Announcement • Oct 01
Semcon AB (publ), Annual General Meeting, Apr 26, 2023 Semcon AB (publ), Annual General Meeting, Apr 26, 2023. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 31% share price gain to kr148, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Professional Services industry in Sweden. Total returns to shareholders of 217% over the past three years. Reported Earnings • Jul 19
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: kr1.59 (down from kr1.70 in 2Q 2021). Revenue: kr500.2m (up 12% from 2Q 2021). Net income: kr28.0m (down 5.7% from 2Q 2021). Profit margin: 5.6% (down from 6.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 5.7%, compared to a 11% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • May 07
Insider recently bought kr288k worth of stock On the 4th of May, Johan Ekener bought around 2k shares on-market at roughly kr120 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr727k. Insiders have collectively bought kr4.9m more in shares than they have sold in the last 12 months. Reported Earnings • May 01
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: kr2.66 (up from kr1.98 in 1Q 2021). Revenue: kr494.6m (up 18% from 1Q 2021). Net income: kr46.8m (up 36% from 1Q 2021). Profit margin: 9.5% (up from 8.2% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 7.9%, compared to a 11% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Chairman Eva Elmstedt was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 25
President recently bought kr124k worth of stock On the 23rd of February, Markus Granlund bought around 1k shares on-market at roughly kr117 per share. In the last 3 months, they made an even bigger purchase worth kr727k. Markus has been a buyer over the last 12 months, purchasing a net total of kr2.0m worth in shares. Recent Insider Transactions • Feb 16
Chief Financial Officer recently bought kr240k worth of stock On the 14th of February, Björn Strömberg bought around 2k shares on-market at roughly kr115 per share. This was the largest purchase by an insider in the last 3 months. Björn has been a buyer over the last 12 months, purchasing a net total of kr445k worth in shares. Reported Earnings • Feb 10
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: kr7.60 (up from kr5.75 in FY 2020). Revenue: kr1.71b (up 5.2% from FY 2020). Net income: kr132.8m (up 33% from FY 2020). Profit margin: 7.8% (up from 6.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Over the next year, revenue is forecast to grow 10%, compared to a 13% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr111, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Professional Services industry in Sweden. Total returns to shareholders of 138% over the past three years. Recent Insider Transactions • Oct 24
President recently bought kr602k worth of stock On the 22nd of October, Markus Granlund bought around 5k shares on-market at roughly kr122 per share. This was the largest purchase by an insider in the last 3 months. Markus has been a buyer over the last 12 months, purchasing a net total of kr1.9m worth in shares. Reported Earnings • Oct 20
Third quarter 2021 earnings released: EPS kr1.41 (vs kr1.22 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr370.9m (up 11% from 3Q 2020). Net income: kr24.7m (up 17% from 3Q 2020). Profit margin: 6.7% (up from 6.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 23
Independent Director recently bought kr258k worth of stock On the 19th of July, Karl Thedeen bought around 2k shares on-market at roughly kr129 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.7m more in shares than they have sold in the last 12 months. Price Target Changed • Jul 21
Price target increased to kr143 Up from kr132, the current price target is an average from 2 analysts. New target price is 13% above last closing price of kr126. Stock is up 120% over the past year. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS kr1.70 (vs kr0.06 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr445.2m (up 11% from 2Q 2020). Net income: kr29.7m (up kr28.6m from 2Q 2020). Profit margin: 6.7% (up from 0.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 17
Price target increased to kr140 Up from kr126, the current price target is an average from 2 analysts. New target price is 10% above last closing price of kr127. Stock is up 132% over the past year. Upcoming Dividend • Jun 29
Upcoming dividend of kr3.00 per share Eligible shareholders must have bought the stock before 05 July 2021. Payment date: 09 July 2021. Trailing yield: 2.7%. Lower than top quartile of Swedish dividend payers (3.5%). Higher than average of industry peers (1.8%). Price Target Changed • May 24
Price target increased to kr126 Up from kr113, the current price target is an average from 2 analysts. New target price is 13% above last closing price of kr111. Stock is up 130% over the past year. Executive Departure • May 07
Chairman of the Board Tore Bertilsson has left the company On the 29th of April, Tore Bertilsson's tenure as Chairman of the Board ended after 5.0 years in the role. We don't have any record of a personal shareholding under Tore's name. A total of 2 executives have left over the last 12 months. Reported Earnings • May 02
First quarter 2021 earnings released: EPS kr1.98 (vs kr2.17 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: kr418.4m (down 15% from 1Q 2020). Net income: kr34.4m (down 8.5% from 1Q 2020). Profit margin: 8.2% (up from 7.7% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 25
Price target increased to kr118 Up from kr108, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of kr121. Stock is up 135% over the past year. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS kr5.75 (vs kr6.11 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: kr1.63b (down 12% from FY 2019). Net income: kr99.8m (down 6.1% from FY 2019). Profit margin: 6.1% (up from 5.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 02
New 90-day high: kr92.20 The company is up 29% from its price of kr71.20 on 02 December 2020. The Swedish market is up 9.0% 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr160 per share. Recent Insider Transactions • Feb 24
President recently bought kr798k worth of stock On the 22nd of February, Markus Granlund bought around 9k shares on-market at roughly kr87.40 per share. This was the largest purchase by an insider in the last 3 months. This was Markus' only on-market trade for the last 12 months. Reported Earnings • Feb 12
Full year 2020 earnings released: EPS kr5.75 (vs kr6.11 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: kr1.63b (down 12% from FY 2019). Net income: kr99.8m (down 6.1% from FY 2019). Profit margin: 6.1% (up from 5.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 12
Earnings beat expectations Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.2%. Over the next year, revenue is forecast to grow 4.7%, compared to a 4.5% growth forecast for the Professional Services industry in Sweden. Is New 90 Day High Low • Feb 09
New 90-day high: kr88.50 The company is up 32% from its price of kr67.00 on 10 November 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr89.93 per share. Is New 90 Day High Low • Jan 21
New 90-day high: kr88.10 The company is up 32% from its price of kr66.70 on 23 October 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 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr84.79 per share. Is New 90 Day High Low • Dec 19
New 90-day high: kr77.20 The company is up 20% from its price of kr64.60 on 18 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 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr84.38 per share. Is New 90 Day High Low • Dec 01
New 90-day high: kr73.00 The company is up 19% from its price of kr61.60 on 02 September 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr75.02 per share. Price Target Changed • Nov 20
Price target raised to kr79.25 Up from kr73.00, the current price target is an average from 2 analysts. The new target price is 20% above the current share price of kr66.20. As of last close, the stock is up 0.6% over the past year. Major Estimate Revision • Oct 29
Analysts lower EPS estimates to kr4.80 The 2020 consensus revenue estimate was lowered from kr1.77b to kr1.64b. Earning per share (EPS) estimate was also lowered from kr5.51 to kr4.80 for the same period. Net income is expected to grow by 23% next year compared to 32% growth forecast for the Professional Services industry in Sweden. The consensus price target of kr75.00 was unchanged from the last update. Share price is down by 10% to kr61.40 over the past week. Analyst Estimate Surprise Post Earnings • Oct 23
Third-quarter earnings released: Revenue and earnings miss expectations Third-quarter revenue missed analyst estimates by 19% at kr335.0m. Earnings per share (EPS) also missed analyst estimates by 15% at kr1.21. Revenue is forecast to grow 5.5% over the next year, while the growth in Professional Services industry in Sweden is expected to stay flat. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of kr98.2m, down 4.0% from the prior year. Total revenue was kr1.72b over the last 12 months, down 7.8% from the prior year. Recent Insider Transactions • Sep 19
Independent Director recently bought kr194k worth of stock On the 16th of September, Karl Thedéen bought around 3k shares on-market at roughly kr64.80 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr334k more in shares than they bought in the last 12 months. Is New 90 Day High Low • Sep 18
New 90-day high: kr63.70 The company is up 28% from its price of kr49.90 on 18 June 2020. The Swedish market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 26% over the same period.