New Risk • Apr 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr978.2m (US$99.9m) 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. Currently, the following risks have been identified for the company: Minor Risks Revenue is less than US$5m (US$4.6m revenue). Market cap is less than US$100m (kr978.2m market cap, or US$99.9m). Announcement • Dec 30
S.D. Standard ETC Plc to Report Fiscal Year 2025 Final Results on Jun 10, 2026 S.D. Standard ETC Plc announced that they will report fiscal year 2025 final results on Jun 10, 2026 Announcement • Dec 29
S.D. Standard ETC Plc, Annual General Meeting, Jun 10, 2026 S.D. Standard ETC Plc, Annual General Meeting, Jun 10, 2026. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings have declined by 1.9% 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 0% Earnings have declined by 1.9% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr959.8m market cap, or US$94.1m). New Risk • May 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 0% Dividend yield: 11% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 0% Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr975.5m market cap, or US$96.7m). Announcement • May 21
S.D. Standard ETC Plc Announces Martin Nes Does Not Offer Himself for Re-Election S.D. Standard ETC Plc announced that the Director of the Company Mr. Martin Nes is retiring by rotation but being eligible for re-election does not offer himself for re-Election at the AGM to be held on June 11, 2025. Recent Insider Transactions • Mar 07
General Manager recently sold kr337k worth of stock On the 5th of March, Evangelia Panagide sold around 186k shares on-market at roughly kr1.81 per share. This transaction amounted to 100% 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 Evangelia's only on-market trade for the last 12 months. Announcement • Mar 05
Saga Pure ASA (OB:SAGA) acquired an additional 2.48% stake in S.D. Standard ETC Plc (OB:SDSD) for NOK 21.32 million. Saga Pure ASA (OB:SAGA) acquired an additional 2.48% stake in S.D. Standard ETC Plc (OB:SDSD) for NOK 21.32 million on March 4, 2025. A cash consideration valued at NOK 1.64 per share will be paid by Saga Pure ASA.
Saga Pure ASA (OB:SAGA) completed the acquisition of an additional 2.48% stake in S.D. Standard ETC Plc (OB:SDSD) on March 4, 2025. New Risk • Feb 15
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr891.6m market cap, or US$80.2m). Announcement • Dec 20
S.D. Standard ETC Plc, Annual General Meeting, Jun 04, 2025 S.D. Standard ETC Plc, Annual General Meeting, Jun 04, 2025. New Risk • May 17
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr899.0m market cap, or US$83.7m). New Risk • Feb 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 64% Last year net profit margin: 94% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (64% net profit margin). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (kr896.9m market cap, or US$85.4m). New Risk • Nov 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (40% accrual ratio). Minor Risk Market cap is less than US$100m (kr1.02b market cap, or US$91.6m). New Risk • Aug 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 56% Last year net profit margin: 95% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (56% net profit margin). Market cap is less than US$100m (kr986.0m market cap, or US$94.6m). Buying Opportunity • Mar 24
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr2.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 95% over the last 3 years. Earnings per share has grown by 97%. 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. 1 experienced director. 2 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director George Crystallis was the last independent director to join the board, commencing their role in 2010. 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 • Oct 26
Investor sentiment improved over the past week After last week's 16% share price gain to kr1.99, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 9x in the Energy Services industry in Norway. Total returns to shareholders of 66% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 15% share price gain to kr2.13, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 10x in the Energy Services industry in Norway. Total returns to shareholders of 96% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr1.86, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 10x in the Energy Services industry in Norway. Total returns to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 19% share price gain to kr1.91, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 9x in the Energy Services industry in Norway. Total returns to shareholders of 32% over the past three years. Board Change • Apr 27
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. 1 experienced director. 2 highly experienced directors. 1 independent director (2 non-independent directors). Independent Non-Executive Director George Crystallis was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Recent Insider Transactions • Feb 22
Head of investments recently bought kr2.2m worth of stock On the 17th of February, Espen Fjermestad bought around 2m shares on-market at roughly kr1.49 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Feb 25
New 90-day high: kr1.16 The company is up 29% from its price of kr0.89 on 27 November 2020. The Norwegian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: kr1.15 The company is up 66% from its price of kr0.69 on 24 September 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 43% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: kr0.93 The company is up 31% from its price of kr0.71 on 09 September 2020. The Norwegian market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 34% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: kr0.79 The company is up 4.0% from its price of kr0.76 on 12 August 2020. The Norwegian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is down 11% over the same period. Is New 90 Day High Low • Oct 14
New 90-day low: kr0.67 The company is down 11% from its price of kr0.75 on 16 July 2020. The Norwegian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: kr0.68 The company is down 8.0% from its price of kr0.74 on 30 June 2020. The Norwegian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 1.0% over the same period.