Major Estimate Revision • May 24
Consensus EPS estimates increase by 27% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from kr0.36 to kr0.457. Revenue forecast steady at kr6.87b. Net income forecast to grow 192% next year vs 16% growth forecast for Construction industry in Norway. Consensus price target broadly unchanged at kr8.50. Share price rose 4.7% to kr8.02 over the past week. Price Target Changed • May 21
Price target decreased by 7.3% to kr8.50 Down from kr9.17, the current price target is an average from 3 analysts. New target price is 9.0% above last closing price of kr7.80. Stock is up 62% over the past year. The company is forecast to post earnings per share of kr0.36 for next year compared to kr0.14 last year. Major Estimate Revision • May 20
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr7.04b to kr6.92b. EPS estimate also fell from kr0.59 per share to kr0.36 per share. Net income forecast to grow 154% next year vs 16% growth forecast for Construction industry in Norway. Consensus price target down from kr9.17 to kr8.67. Share price rose 4.9% to kr7.66 over the past week. Board Change • May 15
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Outi Henriksson is the most experienced director on the board, commencing their role in 2021. Independent Director Espen Almlid was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • May 15
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: kr0.20 loss per share (improved from kr0.24 loss in 1Q 2025). Revenue: kr1.14b (down 10.0% from 1Q 2025). Net loss: kr34.0m (loss narrowed 17% from 1Q 2025). Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Construction 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 fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr8.95, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Construction industry in Norway. Total loss to shareholders of 11% over the past three years. Reported Earnings • Feb 18
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: kr0.14 (up from kr10.54 loss in FY 2024). Revenue: kr6.55b (down 4.9% from FY 2024). Net income: kr25.0m (up kr1.03b from FY 2024). Profit margin: 0.4% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Feb 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Jan 14
Price target increased by 9.2% to kr8.90 Up from kr8.15, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of kr8.67. Stock is up 108% over the past year. The company is forecast to post earnings per share of kr0.19 next year compared to a net loss per share of kr10.54 last year. Recent Insider Transactions • Dec 02
Chief Executive Officer recently bought kr535k worth of stock On the 1st of December, Anders Gustafsson bought around 67k shares on-market at roughly kr8.00 per share. This transaction amounted to 15% 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 Anders' only on-market trade for the last 12 months. Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: kr0.18 (up from kr0.13 loss in 3Q 2024). Revenue: kr1.82b (down 14% from 3Q 2024). Net income: kr31.0m (up kr40.0m from 3Q 2024). Profit margin: 1.7% (up from net loss in 3Q 2024). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 26% per year, which means it is performing significantly worse than earnings. Announcement • Oct 28
NRC Group ASA, Annual General Meeting, May 08, 2026 NRC Group ASA, Annual General Meeting, May 08, 2026. Price Target Changed • Oct 20
Price target increased by 8.3% to kr8.50 Up from kr7.85, the current price target is an average from 2 analysts. New target price is 5.9% above last closing price of kr8.03. Stock is up 123% over the past year. The company is forecast to post earnings per share of kr0.32 next year compared to a net loss per share of kr10.54 last year. Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: kr0.18 (up from kr10.78 loss in 2Q 2024). Revenue: kr1.76b (flat on 2Q 2024). Net income: kr31.0m (up kr816.0m from 2Q 2024). Profit margin: 1.8% (up from net loss in 2Q 2024). Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 52%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. New Risk • Jul 27
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: Major Risk Shareholders have been substantially diluted in the past year (137% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Price Target Changed • May 27
Price target increased by 17% to kr5.25 Up from kr4.50, the current price target is an average from 2 analysts. New target price is 7.1% above last closing price of kr4.90. Stock is down 61% over the past year. The company is forecast to post earnings per share of kr0.31 next year compared to a net loss per share of kr10.54 last year. Board Change • May 27
Less than half of directors are independent There are 4 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: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Director Outi Henriksson is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Announcement • May 08
NRC Group ASA Approves Board Elections The Annual General Meeting (AGM) of NRC Group ASA was held on May 8, 2025, elected the following five shareholder-elected members to the Board of Directors: Martin Mæland (Chair), Ståle Rodahl, Espen Almlid, and Stine Undrum. Recent Insider Transactions • Feb 23
Executive VP & MD of NRC Group Norway recently bought kr67k worth of stock On the 17th of February, Ingvild Storas bought around 15k shares on-market at roughly kr4.45 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr582k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 13
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: kr10.54 loss per share (down from kr0.52 profit in FY 2023). Revenue: kr6.89b (up 2.4% from FY 2023). Net loss: kr1.00b (down kr1.04b from profit in FY 2023). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Announcement • Feb 10
NRC Group ASA Provides Earnings Guidance for the Year 2025 NRC Group ASA provided earnings guidance for the year 2025. For 2025, the company still aims for a revenue of approximately NOK 7.0 billion and an EBIT margin above 2%. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from kr6.67b to kr6.78b. Forecast EPS reduced from -kr8.58 to -kr9.84 per share. Construction industry in Norway expected to see average net income growth of 79% next year. Consensus price target of kr4.83 unchanged from last update. Share price was steady at kr4.43 over the past week. Reported Earnings • Nov 21
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: kr0.13 loss per share (down from kr0.67 profit in 3Q 2023). Revenue: kr2.10b (up 14% from 3Q 2023). Net loss: kr9.00m (down 118% from profit in 3Q 2023). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Construction industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Announcement • Nov 08
NRC Group ASA has completed a Follow-on Equity Offering in the amount of NOK 50 million. NRC Group ASA has completed a Follow-on Equity Offering in the amount of NOK 50 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: NOK 2.5
Transaction Features: Rights Offering Announcement • Oct 28
NRC Group ASA, Annual General Meeting, May 08, 2025 NRC Group ASA, Annual General Meeting, May 08, 2025. New Risk • Oct 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 111% This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (111% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr573.2m market cap, or US$53.8m). Major Estimate Revision • Sep 18
Consensus EPS estimates upgraded to kr8.48 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -kr11.98 to -kr8.48 per share. Revenue forecast unchanged from kr6.53b at last update. Construction industry in Norway expected to see average net income growth of 51% next year. Consensus price target down from kr6.00 to kr4.60. Share price was steady at kr3.52 over the past week. Announcement • Sep 12
NRC Group ASA has filed a Follow-on Equity Offering in the amount of NOK 200 million. NRC Group ASA has filed a Follow-on Equity Offering in the amount of NOK 200 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 80,000,000
Price\Range: NOK 2.5
Transaction Features: Subsequent Direct Listing Reported Earnings • Aug 30
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: kr10.78 loss per share (down from kr0.51 profit in 2Q 2023). Revenue: kr1.75b (down 2.8% from 2Q 2023). Net loss: kr785.0m (down kr822.0m from profit in 2Q 2023). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates significantly. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Construction industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 30
Price target decreased by 33% to kr10.00 Down from kr15.00, the current price target is an average from 2 analysts. New target price is 92% above last closing price of kr5.20. Stock is down 56% over the past year. The company posted earnings per share of kr0.52 last year. Buy Or Sell Opportunity • Aug 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 31% to kr8.86. The fair value is estimated to be kr11.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 1.5% in a year. Earnings are forecast to decline by 383% in the next year. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 121% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -kr0.629 to -kr1.39 per share. Revenue forecast unchanged at kr6.75b. Construction industry in Norway expected to see average net income growth of 29% next year. Consensus price target of kr14.00 unchanged from last update. Share price fell 3.4% to kr9.90 over the past week. Price Target Changed • Jul 15
Price target decreased by 13% to kr14.00 Down from kr16.00, the current price target is provided by 1 analyst. New target price is 37% above last closing price of kr10.25. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of kr0.22 for next year compared to kr0.52 last year. Buy Or Sell Opportunity • Jul 02
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to kr13.55. The fair value is estimated to be kr10.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 44%. Buy Or Sell Opportunity • Jun 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to kr12.90. The fair value is estimated to be kr10.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 44%. Recent Insider Transactions • Jun 19
Chief Executive Officer recently bought kr204k worth of stock On the 14th of June, Anders Gustafsson bought around 17k shares on-market at roughly kr12.00 per share. This transaction increased Anders' direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Anders has been a buyer over the last 12 months, purchasing a net total of kr306k worth in shares. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Karin Orgland was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 26
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: kr1.27 loss per share (further deteriorated from kr0.59 loss in 1Q 2023). Revenue: kr1.31b (up 1.2% from 1Q 2023). Net loss: kr92.0m (loss widened 119% from 1Q 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 49%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 12
Consensus EPS estimates increase by 189% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr7.12b to kr7.41b. EPS estimate increased from kr0.727 to kr2.10 per share. Net income forecast to grow 304% next year vs 62% growth forecast for Construction industry in Norway. Consensus price target of kr15.00 unchanged from last update. Share price rose 6.4% to kr13.25 over the past week. Reported Earnings • Apr 07
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: kr0.52 (up from kr4.98 loss in FY 2022). Revenue: kr6.73b (down 4.2% from FY 2022). Net income: kr38.0m (up kr401.0m from FY 2022). Profit margin: 0.6% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Mar 22
NRC Group ASA Announces CFO Changes, Effective from 1 August 2024 NRC Group ASA has appointed Åsgeir Nord as new Chief Financial Officer (CFO) of NRC Group effective from 1 August 2024. Mr. Nord most recently served as CFO of Nettpartner, a Norwegian company building and maintaining infrastructure for power supply and railways. He will succeed Ole Anton Gulsvik, who will continue in the CFO role until 1 August 2024. Prior to joining Nettpartner in 2013, Mr. Nord worked in the private equity sector for ten years. He served as Partner for Incitia Ventures from 2006 until 2013 and as Investment Director for Reiten & Co from 2003 until 2006. Mr. Nord has a solid background from finance and liquidity management, project control, M&A's and improvement programs. Mr. Nord holds a master's degree in science from the Norwegian University of Technology and Science (NTNU). Recent Insider Transactions • Mar 08
Chief Executive Officer recently bought kr102k worth of stock On the 5th of March, Anders Gustafsson bought around 9k shares on-market at roughly kr10.80 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Anders' only on-market trade for the last 12 months. Reported Earnings • Feb 28
Full year 2023 earnings released: EPS: kr0.52 (vs kr4.98 loss in FY 2022) Full year 2023 results: EPS: kr0.52 (up from kr4.98 loss in FY 2022). Revenue: kr6.73b (down 4.2% from FY 2022). Net income: kr38.0m (up kr401.0m from FY 2022). Profit margin: 0.6% (up from net loss in FY 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Feb 27
New major risk - Revenue and earnings growth Earnings have declined by 36% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr797.9m market cap, or US$75.9m). Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2024 The 2 analysts covering NRC Group previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of kr165.8m in 2024. Average annual earnings growth of 80% is required to achieve expected profit on schedule. Announcement • Dec 07
NRC Group ASA to Report Q4, 2023 Results on Feb 27, 2024 NRC Group ASA announced that they will report Q4, 2023 results on Feb 27, 2024 Reported Earnings • Nov 26
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: kr0.67 (up from kr0.64 in 3Q 2022). Revenue: kr1.84b (down 7.2% from 3Q 2022). Net income: kr49.0m (up 4.3% from 3Q 2022). Profit margin: 2.7% (up from 2.4% in 3Q 2022). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Announcement • Nov 25
NRC Group ASA Provides Earnings Guidance for the Year 2023 NRC Group ASA provided earnings guidance for the year 2023. For 2023, the group previously guided a slight decrease in revenue compared to 2022. New Risk • Sep 29
New major risk - Revenue and earnings growth Earnings have declined by 40% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 40% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr838.5m market cap, or US$78.7m). Reported Earnings • Aug 30
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: kr0.51 (up from kr0.44 in 2Q 2022). Revenue: kr1.80b (down 6.0% from 2Q 2022). Net income: kr37.0m (up 16% from 2Q 2022). Profit margin: 2.1% (up from 1.7% in 2Q 2022). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
NRC Group ASA Announces Chief Executive Officer Changes The Board of Directors of NRC Group ASA announced the appointment of Anders Gustafsson as the new Chief Executive Officer (CEO). Anders is a Swedish citizen with 30 years of industrial experience. He is currently the President and CEO of Svevia. Before Svevia he held various management positions at NCC. Anders holds a Master of Science degree in Economics with Business Administration as the main field of study and an Executive MBA from the University of Stockholm. Anders Gustafsson will assume the position as CEO of NRC Group at the latest 1 January 2024. Ole Anton Gulsvik, CFO, will act as interim CEO from 1 September 2023 until 1 January 2024 at the latest. Reported Earnings • May 25
First quarter 2023 earnings: Revenues exceed analyst expectations First quarter 2023 results: Revenue: kr1.29b (up 9.8% from 1Q 2022). Net loss: kr42.0m (loss narrowed 13% from 1Q 2022). Revenue exceeded analyst estimates by 9.4%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Construction 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 30% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 22
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: kr4.99 loss per share (further deteriorated from kr0.36 loss in FY 2021). Revenue: kr7.03b (up 18% from FY 2021). Net loss: kr363.0m (loss widened kr337.0m from FY 2021). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Feb 03
NRC Group ASA Provides Earnings Guidance for the Fourth Quarter and Full Year 2022 NRC Group ASA provided earnings guidance for the fourth quarter and full year 2022. For the quarter, the company expects NOK 1.95 billion in revenue. For the year, the company estimated revenue for 2022 is NOK 7.0 billion. Announcement • Jan 21
Norva24 Group AB (Publ) (OM:NORVA) acquired Septik Tank Co As and Nrc Gravco As from NRC Group ASA (OB:NRC). Norva24 Group AB (Publ) (OM:NORVA) agreed to acquire Septik Tank Co As and Nrc Gravco As from NRC Group ASA (OB:NRC) on January 12, 2023. The Companies have expected annual revenue of approximately NOK 90 million for 2022. The transaction is subject to customary closing conditions. The transaction is not expected to require any antitrust approvals, and the parties expect completion of the transaction to occur during January 2023.
Norva24 Group AB (Publ) (OM:NORVA) completed the acquisition of Septik Tank Co As and Nrc Gravco As from NRC Group ASA (OB:NRC) on January 20, 2023. Announcement • Jan 14
Norva24 Group AB (Publ) (OM:NORVA) agreed to acquire Septik Tank Co As/Nrc Gravco As from NRC Group ASA (OB:NRC). Norva24 Group AB (Publ) (OM:NORVA) agreed to acquire Septik Tank Co As/Nrc Gravco As from NRC Group ASA (OB:NRC) on January 12, 2023. The Companies have expected annual revenue of approximately NOK 90 million for 2022. The transaction is subject to customary closing conditions. The transaction is not expected to require any antitrust approvals, and the parties expect completion of the transaction to occur during January 2023. Price Target Changed • Nov 16
Price target decreased to kr27.50 Down from kr31.50, the current price target is an average from 2 analysts. New target price is 70% above last closing price of kr16.20. Stock is down 30% over the past year. The company is forecast to post earnings per share of kr0.86 next year compared to a net loss per share of kr0.36 last year. Reported Earnings • Nov 09
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: kr0.64 (down from kr0.80 in 3Q 2021). Revenue: kr1.99b (up 17% from 3Q 2021). Net income: kr47.0m (down 19% from 3Q 2021). Profit margin: 2.4% (down from 3.4% in 3Q 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 8.5%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 08
Price target decreased to kr27.50 Down from kr30.00, the current price target is an average from 2 analysts. New target price is 53% above last closing price of kr17.92. Stock is down 17% over the past year. The company is forecast to post earnings per share of kr0.94 next year compared to a net loss per share of kr0.36 last year. Recent Insider Transactions • Aug 24
Director recently bought kr310k worth of stock On the 22nd of August, Karin Orgland bought around 15k shares on-market at roughly kr20.66 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.8m more in shares than they have sold in the last 12 months. Price Target Changed • Aug 23
Price target decreased to kr26.63 Down from kr30.00, the current price target is an average from 3 analysts. New target price is 30% above last closing price of kr20.55. Stock is up 20% over the past year. The company is forecast to post earnings per share of kr0.99 next year compared to a net loss per share of kr0.36 last year. Reported Earnings • Aug 19
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: kr0.44 (up from kr0.014 loss in 2Q 2021). Revenue: kr1.91b (up 25% from 2Q 2021). Net income: kr32.0m (up kr33.0m from 2Q 2021). Profit margin: 1.7% (up from net loss in 2Q 2021). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.6%, compared to a 20% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 30
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from kr1.40 to kr1.17. Revenue forecast unchanged from kr6.47b at last update. Net income forecast to grow 8,953% next year vs 33% growth forecast for Construction industry in Norway. Consensus price target of kr30.00 unchanged from last update. Share price rose 2.9% to kr18.50 over the past week. Recent Insider Transactions • May 31
Independent Director recently bought kr96k worth of stock On the 27th of May, Tove Pettersen bought around 5k shares on-market at roughly kr19.10 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr486k. Insiders have collectively bought kr1.5m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 14
Executive VP & MD of NRC Group Norway recently bought kr483k worth of stock On the 13th of May, Arild Moe bought around 26k shares on-market at roughly kr18.92 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.