Upcoming Dividend • May 13
Upcoming dividend of kr1.49 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 29 May 2026. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 8.4%. Within top quartile of Norwegian dividend payers (7.2%). Higher than average of industry peers (5.3%). Board Change • Apr 28
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. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Director Siw Odegaard is the most experienced director on the board, commencing their role in 2017. Independent Director Bendik Blindheim was the last independent director to join the board, commencing their role in 2023. 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 • Apr 26
Webstep ASA Announces Step of David Bjerklie from Board Webstep ASA announced David Bjerklie has asked to be replaced from board. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: kr1.61 (vs kr1.80 in FY 2024) Full year 2025 results: EPS: kr1.61 (down from kr1.80 in FY 2024). Revenue: kr835.2m (down 4.5% from FY 2024). Net income: kr42.0m (down 15% from FY 2024). Profit margin: 5.0% (down from 5.6% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 15
Dividend reduced to kr1.49 Dividend of kr1.49 is 35% lower than last year. Ex-date: 20th May 2026 Payment date: 1st January 1970 Dividend yield will be 8.0%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is not covered by earnings (123% earnings payout ratio). However, it is covered by cash flows (65% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 37% to bring the payout ratio under control. EPS is expected to grow by 21% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Feb 13
Webstep ASA announces Annual dividend Webstep ASA announced Annual dividend of NOK 1.4900 per share, ex-date on May 20, 2026 and record date on May 21, 2026. Announcement • Dec 19
Webstep ASA, Annual General Meeting, May 19, 2026 Webstep ASA, Annual General Meeting, May 19, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: kr0.20 (down from kr0.25 in 3Q 2024). Revenue: kr178.3m (down 5.8% from 3Q 2024). Net income: kr5.10m (down 27% from 3Q 2024). Profit margin: 2.9% (down from 3.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.1% 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 fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: kr0.57 (up from kr0.51 in 2Q 2024). Revenue: kr215.0m (down 6.3% from 2Q 2024). Net income: kr14.8m (up 5.3% from 2Q 2024). Profit margin: 6.9% (up from 6.1% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates by 1.8%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • May 12
Upcoming dividend of kr2.30 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 30 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.8%. Lower than top quartile of Norwegian dividend payers (9.2%). Higher than average of industry peers (2.4%). Reported Earnings • Apr 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: kr1.80 (up from kr0.16 in FY 2023). Revenue: kr874.1m (up 1.5% from FY 2023). Net income: kr49.2m (up kr44.7m from FY 2023). Profit margin: 5.6% (up from 0.5% in FY 2023). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 1.9%. Revenue is forecast to grow 8.1% 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 fallen by 39% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Declared Dividend • Feb 15
Dividend increased to kr2.30 Dividend of kr2.30 is 130% higher than last year. Ex-date: 19th May 2025 Payment date: 1st January 1970 Dividend yield will be 9.9%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is not covered by earnings (282% earnings payout ratio) nor is it covered by cash flows (111% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 213% to bring the payout ratio under control. EPS is expected to grow by 33% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 14
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: kr1.81 (up from kr0.16 in FY 2023). Revenue: kr874.1m (down 13% from FY 2023). Net income: kr49.2m (up kr44.7m from FY 2023). Profit margin: 5.6% (up from 0.4% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 1.9%. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has fallen by 39% 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 • Feb 13
Webstep ASA Proposes Dividend The Board of Directors of Webstep ASA proposed a dividend of NOK 2.30 per share. The proposed dividend distribution will be on the agenda for the Company's annual general meeting to be held on 16 May 2025. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: kr0.25 (vs kr0.01 in 3Q 2023) Third quarter 2024 results: EPS: kr0.25 (up from kr0.01 in 3Q 2023). Revenue: kr189.4m (down 10% from 3Q 2023). Net income: kr7.02m (up kr6.75m from 3Q 2023). Profit margin: 3.7% (up from 0.1% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.2% 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 fallen by 52% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Nov 01
Webstep ASA Announces CFO Changes, Effective At the Latest 1 April 2025 Webstep ASA has appointed Henning Hesjedal as new Chief Financial Officer (CFO). He joins Webstep from Avanade Norway, where he over the last 16 years has held Nordic and Norwegian leadership roles, including Nordic Finance Director, Nordic COO and Norway country manager. Hesjedal has many years of experience from finance roles in the consulting industry, from companies like CapGemini and daVinci Consulting (Devoteam) in addition to Avanade. Hesjedal holds a degree in Finance and administration from Høyskolen i Agder. Henning Hesjedal joins Webstep at the latest 1 April 2025. Nina Stemshaug will remain as interim CFO until Hesjedal is in place. Reported Earnings • Aug 28
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: kr0.50 (up from kr0.46 in 2Q 2023). Revenue: kr229.5m (down 8.0% from 2Q 2023). Net income: kr14.1m (up 11% from 2Q 2023). Profit margin: 6.1% (up from 5.1% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to stay flat 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 fallen by 43% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Jul 04
Webstep ASA Announces CFO Changes Webstep ASA has appointed Nina Stemshaug as new interim Chief Financial Officer (CFO), succeeding Ida Amalie Oma, who has decided to step down, as announced 10 June 2024. Nina Stemshaug joins Webstep from NetNordic Group, where she has been Director of Finance since 2019. Before that, she was the CFO of Zalaris ASA for ten years, in a period where the company IPO'd in Oslo and expanded significantly both organically and through M&A. Stemshaug holds a Master's degree in business from BI Norwegian Business School. Stemshaug starts in her interim position 30 July 2024. A thorough search for Webstep's permanent CFO is initiated. Announcement • Jun 13
Webstep ASA Announces Ida Amalie Oma Has Decides Step Down as Chief Financial Officer Webstep ASA announced that Ida Amalie Oma has decided to step down as Chief Financial Officer (CFO) of Webstep to pursue opportunities outside of the company. Webstep has initiated a search for Oma's successor in the CFO position, and Oma will remain in her current role until August 31, 2024. Upcoming Dividend • May 14
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 30 May 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.4%. Lower than top quartile of Norwegian dividend payers (7.6%). In line with average of industry peers (4.2%). Announcement • Mar 20
Webstep ASA Announces CEO Changes Webstep ASA announced that Anne Kristine Lund has been appointed Chief Executive Officer (CEO). Lund will assume the position at the latest mid August 2024, and succeed interim CEO Kjetil Bakke Eriksen. Anne Kristine Lund (born 1981) is the founder and CEO of the IT consultancy company Boitano. Previously, she, among other things, held financial analyst positions at Norges Bank Investment Management (NBIM). Reported Earnings • Feb 18
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr0.13 (down from kr1.40 in FY 2022). Revenue: kr1.00b (up 13% from FY 2022). Net income: kr3.70m (down 90% from FY 2022). Profit margin: 0.4% (down from 4.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 91%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jan 05
Webstep ASA Announces Appointment of Kjell Magne Leirgulen as New Chairman of the Board of Directors Webstep ASA at its EGM held on January 5, 2024 announced that Kjell Magne Leirgulen is the new chairman of the board of directors in the company. Leirgulen is CEO of Embron Group AS, which is a related party to the Company's largest shareholder, Embro Eiendom AS. Leirgulen was previously the CEO of InfoCare, as well as director of Sales and Customer Service at Posten Norge AS. Mr. Leirgulen has served at the board of directors in Webstep ASA since May 2023, and serves as chairperson of the board of directors in a number of other companies. Announcement • Nov 20
Webstep ASA Announces Chief Executive Changes Webstep ASA announced that Save Asmervik steps down as CEO of Webstep ASA with immediate effect. The chairperson of the Company's board of directors, Kjetil Bakke Eriksen, has been appointed as interim CEO and will resign from the board of directors with immediate effect. The board of directors expresses its gratitude to Mr. Asmervik for his efforts as CEO of Webstep. The board has appointed the board's current chairman as interim CEO until a permanent CEO takes over. Mr. Eriksen served as CEO of Webstep from 2006-2019 and has a solid knowledge of Webstep's business and culture. The process of finding a new CEO will start immediately. Following discussions with the nomination committee, the board will shortly call for an extraordinary general meeting to elect a new chairperson after Mr. Eriksen resigns from the board. Board member Kjell Magne Leirgulen will function as the contact person for the board until a new chairperson has been elected. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 2.3% 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. Payout ratio: 119% Cash payout ratio: 188% Earnings have declined by 2.3% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr566.6m market cap, or US$52.4m). Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: kr0.01 (down from kr0.12 in 3Q 2022). Revenue: kr211.2m (up 8.9% from 3Q 2022). Net income: kr271.0k (down 92% from 3Q 2022). Profit margin: 0.1% (down from 1.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 97%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 3% per year. Major Estimate Revision • Sep 19
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr987.9m to kr1.00b. EPS estimate fell from kr2.29 to kr2.00 per share. Net income forecast to grow 38% next year vs 20% growth forecast for IT industry in Norway. Consensus price target down from kr32.00 to kr27.00. Share price was steady at kr24.90 over the past week. Reported Earnings • Aug 23
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: kr0.46 (up from kr0.36 in 2Q 2022). Revenue: kr249.5m (up 16% from 2Q 2022). Net income: kr12.8m (up 30% from 2Q 2022). Profit margin: 5.1% (up from 4.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Announcement • May 18
Webstep ASA Approves Dividend for 2022 Webstep ASA at the Annual general meeting held in May 2023 approved Dividend of NOK 1.70 per share. Reported Earnings • May 18
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: EPS: kr0.68 (up from kr0.65 in 1Q 2022). Revenue: kr277.2m (up 19% from 1Q 2022). Net income: kr18.8m (up 5.3% from 1Q 2022). Profit margin: 6.8% (down from 7.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 8.0% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 05
Webstep ASA Announces Executive Appointments Webstep ASA approved the appointment of Anna Söderblom og David Bjerkeli as new board members of the Company for a two-year term, until the annual general meeting in 2025. Pål Kvernaas is elected as chairperson of the nomination committee for a two-year term, until the annual general meeting in 2025, and Toril Nag and Oskar Bakkevig are elected as members of the nomination committee for a two-year term, until the annual general meeting in 2025. Upcoming Dividend • Apr 28
Upcoming dividend of kr1.70 per share at 5.5% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 16 May 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.5%. Lower than top quartile of Norwegian dividend payers (8.1%). Higher than average of industry peers (3.7%). Board Change • Apr 21
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Chairman of the board Kjetil Eriksen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: kr1.40 (down from kr1.80 in FY 2021). Revenue: kr888.4m (up 15% from FY 2021). Net income: kr38.4m (down 21% from FY 2021). Profit margin: 4.3% (down from 6.3% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the IT industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr30.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 18x in the IT industry in Europe. Total returns to shareholders of 117% over the past three years. Major Estimate Revision • Nov 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from kr2.00 to kr1.65 per share. Revenue forecast steady at kr888.3m. Net income forecast to grow 36% next year vs 19% growth forecast for IT industry in Norway. Consensus price target of kr32.00 unchanged from last update. Share price was steady at kr25.50 over the past week. Major Estimate Revision • Nov 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from kr2.00 to kr1.65 per share. Revenue forecast steady at kr888.3m. Net income forecast to grow 54% next year vs 21% growth forecast for IT industry in Norway. Consensus price target down from kr40.00 to kr32.00. Share price was steady at kr25.30 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: kr0.12 (down from kr0.25 in 3Q 2021). Revenue: kr193.9m (up 17% from 3Q 2021). Net income: kr3.20m (down 52% from 3Q 2021). Profit margin: 1.7% (down from 4.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 61%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.7% 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: kr0.12 (down from kr0.25 in 3Q 2021). Revenue: kr193.9m (up 17% from 3Q 2021). Net income: kr3.20m (down 52% from 3Q 2021). Profit margin: 1.7% (down from 4.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 61%. Revenue is forecast to grow 11% 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 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 24
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: kr0.36 (down from kr0.55 in 2Q 2021). Revenue: kr215.1m (up 10.0% from 2Q 2021). Net income: kr9.81m (down 34% from 2Q 2021). Profit margin: 4.6% (down from 7.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 6.2%. Earnings per share (EPS) also missed analyst estimates by 53%. Over the next year, revenue is forecast to grow 11% compared to a 9.4% decline forecast for the IT industry in Norway. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Recent Insider Transactions • Jun 04
Regional Manager recently sold kr1.1m worth of stock On the 2nd of June, Geir Hindenes sold around 36k shares on-market at roughly kr30.95 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr1.8m more than they bought in the last 12 months. Reported Earnings • May 20
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: kr0.65 (up from kr0.51 in 1Q 2021). Revenue: kr233.0m (up 20% from 1Q 2021). Net income: kr17.8m (up 31% from 1Q 2021). Profit margin: 7.7% (up from 7.0% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 8.9%, compared to a 9.4% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 22
Upcoming dividend of kr1.70 per share Eligible shareholders must have bought the stock before 29 April 2022. Payment date: 09 May 2022. Payout ratio and cash payout ratio are on the higher end at 95% and 92% respectively. Trailing yield: 5.4%. Lower than top quartile of Norwegian dividend payers (6.0%). Higher than average of industry peers (3.6%). Reported Earnings • Apr 07
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: kr1.80 (up from kr1.38 in FY 2020). Revenue: kr775.0m (up 12% from FY 2020). Net income: kr48.5m (up 32% from FY 2020). Profit margin: 6.3% (up from 5.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 12%, compared to a 7.4% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 01
Chief Operating Officer - Sweden recently sold kr1.1m worth of stock On the 24th of February, Jakob Cardell sold around 36k shares on-market at roughly kr31.21 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr934k more than they bought in the last 12 months. Recent Insider Transactions • Feb 22
Executive Chairman recently bought kr204k worth of stock On the 18th of February, Trond Johannessen bought around 6k shares on-market at roughly kr33.50 per share. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Reported Earnings • Feb 18
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: kr1.80 (up from kr1.38 in FY 2020). Revenue: kr775.0m (up 12% from FY 2020). Net income: kr48.5m (up 32% from FY 2020). Profit margin: 6.3% (up from 5.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 13%, compared to a 8.4% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 17
Webstep ASA Proposes Dividend for the Financial Year 2021, Payable on 9 May 2022 The board of directors of Webstep ASA proposed that the company distributes an ordinary dividend of NOK 1.70 per share for the financial year 2021. The board of directors' proposal is made on the basis of the consolidated net profit for the full year as set out in the interim report for the fourth quarter of 2021. The proposed dividend distribution will be on the agenda for the Company's annual general meeting to be held on 28 April 2022. If resolved, the dividend will be distributed to the shareholders of the Company as of the date of the annual general meeting and will be paid to said shareholders on 9 May 2022. The shares in the Company will be traded exclusive of the right to receive the dividend from and including 29 April 2022. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr0.25 (vs kr0.062 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr166.5m (up 14% from 3Q 2020). Net income: kr6.70m (up 303% from 3Q 2020). Profit margin: 4.0% (up from 1.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS kr0.55 (vs kr0.47 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr195.5m (up 13% from 2Q 2020). Net income: kr14.9m (up 19% from 2Q 2020). Profit margin: 7.6% (up from 7.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Executive Departure • Aug 05
Group Business Controller & Interim CFO Fredrik Skuland has left the company On the 31st of July, Fredrik Skuland's tenure as Group Business Controller & Interim CFO ended after less than a year in the role. We don't have any record of a personal shareholding under Fredrik's name. Fredrik is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 21
First quarter 2021 earnings released: EPS kr0.51 (vs kr0.36 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr194.2m (up 6.1% from 1Q 2020). Net income: kr13.6m (up 42% from 1Q 2020). Profit margin: 7.0% (up from 5.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 25
Upcoming dividend of kr1.60 per share Eligible shareholders must have bought the stock before 29 April 2021. Payment date: 06 May 2021. Trailing yield: 5.1%. Within top quartile of Norwegian dividend payers (5.0%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS kr1.38 (vs kr1.36 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: kr690.0m (up 4.5% from FY 2019). Net income: kr36.7m (up 1.8% from FY 2019). Profit margin: 5.3% (down from 5.5% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 03
Webstep ASA Signs Framework Agreement with Equinor Webstep signs framework agreement with Equinor. The agreement has a duration of three years and represents an initial value of approximately NOK 85 million. The purpose of the framework agreement is to provide Equinor with increased capacity for DevOps teams to further develop the software portfolio in close collaboration with Equinor. The agreement is part of a digital transformation of Equinor, and Webstep will be delivering autonomous development teams. Starting up with two teams, Webstep will work on software development in the plant sector at Equinor. The Webstep teams will be located in both Stavanger and Bergen, in order to ensure close collaboration with Equinor resources and stakeholders. The agreement was entered into 26 February 2021. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 20% share price gain to kr30.60, the stock is trading at a trailing P/E ratio of 22.2x, up from the previous P/E ratio of 18.6x. This compares to an average P/E of 24x in the IT industry in Europe. Total returns to shareholders over the past three years are 42%. Is New 90 Day High Low • Feb 25
New 90-day high: kr26.80 The company is up 17% from its price of kr23.00 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 IT industry, which is up 8.0% over the same period.