Announcement • Nov 22
AINMT ASA Proposes Dividend, Payable on 15 December 2022 AINMT ASA proposed dividend NOK 0.30 per share. Last day including right: 12 December 2022. Ex-date: 13 December 2022, Record date: 14 December 2022. Payment date: 15 December 2022. Date of approval: 12 December 2022, subject to approval by the EGM. Announcement • Nov 19
AINMT ASA Proposes Liquidation Dividend The board of directors of AINMT ASA (in liquidation) has prepared liquidation accounts in accordance with chapter-16 of the Norwegian Public Limited Liability Companies Act. The Board also proposed a liquidation dividend of NOK 0.30 øre per share, in total NOK 60,605,023. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Roshi Motman was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 04
First half 2022 earnings released: kr1.46 loss per share (vs kr0.87 loss in 1H 2021) First half 2022 results: kr1.46 loss per share (down from kr0.87 loss in 1H 2021). Net loss: kr294.0m (loss widened 67% from 1H 2021). Announcement • May 03
AINMT ASA, Annual General Meeting, May 02, 2022 AINMT ASA, Annual General Meeting, May 02, 2022, at 11:00 Central European Standard Time. Agenda: To discuss and consider election of a chairman of the meeting; to discuss and consider Approval of the notice and agenda; to discuss and consider Approval of the annual accounts and the board of directors' report for the financial year 2021; to discuss and consider of the statement of corporate governance; to discuss and consider Approval of the report on salary and other remuneration to the executive management; to discuss and consider Election of members to the Board of Directors; and to discuss and consider Election of members to the nomination committee. Price Target Changed • Apr 27
Price target decreased to kr4.00 Down from kr23.50, the current price target is provided by 1 analyst. New target price is 557% above last closing price of kr0.61. Stock is down 97% over the past year. The company is forecast to post a net loss per share of kr2.46 next year compared to a net loss per share of kr4.76 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Roshi Motman was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 05
Ice Group ASA to Report Q2, 2022 Results on Aug 31, 2022 Ice Group ASA announced that they will report Q2, 2022 results on Aug 31, 2022 Reported Earnings • Apr 04
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: kr4.76 loss per share (up from kr4.83 loss in FY 2020). Revenue: kr2.32b (up 11% from FY 2020). Net loss: kr961.0m (loss narrowed 1.3% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 66%. Over the next year, revenue is forecast to grow 12%, compared to a 1.9% growth forecast for the industry in Norway. Announcement • Apr 01
Lyse AS completed the acquisition of Ice Group Scandinavia Holdings AS from Ice Group ASA. Lyse AS entered into heads of terms to acquire Ice Group Scandinavia Holdings AS from Ice Group ASA for NOK 3 billion on February 18, 2022. Lyse AS entered into a definitive sale and purchase agreement to acquire Ice Group Scandinavia Holdings AS from Ice Group ASA on March 4, 2022. The deal pertains to the acquisition by Lyse AS of all shares of Ice Group Scandinavia Holding AS and such additional assets and shares which belong to the business of Ice, including all the shares of Ice Communication Norge AS, Phonepartner Norge Holding AS and Ice Retail Holding AS. The acquisition will be settled in cash of approximately NOK 3,000 million and will be financed using available liquidity in Lyse AS. The contemplated transaction is supported by shareholders representing approximately 80% of the shares in Ice Group ASA and the main creditors to Ice Group ASA and its subsidiary AINMT Holdings AB. The transaction is subject to entering into final transaction documents, limited customary confirmatory due diligence, certain customary conditions, stakeholders, including approval by the general meeting of Ice Group ASA, the Norwegian Competition Authority, the Norwegian Communication Authority and Ministry of Local Government and Regional Development. As of March 21, 2022, Norwegian Competition Authority and the shareholders of Ice Group ASA have approved the transaction. As of March 25, 2022, Norwegian Communication Authority has approved the transaction. Completion of the transaction is still subject to certain regulatory approvals. Expected closing of the transaction is end of March 2022. The proceeds from the transaction will be used to repay the loan provided by GoldenTree to AINMT Holdings AB, repay the PIK Toggle Convertible Bond issued by the Company and the loan provided by Rasmussengruppen AS.
Lazard Ltd (NYSE:LAZ), DNB Markets and Pareto Securities AS acted as financial advisors to Ice Group ASA, Advokatfirmaet Gisvold AS and Ro Sommernes advokatfirma DA acted as legal advisors to Ice Group ASA. Advokatfirmaet Wiersholm AS is acted as legal advisor to the Ice Board of Directors. Nils Kasper Lodden, Ola Nygård, Are Andersen and Aksel Engebakken of ABG Sundal Collier acted as financial advisor to Lyse.
Lyse AS completed the acquisition of Ice Group Scandinavia Holdings AS from Ice Group ASA for NOK 3 billion on March 30, 2022. Breakeven Date Change • Mar 31
Forecast to breakeven in 2024 The analyst covering Ice Group expects the company to break even for the first time. New forecast suggests losses will reduce by 48% per year to 2023. The company is expected to make a profit of kr5.16m in 2024. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Price Target Changed • Mar 16
Price target decreased to kr13.00 Down from kr23.50, the current price target is an average from 2 analysts. New target price is 1,419% above last closing price of kr0.86. Stock is down 95% over the past year. The company is forecast to post a net loss per share of kr0.18 next year compared to a net loss per share of kr4.76 last year. Reported Earnings • Feb 16
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: kr4.76 loss per share (up from kr4.83 loss in FY 2020). Revenue: kr2.32b (up 11% from FY 2020). Net loss: kr961.0m (loss narrowed 1.3% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 5.1%, compared to a 2.6% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 51% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 76%. The fair value is estimated to be kr4.22, 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% per annum over the last 3 years. Earnings per share has grown by 25% per annum over the last 3 years. Reported Earnings • Nov 19
Third quarter 2021 earnings released: kr1.26 loss per share (vs kr1.11 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: kr593.0m (up 11% from 3Q 2020). Net loss: kr255.0m (loss widened 14% from 3Q 2020). Price Target Changed • Sep 24
Price target decreased to kr23.00 Down from kr25.00, the current price target is an average from 2 analysts. New target price is 59% above last closing price of kr14.45. Stock is down 23% over the past year. Recent Insider Transactions • Sep 01
Director recently bought kr59k worth of stock On the 27th of August, Mari Thjomoe bought around 4k shares on-market at roughly kr14.99 per share. In the last 3 months, they made an even bigger purchase worth kr205k. Insiders have collectively bought kr453k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 21
Second quarter 2021 earnings released: kr0.96 loss per share (vs kr0.89 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: kr562.0m (up 13% from 2Q 2020). Net loss: kr194.0m (loss widened 7.2% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Aug 21
Director recently bought kr205k worth of stock On the 18th of August, Mari Thjomoe bought around 13k shares on-market at roughly kr15.80 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr394k more in shares than they have sold in the last 12 months. Major Estimate Revision • Aug 19
Consensus EPS estimates fall to -kr4.18 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from kr2.33b to kr2.29b. Losses expected to increase from -kr3.75 to -kr4.18. Wireless Telecom industry in Norway expected to see average net income growth of 44% next year. Consensus price target of kr26.67 unchanged from last update. Share price fell 3.5% to kr15.25 over the past week. Price Target Changed • Aug 19
Price target decreased to kr25.00 Down from kr27.33, the current price target is an average from 2 analysts. New target price is 64% above last closing price of kr15.25. Stock is up 6.3% over the past year. Executive Departure • Jun 04
Director Ingvild Myhre has left the company On the 27th of May, Ingvild Myhre's tenure as Director ended after 2.8 years in the role. We don't have any record of a personal shareholding under Ingvild's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 2.42 years. Reported Earnings • May 12
First quarter 2021 earnings released: kr1.30 loss per share (vs kr2.08 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: kr552.0m (up 12% from 1Q 2020). Net loss: kr263.0m (loss narrowed 37% from 1Q 2020). Reported Earnings • Mar 28
Full year 2020 earnings released: kr4.83 loss per share (vs kr5.62 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: kr2.09b (up 13% from FY 2019). Net loss: kr974.0m (loss narrowed 14% from FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Executive Departure • Mar 02
Chief Financial Officer has left the company On the 28th of February, Henning Karlsrud's tenure as Chief Financial Officer ended after 3.1 years in the role. We don't have any record of a personal shareholding under Henning's name. Henning is the only executive to leave the company over the last 12 months. Announcement • Feb 18
Ice Group ASA Announces Executive Changes Ice Group ASA has appointed Per Heyeraas as new interim chief financial officer (CFO). Heyeraas has significant experience from financial markets and CFO roles, including CFO at both Sector Asset Management and Relacom AS. In recent years, he has provided M&A advisory and management consulting services through his own company. Prior to this, Heyeraas held roles as managing director and head of corporate finance at Nordea Markets in Norway, head of corporate finance at Landsbanki in Norway, and spent more than a decade at Fondsfinans ASA. He started his career as management consultant at McKinsey & Co. Heyeraas holds a master's degree from the Norwegian School of Economics and Business Administration, NHH, and is also a certified financial analyst from NHH. Heyeraas joins Ice Group on 16 February 2021 and will remain in the role until a permanent successor for current CFO Henning Karlsrud is in place. Karlsrud's last day at Ice Group is 28 February 2021. Reported Earnings • Feb 17
Full year 2020 earnings released: kr4.83 loss per share (vs kr5.62 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: kr2.09b (up 13% from FY 2019). Net loss: kr974.0m (loss narrowed 14% from FY 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 17
Director recently bought kr189k worth of stock On the 16th of February, Mari Thjomoe bought around 10k shares on-market at roughly kr18.90 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr649k more in shares than they have sold in the last 12 months. Price Target Changed • Feb 17
Price target raised to kr27.33 Up from kr24.67, the current price target is an average from 2 analysts. The new target price is 46% above the current share price of kr18.70. As of last close, the stock is down 6.5% over the past year. Is New 90 Day High Low • Dec 29
New 90-day low: kr15.70 The company is down 19% from its price of kr19.40 on 30 September 2020. The Norwegian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr166 per share. Announcement • Nov 20
Henning Karlsrud Resigns as CFO from Ice Group ASA, with Effect from 1 March 2021 Henning Karlsrud has resigned as CFO in Ice Group ASA, and has accepted a position outside Ice Group, with effect from 1 March 2021. Karlsrud will continue in his current role during his notice period, or until a successor is in place. If necessary, he will also support Ice Group on an ad-hoc basis after this date. Reported Earnings • Nov 14
Third quarter 2020 earnings released: kr1.11 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: kr535.0m (up 11% from 3Q 2019). Net loss: kr223.0m (loss narrowed 30% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 9.2% compared to a 3.6% decline forecast for the Wireless Telecom industry in Norway. Price Target Changed • Nov 06
Price target lowered to kr24.67 Down from kr27.67, the current price target is an average from 2 analysts. The new target price is 56% above the current share price of kr15.80. As of last close, the stock is down 24% over the past year. Is New 90 Day High Low • Sep 23
New 90-day high: kr19.50 The company is up 34% from its price of kr14.55 on 25 June 2020. The Norwegian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Wireless Telecom industry, which is down 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr162 per share. Announcement • Sep 20
Ice Group ASA to Report Q2, 2020 Results on Aug 18, 2020 Ice Group ASA announced that they will report Q2, 2020 results at 7:00 AM, Central European Standard Time on Aug 18, 2020 Announcement • Sep 01
Ice Group ASA announced that it expects to receive NOK 1.2 billion in funding from Rasmussengruppen AS, Bridford Investments Limited, AI Media Holdings (NMT) LLC and other investors Ice Group AS (OTCNO:ICE) announced a private placement of convertible bonds loan for minimum gross proceeds of NOK 650 million and maximum gross proceeds of NOK 1,200 million on August 31, 2020. The bonds carry an interest rate of 8% p.a. if paid in cash or 10% p.a. if paid in kind. The bonds will mature in Five years. The bonds may be converted to shares at a conversion price of NOK 195,089.
On the same day, the company received its first tranche of NOK 650 million from returning investors Bridford Investments Limited and AI Media Holdings (NMT) LLC for 13,327,251 shares for the proceeds of NOK 260 million each and Rasmussengruppen AS. The AI Media Holdings (NMT) LLC holds rights to an aggregate of 139,071,544 shares, equal to approximately 68.9% of the issued and outstanding shares.