Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr130.0m (up 17% from 1Q 2025). Net loss: kr4.00m (loss narrowed 60% from 1Q 2025). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Price Target Changed • May 08
Price target increased by 8.8% to kr18.50 Up from kr17.00, the current price target is an average from 2 analysts. New target price is 22% above last closing price of kr15.20. Stock is up 45% over the past year. The company posted a net loss per share of kr0.34 last year. Reported Earnings • Feb 15
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: kr0.34 loss per share (down from kr0.79 profit in FY 2024). Revenue: kr571.1m (down 8.4% from FY 2024). Net loss: kr40.9m (down 150% from profit in FY 2024). Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) missed analyst estimates by 127%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Nov 14
Third quarter 2025 earnings released: kr0.05 loss per share (vs kr0.40 profit in 3Q 2024) Third quarter 2025 results: kr0.05 loss per share (down from kr0.40 profit in 3Q 2024). Revenue: kr123.7m (down 11% from 3Q 2024). Net loss: kr6.98m (down 117% from profit in 3Q 2024). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr12.30, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 19x in the Machinery industry in Norway. Total returns to shareholders of 95% over the past three years. Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr138.8m (down 7.4% from 2Q 2024). Net loss: kr9.44m (down 151% from profit in 2Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Jul 15
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.02b (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 16
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to kr10.35. The fair value is estimated to be kr8.42, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 9.0% in a year. Earnings are forecast to grow by 5.6% in the next year. New Risk • May 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.03b (US$98.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • May 09
First quarter 2025 earnings released: kr0.08 loss per share (vs kr0.10 profit in 1Q 2024) First quarter 2025 results: kr0.08 loss per share (down from kr0.10 profit in 1Q 2024). Revenue: kr112.0m (down 26% from 1Q 2024). Net loss: kr8.00m (down 180% from profit in 1Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr11.80, the stock trades at a trailing P/E ratio of 14.1x. Average forward P/E is 17x in the Machinery industry in Norway. Total returns to shareholders of 38% over the past three years. Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: kr0.82 (vs kr0.77 in FY 2023) Full year 2024 results: EPS: kr0.82 (up from kr0.77 in FY 2023). Revenue: kr625.0m (up 8.7% from FY 2023). Net income: kr86.0m (up 5.9% from FY 2023). Profit margin: 14% (in line with FY 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Price Target Changed • Nov 20
Price target decreased by 11% to kr16.00 Down from kr18.00, the current price target is provided by 1 analyst. New target price is 68% above last closing price of kr9.54. Stock is up 14% over the past year. The company posted earnings per share of kr0.76 last year. Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: kr0.19 (vs kr0.18 in 2Q 2023) Second quarter 2024 results: EPS: kr0.19. Revenue: kr150.0m (up 13% from 2Q 2023). Net income: kr18.7m (down 1.6% from 2Q 2023). Profit margin: 12% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. Announcement • Aug 16
Nekkar ASA (OB:NKR) completed the acquisition of 67% stake in Globetech AS for NOK 82.5 million. Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million on July 2, 2024. The share purchase for the 67% ownership share will be settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at closing of the transaction. Nekkar will utilize the company’s treasury shares to settle the share-based consideration, which is valued at the VWAP last five days prior to signing and subject to a two-year lock-up period. The cash-based consideration will be covered by Nekkar’s cash balance, which stood at NOK 197 million at March 31, 2024. In the first stage, Nekkar acquires 67 percent ownership of Globetech. Globetech’s enterprise value is at signing estimated to NOK 120 million on a 100 percent basis, based on last twelve months EBTIDA and an implied multiple of 7.7x EBITDA. In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027. In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11 million. The transaction is expected to be completed during the third quarter of 2024.
Nekkar ASA (OB:NKR) completed the acquisition of 67% stake in Globetech AS on August 15, 2024. New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.10b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr12.00, the stock trades at a trailing P/E ratio of 16.1x. Average forward P/E is 24x in the Machinery industry in Norway. Total returns to shareholders of 37% over the past three years. Announcement • Jul 04
Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million. Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million on July 2, 2024. The share purchase for the 67% ownership share will be settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at closing of the transaction. Nekkar will utilize the company’s treasury shares to settle the share-based consideration, which is valued at the VWAP last five days prior to signing and subject to a two-year lock-up period. The cash-based consideration will be covered by Nekkar’s cash balance, which stood at NOK 197 million at March 31, 2024. In the first stage, Nekkar acquires 67 percent ownership of Globetech. Globetech’s enterprise value is at signing estimated to NOK 120 million on a 100 percent basis, based on last twelve months EBTIDA and an implied multiple of 7.7x EBITDA. In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027. In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11 million. The transaction is expected to be completed during the third quarter of 2024. Buy Or Sell Opportunity • Jul 01
Now 18% undervalued Over the last 90 days, the stock has risen 1.5% to kr10.30. The fair value is estimated to be kr12.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 22%. Buy Or Sell Opportunity • Jun 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to kr9.82. The fair value is estimated to be kr12.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 22%. Buy Or Sell Opportunity • Jun 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to kr9.82. The fair value is estimated to be kr12.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has declined by 22%. Board Change • Jun 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Trine Ulla was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 31
Nekkar Asa Approve Board Changes On AGM held on May 30, 2024, the Nekkar ASA announced that the general meeting gives its approval to elect Fabian Qvist as board member for 2 years. The general meeting agrees to elect Bjorn Erik Dahle as board member for 2 years. After this, the Board consists of Hakon Andre Berg (chair), Marit Solberg (deputy chair), Trine Ulla, Fabian Qvist and Bjorn Erik Dahle. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr0.78 (vs kr0.30 in FY 2022) Full year 2023 results: EPS: kr0.78 (up from kr0.30 in FY 2022). Revenue: kr575.0m (up 48% from FY 2022). Net income: kr83.0m (up 161% from FY 2022). Profit margin: 14% (up from 8.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Nov 29
Third quarter 2023 earnings released: EPS: kr0.20 (vs kr0.056 in 3Q 2022) Third quarter 2023 results: EPS: kr0.20 (up from kr0.056 in 3Q 2022). Revenue: kr162.0m (up 59% from 3Q 2022). Net income: kr22.0m (up 264% from 3Q 2022). Profit margin: 14% (up from 5.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Oct 18
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 7.3% 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 (7.3% average weekly change). Profit margins are more than 30% lower than last year (9.8% net profit margin). Market cap is less than US$100m (kr836.6m market cap, or US$76.3m). Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: kr0.18 (vs kr0.12 in 2Q 2022) Second quarter 2023 results: EPS: kr0.18 (up from kr0.12 in 2Q 2022). Revenue: kr132.3m (up 32% from 2Q 2022). Net income: kr19.0m (up 54% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Announcement • May 31
Nekkar ASA Approves Board Appointments Nekkar ASA announced that at its Annual General Meeting held on May 30, 2023, gives its approval to elect Trine Ulla as a board member for 2 years. The general meeting agrees to elect Håkon Andre Berg as a board member for 1 year. Anne Grete Ellingsen is elected as chair of the Nomination Committee for a period of two years. Ditlef de Vibe is elected as a member of the Nomination Committee for a two-year term. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: kr0.30 (vs kr1.04 in FY 2021) Full year 2022 results: EPS: kr0.30 (down from kr1.04 in FY 2021). Revenue: kr387.5m (down 19% from FY 2021). Net income: kr31.8m (down 71% from FY 2021). Profit margin: 8.2% (down from 23% in FY 2021). The decrease in margin was driven by lower revenue. 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 37% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 1 highly experienced director. 1 independent director (2 non-independent directors). Independent Director Ingunn Svegarden was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr7.00, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 19x in the Machinery industry in Norway. Total returns to shareholders of 156% over the past three years. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: kr0.12 (vs kr0.35 in 2Q 2021) Second quarter 2022 results: EPS: kr0.12 (down from kr0.35 in 2Q 2021). Revenue: kr99.9m (down 18% from 2Q 2021). Net income: kr12.3m (down 67% from 2Q 2021). Profit margin: 12% (down from 30% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • May 31
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Director Ingunn Svegarden was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 29
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: kr1.04 (up from kr0.65 in FY 2020). Revenue: kr480.0m (up 34% from FY 2020). Net income: kr110.2m (up 60% from FY 2020). Profit margin: 23% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 67%. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS kr0.35 (vs kr0.005 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr121.8m (up 88% from 2Q 2020). Net income: kr36.9m (up kr36.4m from 2Q 2020). Profit margin: 30% (up from 0.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 17% share price gain to kr10.08, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 25x in the Machinery industry in Europe. Total returns to shareholders of 274% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 16% share price gain to kr10.82, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 29x in the Machinery industry in Europe. Total returns to shareholders of 316% over the past three years. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr9.15, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 28x in the Machinery industry in Europe. Total returns to shareholders of 246% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 15% share price gain to kr10.80, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 29x in the Machinery industry in Europe. Total returns to shareholders of 305% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 17% share price gain to kr9.38, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 27x in the Machinery industry in Europe. Total returns to shareholders of 251% over the past three years. Is New 90 Day High Low • Feb 20
New 90-day high: kr8.24 The company is up 60% from its price of kr5.14 on 20 November 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 28% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 15% share price gain to kr7.62, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 11.4x. This compares to an average P/E of 28x in the Machinery industry in Europe. Total returns to shareholders over the past three years are 319%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 22% share price gain to kr8.20, the stock is trading at a trailing P/E ratio of 14.1x, up from the previous P/E ratio of 11.6x. This compares to an average P/E of 27x in the Machinery industry in Europe. Total returns to shareholders over the past three years are 370%. Is New 90 Day High Low • Jan 05
New 90-day high: kr6.72 The company is up 16% from its price of kr5.80 on 07 October 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: kr6.04 The company is up 52% from its price of kr3.97 on 09 September 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 13% over the same period. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 15% share price gain to kr5.66, the stock is trading at a trailing P/E ratio of 9.8x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 25x in the Machinery industry in Europe. Total returns to shareholders over the past three years are 222%. Recent Insider Transactions • Oct 30
Insider recently sold kr199k worth of stock On the 27th of October, Mette Harv sold around 40k shares on-market at roughly kr4.98 per share. 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. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 15% share price decline to kr4.60, the stock is trading at a trailing P/E ratio of 7.9x, down from the previous P/E ratio of 9.4x. This compares to an average P/E of 21x in the Machinery industry in Europe. Total returns to shareholders over the past three years are 155%. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 18% share price decline to kr4.85, the stock is trading at a trailing P/E ratio of 8.4x, down from the previous P/E ratio of 10.2x. This compares to an average P/E of 22x in the Machinery industry in Europe. Total returns to shareholders over the past three years are 181%. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 16% share price gain to kr5.90, the stock is trading at a trailing P/E ratio of 10.2x, up from the previous P/E ratio of 8.8x. This compares to an average P/E of 22x in the Machinery industry in Europe. Total returns to shareholders over the past three years are 257%. Is New 90 Day High Low • Sep 29
New 90-day high: kr5.32 The company is up 47% from its price of kr3.63 on 01 July 2020. The Norwegian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 23% over the same period. 
