Upcoming Dividend • May 08
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 27 May 2026. Payout ratio and cash payout ratio are on the higher end at 86% and 96% respectively. Trailing yield: 5.8%. Lower than top quartile of Norwegian dividend payers (7.5%). Higher than average of industry peers (5.0%). Reported Earnings • Apr 17
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr3.49 (down from kr3.72 in FY 2024). Revenue: kr3.91b (flat on FY 2024). Net income: kr358.7m (down 6.5% from FY 2024). Profit margin: 9.2% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 16
Dividend of kr3.00 announced Dividend of kr3.00 is the same as last year. Ex-date: 15th May 2026 Payment date: 27th May 2026 Dividend yield will be 7.5%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 13
Bouvet ASA Proposes Cash Dividend for the Financial Year 2025, Payment Date Is 27 May 2026 The Board of Directors of Bouvet ASA has decided to propose a cash dividend of NOK 3.00 per share for the financial year 2025. The formal dividend resolution will be made at the company's Annual General Meeting, which will be held on 13 May 2026. Ex-date: 15 May 2026; Record date: 18 May 2026; Payment date: 27 May 2026; Date of approval: 13 May 2026. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr49.10, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the IT industry in Europe. Total loss to shareholders of 9.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr73.90 per share. Announcement • Feb 04
Bouvet ASA to Report Fiscal Year 2025 Results on Apr 15, 2026 Bouvet ASA announced that they will report fiscal year 2025 results at 9:00 AM, Central European Standard Time on Apr 15, 2026 Buy Or Sell Opportunity • Jan 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to kr58.40. The fair value is estimated to be kr73.02, 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 grown by 9.0%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 7.3% in the next 2 years. Announcement • Dec 17
Bouvet ASA, Annual General Meeting, May 13, 2026 Bouvet ASA, Annual General Meeting, May 13, 2026. Price Target Changed • Nov 13
Price target decreased by 18% to kr64.00 Down from kr78.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of kr56.70. Stock is down 24% over the past year. The company is forecast to post earnings per share of kr3.57 for next year compared to kr3.72 last year. Reported Earnings • Nov 12
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: kr0.68 (down from kr0.76 in 3Q 2024). Revenue: kr870.5m (flat on 3Q 2024). Net income: kr70.1m (down 10.0% from 3Q 2024). Profit margin: 8.1% (down from 8.9% in 3Q 2024). Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to kr58.20. The fair value is estimated to be kr73.91, 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. Earnings per share has grown by 9.8%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Announcement • Oct 06
Bouvet ASA to Report Q4, 2025 Results on Feb 13, 2026 Bouvet ASA announced that they will report Q4, 2025 results on Feb 13, 2026 Reported Earnings • Aug 27
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: kr0.93 (down from kr1.01 in 2Q 2024). Revenue: kr968.7m (down 3.2% from 2Q 2024). Net income: kr95.7m (down 8.3% from 2Q 2024). Profit margin: 9.9% (in line with 2Q 2024). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • May 22
First quarter 2025 earnings released: EPS: kr1.17 (vs kr1.02 in 1Q 2024) First quarter 2025 results: EPS: kr1.17 (up from kr1.02 in 1Q 2024). Revenue: kr1.07b (up 5.8% from 1Q 2024). Net income: kr121.0m (up 15% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • May 02
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 20 May 2025. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Norwegian dividend payers (9.0%). Higher than average of industry peers (2.6%). Buy Or Sell Opportunity • Apr 29
Now 22% overvalued Over the last 90 days, the stock has fallen 4.4% to kr78.60. The fair value is estimated to be kr64.58, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Recent Insider Transactions • Apr 20
Independent Director recently sold kr23m worth of stock On the 14th of April, Egil Dahl sold around 300k shares on-market at roughly kr75.70 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr47m more than they bought in the last 12 months. Reported Earnings • Apr 15
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: kr3.72 (up from kr3.15 in FY 2023). Revenue: kr3.92b (up 11% from FY 2023). Net income: kr383.4m (up 18% from FY 2023). Profit margin: 9.8% (in line with FY 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.9%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 27
Bouvet ASA (OB:BOUV) announces an Equity Buyback for 1,000,000 shares, for NOK 90 million. Bouvet ASA (OB:BOUV) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares for NOK 90 million. The repurchased shares will be used in its share program for employees. The program will end no later than October 10, 2025. As of February 25, 2025, the company has 318,632 shares in treasury. Reported Earnings • Feb 19
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: kr3.72 (up from kr3.15 in FY 2023). Revenue: kr3.92b (up 11% from FY 2023). Net income: kr383.4m (up 18% from FY 2023). Profit margin: 9.8% (in line with FY 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 4.9%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Dec 13
Bouvet ASA, Annual General Meeting, May 07, 2025 Bouvet ASA, Annual General Meeting, May 07, 2025. Buy Or Sell Opportunity • Dec 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.3% to kr72.00. The fair value is estimated to be kr59.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Nov 13
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: kr0.76 (up from kr0.61 in 3Q 2023). Revenue: kr878.5m (up 13% from 3Q 2023). Net income: kr77.9m (up 23% from 3Q 2023). Profit margin: 8.9% (up from 8.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the IT 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 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Nov 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to kr72.70. The fair value is estimated to be kr60.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Recent Insider Transactions • Sep 25
Director recently sold kr513k worth of stock On the 20th of September, Sverre Hurum sold around 8k shares on-market at roughly kr68.35 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth kr21m. Insiders have been net sellers, collectively disposing of kr34m more than they bought in the last 12 months. Recent Insider Transactions • Aug 30
Director recently sold kr2.0m worth of stock On the 27th of August, Sverre Hurum sold around 30k shares on-market at roughly kr67.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr12m more than they bought in the last 12 months. Reported Earnings • Aug 28
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr1.01 (up from kr0.67 in 2Q 2023). Revenue: kr1.00b (up 20% from 2Q 2023). Net income: kr104.4m (up 50% from 2Q 2023). Profit margin: 10% (up from 8.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.5%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 20
Bouvet ASA to Report Q2, 2024 Results on Aug 27, 2024 Bouvet ASA announced that they will report Q2, 2024 results on Aug 27, 2024 Buy Or Sell Opportunity • Aug 15
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at kr61.70. The fair value is estimated to be kr79.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Recent Insider Transactions • Jun 23
Director recently sold kr633k worth of stock On the 17th of June, Sverre Hurum sold around 10k shares on-market at roughly kr63.29 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr9.9m more than they bought in the last 12 months. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Director Sverre Hurum was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 16
Upcoming dividend of kr2.60 per share Eligible shareholders must have bought the stock before 23 May 2024. Payment date: 07 June 2024. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Norwegian dividend payers (7.6%). In line with average of industry peers (4.1%). Reported Earnings • Apr 28
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: kr3.15 (up from kr3.06 in FY 2022). Revenue: kr3.53b (up 14% from FY 2022). Net income: kr325.4m (up 3.1% from FY 2022). Profit margin: 9.2% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT 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 4% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 02
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at kr60.80. The fair value is estimated to be kr76.61, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Buy Or Sell Opportunity • Mar 11
Now 21% undervalued Over the last 90 days, the stock has risen 6.0% to kr60.40. The fair value is estimated to be kr76.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Declared Dividend • Feb 22
Final dividend of kr2.60 announced Shareholders will receive a dividend of kr2.60. Ex-date: 23rd May 2024 Payment date: 7th June 2024 Dividend yield will be 5.1%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: kr3.15 (up from kr3.06 in FY 2022). Revenue: kr3.53b (up 14% from FY 2022). Net income: kr325.4m (up 3.1% from FY 2022). Profit margin: 9.2% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the IT 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 4% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Bouvet ASA Proposes Payment of Cash Dividend for the Financial Year 2023, Payable on June 7, 2024 The board of directors of Bouvet ASA has decided to propose payment of cash dividend of NOK 2.60 (NOK 2,50) per share for the financial year 2023, due for payment first half 2024. The proposal will be considered at the annual general meeting 22 May 2024. Dividend payable on June 7, 2024, record date of May 24, 2024 and ex-date of May 23, 2024. Buy Or Sell Opportunity • Feb 09
Now 20% undervalued Over the last 90 days, the stock has risen 8.1% to kr60.20. The fair value is estimated to be kr75.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 9.2% in the next 2 years. Buying Opportunity • Dec 04
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr71.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 9.2% in the next 2 years. Reported Earnings • Nov 12
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: kr0.61 (up from kr0.55 in 3Q 2022). Revenue: kr777.9m (up 11% from 3Q 2022). Net income: kr63.1m (up 12% from 3Q 2022). Profit margin: 8.1% (in line with 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Nov 09
Bouvet ASA Declares Cash Dividend, Payable on 22 November 2023 Bouvet ASA declared cash dividend of NOK 0.55 per share, payable on 22 November 2023 with last day including right date of 10 November 2023, Ex-date of 13 November 2023 and Record date of 14 November 2023. Recent Insider Transactions • Oct 05
Director recently sold kr5.6m worth of stock On the 2nd of October, Sverre Hurum sold around 100k shares on-market at roughly kr56.20 per share. This transaction amounted to 2.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr4.6m more than they bought in the last 12 months. Recent Insider Transactions • Sep 20
Independent Vice Chairman recently bought kr224k worth of stock On the 12th of September, Tove Raanes bought around 4k shares on-market at roughly kr56.00 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Tove has been a buyer over the last 12 months, purchasing a net total of kr445k worth in shares. Announcement • Sep 12
Bouvet ASA (OB:BOUV) signed an agreement to acquire Headit As. Bouvet ASA (OB:BOUV) signed an agreement to acquire Headit As on September 11, 2023.The agreement will take effect from October 2, 2023. Bouvet is purchasing all the shares in Headit AS for a combination of cash and shares in the acquiring company. Price Target Changed • Sep 11
Price target decreased by 29% to kr60.00 Down from kr85.00, the current price target is provided by 1 analyst. New target price is 7.9% above last closing price of kr55.60. Stock is down 5.3% over the past year. The company is forecast to post earnings per share of kr3.07 for next year compared to kr3.06 last year. Reported Earnings • Sep 03
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: kr0.67 (down from kr0.68 in 2Q 2022). Revenue: kr833.0m (up 14% from 2Q 2022). Net income: kr69.4m (flat on 2Q 2022). Profit margin: 8.3% (down from 9.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 17
Upcoming dividend of kr2.50 per share at 3.7% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 08 June 2023. Payout ratio and cash payout ratio are on the higher end at 82% and 85% respectively. Trailing yield: 3.7%. Lower than top quartile of Norwegian dividend payers (8.2%). In line with average of industry peers (3.5%). Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: kr3.06 (up from kr2.58 in FY 2021). Revenue: kr3.09b (up 14% from FY 2021). Net income: kr315.7m (up 19% from FY 2021). Profit margin: 10% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.0%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: kr3.06 (vs kr2.58 in FY 2021) Full year 2022 results: EPS: kr3.06 (up from kr2.58 in FY 2021). Revenue: kr3.09b (up 14% from FY 2021). Net income: kr315.7m (up 19% from FY 2021). Profit margin: 10% (in line with FY 2021). Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 18
Bouvet ASA Proposes Cash Dividend for the Financial Year 2022, Payable on 8 June 2023 The board of directors of Bouvet ASA has decided to propose payment of cash dividend of NOK 2.50 per share for the financial year 2022. The proposal will be considered at the annual general meeting 23 May 2023. Ex-date is 24 May 2023. Record date is 25 May 2023. Payment date is 8 June 2023. Recent Insider Transactions • Nov 16
Independent Vice Chairman recently bought kr221k worth of stock On the 10th of November, Tove Raanes bought around 4k shares on-market at roughly kr55.15 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr11m. This was Tove's only on-market trade for the last 12 months. Buying Opportunity • Nov 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be kr70.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 14% in the next 2 years. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: kr0.55 (vs kr0.45 in 3Q 2021) Third quarter 2022 results: EPS: kr0.55 (up from kr0.45 in 3Q 2021). Revenue: kr699.4m (up 20% from 3Q 2021). Net income: kr56.6m (up 23% from 3Q 2021). Profit margin: 8.1% (up from 7.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Recent Insider Transactions • Oct 14
Independent Chairman recently bought kr559k worth of stock On the 6th of October, Pal Ronn bought around 10k shares on-market at roughly kr55.89 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr11m. This was Pal's only on-market trade for the last 12 months. Recent Insider Transactions • Sep 13
Independent Director recently bought kr11m worth of stock On the 9th of September, Egil Dahl bought around 200k shares on-market at roughly kr56.20 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr12m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 31
President & CEO recently bought kr264k worth of stock On the 29th of August, Per Tronsli bought around 4k shares on-market at roughly kr60.00 per share. This transaction increased Per's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Per's only on-market trade for the last 12 months. Reported Earnings • Aug 25
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: kr0.68 (up from kr0.63 in 2Q 2021). Revenue: kr734.9m (up 8.7% from 2Q 2021). Net income: kr69.7m (up 8.1% from 2Q 2021). Profit margin: 9.5% (in line with 2Q 2021). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) exceeded analyst estimates by 6.3%. Over the next year, revenue is forecast to grow 13% compared to a 9.6% decline forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 13
Upcoming dividend of kr2.30 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 01 June 2022. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 3.7%. Lower than top quartile of Norwegian dividend payers (6.4%). In line with average of industry peers (4.0%). Buying Opportunity • May 09
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be kr81.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings is also forecast to grow by 9.4% per annum over the same time period.