Huddly (OB:HDLY) - Share price, News & Analysis

HDLY fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	5/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

HDLY Stock Overview

Huddly AS, a technology company, creates tools for team collaboration in Norway.

Rewards

Earnings are forecast to grow 108.14% per year

Risk Analysis

Does not have a meaningful market cap (NOK930M)

Huddly Competitors

Napatech

OB:NAPA

kr1.1b

Smartoptics Group

OB:SMOP

kr1.3b

StrongPoint

OB:STRO

kr802.9m

Airthings

OB:AIRX

kr774.2m

Price History & Performance

Summary of all time highs, changes and price drops for Huddly
Historical stock prices
Current Share Price	kr4.41
52 Week High	kr12.00
52 Week Low	kr4.26
Beta	0.82
1 Month Change	-19.91%
3 Month Change	-27.55%
1 Year Change	-62.22%
3 Year Change	67.81%
5 Year Change	n/a
Change since IPO	40.96%

Recent News & Updates

Sep 21

We're Interested To See How Huddly (OB:HDLY) Uses Its Cash Hoard To Grow

We can readily understand why investors are attracted to unprofitable companies. For example, although...

Shareholder Returns

	HDLY	NO Communications	NO Market
7D	-6.3%	-1.5%	-0.1%
1Y	-62.2%	-20.7%	-5.4%

Return vs Industry: HDLY underperformed the Norwegian Communications industry which returned -20.7% over the past year.

Return vs Market: HDLY underperformed the Norwegian Market which returned -5.4% over the past year.

Price Volatility

Is HDLY's price volatile compared to industry and market?
HDLY volatility
HDLY Average Weekly Movement	7.4%
Communications Industry Average Movement	5.7%
Market Average Movement	6.8%
10% most volatile stocks in NO Market	11.2%
10% least volatile stocks in NO Market	3.8%

Stable Share Price: HDLY is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: HDLY's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2013	122	Fredrik Woxen	https://www.huddly.com

Huddly AS, a technology company, creates tools for team collaboration in Norway. The company provides meeting room cameras under Huddly S1,Huddly L1,Huddly IQ, and Huddly GO names. It also provides whiteboard cameras under the Huddly Canvas name; and accessories, such as screen mounts, room, and extension cables.

Huddly Fundamentals Summary

How do Huddly's earnings and revenue compare to its market cap?
HDLY fundamental statistics
Market Cap	kr929.58m
Earnings (TTM)	-kr76.09m
Revenue (TTM)	kr409.55m

2.3x

P/S Ratio

-12.2x

P/E Ratio

Is HDLY overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
HDLY income statement (TTM)
Revenue	kr409.55m
Cost of Revenue	kr237.46m
Gross Profit	kr172.09m
Other Expenses	kr248.18m
Earnings	-kr76.09m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 10, 2022

Earnings per share (EPS)	-0.36
Gross Margin	42.02%
Net Profit Margin	-18.58%
Debt/Equity Ratio	0.0%

How did HDLY perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is HDLY undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HDLY?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for HDLY. This is calculated by dividing HDLY's market cap by their current preferred multiple.
What is HDLY's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	kr929.58m

HDLY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	-7.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does HDLY's PS Ratio compare to its peers?

HDLY PS Ratio vs Peers

The above table shows the PS ratio for HDLY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	2.4x
NAPA Napatech	4x	24.4%	kr1.1b
SMOP Smartoptics Group	3x	22.1%	kr1.3b
STRO StrongPoint	0.7x	14.9%	kr802.9m
AIRX Airthings	2x	18.7%	kr774.2m
HDLY Huddly	2.3x	27.1%	kr929.6m

Price-To-Sales vs Peers: HDLY is good value based on its Price-To-Sales Ratio (2.3x) compared to the peer average (2.4x).

Price to Earnings Ratio vs Industry

How does HDLY's PE Ratio compare vs other companies in the European Communications Industry?

Price-To-Sales vs Industry: HDLY is expensive based on its Price-To-Sales Ratio (2.3x) compared to the European Communications industry average (1.3x)

Price to Sales Ratio vs Fair Ratio

What is HDLY's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HDLY PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.3x
Fair PS Ratio	2x

Price-To-Sales vs Fair Ratio: HDLY is expensive based on its Price-To-Sales Ratio (2.3x) compared to the estimated Fair Price-To-Sales Ratio (2x).

Share Price vs Fair Value

What is the Fair Price of HDLY when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate HDLY's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate HDLY's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Huddly forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

108.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: HDLY is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.1%).

Earnings vs Market: HDLY is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: HDLY is expected to become profitable in the next 3 years.

Revenue vs Market: HDLY's revenue (27.1% per year) is forecast to grow faster than the Norwegian market (0.4% per year).

High Growth Revenue: HDLY's revenue (27.1% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: HDLY's Return on Equity is forecast to be low in 3 years time (15.9%).

Discover growth companies

Past Performance

How has Huddly performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-35.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HDLY is currently unprofitable.

Growing Profit Margin: HDLY is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: HDLY is unprofitable, and losses have increased over the past 5 years at a rate of 35.2% per year.

Accelerating Growth: Unable to compare HDLY's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: HDLY is unprofitable, making it difficult to compare its past year earnings growth to the Communications industry (30.5%).

Return on Equity

High ROE: HDLY has a negative Return on Equity (-18.6%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Huddly's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: HDLY's short term assets (NOK415.7M) exceed its short term liabilities (NOK167.7M).

Long Term Liabilities: HDLY's short term assets (NOK415.7M) exceed its long term liabilities (NOK7.0M).

Debt to Equity History and Analysis

Debt Level: HDLY is debt free.

Reducing Debt: HDLY has not had any debt for past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: HDLY has sufficient cash runway for more than 3 years based on its current free cash flow.

Forecast Cash Runway: HDLY has sufficient cash runway for 1.7 years if free cash flow continues to grow at historical rates of 2.9% each year.

Discover healthy companies

Dividend

What is Huddly current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Huddly Dividend Yield vs Market

How does Huddly dividend yield compare to the market?
Segment	Dividend Yield
Company (Huddly)	n/a
Market Bottom 25% (NO)	3.8%
Market Top 25% (NO)	8.0%
Industry Average (Communications)	2.0%
Analyst forecast in 3 Years (Huddly)	0%

Notable Dividend: Unable to evaluate HDLY's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate HDLY's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if HDLY's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if HDLY's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as HDLY has not reported any payouts.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

0.6yrs

Average management tenure

CEO

Fredrik Woxen

0.67yr

Tenure

Mr. Fredrik Alexander Woxen has been Chief Executive Officer of Huddly AS since February 1, 2022. He is a Co-founder and Board Member of StartupLab and served as its Managing Partner and Chief Executive Of...

Leadership Team

Experienced Management: HDLY's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: HDLY insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

OB:HDLY Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
23 Aug 22	Buykr238,000	Ragnar Kjos	Individual	40,000	kr5.95
19 May 22	Buykr92,550	Cecilia Orheim	Individual	15,000	kr6.17
16 May 22	Buykr252,000	Ragnar Kjos	Individual	40,000	kr6.30
16 May 22	Buykr250,000	Fredrik Woxen	Individual	40,000	kr6.25
08 Mar 22	Buykr2,075,791	Graham Williams	Individual	300,000	kr6.92

Ownership Breakdown

What is the ownership structure of HDLY?
Owner Type	Number of Shares	Ownership Percentage
Individual Insiders	50,472,631	23.9%
General Public	51,949,517	24.6%
Private Companies	54,176,487	25.7%
Institutions	54,429,397	25.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 70.82% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
10.3%	Graham Williams	21,744,655	NOK95.8m	0%	no data
6.56%	Mertoun Capital AS	13,845,471	NOK61.0m	0%	no data
4.3%	Staff Holding AS	9,066,000	NOK39.9m	0%	no data
3.78%	Stein Eriksen	7,970,928	NOK35.1m	0%	no data
3.31%	MP Pensjon	6,993,959	NOK30.8m	-2.1%	0.55%
3.18%	State Street Global Advisors, Inc.	6,712,511	NOK29.6m	-1.47%	no data
3.18%	Joh. Berenberg, Gossler & Co. KG, Asset Management Arm	6,712,511	NOK29.6m	0.34%	0.09%
3.14%	Kolberg Motors As	6,628,000	NOK29.2m	0%	no data
3.03%	Rasmussengruppen AS	6,400,000	NOK28.2m	0%	no data
2.98%	BNY Mellon Asset Management	6,283,639	NOK27.7m	0%	no data
2.82%	Arctic Asset Management AS	5,945,941	NOK26.2m	-13.88%	0.2%
2.39%	Høylandet Byggutleie As	5,041,264	NOK22.2m	0%	no data
2.35%	AS Kassiopeia	4,950,000	NOK21.8m	0%	no data
2.18%	DNB Asset Management AS	4,590,847	NOK20.2m	0%	0.01%
1.92%	Per Kare Kogstad	4,042,080	NOK17.8m	0%	no data
1.9%	Skandinaviska Enskilda Banken AB, Private Banking, Investment Banking, and Insurance Arm	4,000,000	NOK17.6m	0%	0.03%
1.86%	Kristian Kolberg	3,917,000	NOK17.3m	0%	no data
1.66%	Northern Trust Global Investments	3,500,000	NOK15.4m	0%	no data
1.66%	Chelverton Asset Management Limited	3,500,000	NOK15.4m	-10.26%	0.08%
1.54%	Kor Invest AS	3,244,920	NOK14.3m	0%	no data
1.52%	Jan Korneliussen	3,216,832	NOK14.2m	0%	no data
1.42%	Tveco As	3,000,000	NOK13.2m	0%	no data
1.4%	JPMorgan Chase & Co, Private Banking and Investment Banking Investments	2,952,398	NOK13.0m	0%	no data
1.25%	Eamonn Edward Shaw	2,627,300	NOK11.6m	0%	no data
1.21%	Håvard Alstad	2,560,000	NOK11.3m	0%	no data

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
HDLY	OB (Oslo Bors)	Yes	Common Shares	NO	NOK	Apr 2018
14B	DB (Deutsche Boerse AG)	Yes	Common Shares	DE	EUR	Apr 2018
HUDL.F	OTCPK (Pink Sheets LLC)	Yes	Common Shares	US	USD	Apr 2018

Data	Last Updated (UTC time)
Company Analysis	2022/10/02 00:00
End of Day Share Price	2022/09/30 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31