% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr11.70, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 28x in the Machinery industry in Europe. Total loss to shareholders of 19% over the past three years. Reported Earnings • May 02
Full year 2020 earnings released: EPS kr3.43 (vs kr19.43 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr2.32b (up 3.8% from FY 2019). Net income: kr84.9m (up kr566.5m from FY 2019). Profit margin: 3.7% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has remained flat, which means it is well ahead of earnings.