New Risk • May 13
New major risk - Revenue and earnings growth Earnings have declined by 2.5% 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 Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 2.5% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (kr431.0m market cap, or US$47.0m). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: kr1.00 (vs kr1.00 in 1Q 2025) First quarter 2026 results: EPS: kr1.00 (in line with 1Q 2025). Revenue: kr27.7m (up 2.9% from 1Q 2025). Net income: kr8.48m (up 2.1% from 1Q 2025). Profit margin: 31% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Declared Dividend • May 02
Dividend increased to kr2.50 Dividend of kr2.50 is 25% higher than last year. Ex-date: 13th May 2026 Payment date: 1st January 1970 Dividend yield will be 5.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 10% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 30
Baltic Sea Properties AS announces Annual dividend Baltic Sea Properties AS announced Annual dividend of NOK 2.5000 per share, ex-date on May 13, 2026 and record date on May 15, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: kr5.30 (vs kr6.37 in FY 2024) Full year 2025 results: EPS: kr5.30 (down from kr6.37 in FY 2024). Revenue: kr107.5m (up 12% from FY 2024). Net income: kr45.8m (down 17% from FY 2024). Profit margin: 43% (down from 57% in FY 2024). New Risk • Feb 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 6.6% 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 (2.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr412.0m market cap, or US$43.3m). Buy Or Sell Opportunity • Feb 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to kr47.60. The fair value is estimated to be kr62.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 17%. Buy Or Sell Opportunity • Jan 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to kr49.80. The fair value is estimated to be kr62.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 17%. Buy Or Sell Opportunity • Dec 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to kr49.00. The fair value is estimated to be kr62.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 17%. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: kr0.66 (vs kr0.30 in 3Q 2024) Third quarter 2025 results: EPS: kr0.66 (up from kr0.30 in 3Q 2024). Revenue: kr27.4m (up 12% from 3Q 2024). Net income: kr6.54m (up 155% from 3Q 2024). Profit margin: 24% (up from 11% in 3Q 2024). Board Change • Oct 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 31
Second quarter 2025 earnings released: EPS: kr1.00 (vs kr1.66 in 2Q 2024) Second quarter 2025 results: EPS: kr1.00 (down from kr1.66 in 2Q 2024). Revenue: kr27.1m (up 13% from 2Q 2024). Net income: kr7.36m (down 57% from 2Q 2024). Profit margin: 27% (down from 71% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: kr1.00 (vs kr1.23 in 1Q 2024) First quarter 2025 results: EPS: kr1.00. Revenue: kr27.6m (up 17% from 1Q 2024). Net income: kr8.30m (up 1.3% from 1Q 2024). Profit margin: 30% (down from 35% in 1Q 2024). Board Change • Apr 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 31
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 17
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr53.00, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 17x in the Real Estate industry in Norway. Total returns to shareholders of 17% over the past three years. New Risk • Feb 17
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 8.4% 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 Risks Interest payments are not well covered by earnings (1.7x net interest cover). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr460.4m market cap, or US$41.5m). Reported Earnings • Feb 15
Full year 2024 earnings released: EPS: kr6.32 (vs kr4.34 in FY 2023) Full year 2024 results: EPS: kr6.32 (up from kr4.34 in FY 2023). Revenue: kr97.2m (up 6.5% from FY 2023). Net income: kr53.5m (up 85% from FY 2023). Profit margin: 55% (up from 32% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Board Change • Feb 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 30% 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 Interest payments are not well covered by earnings (1.7x net interest cover). Shareholders have been substantially diluted in the past year (30% increase in shares outstanding). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (kr425.7m market cap, or US$37.5m). Announcement • Jan 02
Baltic Sea Properties AS, Annual General Meeting, May 15, 2025 Baltic Sea Properties AS, Annual General Meeting, May 15, 2025. Board Change • Dec 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 22
Third quarter 2024 earnings released: EPS: kr0.30 (vs kr0.47 in 3Q 2023) Third quarter 2024 results: EPS: kr0.30 (down from kr0.47 in 3Q 2023). Revenue: kr25.0m (up 9.6% from 3Q 2023). Net income: kr2.57m (down 19% from 3Q 2023). Profit margin: 10% (down from 14% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Board Change • Nov 21
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Henrik Austgulen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: kr1.66 (vs kr1.35 in 2Q 2023) Second quarter 2024 results: EPS: kr1.66 (up from kr1.35 in 2Q 2023). Revenue: kr24.4m (up 4.5% from 2Q 2023). Net income: kr17.0m (up 89% from 2Q 2023). Profit margin: 70% (up from 38% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Jun 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (35% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (kr416.3m market cap, or US$39.1m). Announcement • Jun 09
Baltic Sea Properties AS Approves Board and Committee Elections Baltic Sea Properties AS at its AGM held on June 6, 2024 approved election of Henrik Austgulen as board member. The company also approved election of John Arne Brennsund as chair of nomination committee and Arne Sunde and Jon Erik Halnes as members. Announcement • Jun 08
Baltic Sea Properties AS Approves Dividend for the Accounting Year 2023 Baltic Sea Properties AS at its AGM held on June 6, 2024 approved dividend of NOK 1.75 per share for the accounting year 2023. The dividend will be paid to shareholders who holds shares in Baltic Sea Properties as of the record date 10 June 2024 (ex-date is June 7, 2024). New Risk • Jun 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% 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 (2.0x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (32% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (kr421.4m market cap, or US$40.1m). Declared Dividend • May 30
Dividend increased to kr1.75 Dividend of kr1.75 is 9.4% higher than last year. Ex-date: 6th June 2024 Payment date: 18th June 2024 Dividend yield will be 3.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (35% net profit margin). Market cap is less than US$100m (kr331.3m market cap, or US$31.0m). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: kr1.23 (vs kr0.70 in 1Q 2023) First quarter 2024 results: EPS: kr1.23 (up from kr0.70 in 1Q 2023). Revenue: kr23.7m (up 10.0% from 1Q 2023). Net income: kr8.20m (up 74% from 1Q 2023). Profit margin: 35% (up from 22% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 8% per year. Reported Earnings • Apr 11
Full year 2023 earnings released: EPS: kr4.00 (vs kr7.04 in FY 2022) Full year 2023 results: EPS: kr4.00 (down from kr7.04 in FY 2022). Revenue: kr92.0m (up 32% from FY 2022). Net income: kr29.0m (down 38% from FY 2022). Profit margin: 32% (down from 68% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be kr56.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: kr0.47 (vs kr0.14 in 3Q 2022) Third quarter 2023 results: EPS: kr0.47 (up from kr0.14 in 3Q 2022). Revenue: kr23.3m (up 30% from 3Q 2022). Net income: kr3.17m (up 244% from 3Q 2022). Profit margin: 14% (up from 5.1% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 23
Second quarter 2023 earnings released: EPS: kr1.35 (vs kr0.57 in 2Q 2022) Second quarter 2023 results: EPS: kr1.35 (up from kr0.57 in 2Q 2022). Revenue: kr23.6m (up 47% from 2Q 2022). Net income: kr8.99m (up 135% from 2Q 2022). Profit margin: 38% (up from 24% in 2Q 2022). Board Change • Jun 15
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Jun 03
Baltic Sea Properties AS Approves Dividend for 2022, Payable on or About June 13, 2023 The board of Baltic Sea Properties AS has resolved to distribute dividend. In reference to the annual general meeting on the 3rd of May 2023 and the decision under item number 4 to authorise the board for a dividend distribution to the shareholders, the board has authorized and approved a dividend distribution of NOK 1.60 per share. The distribution will be in form of repayment of paid-up share capital premium. The shares of Baltic Sea Properties AS will be traded ex dividend of NOK 1.60 per share from and including 7th of June 2023. Record date: 8 June 2023; Payment date: On or about 13 June 2023; and Date of approval: 2 June 2023. Board Change • May 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr42.20, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 6x in the Real Estate industry in Norway. Total returns to shareholders of 28% over the past three years. Announcement • Jul 30
Baltic Sea Properties AS Approves Dividend Distribution, Payable on August 08, 2022 Baltic Sea Properties AS approved a dividend distribution of NOK 1.5 per share. The shares of Baltic Sea Properties AS will be traded ex dividend of NOK 1.50 per share from and including August 02, 2022. The dividend will be distributed on August 08, 2022. Record date: August 03, 2022. Reported Earnings • May 21
First quarter 2022 earnings released: EPS: kr0.68 (vs kr0.32 in 1Q 2021) First quarter 2022 results: EPS: kr0.68 (up from kr0.32 in 1Q 2021). Revenue: kr15.8m (up 9.1% from 1Q 2021). Net income: kr4.51m (up 112% from 1Q 2021). Profit margin: 28% (up from 15% in 1Q 2021). 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 10% per year, which means it is significantly lagging earnings growth. Board Change • May 19
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bjørn Bjøro was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 17% share price gain to kr55.00, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 8x in the Real Estate industry in Norway. Total returns to shareholders of 58% over the past three years. Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr4.52 (up from kr2.22 in FY 2020). Revenue: kr63.8m (up 3.1% from FY 2020). Net income: kr30.2m (up 104% from FY 2020). Profit margin: 47% (up from 24% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Jan 25
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Sigurd Persson was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS kr0.40 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr16.1m (up 6.5% from 3Q 2020). Net income: kr2.64m (down 80% from 3Q 2020). Profit margin: 16% (down from 86% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Nov 11
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Sigurd Persson was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Recent Insider Transactions • Oct 07
Director recently bought kr273k worth of stock On the 5th of October, John Afseth bought around 5k shares on-market at roughly kr52.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr100m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 31
Second quarter 2021 earnings released: EPS kr2.58 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr17.8m (up 19% from 2Q 2020). Net income: kr17.2m (up kr17.0m from 2Q 2020). Profit margin: 97% (up from 1.6% in 2Q 2020). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 20% share price decline to kr52.00, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 11x in the Real Estate industry in Norway. Total returns to shareholders of 84% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr14.5m (down 6.5% from 1Q 2020). Net income: kr2.12m (up 48% from 1Q 2020). Profit margin: 15% (up from 9.2% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 22% per year. Recent Insider Transactions • May 12
Insider recently bought kr100m worth of stock On the 4th of May, James Clarke bought around 2m shares on-market at roughly kr56.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr100m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 08
Insider recently bought kr100m worth of stock On the 4th of May, James Clarke bought around 2m shares on-market at roughly kr56.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr100m more in shares than they have sold in the last 12 months. Announcement • May 06
UAB "Liepu Projektas" acquired 26.61% stake in Baltic Sea Properties AS (OB:BALT) from Bc Produkter As, Visgun AS, Emerging Europe Commercial Properties AS and Eruca AS for NOK 99.6 million. UAB "Liepu Projektas" agreed to acquire 26.61% stake in Baltic Sea Properties AS (OB:BALT) from Bc Produkter As, Visgun AS, Emerging Europe Commercial Properties AS and Eruca AS for NOK 99.6 million on March 22, 2021. As per terms of transaction, UAB "Liepu Projektas" will acquire 1.7 million shares of Baltic Sea Properties AS at NOK 56 per shares.
UAB "Liepu Projektas" completed the acquisition of 26.61% stake in Baltic Sea Properties AS (OB:BALT) from Bc Produkter As, Visgun AS, Emerging Europe Commercial Properties AS and Eruca AS on May 4, 2021. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improved over the past week After last week's 25% share price gain to kr65.00, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 20x in the Real Estate industry in Norway. Total returns to shareholders of 62% over the past three years. Is New 90 Day High Low • Feb 23
New 90-day high: kr59.50 The company is up 19% from its price of kr50.00 on 25 November 2020. The Norwegian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. Is New 90 Day High Low • Feb 01
New 90-day high: kr57.50 The company is up 3.0% from its price of kr56.00 on 03 November 2020. The Norwegian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 30% over the same period. Is New 90 Day High Low • Sep 29
New 90-day high: kr53.00 The company is up 75% from its price of kr30.20 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 Real Estate industry, which is down 1.0% over the same period. 
