company background image
KIT

Kitron OB:KIT Stock Report

Last Price

kr18.60

Market Cap

kr3.7b

7D

1.0%

1Y

3.9%

Updated

05 Oct, 2022

Data

Company Financials +
KIT fundamental analysis
Snowflake Score
Valuation4/6
Future Growth4/6
Past Performance2/6
Financial Health3/6
Dividends0/6

KIT Stock Overview

Kitron ASA operates as an electronics manufacturing services company in Norway, Sweden, rest of Europe, the United States, and internationally.

Kitron Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Kitron
Historical stock prices
Current Share Pricekr18.60
52 Week Highkr25.10
52 Week Lowkr16.94
Beta1.02
1 Month Change-1.90%
3 Month Change3.33%
1 Year Change3.91%
3 Year Change105.53%
5 Year Change130.20%
Change since IPO-11.43%

Recent News & Updates

Apr 29
Capital Allocation Trends At Kitron (OB:KIT) Aren't Ideal

Capital Allocation Trends At Kitron (OB:KIT) Aren't Ideal

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...

Shareholder Returns

KITNO ElectronicNO Market
7D1.0%3.6%1.8%
1Y3.9%-34.9%-3.0%

Return vs Industry: KIT exceeded the Norwegian Electronic industry which returned -34.9% over the past year.

Return vs Market: KIT exceeded the Norwegian Market which returned -3% over the past year.

Price Volatility

Is KIT's price volatile compared to industry and market?
KIT volatility
KIT Average Weekly Movement5.2%
Electronic Industry Average Movement7.6%
Market Average Movement6.8%
10% most volatile stocks in NO Market11.3%
10% least volatile stocks in NO Market3.9%

Stable Share Price: KIT is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: KIT's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19962,812Lars Nilssonhttps://www.kitron.com

Kitron ASA operates as an electronics manufacturing services company in Norway, Sweden, rest of Europe, the United States, and internationally. It manufactures electronics that are embedded in the customers’ products; and box-built electronic products. The company’s services include development services, such as product development, product management, re-engineering, and value analysis/value engineering; and industrialization services, including prototype manufacturing, evaluation of new products, component engineering and database, test development, design and build of high level assembly lines, and environmental durability testing.

Kitron Fundamentals Summary

How do Kitron's earnings and revenue compare to its market cap?
KIT fundamental statistics
Market Capkr3.68b
Earnings (TTM)kr170.25m
Revenue (TTM)kr4.79b

21.6x

P/E Ratio

0.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
KIT income statement (TTM)
Revenuekr4.79b
Cost of Revenuekr3.25b
Gross Profitkr1.54b
Other Expenseskr1.37b
Earningskr170.25m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Oct 26, 2022

Earnings per share (EPS)0.86
Gross Margin32.11%
Net Profit Margin3.55%
Debt/Equity Ratio147.0%

How did KIT perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

28%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings 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 KIT?

Other financial metrics that can be useful for relative valuation.

KIT 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/Revenue1.1x
Enterprise Value/EBITDA14.9x
PEG Ratio1.3x

Price to Earnings Ratio vs Peers

How does KIT's PE Ratio compare to its peers?

KIT PE Ratio vs Peers
The above table shows the PE ratio for KIT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average25.9x
NORBT Norbit
19.3xn/akr1.5b
STRO StrongPoint
45.1x44.5%kr794.5m
QFR Q-Free
10.9x10.7%kr689.7m
SMOP Smartoptics Group
28.2x37.1%kr1.3b
KIT Kitron
21.6x17.2%kr3.7b

Price-To-Earnings vs Peers: KIT is good value based on its Price-To-Earnings Ratio (21.6x) compared to the peer average (25.9x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: KIT is expensive based on its Price-To-Earnings Ratio (21.6x) compared to the European Electronic industry average (19.5x)


Price to Earnings Ratio vs Fair Ratio

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

KIT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21.6x
Fair PE Ratio25.2x

Price-To-Earnings vs Fair Ratio: KIT is good value based on its Price-To-Earnings Ratio (21.6x) compared to the estimated Fair Price-To-Earnings Ratio (25.2x).


Share Price vs Fair Value

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

Below Fair Value: KIT (NOK18.6) is trading below our estimate of fair value (NOK29.29)

Significantly Below Fair Value: KIT is trading below fair value by more than 20%.


Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

How is Kitron forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


17.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: KIT's forecast earnings growth (17.2% per year) is above the savings rate (1.1%).

Earnings vs Market: KIT's earnings (17.2% per year) are forecast to grow faster than the Norwegian market (-2.8% per year).

High Growth Earnings: KIT's earnings are forecast to grow, but not significantly.

Revenue vs Market: KIT's revenue (10.1% per year) is forecast to grow faster than the Norwegian market (0.4% per year).

High Growth Revenue: KIT's revenue (10.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: KIT's Return on Equity is forecast to be high in 3 years time (23%)


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Past Performance

How has Kitron performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


14.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: KIT has high quality earnings.

Growing Profit Margin: KIT's current net profit margins (3.6%) are lower than last year (5.1%).


Past Earnings Growth Analysis

Earnings Trend: KIT's earnings have grown by 14.3% per year over the past 5 years.

Accelerating Growth: KIT's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: KIT had negative earnings growth (-15.4%) over the past year, making it difficult to compare to the Electronic industry average (12.4%).


Return on Equity

High ROE: KIT's Return on Equity (12.6%) is considered low.


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Financial Health

How is Kitron's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: KIT's short term assets (NOK4.0B) exceed its short term liabilities (NOK2.9B).

Long Term Liabilities: KIT's short term assets (NOK4.0B) exceed its long term liabilities (NOK1.3B).


Debt to Equity History and Analysis

Debt Level: KIT's net debt to equity ratio (131.1%) is considered high.

Reducing Debt: KIT's debt to equity ratio has increased from 51.1% to 147% over the past 5 years.

Debt Coverage: KIT's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: KIT's interest payments on its debt are well covered by EBIT (7.1x coverage).


Balance Sheet


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Dividend

What is Kitron 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


1.34%

Current Dividend Yield

Dividend Yield vs Market

Kitron Dividend Yield vs Market
How does Kitron dividend yield compare to the market?
SegmentDividend Yield
Company (Kitron)1.3%
Market Bottom 25% (NO)3.7%
Market Top 25% (NO)7.8%
Industry Average (Electronic)1.8%
Analyst forecast in 3 Years (Kitron)5.2%

Notable Dividend: KIT's dividend (1.34%) isn’t notable compared to the bottom 25% of dividend payers in the Norwegian market (3.67%).

High Dividend: KIT's dividend (1.34%) is low compared to the top 25% of dividend payers in the Norwegian market (7.76%).


Stability and Growth of Payments

Stable Dividend: KIT is not paying a notable dividend for the Norwegian market, therefore no need to check if payments are stable.

Growing Dividend: KIT is not paying a notable dividend for the Norwegian market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: KIT is not paying a notable dividend for the Norwegian market.


Cash Payout to Shareholders

Cash Flow Coverage: KIT is paying a dividend but the company has no free cash flows.


Discover strong dividend paying companies

Management

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

7.5yrs

Average management tenure


CEO

Lars Nilsson (58 yo)

7.92yrs

Tenure

kr4,826,000

Compensation

Mr. Lars Peter Nilsson has been the Chief Executive Officer of Kitron ASA since November 10, 2014 and serves as President. He served as the President of Electronics Technology Division at PartnerTech AB un...


CEO Compensation Analysis

Lars Nilsson's Compensation vs Kitron Earnings
How has Lars Nilsson's remuneration changed compared to Kitron's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

kr170m

Mar 31 2022n/an/a

kr153m

Dec 31 2021kr5mkr3m

kr153m

Sep 30 2021n/an/a

kr160m

Jun 30 2021n/an/a

kr201m

Mar 31 2021n/an/a

kr217m

Dec 31 2020kr7mkr3m

kr213m

Sep 30 2020n/an/a

kr200m

Jun 30 2020n/an/a

kr164m

Mar 31 2020n/an/a

kr136m

Dec 31 2019kr19mkr3m

kr133m

Sep 30 2019n/an/a

kr126m

Jun 30 2019n/an/a

kr123m

Mar 31 2019n/an/a

kr122m

Dec 31 2018kr5mkr3m

kr110m

Sep 30 2018n/an/a

kr112m

Jun 30 2018n/an/a

kr107m

Mar 31 2018n/an/a

kr104m

Dec 31 2017kr5mkr3m

kr99m

Sep 30 2017n/an/a

kr95m

Jun 30 2017n/an/a

kr96m

Mar 31 2017n/an/a

kr86m

Dec 31 2016kr14mkr3m

kr75m

Sep 30 2016n/an/a

kr72m

Jun 30 2016n/an/a

kr77m

Mar 31 2016n/an/a

kr69m

Dec 31 2015kr5mkr3m

kr72m

Compensation vs Market: Lars's total compensation ($USD454.68K) is about average for companies of similar size in the Norwegian market ($USD490.91K).

Compensation vs Earnings: Lars's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: KIT's management team is seasoned and experienced (7.5 years average tenure).


Board Members

Experienced Board: KIT's board of directors are considered experienced (5.5 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.


Recent Insider Transactions

OB:KIT Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
07 Jun 22Buykr53,736Maalfrid BrathIndividual2,922kr18.39

Ownership Breakdown

What is the ownership structure of KIT?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders5,445,2572.8%
Private Companies31,113,25615.7%
General Public60,573,27230.6%
Institutions100,559,26850.9%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.4%.


Top Shareholders

Top 25 shareholders own 65.47% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.41%
Folketrygdfondet
18,610,708NOK346.2m0%0.23%
7.51%
Vevlen GÅRd As
14,850,000NOK276.2m0%no data
5.27%
MP Pensjon
10,424,520NOK193.9m0%3.9%
4.69%
BNY Mellon Asset Management
9,276,574NOK172.5m0%no data
4.52%
JPMorgan Chase & Co, Private Banking and Investment Banking Investments
8,926,305NOK166.0m0%0.01%
4.18%
Montanaro Asset Management Limited
8,254,921NOK153.5m0%1.05%
4.15%
Nordea Investment Management AB
8,195,561NOK152.4m0%0.01%
3.62%
Danske Invest Asset Management AS
7,165,164NOK133.3m0%6.23%
3.57%
Aat Invest AS
7,052,772NOK131.2m0%no data
2.28%
VJ Invests AS
4,514,760NOK84.0m0%no data
1.99%
Avanza Fonder AB
3,936,973NOK73.2m0%0.23%
1.62%
Holberg Fondsforvaltning AS
3,200,000NOK59.5m0%4.95%
1.37%
Varner Equities AS
2,711,724NOK50.4m0%no data
1.35%
DNB Asset Management AS
2,677,623NOK49.8m0%0.02%
1.3%
Thompson, Siegel & Walmsley LLC
2,575,503NOK47.9m0%0.06%
1.25%
Lars Nilsson
2,471,102NOK46.0m8.04%no data
1.18%
ODIN Forvaltning AS
2,325,000NOK43.2m0%0.17%
1%
Hausta Investor AS
1,984,000NOK36.9m0%no data
0.93%
Statoils Pensjonskasse
1,846,166NOK34.3m0%5.78%
0.91%
FMR LLC
1,796,775NOK33.4m-0.11%no data
0.87%
KLP Kapitalforvaltning AS
1,721,433NOK32.0m0%0.02%
0.79%
Hargreave Hale Limited, Asset Management Arm
1,552,447NOK28.9m0%0.07%
0.65%
Dimensional Fund Advisors LP
1,291,658NOK24.0m18.48%no data
0.56%
Norron AB
1,114,032NOK20.7m168.44%0.58%
0.48%
Cathrin Nylander
955,627NOK17.8m0%no data

Company Information

Kitron ASA's employee growth, exchange listings and data sources


Key Information

  • Name: Kitron ASA
  • Ticker: KIT
  • Exchange: OB
  • Founded: 1996
  • Industry: Electronic Manufacturing Services
  • Sector: Tech
  • Implied Market Cap: kr3.677b
  • Shares outstanding: 197.69m
  • Website: https://www.kitron.com

Number of Employees


Location

  • Kitron ASA
  • Olav Brunborgs vei 4
  • Billingstad
  • Akershus
  • 1396
  • Norway


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
KITOB (Oslo Bors)YesOrdinary SharesNONOKJan 1998
0F0JLSE (London Stock Exchange)YesOrdinary SharesGBNOKJan 1998
KITOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJan 1998
KP5DB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1998

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/05 00:00
End of Day Share Price2022/10/05 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.