Upcoming Dividend • Apr 29
Upcoming dividend of kr0.11 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 12 May 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Swedish dividend payers (4.0%). Lower than average of industry peers (4.3%). Reported Earnings • Apr 24
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr84.7m (up 5.7% from 1Q 2025). Net income: kr7.50m (up 25% from 1Q 2025). Profit margin: 8.9% (up from 7.5% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr3.81, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 18x in the Professional Services industry in Sweden. Total returns to shareholders of 68% over the past three years. New Risk • Apr 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.2% Last year net profit margin: 7.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.5% average weekly change). Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (kr198.3m market cap, or US$21.4m). Reported Earnings • Feb 18
Full year 2025 earnings released: EPS: kr0.22 (vs kr0.42 in FY 2024) Full year 2025 results: EPS: kr0.22 (down from kr0.42 in FY 2024). Revenue: kr310.4m (down 5.4% from FY 2024). Net income: kr13.2m (down 49% from FY 2024). Profit margin: 4.3% (down from 7.8% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 13
Hultstrom Group AB (publ), Annual General Meeting, May 05, 2026 Hultstrom Group AB (publ), Annual General Meeting, May 05, 2026, at 17:00 W. Europe Standard Time. New Risk • Feb 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (kr176.4m market cap, or US$19.8m). Reported Earnings • Oct 15
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr61.4m (down 10% from 3Q 2024). Net income: kr3.10m (up 72% from 3Q 2024). Profit margin: 5.0% (up from 2.6% in 3Q 2024). The increase in margin was driven by lower expenses. Reported Earnings • Jul 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr81.6m (down 4.3% from 2Q 2024). Net income: kr4.80m (down 28% from 2Q 2024). Profit margin: 5.9% (down from 7.9% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Board Change • Jun 05
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairman of the Board Petter Stillstrom is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 30
Upcoming dividend of kr0.17 per share Eligible shareholders must have bought the stock before 07 May 2025. Payment date: 13 May 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of Swedish dividend payers (4.1%). Higher than average of industry peers (3.7%). Reported Earnings • Apr 24
First quarter 2025 earnings released First quarter 2025 results: Revenue: kr80.1m (down 6.1% from 1Q 2024). Net income: kr6.00m (down 14% from 1Q 2024). Profit margin: 7.5% (down from 8.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Feb 14
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr226.3m market cap, or US$21.1m). Reported Earnings • Feb 12
Full year 2024 earnings released: EPS: kr0.42 (vs kr0.21 in FY 2023) Full year 2024 results: EPS: kr0.42 (up from kr0.21 in FY 2023). Revenue: kr328.5m (up 6.4% from FY 2023). Net income: kr25.7m (up 102% from FY 2023). Profit margin: 7.8% (up from 4.1% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Hifab Group AB (publ), Annual General Meeting, May 06, 2025 Hifab Group AB (publ), Annual General Meeting, May 06, 2025, at 17:00 W. Europe Standard Time. Location: at hifab`spremises, sveavagen 163, floor 6, stockholm Sweden Buy Or Sell Opportunity • Jan 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to kr3.14. The fair value is estimated to be kr3.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Dec 19
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to kr3.08. The fair value is estimated to be kr3.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Nov 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to kr3.12. The fair value is estimated to be kr3.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Nov 05
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at kr3.16. The fair value is estimated to be kr3.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Oct 22
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr68.3m (up 5.9% from 3Q 2023). Net income: kr1.80m (up kr1.70m from 3Q 2023). Profit margin: 2.6% (up from 0.2% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Jul 14
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr85.4m (up 8.5% from 2Q 2023). Net income: kr6.70m (up 168% from 2Q 2023). Profit margin: 7.8% (up from 3.2% in 2Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr3.68, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 19x in the Professional Services industry in Sweden. Total returns to shareholders of 31% over the past three years. Reported Earnings • Apr 24
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr85.5m (up 8.4% from 1Q 2023). Net income: kr7.00m (up 32% from 1Q 2023). Profit margin: 8.2% (up from 6.7% in 1Q 2023). The increase in margin was driven by higher revenue. New Risk • Mar 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (kr149.7m market cap, or US$14.0m). Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr0.21 (vs kr0.048 in FY 2022) Full year 2023 results: EPS: kr0.21 (up from kr0.048 in FY 2022). Revenue: kr309.3m (up 4.4% from FY 2022). Net income: kr12.7m (up 333% from FY 2022). Profit margin: 4.1% (up from 1.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 11
Insider recently bought kr100k worth of stock On the 5th of December, Amanda Tevell bought around 44k shares on-market at roughly kr2.26 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr124k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 25
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr64.6m (up 6.6% from 3Q 2022). Net income: kr100.0k (down 67% from 3Q 2022). Profit margin: 0.2% (down from 0.5% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr78.8m (up 3.3% from 2Q 2022). Net income: kr2.50m (up 108% from 2Q 2022). Profit margin: 3.2% (up from 1.6% in 2Q 2022). New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr163.0m market cap, or US$15.1m). Reported Earnings • May 01
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr79.1m (up 4.8% from 1Q 2022). Net income: kr4.20m (up kr3.60m from 1Q 2022). Profit margin: 5.3% (up from 0.8% in 1Q 2022). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr2.48, the stock trades at a trailing P/E ratio of 52x. Average trailing P/E is 19x in the Professional Services industry in Sweden. Total returns to shareholders of 27% over the past three years. Reported Earnings • Feb 25
Full year 2022 earnings released: EPS: kr0.048 (vs kr0.30 loss in FY 2021) Full year 2022 results: EPS: kr0.048 (up from kr0.30 loss in FY 2021). Revenue: kr299.8m (down 5.2% from FY 2021). Net income: kr2.90m (up kr21.1m from FY 2021). Profit margin: 1.0% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 3% per year. 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. 5 experienced directors. No highly experienced directors. Independent Board Member Mikael Sjolund was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman of the Board Karin Paro was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 26
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr60.9m (down 3.9% from 3Q 2021). Net income: kr300.0k (up kr4.00m from 3Q 2021). Profit margin: 0.5% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 27
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: kr0.30 loss per share (down from kr0.057 profit in FY 2020). Revenue: kr316.4m (down 11% from FY 2020). Net loss: kr18.2m (down kr21.7m from profit in FY 2020). Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 167%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Director Tomas Hermansson was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 23
Chairman of the Board recently sold kr1m worth of stock On the 18th of March, Petter Stillstrom sold around 400k shares on-market at roughly kr2.50 per share. This was the largest sale by an insider in the last 3 months. This was Petter's only on-market trade for the last 12 months. Reported Earnings • Feb 28
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: kr0.30 loss per share (down from kr0.057 profit in FY 2020). Revenue: kr314.9m (down 11% from FY 2020). Net loss: kr18.2m (down kr21.7m from profit in FY 2020). Revenue missed analyst estimates by 21%. Earnings per share (EPS) exceeded analyst estimates by 167%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 26
Third quarter 2021 earnings released The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: kr63.5m (down 6.2% from 3Q 2020). Net loss: kr3.70m (loss widened 95% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 22
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: kr82.3m (down 15% from 2Q 2020). Net loss: kr5.20m (down 389% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • May 03
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: kr87.1m (down 11% from 1Q 2020). Net loss: kr1.20m (down 192% from profit in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS kr0.058 (vs kr0.18 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr359.7m (up 1.1% from FY 2019). Net income: kr3.50m (up kr14.3m from FY 2019). Profit margin: 1.0% (up from net loss in FY 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 86% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 29
New 90-day high: kr3.12 The company is up 28% from its price of kr2.44 on 30 September 2020. The Swedish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 26
New 90-day high: kr2.96 The company is up 32% from its price of kr2.24 on 28 August 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 4.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: kr2.90 The company is up 27% from its price of kr2.28 on 05 August 2020. The Swedish market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: kr2.78 The company is up 39% from its price of kr2.00 on 22 July 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 01
New 90-day high: kr2.64 The company is up 43% from its price of kr1.85 on 03 July 2020. The Swedish market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 23% over the same period. Announcement • Sep 18
HifabGruppen AB completed the acquisition of Thalamus Networks AB (OM: THAL B) from AB Traction (OM: TRAC B). HifabGruppen AB agreed to acquire Thalamus Networks AB (OM: THAL B) from AB Traction (OM: TRAC B) on May 23, 2008, in a reverse merger transaction. Thalamus offered SEK 19.5 per share as well as seven B Series shares for one Hifab share. Thalamus will secure the acquisition through liquid funds and some SEK 40 million loans from Traction AB. AB Traction is selling 29% stake in Thalamus to Hifab.
The transaction requires an approval of 90% of Hifab’s shareholders and approval of Thalamus shareholders for the issuance of 20.3 million B-shares to complete the acquisition. The acceptance period will run from June 23 to August 15, 2008. Following the transaction, Hifab will hold two thirds of Thalamus. The merged entity will be named as Hifab. Remium Securities acted as financial advisor for Thalamus Networks AB.
HifabGruppen AB completed the acquisition of Thalamus Networks AB (OM: THAL B) from AB Traction (OM: TRAC B) on September 23, 2008, in a reverse merger transaction. OMX Nordic stock exchange Stockholm has approved Thalamus Networks AB's application to de-list from OMX Nordic stock exchange Stockholm and to list on First North. Last day for trade on OMX Nordic stock exchange is October 06, 2008 and first trade day on First North is October 07, 2008. 
