OB:ICE

Stock Analysis Report

Executive Summary

Ice Group ASA provides telecommunications services in Norway, Sweden, and Denmark.

Rewards

Trading at 89.6% below its fair value

Revenue is forecast to grow 20.88% per year

Risk Analysis

Has less than 1 year of cash runway

Shareholders have been substantially diluted in the past year

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



Snowflake Analysis

Slightly overvalued with limited growth.

Share Price & News

How has Ice Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ICE has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-6.4%

ICE

0%

NO Wireless Telecom

0.4%

NO Market


1 Year Return

-16.8%

ICE

0%

NO Wireless Telecom

3.7%

NO Market

Return vs Industry: ICE underperformed the Norwegian Wireless Telecom industry which returned 3% over the past year.

Return vs Market: ICE underperformed the Norwegian Market which returned 4.4% over the past year.


Shareholder returns

ICEIndustryMarket
7 Day-6.4%0%0.4%
30 Day-6.9%0%2.1%
90 Day-14.5%0%6.0%
1 Year-16.8%-16.8%0%0%9.4%3.7%
3 Year-81.7%-81.7%0%0%32.8%16.3%
5 Yearn/a0%0%66.9%28.4%

Price Volatility Vs. Market

How volatile is Ice Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Ice Group undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ICE (NOK19.55) is trading below our estimate of fair value (NOK188.76)

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


Price To Earnings Ratio

PE vs Industry: ICE is unprofitable, so we can't compare its PE Ratio to the Wireless Telecom industry average.

PE vs Market: ICE is unprofitable, so we can't compare its PE Ratio to the Norwegian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ICE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: ICE has negative assets, so we can't compare its PB Ratio to the XE Wireless Telecom industry average.


Next Steps

Future Growth

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

56.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: ICE's revenue (20.9% per year) is forecast to grow faster than the Norwegian market (3.2% per year).

High Growth Revenue: ICE's revenue (20.9% 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 ICE's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Ice Group performed over the past 5 years?

-36.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ICE is currently unprofitable.

Growing Profit Margin: ICE is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: ICE is unprofitable, and losses have increased over the past 5 years at a rate of -36.1% per year.

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

Earnings vs Industry: ICE is unprofitable, making it difficult to compare its past year earnings growth to the Wireless Telecom industry (14.3%).


Return on Equity

High ROE: ICE's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Ice Group's financial position?


Financial Position Analysis

Short Term Liabilities: ICE has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.

Long Term Liabilities: ICE has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.


Debt to Equity History and Analysis

Debt Level: ICE has negative shareholder equity, which is a more serious situation than a high debt level.

Reducing Debt: ICE's has negative shareholder equity, so we do not need to check if its debt has reduced over time.


Balance Sheet

Inventory Level: ICE has a high level of physical assets or inventory.

Debt Coverage by Assets: ICE has negative shareholder equity (liabilities exceed assets) therefore debt is not covered by short term assets.


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

Forecast Cash Runway: ICE has less than a year of cash runway if free cash flow continues to reduce at historical rates of -34.9% each year


Next Steps

Dividend

What is Ice Group's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%2.3%markettop25%5.6%industryaverage0%forecastin3Years0%

Current dividend yield vs market & industry

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of ICE's dividend in 3 years as they are not forecast to pay a notable one for the Norwegian market.


Next Steps

Management

What is the CEO of Ice Group's salary, the management and board of directors tenure and is there insider trading?

1.4yrs

Average management tenure


CEO

Eivind Helgaker (44yo)

1.4yrs

Tenure

0

Mr. Eivind Helgaker has been the Chief Executive Officer of Ice Group AS & ice group Scandinavia Holdings AS since August 2018 and is Head of Norwegian Business since 2009. Mr. Helgaker served as Managing  ...


Management Age and Tenure

1.4yrs

Average Tenure

44.5yo

Average Age

Experienced Management: ICE's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Age and Tenure

1.3yrs

Average Tenure

56.5yo

Average Age

Experienced Board: ICE's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


Insider Trading

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


Recent Insider Transactions

Sellkr126,50006 Sep 19
Kjetil Totland
EntityIndividual
Shares5,500
Max Pricekr23.00
Buykr126,50006 Sep 19
KKT Holding AS
EntityCompany
Shares5,500
Max Pricekr23.00
Buykr115,00003 Sep 19
Mari Thjømøe
EntityIndividual
Role
Member of the Board of Directors
Director
Shares5,000
Max Pricekr23.00
Buykr115,00002 Sep 19
Mari Thjømøe
EntityIndividual
Role
Member of the Board of Directors
Director
Shares5,000
Max Pricekr23.00
Buykr3,153,36828 Aug 19
Eivhelg AS
EntityCompany
Shares147,976
Max Pricekr21.31
Buykr95,89528 Aug 19
Eivind Helgaker
EntityIndividual
Role
Chief Executive Officer
CEO & Head of Norwegian Business
Shares4,500
Max Pricekr21.31

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 72.5%.


Management Team

  • Henning Karlsrud (45yo)

    Chief Financial Officer

    • Tenure: 2yrs
  • Eivind Helgaker (44yo)

    CEO & Head of Norwegian Business

    • Tenure: 1.4yrs
  • Shiraz Abid (39yo)

    Chief Commercial Officer

    • Hans Heggenhaugen (46yo)

      Chief Product Officer

      • Jan Hvidsten (47yo)

        Chief Technology Officer

        • Tenure: 3yrs
      • Reynir Johannesson (34yo)

        Communication Director

        • Martin Westersø (46yo)

          Chief of Staff

          • Tenure: 1yrs
        • Cathrine Ore (42yo)

          General Counsel

          • Tenure: 1.2yrs

        Board Members

        • Hans Albrecht (56yo)

          Chairman of the Board

          • Tenure: 1.4yrs
        • Ingvild Myhre (62yo)

          Director

          • Tenure: 1.4yrs
        • Guillaume D'hauteville (56yo)

          Director

          • Tenure: 1.2yrs
        • Mari Thjømøe (57yo)

          Director

          • Tenure: 1.2yrs

        Company Information

        Ice Group ASA's company bio, employee growth, exchange listings and data sources


        Key Information

        • Name: Ice Group ASA
        • Ticker: ICE
        • Exchange: OB
        • Founded: 2015
        • Industry: Wireless Telecommunication Services
        • Sector: Telecom
        • Market Cap: kr3.691b
        • Shares outstanding: 201.69m
        • Website: https://www.icegroup.com

        Number of Employees


        Location

        • Ice Group ASA
        • Nydalsveien 18B
        • Oslo
        • Oslo
        • 484
        • Norway

        Listings

        TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
        ICEOB (Oslo Bors)YesShare CapitalNONOKApr 2015
        AI6DB (Deutsche Boerse AG)YesShare CapitalDEEURApr 2015

        Biography

        Ice Group ASA provides telecommunications services in Norway, Sweden, and Denmark. It offers data, voice, messaging, data and mobile broadband telephony, and other related services. Ice Group ASA provides its services primarily under the ice and Net1 brands. The company was formerly known as AINMT AS and changed its name to Ice Group ASA in August 2017. Ice Group AS was founded in 2015 and is based in Oslo, Norway. 


        Company Analysis and Financial Data Status

        All financial data provided by Standard & Poor's Capital IQ.
        DataLast Updated (UTC time)
        Company Analysis2020/01/21 22:01
        End of Day Share Price2020/01/21 00:00
        Earnings2019/09/30
        Annual Earnings2018/12/31


        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.