Announcement • Oct 08
OX2 AB (publ) Appoints Roshan Saldanha as Chief Financial Officer, Effective April 2025 OX2 AB (publ) appointed Roshan Saldanha, the new Chief Financial Officer of the company. He will take on his position in April 2025 and be a member of the Leadership Team at the company. Roshan Saldanha brings nearly 25 years of financial experience to the company, from several different industries and listed companies. He currently holds the position as Chief Financial Officer at Sinch. Before that he held several leadership positions at Tele2 Group, among them as CFO for Tele2 Sweden. He has also previously had assignments for international firms like Arthur Andersen, Citibank and Kinnevik Group. As previously announced CFO Johan Rydmark who has decided to leave the company will remain in his position until April 2025. Announcement • Oct 07
OX2 Set to Delist from Nasdaq Stockholm after EQT Takeover OX2 AB (publ) is set to be delisted from Nasdaq Stockholm after receiving the bourse's approval, with Oct. 21 being the last day of trading of its shares, according to a October 7, 2024 release. The delisting follows the Swedish renewable energy company's acquisition by EQT Infrastructure VI, a fund managed by Swedish private equity firm EQT. Announcement • Oct 01
Chief Financial Officer Johan Rydmark Leaves OX2 AB (publ) in April 2025 Johan Rydmark, Chief Financial Officer, has decided to leave OX2 AB (publ) in April 2025. Johan Rydmark joined OX2 as Chief Financial Officer in June 2019 and has been a member of the Group Leadership Team since then. In his position he has developed the company's corporate governance, financing strategy and finance operations. The search for a successor has been initiated and Johan Rydmark will remain with OX2 until April 2025. Announcement • Sep 28
OX2 AB (publ)(OM:OX2) dropped from OMX Nordic All-Share Index OX2 AB (publ) has been removed from OMX Nordic All-Share Index . Announcement • Sep 26
OX2 AB Applies for Delisting from Nasdaq Stockholm OX2 AB (publ), the acquisition target of private equity firm EQT AB, has applied for a delisting of its stock from Nasdaq Stockholm in compliance with a request from the buyer, which is preparing a compulsory buy-out of the OX2 shares it has not already secured. The last trading date of OX2's stock on Nasdaq Stockholm will be announced as soon as confirmation from the bourse has been received, the renewables company said on September 25, 2024. EQT Infrastructure VI fund, through Otello BidCo AB, proposed to buy all OX2 shares at SEK 60 apiece in cash for a total sum of SEK 16.35 billion (USD 1.61 billion/EUR 1.44 billion). As of September 24, EQT's proposal was accepted to an extent ensuring it will take hold of 95.58% of OX2's stock upon the settlement scheduled for October 2. Through Otello BidCo, the buyer has requested the delisting of OX2's shares as it intends to launch a compulsory buy-out of the remaining shares in the renewables group. Announcement • Sep 25
OX2 AB (publ) to Delist from Nasdaq Stockholm EQT's EQT Infrastructure VI plans to start compulsory redemption proceedings as it now holds 95.58% of OX2 AB (publ)'s shares upon the completion of its cash tender offer. The Swedish private equity giant via Otello BidCo secured a take-up of 171,104,182 shares, representing 62.79% of OX2, according to a September 24, 2024 release. The offer was extended to Oct. 7, with the tendered shares slated for settlement starting Oct. 16. In addition to acquiring the remaining shares, the proceedings also aim to delist OX2 from Nasdaq Stockholm. Recent Insider Transactions • Sep 21
Chief Executive Officer recently sold kr47m worth of stock On the 17th of September, Paul Stormoen sold around 790k shares on-market at roughly kr60.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Paul's only on-market trade for the last 12 months. Recent Insider Transactions • Sep 06
Director recently sold kr5.6m worth of stock On the 2nd of September, Birgit Anna-Karin Celsing sold around 93k shares on-market at roughly kr60.00 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr26m more than they bought in the last 12 months. Reported Earnings • Jul 26
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: kr0.58 loss per share (down from kr0.92 profit in 2Q 2023). Revenue: kr2.23b (up 1.3% from 2Q 2023). Net loss: kr158.0m (down 163% from profit in 2Q 2023). Revenue exceeded analyst estimates by 33%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Construction industry in Sweden. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Jul 17
Price target decreased by 9.8% to kr60.00 Down from kr66.50, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of kr59.50. The company is forecast to post earnings per share of kr3.88 for next year compared to kr3.79 last year. Announcement • Jun 13
OX2 Announces Resignation of Kristina Wright as Chief Operating Officer OX2 AB (publ) announced Chief Operating Officer Kristina Wright leaves OX2 and her responsibilities will be divided between the other members in the leadership team. Recent Insider Transactions • May 29
Chief Commercial Officer recently sold kr20m worth of stock On the 23rd of May, Peter Tornberg sold around 344k shares on-market at roughly kr59.20 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr20m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to kr58.65, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Construction industry in Sweden. Total loss to shareholders of 20% over the past year. Reported Earnings • Apr 12
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: kr3.79 (down from kr4.01 in FY 2022). Revenue: kr7.82b (up 2.4% from FY 2022). Net income: kr1.03b (down 5.4% from FY 2022). Profit margin: 13% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 7.2%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Construction industry in Sweden. Announcement • Apr 03
Flower Technologies AB agreed to acquire 42.5 MW energy storage facility in Bredhälla from OX2 AB (publ) (OM:OX2). Flower Technologies AB agreed to acquire 42.5 MW energy storage facility in Bredhälla from OX2 AB (publ) (OM:OX2) on April 3, 2024. The transaction is conditional on approval from the Swedish authorities and Svenska Kraftnät and is expected to close during the second quarter of 2024. Announcement • Mar 22
OX2 AB (publ) to Report Fiscal Year 2023 Results on Apr 09, 2024 OX2 AB (publ) announced that they will report fiscal year 2023 results on Apr 09, 2024 Reported Earnings • Feb 22
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: kr3.79 (down from kr4.01 in FY 2022). Revenue: kr7.82b (up 2.4% from FY 2022). Net income: kr1.03b (down 5.4% from FY 2022). Profit margin: 13% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 7.2%. Revenue is forecast to grow 31% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Construction industry in Sweden. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Malin Persson was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 02
OX2 AB (publ) Updates Earnings Guidance for the Fiscal Year 2023 OX2 AB (publ) updated earnings guidance for the fiscal year 2023. for the year, the company expects operating income for the full year 2023 to be approximately SEK 1,000 Million. the company has agreed with Ingka Investments, the investment arm of Ingka Group – the biggest IKEA retailer – to sell a 49% stake in next generation Swedish offshore wind projects. The transaction is expected to impact OX2’s operating income positively with approximately SEK 200 Million in 2023. Major Estimate Revision • Dec 01
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr10.8b to kr9.92b. EPS estimate also fell from kr4.26 per share to kr3.75 per share. Net income forecast to shrink 12% next year vs 12% decline forecast for Construction industry in Sweden. Consensus price target down from kr105 to kr75.33. Share price was steady at kr49.34 over the past week. Announcement • Nov 23
Afcon Renewable Energy Ltd agreed to acquire solar projects of 82 MW in Andalusia and Castilla la Mancha from OX2 AB (publ) (OM:OX2) . Afcon Renewable Energy Ltd agreed to acquire solar projects of 82 MW in Andalusia and Castilla la Mancha from OX2 AB (publ) (OM:OX2) on November 21, 2023. The sale is OX2’s first in Spain and will be recorded in the fourth quarter of 2023. Price Target Changed • Nov 21
Price target decreased by 11% to kr105 Down from kr118, the current price target is an average from 2 analysts. New target price is 117% above last closing price of kr48.38. Stock is down 38% over the past year. The company is forecast to post earnings per share of kr4.26 for next year compared to kr4.01 last year. Announcement • Nov 17
OX2 AB (publ) Announces Board Appointments OX2 AB (publ) announced it's Annual General Meeting 2024 will be held in Stockholm on 14 May 2024. The Nomination Committee for the Annual General Meeting 2024 has been appointed based on the shareholding structure as of 31 August 2023 and is composed of: Johan Wieslander (Chairman), appointed by Peas Industries, Jesper Bergström, appointed by Handelsbanken Fonder, and Peter Lagerlöf, appointed by Lannebo Fonder. In addition, the Chairman of the Board of Directors of OX2, Johan Ihrfelt, is a member of the Nomination Committee. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr49.38, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Construction industry in Sweden. Total loss to shareholders of 42% over the past year. Reported Earnings • Oct 26
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: kr1.32 (up from kr0.16 in 3Q 2022). Revenue: kr2.33b (flat on 3Q 2022). Net income: kr360.0m (up kr316.0m from 3Q 2022). Profit margin: 16% (up from 1.9% in 3Q 2022). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) exceeded analyst estimates by 103%. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Construction industry in Sweden. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr44.60, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Construction industry in Sweden. Total loss to shareholders of 55% over the past year. Reported Earnings • Jul 21
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: kr0.92 (down from kr1.12 in 2Q 2022). Revenue: kr2.20b (up 50% from 2Q 2022). Net income: kr251.0m (down 17% from 2Q 2022). Profit margin: 11% (down from 21% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Construction industry in Sweden. Announcement • Jul 04
OX2 AB (publ) Announces Resignation of Jan Frykhammar as Board of Director and Member of Audit Committee Jan Frykhammar has informed the board of directors of OX2 AB (publ) that he resigns as member of the board from July 3, 2023. Jan Frykhammar has notified the Board that he will be resigning for personal matters. Jan Frykhammar will also be leaving the OX2 Audit Committee. Major Estimate Revision • May 23
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from kr3.36 to kr3.84. Revenue forecast steady at kr11.1b. Net income forecast to grow 1.0% next year vs 7.4% growth forecast for Construction industry in Sweden. Consensus price target of kr115 unchanged from last update. Share price was steady at kr71.05 over the past week. Announcement • May 17
Petter Samlin Do Not Stand for Re-Election as Director of OX2 AB (publ) OX2 AB (publ) at its AGM held on May 16, 2023, announced that Petter Samlin had declined re-election as Director. Announcement • May 14
Ingka Investments agreed to acquire three offshore wind projects in Finland from OX2 AB (publ) (OM:OX2). Ingka Investments agreed to acquire three offshore wind projects in Finland from OX2 AB (publ) (OM:OX2) on May 12, 2023. The transaction is subject to customary competition merger filing requirements and is expected to be completed within two months. Announcement • May 09
OX2 AB (publ) (OM:OX2) completed the acquisition of ESCO Pacific Pty Ltd from The Shell Petroleum Company Limited, Steve Rademaker and private investors. OX2 AB (publ) (OM:OX2) agreed to acquire ESCO Pacific Pty Ltd from The Shell Petroleum Company Limited, Steve Rademaker and private investors for approximately AUD 140 Million on March 31, 2023. The agreed purchase price amounts to AUD 126 million on a debt free basis. An additional AUD 17 million will be payable contingent upon certain sales and margin targets. Post acquisition, Steve Rademaker will stay with ESCO for two years, initially as Managing Director and thereafter as an advisor to management. The transaction is subject to fulfillment of certain conditions and expected to close by end of April 2023. The transaction is estimated to be EPS accretive in 2024 and beyond. Nick Baker of Herbert Smith Freehills acted as legal advisor to ESCO Pacific Pty Ltd. PWC acted as financial and legal advisor to OX2 AB. Lazard acted as financial advisor to The Shell Petroleum Company Limited, Steve Rademaker and private investors.
OX2 AB (publ) (OM:OX2) completed the acquisition of ESCO Pacific Pty Ltd from The Shell Petroleum Company Limited, Steve Rademaker and private investors on May 8, 2023. Major Estimate Revision • May 05
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr11.4b to kr11.2b. EPS estimate also fell from kr3.43 per share to kr2.62 per share. Net income forecast to shrink 0.4% next year vs 6.2% growth forecast for Construction industry in Sweden . Consensus price target down from kr118 to kr115. Share price fell 11% to kr71.25 over the past week. Reported Earnings • Apr 08
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: kr4.01 (up from kr1.28 in FY 2021). Revenue: kr7.64b (up 53% from FY 2021). Net income: kr1.09b (up 227% from FY 2021). Profit margin: 14% (up from 6.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Construction industry in Sweden. Major Estimate Revision • Mar 05
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from kr4.16 to kr3.47 per share. Revenue forecast steady at kr11.4b. Net income forecast to shrink 14% next year vs 5.2% growth forecast for Construction industry in Sweden . Consensus price target of kr118 unchanged from last update. Share price fell 5.8% to kr72.85 over the past week. Reported Earnings • Feb 23
Full year 2022 earnings released: EPS: kr4.01 (vs kr1.28 in FY 2021) Full year 2022 results: EPS: kr4.01 (up from kr1.28 in FY 2021). Revenue: kr7.64b (up 53% from FY 2021). Net income: kr1.09b (up 227% from FY 2021). Profit margin: 14% (up from 6.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 34% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Construction industry in Sweden. Recent Insider Transactions • Jan 23
Director recently sold kr1.7m worth of stock On the 18th of January, Birgit Anna-Karin Celsing sold around 20k shares on-market at roughly kr85.09 per share. This transaction amounted to 9.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr35m more than they bought in the last 12 months. Announcement • Jan 10
OX2 AB (publ) (OM:OX2) entered into an agreement to acquire 152 MW solar power portfolio in Andalusia from UAB Green Genius. OX2 AB (publ) (OM:OX2) entered into an agreement to acquire 152 MW solar power portfolio in Andalusia from UAB Green Genius on January 09, 2023. J&A Garrigues, S.L.P. acted as the legal advisor to Green Genius. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: kr0.16 (up from kr0.055 in 3Q 2021). Revenue: kr2.31b (up 285% from 3Q 2021). Net income: kr44.0m (up 193% from 3Q 2021). Profit margin: 1.9% (down from 2.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Construction industry in Sweden. Valuation Update With 7 Day Price Move • Oct 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr67.65, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 12x in the Construction industry in Sweden. Total returns to shareholders of 21% over the past year. Price Target Changed • Sep 02
Price target increased to kr118 Up from kr108, the current price target is an average from 2 analysts. New target price is 23% above last closing price of kr95.40. Stock is up 74% over the past year. The company is forecast to post earnings per share of kr3.60 for next year compared to kr1.28 last year. Major Estimate Revision • Aug 31
Consensus EPS estimates increase by 33% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr7.76b to kr8.02b. EPS estimate increased from kr2.06 to kr2.75 per share. Net income forecast to grow 11% next year vs 9.1% growth forecast for Construction industry in Sweden. Consensus price target up from kr108 to kr115. Share price fell 2.2% to kr95.20 over the past week. Price Target Changed • Aug 30
Price target increased to kr115 Up from kr103, the current price target is an average from 2 analysts. New target price is 17% above last closing price of kr98.15. Stock is up 73% over the past year. The company is forecast to post earnings per share of kr2.06 for next year compared to kr1.28 last year. Major Estimate Revision • Aug 16
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr8.43b to kr7.76b. EPS estimate also fell from kr2.33 per share to kr2.06 per share. Net income forecast to shrink 1.9% next year vs 6.7% growth forecast for Construction industry in Sweden . Consensus price target up from kr103 to kr108. Share price fell 7.5% to kr94.35 over the past week. Major Estimate Revision • Aug 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from kr1.57 to kr2.33. Revenue forecast unchanged at kr8.43b. Net income forecast to grow 4.3% next year vs 6.7% growth forecast for Construction industry in Sweden. Consensus price target up from kr83.50 to kr103. Share price rose 3.6% to kr103 over the past week. Price Target Changed • Aug 01
Price target increased to kr103 Up from kr80.00, the current price target is an average from 2 analysts. New target price is 5.3% above last closing price of kr97.30. Stock is up 62% over the past year. The company is forecast to post earnings per share of kr1.57 for next year compared to kr1.28 last year. Reported Earnings • Jul 29
First quarter 2022 earnings released: EPS: kr0.41 (vs kr0.19 in 1Q 2021) First quarter 2022 results: EPS: kr0.41 (up from kr0.19 in 1Q 2021). Revenue: kr1.62b (up 62% from 1Q 2021). Net income: kr111.0m (up 131% from 1Q 2021). Profit margin: 6.8% (up from 4.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 55%, compared to a 17% growth forecast for the industry in Sweden. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 16% share price gain to kr99.60, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 13x in the Construction industry in Sweden. Total returns to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 17% share price gain to kr88.40, the stock trades at a forward P/E ratio of 49x. Average forward P/E is 13x in the Construction industry in Sweden. Total returns to shareholders of 52% over the past year. Major Estimate Revision • Jun 29
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr7.20b to kr7.84b. EPS estimate increased from kr1.33 to kr1.58 per share. Net income forecast to grow 25% next year vs 14% growth forecast for Construction industry in Sweden. Consensus price target broadly unchanged at kr80.00. Share price rose 13% to kr79.10 over the past week. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 21% share price decline to kr70.20, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 14x in the Construction industry in Sweden. Reported Earnings • Apr 29
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: kr0.41 (up from kr0.19 in 1Q 2021). Revenue: kr1.62b (up 62% from 1Q 2021). Net income: kr111.0m (up 132% from 1Q 2021). Profit margin: 6.8% (up from 4.8% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 66%. Over the next year, revenue is forecast to grow 49%, compared to a 29% growth forecast for the industry in Sweden. Major Estimate Revision • Apr 28
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr7.29b to kr7.57b. EPS estimate increased from kr1.37 to kr1.62 per share. Net income forecast to grow 11% next year vs 11% growth forecast for Construction industry in Sweden. Consensus price target up from kr71.50 to kr77.50. Share price fell 2.4% to kr73.90 over the past week. Major Estimate Revision • Apr 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from kr1.19 to kr1.37. Revenue forecast steady at kr7.29b. Net income forecast to grow 11% next year vs 11% growth forecast for Construction industry in Sweden. Consensus price target up from kr69.50 to kr71.50. Share price rose 3.1% to kr87.00 over the past week.