IDEX Biometrics (OB:IDEX) - Share price, News & Analysis

IDEX fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	2/6
Past Performance	0/6
Financial Health	4/6
Dividends	0/6

IDEX Stock Overview

IDEX Biometrics ASA engages in the design, development, and sale of fingerprint authentication solutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific regions.

Rewards

Revenue is forecast to grow 162.82% per year

Trading below our calculated fair Price-To-Sales ratio

Risk Analysis

Has less than 1 year of cash runway

Currently unprofitable and not forecast to become profitable over the next 3 years

Volatile share price over the past 3 months

Shareholders have been diluted in the past year

+ 2 more risks

IDEX Biometrics Competitors

StrongPoint

OB:STRO

kr795.4m

Airthings

OB:AIRX

kr761.2m

Q-Free

OB:QFR

kr686.4m

Norbit

OB:NORBT

kr1.5b

Price History & Performance

Summary of all time highs, changes and price drops for IDEX Biometrics
Historical stock prices
Current Share Price	kr0.78
52 Week High	kr3.82
52 Week Low	kr0.68
Beta	2.31
1 Month Change	-7.44%
3 Month Change	-28.34%
1 Year Change	-66.66%
3 Year Change	-48.37%
5 Year Change	-87.68%
Change since IPO	-99.82%

Recent News & Updates

Sep 11

Here's Why IDEX Biometrics (OB:IDEX) Must Use Its Cash Wisely

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com...

Shareholder Returns

	IDEX	NO Electronic	NO Market
7D	4.8%	3.1%	2.0%
1Y	-66.7%	-35.8%	-3.5%

Return vs Industry: IDEX underperformed the Norwegian Electronic industry which returned -35.8% over the past year.

Return vs Market: IDEX underperformed the Norwegian Market which returned -3.5% over the past year.

Price Volatility

Is IDEX's price volatile compared to industry and market?
IDEX volatility
IDEX Average Weekly Movement	10.0%
Electronic Industry Average Movement	7.6%
Market Average Movement	6.8%
10% most volatile stocks in NO Market	11.3%
10% least volatile stocks in NO Market	3.8%

Stable Share Price: IDEX is more volatile than 75% of Norwegian stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: IDEX's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of Norwegian stocks.

About the Company

Founded	Employees	CEO	Website
1996	106	Vince Graziani	https://www.idexbiometrics.com

IDEX Biometrics ASA engages in the design, development, and sale of fingerprint authentication solutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific regions. The company’s fingerprint authentication solutions are used primarily in contactless financial payment, access control, and smart cards, as well as card-based devices for the storage of digital currencies. It primarily serves manufacturers of smart cards for financial payment applications and biometric payment card markets.

IDEX Biometrics Fundamentals Summary

How do IDEX Biometrics's earnings and revenue compare to its market cap?
IDEX fundamental statistics
Market Cap	kr790.00m
Earnings (TTM)	-kr367.54m
Revenue (TTM)	kr37.88m

20.9x

P/S Ratio

-2.1x

P/E Ratio

Is IDEX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
IDEX income statement (TTM)
Revenue	US$3.62m
Cost of Revenue	US$2.44m
Gross Profit	US$1.18m
Other Expenses	US$36.26m
Earnings	-US$35.09m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 10, 2022

Earnings per share (EPS)	-0.035
Gross Margin	32.52%
Net Profit Margin	-970.30%
Debt/Equity Ratio	0%

How did IDEX perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is IDEX 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 IDEX?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for IDEX. This is calculated by dividing IDEX's market cap by their current preferred multiple.
What is IDEX's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$75.42m

IDEX 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	16.6x
Enterprise Value/EBITDA	-1.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

IDEX PS Ratio vs Peers

The above table shows the PS ratio for IDEX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	1.3x
STRO StrongPoint	0.7x	14.9%	kr795.4m
AIRX Airthings	2x	18.7%	kr761.2m
QFR Q-Free	0.8x	9.8%	kr686.4m
NORBT Norbit	1.5x	15.0%	kr1.5b
IDEX IDEX Biometrics	20.9x	162.8%	kr790.0m

Price-To-Sales vs Peers: IDEX is expensive based on its Price-To-Sales Ratio (20.9x) compared to the peer average (1.3x).

Price to Earnings Ratio vs Industry

How does IDEX's PE Ratio compare vs other companies in the European Electronic Industry?

Price-To-Sales vs Industry: IDEX is expensive based on its Price-To-Sales Ratio (20.9x) compared to the European Electronic industry average (1.1x)

Price to Sales Ratio vs Fair Ratio

What is IDEX'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.

IDEX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	20.9x
Fair PS Ratio	144.6x

Price-To-Sales vs Fair Ratio: IDEX is good value based on its Price-To-Sales Ratio (20.9x) compared to the estimated Fair Price-To-Sales Ratio (144.6x).

Share Price vs Fair Value

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

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

Significantly Below Fair Value: Insufficient data to calculate IDEX'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 IDEX Biometrics forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score

2/6

Future Growth Score 2/6

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

91.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: IDEX is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: IDEX is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: IDEX is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: IDEX's revenue (162.8% per year) is forecast to grow faster than the Norwegian market (0.3% per year).

High Growth Revenue: IDEX's revenue (162.8% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if IDEX's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has IDEX Biometrics 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

-1.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: IDEX is currently unprofitable.

Growing Profit Margin: IDEX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: IDEX is unprofitable, and losses have increased over the past 5 years at a rate of 1% per year.

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

Earnings vs Industry: IDEX is unprofitable, making it difficult to compare its past year earnings growth to the Electronic industry (11.7%).

Return on Equity

High ROE: IDEX has a negative Return on Equity (-154.2%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is IDEX Biometrics's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

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

Financial Position Analysis

Short Term Liabilities: IDEX's short term assets ($21.5M) exceed its short term liabilities ($2.7M).

Long Term Liabilities: IDEX has no long term liabilities.

Debt to Equity History and Analysis

Debt Level: IDEX is debt free.

Reducing Debt: IDEX 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: IDEX has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: IDEX has less than a year of cash runway if free cash flow continues to grow at historical rates of 0.6% each year.

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Dividend

What is IDEX Biometrics's 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

IDEX Biometrics Dividend Yield vs Market

How does IDEX Biometrics dividend yield compare to the market?
Segment	Dividend Yield
Company (IDEX Biometrics)	n/a
Market Bottom 25% (NO)	3.7%
Market Top 25% (NO)	7.7%
Industry Average (Electronic)	1.9%
Analyst forecast in 3 Years (IDEX Biometrics)	n/a

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

High Dividend: Unable to evaluate IDEX'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 IDEX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if IDEX'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 IDEX has not reported any payouts.

Discover strong dividend paying companies

Management

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

3.6yrs

Average management tenure

CEO

Vince Graziani (61 yo)

2.67yrs

Tenure

US$595,000

Compensation

Mr. Vincent Graziani, also known as Vince, had been Chief Executive Officer of Sand 9 Inc. since February 2010 until May 2015 and served as its President. Mr. Graziani serves as Chief Executive Officer at...

CEO Compensation Analysis

Vince Graziani's Compensation vs IDEX Biometrics Earnings

How has Vince Graziani's remuneration changed compared to IDEX Biometrics's earnings?
Date	Total Comp.	Salary	Company Earnings
Jun 30 2022	n/a	n/a	-US$35m
Mar 31 2022	n/a	n/a	-US$33m
Dec 31 2021	US$595k	US$400k	-US$33m
Sep 30 2021	n/a	n/a	-US$30m
Jun 30 2021	n/a	n/a	-US$29m
Mar 31 2021	n/a	n/a	-US$28m
Dec 31 2020	US$455k	US$312k	-US$27m

Compensation vs Market: Vince's total compensation ($USD595.00K) is above average for companies of similar size in the Norwegian market ($USD331.29K).

Compensation vs Earnings: Vince's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: IDEX's management team is considered experienced (3.6 years average tenure).

Board Members

Experienced Board: IDEX's board of directors are considered experienced (7.4 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of IDEX?
Owner Type	Number of Shares	Ownership Percentage
Public Companies	24,421,794	2.4%
Individual Insiders	46,185,037	4.5%
Private Companies	96,114,369	9.5%
Institutions	417,012,602	41.0%
General Public	432,346,615	42.6%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.5%.

Top Shareholders

Top 25 shareholders own 56.95% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
7.15%	Societe Generale Group, Banking Investments	72,660,606	$56.5m	0%	0.05%
6.74%	Sundt AS	68,507,977	$53.3m	0%	2.95%
5.21%	Sundvall Holding AS	52,964,051	$41.2m	0%	no data
4.43%	Schroder Investment Management Limited	45,030,909	$35.0m	0%	no data
4.4%	Goldman Sachs Group, Investment Banking and Securities Investments	44,717,305	$34.8m	0%	no data
3.69%	BNY Mellon Asset Management	37,524,450	$29.2m	0%	no data
3.58%	Amundi Asset Management	36,357,688	$28.3m	0%	no data
3.16%	Robert Keith	32,139,394	$25.0m	0%	no data
2.56%	Middelborg Invest AS	25,968,945	$20.2m	0%	9.91%
2.36%	Alden AS	24,000,000	$18.7m	0%	no data
2.3%	Citigroup Inc.,Banking and Securities Investments	23,380,322	$18.2m	0%	no data
1.63%	UBS Asset Management	16,511,305	$12.8m	0.05%	no data
1.23%	Norda ASA	12,453,554	$9.7m	0%	no data
1.18%	Tigerstaden AS	12,000,000	$9.3m	0%	2.71%
1.18%	Glory Sun Financial Group Limited	11,968,240	$9.3m	0%	no data
1.11%	DNB Asset Management AS	11,297,904	$8.8m	0%	no data
1.05%	Colargol Invest AS	10,650,318	$8.3m	0%	no data
1.04%	Royal Bank of Canada, Banking & Securities Investments	10,521,348	$8.2m	0%	no data
0.84%	F2 Funds AS	8,500,000	$6.6m	0%	no data
0.73%	Morten Opstad	7,398,916	$5.8m	0%	no data
0.57%	Storebrand Asset Management AS	5,787,382	$4.5m	0%	no data
0.28%	Dimensional Fund Advisors LP	2,821,953	$2.2m	4.21%	no data
0.18%	State Street Global Advisors, Inc.	1,872,753	$1.5m	2.11%	no data
0.18%	Vincent Graziani	1,825,725	$1.4m	32.71%	no data
0.18%	Xact Kapitalförvaltning AB	1,813,405	$1.4m	0%	no data

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
IDEX	OB (Oslo Bors)	Yes	Ordinary Shares	NO	NOK	Nov 1997
IDXA.F	OTCPK (Pink Sheets LLC)	Yes	Ordinary Shares	US	USD	Nov 1997
0MTP	LSE (London Stock Exchange)	Yes	Ordinary Shares	GB	NOK	Nov 1997
I8X	DB (Deutsche Boerse AG)	Yes	Ordinary Shares	DE	EUR	Nov 1997
IDEXO	BATS-CHIXE (BATS 'Chi-X Europe')	Yes	Ordinary Shares	GB	NOK	Nov 1997
IDBA	NasdaqCM (Nasdaq Capital Market)		SPONSORED ADR	US	USD	Mar 2021

Data	Last Updated (UTC time)
Company Analysis	2022/10/04 00:00
End of Day Share Price	2022/10/04 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31