Major Estimate Revision • Jun 10
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from kr2.74 to kr2.02 per share. Revenue forecast steady at kr7.79b. Net income forecast to grow 514% next year vs 16% growth forecast for Construction industry in Norway. Consensus price target up from kr23.50 to kr25.50. Share price was steady at kr19.56 over the past week. Price Target Changed • Jun 09
Price target increased by 16% to kr25.50 Up from kr22.00, the current price target is an average from 2 analysts. New target price is 29% above last closing price of kr19.70. Stock is up 35% over the past year. The company is forecast to post earnings per share of kr2.02 for next year compared to kr1.59 last year. Major Estimate Revision • May 15
Consensus EPS estimates increase by 44% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from kr1.91 to kr2.74. Revenue forecast unchanged at kr7.83b. Net income forecast to grow 661% next year vs 16% growth forecast for Construction industry in Norway. Consensus price target of kr23.50 unchanged from last update. Share price was steady at kr19.72 over the past week. New Risk • May 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x 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 (0.8x net interest cover). Minor Risks Dividend is not well covered by earnings (dividend per share is over 5x earnings per share). Large one-off items impacting financial results. Reported Earnings • Apr 28
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr1.59 (up from kr5.02 loss in FY 2024). Revenue: kr9.83b (up 38% from FY 2024). Net income: kr284.7m (up kr1.17b from FY 2024). Profit margin: 2.9% (up from net loss in FY 2024). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Construction industry in Norway are expected to grow by 5.1%. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 31%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from kr7.65b to kr7.82b. EPS estimate fell from kr2.78 to kr1.91 per share. Net income forecast to grow 18% next year vs 12% growth forecast for Construction industry in Norway. Consensus price target down from kr22.00 to kr21.50. Share price was steady at kr16.30 over the past week. Announcement • Feb 17
Moreld Asa Announces Cash Dividend for First Quarter 2026 Moreld ASA on 12 February 2026 regarding the board of directors' resolution to distribute a cash dividend of NOK 0.42 per share for first quarter of 2026 and key information relating to the cash dividend. Ex. date: 16 February 2026. New Risk • Feb 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (106% payout ratio). Large one-off items impacting financial results. Reported Earnings • Feb 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr1.59 (up from kr5.02 loss in FY 2024). Revenue: kr9.84b (up 38% from FY 2024). Net income: kr284.7m (up kr1.17b from FY 2024). Profit margin: 2.9% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Construction industry in Norway are expected to grow by 8.7%. Price Target Changed • Feb 06
Price target decreased by 8.3% to kr22.00 Down from kr24.00, the current price target is an average from 2 analysts. New target price is 30% above last closing price of kr16.92. Stock is up 11% over the past year. The company is forecast to post earnings per share of kr1.31 next year compared to a net loss per share of kr5.02 last year. Recent Insider Transactions • Jan 15
Group Chief Executive Officer recently bought kr470k worth of stock On the 12th of January, Geir Austigard bought around 30k shares on-market at roughly kr15.68 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 Geir's only on-market trade for the last 12 months. Breakeven Date Change • Jan 01
Forecast breakeven date pushed back to 2026 The 2 analysts covering Moreld previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of kr458.8m in 2026. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Announcement • Nov 11
Moreld ASA to Report Q4, 2025 Results on Feb 12, 2026 Moreld ASA announced that they will report Q4, 2025 results at 7:00 AM, Central European Standard Time on Feb 12, 2026 Announcement • Nov 07
Moreld ASA to Report Q3, 2025 Results on Nov 14, 2025 Moreld ASA announced that they will report Q3, 2025 results at 7:00 AM, Central European Standard Time on Nov 14, 2025 Recent Insider Transactions • Sep 03
EVP of Ross Offshore recently sold kr353k worth of stock On the 29th of August, Jorgen Jorgensen sold around 19k shares on-market at roughly kr18.32 per share. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 15
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: kr0.77. Net income: kr139.1m (up kr139.1m from 2Q 2024). Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Construction industry in Norway are expected to grow by 11%. Announcement • May 20
Moreld AS Approves Dividend, Payable on or about May 26, 2025 Moreld AS announced that at the annual general meeting was held on 20 May 2025, approved the company shall distribute a dividend in cash in an amount of NOK 0.42 per share. The dividend shall be paid to the Company's shareholders as of 20 May 2025 (as recorded in the VPS on 22 May 2025). The share will trade exclusive the right to receive dividend from and including 21 May 2025. The dividend is expected to be paid on or about 26 May 2025. Announcement • May 07
Moreld AS, Annual General Meeting, May 20, 2025 Moreld AS, Annual General Meeting, May 20, 2025, at 13:00 W. Europe Standard Time. Reported Earnings • Apr 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: kr5.02 loss per share. Revenue: kr7.12b (up kr7.12b from FY 2023). Net loss: kr883.3m (loss widened kr756.3m from FY 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Norway. Announcement • Feb 19
Moreld AS to Report Q2, 2025 Results on Aug 14, 2025 Moreld AS announced that they will report Q2, 2025 results on Aug 14, 2025 Announcement • Feb 15
Moreld AS Proposes Initial Dividend Distribution for the Second Quarter of 2025, Payable on or About 26 May 2025 Moreld AS announced that the board of directors of the company intends to propose to the annual general meeting, expected to be held on 20 May 2025, to resolve an initial dividend distribution in the amount of NOK 0.42 per share for the second quarter of 2025, in total approximately NOK 75 million. Last day including right: 20 May 2025, Ex-date: 21 May 2025, Record date: 22 May 2025, Payment date: On or about 26 May 2025, Date of approval: 20 May 2025. Announcement • Dec 24
Moreld AS Appoints Neil Hartley as an Independent Non-Executive Director In accordance with paragraph 9.6.14R of the Listing Rules of the Financial Conduct Authority, Renewi plc announced that on 19 December 2024, Non-Executive Director, Neil Hartley, was appointed as an independent non-executive director of Moreld AS. Announcement • Jun 18
ABL Group ASA (OB:ABL) completed the acquisition of Ross Offshore AS from Moreld AS. ABL Group ASA (OB:ABL) agreed to acquire Ross Offshore AS from Moreld AS for transaction valued at NOK 100 million on May 15, 2024. The transaction values Ross Offshore at NOK 100 million on a cash and debt-free basis. The transaction will be settled in cash on completion, utilizing ABL Group’s existing cash holdings and undrawn credit facilities. In 2023, Ross Offshore delivered gross revenue of approximately NOK 848 million. The transaction, which is subject to approval by the Norwegian competition authority, is expected to be completed in late Q2 or in early Q3 this year.
ABL Group ASA (OB:ABL) completed the acquisition of Ross Offshore AS from Moreld AS on June 17, 2024.