Recent Insider Transactions • May 17
Independent Chairman of the Board recently bought kr110k worth of stock On the 12th of May, Jan Bardell bought around 392 shares on-market at roughly kr280 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jan's only on-market trade for the last 12 months. Announcement • Apr 25
Studsvik AB (Publ) Approves No Dividend for the Financial Year 2025 SStudsvik AB (Publ), at the Annual General meeting held on 23 April 2026, resolved that in accordance with the Board of Directors' proposal, that no dividend shall be paid for the 2025 financial year and that available funds shall be carried forward. Reported Earnings • Apr 24
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: kr0.55 (down from kr1.07 in 1Q 2025). Revenue: kr226.4m (flat on 1Q 2025). Net income: kr4.50m (down 49% from 1Q 2025). Profit margin: 2.0% (down from 3.9% in 1Q 2025). Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 54%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr265, the stock trades at a trailing P/E ratio of 58.4x. Average forward P/E is 14x in the Commercial Services industry in Sweden. Total returns to shareholders of 132% over the past three years. Buy Or Sell Opportunity • Apr 16
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to kr332. The fair value is estimated to be kr263, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Mar 25
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: kr4.54 (up from kr1.17 in FY 2024). Revenue: kr883.3m (down 1.1% from FY 2024). Net income: kr37.3m (up 289% from FY 2024). Profit margin: 4.2% (up from 1.1% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Announcement • Mar 17
Studsvik AB (publ), Annual General Meeting, Apr 23, 2026 Studsvik AB (publ), Annual General Meeting, Apr 23, 2026, at 14:00 W. Europe Standard Time. Location: world trade center, klarabergsviadukten 70/kungsbron 1, stockholm Sweden Buy Or Sell Opportunity • Mar 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to kr318. The fair value is estimated to be kr265, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Announcement • Mar 10
Studsvik AB (publ) (OM:SVIK) agreed to acquire Kärnfull Next Ab from Climentum Capital Fund I, managed by Climentum Capital Management ApS and Granitor Growth Management Ab for €22.5 million. Studsvik AB (publ) (OM:SVIK) agreed to acquire Kärnfull Next Ab from Climentum Capital Fund I, managed by Climentum Capital Management ApS and Granitor Growth Management Ab for €22.5 million on March 9, 2026. The enterprise value of Kärnfull Next in the transaction is approximately €6.5 million on a cash-free, debt-free, basis, €3 million will be paid in cash and €3.5 million in newly issued Studsvik shares at closing. Additional consideration of up to €2 million in shares may be payable through staged payments to 2029, alongside performance-based earn-outs of up to €14 million linked to the successful development and sale of project development companies. Under the agreement, the Kärnfull Next founders will join Studsvik’s executive team
The completion remains subject to customary conditions and regulatory approvals. The transaction is expected to close during the second quarter of 2026 and is not expected to have a material financial impact on Studsvik’s financial results during 2026.
Emma Dansbo of Cirio Advokatbyrå Ab acted as legal advisor for Kärnfull Next Ab. Advokaterna Liman & Partners Ab acted as legal advisor for Kärnfull Next Ab. Olov Rydsäter of Tiermes AB acted as financial advisor for Kärnfull Next Ab. Buy Or Sell Opportunity • Feb 20
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to kr316. The fair value is estimated to be kr263, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Board Change • Feb 13
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Caroline Talsma was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Feb 06
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: kr4.54 (up from kr1.17 in FY 2024). Revenue: kr883.3m (down 1.1% from FY 2024). Net income: kr37.3m (up 289% from FY 2024). Profit margin: 4.2% (up from 1.1% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 45% per year, which means it is well ahead of earnings. Announcement • Jan 29
Studsvik AB (publ) to Report Fiscal Year 2025 Results on Feb 05, 2026 Studsvik AB (publ) announced that they will report fiscal year 2025 results at 8:00 AM, Central European Standard Time on Feb 05, 2026 Announcement • Jan 22
Studsvik AB (publ) Announces Board Changes Studsvik AB (publ) announced that board members Agneta Nestenborg and Erik Strömqvist have chosen to resign as board members of Studsvik. Agneta Nestenborg has been a member of Studsvik's board since 2010 and Erik Strömqvist since 2021. Due to the resignations of Agneta Nestenborg and Erik Strömqvist, Studsvik's nomination committee has decided to adjust the proposal for the extraordinary general meeting's decision on the number of board members from eight to six. New Risk • Nov 25
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 8.2% 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 (8.2% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Board Change • Nov 12
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. 4 non-independent directors. Independent Chairman of the Board Jan Bardell was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 08
Jan Barchan Resigns from Studsvik's Board of Directors Studsvik announced that Board member Jan Barchan requests his own resignation from Studsvik's board of directors. Jan Barchan has expressed his wish to step back from formal board duties after many years of service, in light of his age and in the interest of facilitating a generational renewal within the board. Jan Barchan has been a board member of Studsvik since 2004. He remains fully supportive of Studsvik's continued development and of the major shareholder Armada Investment's strategy and long-term direction. Reported Earnings • Nov 05
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: kr0.44 (up from kr0.88 loss in 3Q 2024). Revenue: kr205.8m (up 2.5% from 3Q 2024). Net income: kr3.60m (up kr10.8m from 3Q 2024). Profit margin: 1.7% (up from net loss in 3Q 2024). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Nov 01
Studsvik to Showcase its Latest Innovative Solutions Including Global Launch of BlackStarTech's Nuclear-Grade Safety and Power Solutions at the World Nuclear Exhibition in Paris Studsvik will participate at the nuclear exhibition, the World Nuclear Exhibition (WNE), 2025 04-06 November in Paris, France. WNE has the most comprehensive network of worldwide top-tier suppliers and service providers across the entire nuclear sector. As a sponsor of and exhibitor of the Nordic pavilion, Studsvik will showcase its latest innovative products and solutions for the nuclear energy industry including: BlackStarTech provides resilient safety and power, energy storage, lighting and communication solutions designed for emergent response in a portable, compact, rapidly deployable configurations supporting long term operations. inDRUM, Studsvik's patented waste management technology, which turns problematic waste into manageable solutions. Buy Or Sell Opportunity • Oct 17
Now 20% undervalued Over the last 90 days, the stock has risen 16% to kr239. The fair value is estimated to be kr299, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 40%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Buy Or Sell Opportunity • Sep 25
Now 20% undervalued Over the last 90 days, the stock has risen 40% to kr224. The fair value is estimated to be kr280, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has declined by 40%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. New Risk • Aug 14
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). Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Jul 22
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: kr1.20 (up from kr1.17 in 2Q 2024). Revenue: kr227.6m (down 3.4% from 2Q 2024). Net income: kr9.80m (up 2.1% from 2Q 2024). Profit margin: 4.3% (up from 4.1% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.5%. Earnings per share (EPS) also missed analyst estimates by 7.7%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 17
Now 23% undervalued Over the last 90 days, the stock has risen 80% to kr217. The fair value is estimated to be kr281, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 7.2% in 2 years. Earnings are forecast to grow by 718% in the next 2 years. Announcement • Jun 17
Armada Investment AG acquired an additional 20% stake in Studsvik AB (publ) (OM:SVIK). Armada Investment AG acquired an additional 20% stake in Studsvik AB (publ) (OM:SVIK) on June 16, 2025.
Rikard Lindahl and Daniel Wendelsson of Advokatfirman Vinge KB acted as legal advisor for Armada Investment AG.
Armada Investment AG completed the acquisition of an additional 20% stake in Studsvik AB (publ) (OM:SVIK) on June 16, 2025. New Risk • May 06
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 166% Cash payout ratio: 106% Dividend yield: 1.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 166% Cash payout ratio: 106% Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: kr1.07 (vs kr1.03 in 1Q 2024) First quarter 2025 results: EPS: kr1.07 (up from kr1.03 in 1Q 2024). Revenue: kr227.0m (up 8.4% from 1Q 2024). Net income: kr8.80m (up 3.5% from 1Q 2024). Profit margin: 3.9% (down from 4.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 19
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 02 May 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.7%. Lower than top quartile of Swedish dividend payers (4.1%). Lower than average of industry peers (3.4%). Reported Earnings • Mar 23
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: kr1.17 (down from kr5.91 in FY 2023). Revenue: kr893.1m (up 8.1% from FY 2023). Net income: kr9.60m (down 80% from FY 2023). Profit margin: 1.1% (down from 5.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Feb 26
Dividend of kr2.00 announced Dividend of kr2.00 is the same as last year. Ex-date: 25th April 2025 Payment date: 2nd May 2025 Dividend yield will be 1.5%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is not covered by earnings (171% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.1% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 90% to bring the payout ratio under control. EPS is expected to grow by 185% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 25
Studsvik AB (publ) announces Annual dividend, payable on May 02, 2025 Studsvik AB (publ) announced Annual dividend of SEK 2.0000 per share payable on May 02, 2025, ex-date on April 25, 2025 and record date on April 28, 2025. Announcement • Feb 20
Studsvik AB (Publ) Announces Anna Karinen Declines Re-Election of Director Studsvik AB (publ) announced that Board of Director Anna Karinen has declined re-election at annual general meeting to be held on 24 April 2025. Reported Earnings • Feb 11
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: kr1.17 (down from kr5.91 in FY 2023). Revenue: kr893.1m (up 8.1% from FY 2023). Net income: kr9.60m (down 80% from FY 2023). Profit margin: 1.1% (down from 5.9% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jan 31
Studsvik AB (publ) to Report Fiscal Year 2024 Results on Feb 10, 2025 Studsvik AB (publ) announced that they will report fiscal year 2024 results at 8:00 AM, Central European Standard Time on Feb 10, 2025 Recent Insider Transactions • Nov 17
Independent Director recently bought kr264k worth of stock On the 14th of November, Erik Stromqvist bought around 2k shares on-market at roughly kr120 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr418k more in shares than they have sold in the last 12 months. Reported Earnings • Oct 24
Third quarter 2024 earnings released: kr0.87 loss per share (vs kr1.94 profit in 3Q 2023) Third quarter 2024 results: kr0.87 loss per share (down from kr1.94 profit in 3Q 2023). Revenue: kr200.8m (up 2.9% from 3Q 2023). Net loss: kr7.20m (down 145% from profit in 3Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Oct 17
Studsvik AB (Publ) Announces CEO Changes Studsvik AB (publ) announced that Karl Thedéen will assume the position of CEO of Studsvik. Camilla Hoflund will leave the Group after more than 20 years, including seven successful years as CEO. Under Camilla Hoflund's leadership, Studsvik has focused on creating long-term profitability in its existing operations. Studsvik is now well positioned for a more offensive strategy with the aim of further accelerating its growth and thereby creating more long-term value for its shareholders. New Risk • Sep 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.01b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (kr1.01b market cap, or US$99.3m). Recent Insider Transactions • Jul 28
Independent Chairman of the Board recently bought kr55k worth of stock On the 25th of July, Jan Bardell bought around 422 shares on-market at roughly kr130 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jan has been a buyer over the last 12 months, purchasing a net total of kr105k worth in shares. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: kr1.17 (vs kr0.62 in 2Q 2023) Second quarter 2024 results: EPS: kr1.17 (up from kr0.62 in 2Q 2023). Revenue: kr235.5m (up 10% from 2Q 2023). Net income: kr9.60m (up 88% from 2Q 2023). Profit margin: 4.1% (up from 2.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr135, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Commercial Services industry in Sweden. Total returns to shareholders of 88% over the past three years. Announcement • Apr 27
Studsvik Announces Board Changes As planned, on 30 April Studsvik's board member Agneta Nestenborg will leave the operational role she has held since November 2023 within the Fuel and Materials Technology business area. On May 1 she will be succeeded by Niklas Lindberg in the role of head of production operations including project deliveries and plant operation. Niklas joins us from his most recent position as senior business developer at Novotech, having worked for most of his career within global corporations and startups. Chair of the Board Jan Bardell will also leave his operational role as of the Annual General Meeting on 25 April. Since October 2023, in addition to his role as Chair of the Board, Jan has been working part-time in an operational capacity on the enquiries that Studsvik receives concerning building Small Modular Reactors (SMRs) on the Studsvik site outside Nyköping. This role will thereby come to an end according to plan. Both Agneta and Jan will remain in their roles as board member and Chair of the Board respectively. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr1.03 (vs kr1.12 in 1Q 2023) First quarter 2024 results: EPS: kr1.03 (down from kr1.12 in 1Q 2023). Revenue: kr209.4m (up 11% from 1Q 2023). Net income: kr8.50m (down 7.6% from 1Q 2023). Profit margin: 4.1% (down from 4.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 19
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Swedish dividend payers (4.4%). Lower than average of industry peers (4.0%). New Risk • Mar 25
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: 1.6% 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 (kr1.06b market cap, or US$99.8m). Announcement • Mar 20
Studsvik AB (publ) Proposes Dividend for the 2023 Financial Year Studsvik AB (publ) at its Annual General Meeting to be held on April 25, 2024 proposed dividend of SEK 2 per share be distributed for the 2023 financial year and that April 29, 2024 be the record date for the dividend and that the remaining profit at the disposal of the Annual General Meeting be carried forward. Reported Earnings • Mar 17
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr5.91 (up from kr5.83 in FY 2022). Revenue: kr826.0m (up 1.4% from FY 2022). Net income: kr48.6m (up 1.5% from FY 2022). Profit margin: 5.9% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Commercial Services 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 17% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 16
Dividend of kr2.00 announced Dividend of kr2.00 is the same as last year. Ex-date: 26th April 2024 Payment date: 3rd May 2024 Dividend yield will be 1.5%, which is lower than the industry average of 4.1%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 10% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr5.91 (up from kr5.83 in FY 2022). Revenue: kr826.0m (up 1.4% from FY 2022). Net income: kr48.6m (up 1.5% from FY 2022). Profit margin: 5.9% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.4%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. New Risk • Jan 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.04b (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Dec 29
Studsvik AB (Publ) Strengthens the Executive Management Group, Effective from 1 January 2024 Studsvik AB (publ) announced that Carina Nilsson, Head of Sustainability and Compliance, is part of Studsvik's Executive Management Group from 1 January 2024. Carina Nilsson has been employed at Studsvik since August 21, 2023. She has a solid background in business development, operational development and digital transformation from various international operations. Carina has more than 15 years of experience in leading roles, both in the private and public sector. In her new position, Carina continues to report directly to the CEO and is part of Studsvik's Executive Management Group from 1 January 2024. Announcement • Dec 20
Studsvik AB (publ) Announces Niklas Karlsson to Leave as CFO Studsvik AB (publ) announced Niklas Karlsson will leave ad CFO during the first half of 2024. The process of finding a replacement has started. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr141, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Commercial Services industry in Sweden. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr115, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Commercial Services industry in Sweden. Total returns to shareholders of 72% over the past three years. Announcement • Nov 17
Studsvik AB Announces Management Changes Studsvik AB announced current business area manager Joakim Lundström takes on the role as head of business development and sales within the business area. Agneta Nestenborg, current board member of Studsvik AB, strengthens the management resources within the business area as operationally responsible for production including project deliveries and plant operation until April 30, 2024. Agneta has broad experience from the energy sector, including from Vattenfall. She is also, through her board work, well versed in Studsvik's operations. Agneta resigns during the above period as chairman of the audit committee in Studsvik AB and is replaced during that same period by board chairman Jan Bardell. Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: kr1.93 (vs kr2.75 in 3Q 2022) Third quarter 2023 results: EPS: kr1.93 (down from kr2.75 in 3Q 2022). Revenue: kr195.2m (flat on 3Q 2022). Net income: kr15.9m (down 30% from 3Q 2022). Profit margin: 8.1% (down from 12% in 3Q 2022). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. Announcement • Oct 21
Studsvik Announces Jan Bardell Will Become the Working Chair of the Board, Part Time, as of October 20 Jan Bardell, who was appointed as Studsvik's Chair of the Board at the Annual General Meeting on April 24, 2023, will become the Working Chair of the Board, part time, as of October 20. The purpose of the change is that Bardell will work actively on the enquiries Studsvik has received about building Small Modular Reactors (SMRs) on the Studsvik site, outside Nyköping. Jan Bardell has been a member of the Board of Studsvik since 2022. Recent Insider Transactions • Jul 28
Independent Chairman of the Board recently bought kr51k worth of stock On the 26th of July, Jan Bardell bought around 494 shares on-market at roughly kr102 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr703k. Jan has been a buyer over the last 12 months, purchasing a net total of kr86k worth in shares. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: kr0.62 (vs kr0.38 in 2Q 2022) Second quarter 2023 results: EPS: kr0.62 (up from kr0.38 in 2Q 2022). Revenue: kr213.6m (up 5.2% from 2Q 2022). Net income: kr5.10m (up 65% from 2Q 2022). Profit margin: 2.4% (up from 1.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 16
Art Wharton Joins as Head of Business Area Scandpower Effective from June 15, 2023, Art Wharton has been appointed as the Business Area President for Studsvik Scandpower Group. He joined Studsvik in 2017 as a Vice President and has held the role of Acting President of the Studsvik Scandpower Business Area since October 6, 2022. Prior to joining Scandpower Art was employed in various roles by Westinghouse Electric Company LLC for approximately 11 years. He also serves in multiple divisions/committees in the American Nuclear Society, and currently held the position of Treasurer for the Society. Recent Insider Transactions • May 06
Non-Independent Director recently bought kr703k worth of stock On the 2nd of May, Jan Thorsten Barchan bought around 6k shares on-market at roughly kr109 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr3.2m more in shares than they bought in the last 12 months. Upcoming Dividend • Apr 18
Upcoming dividend of kr2.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 02 May 2023. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Swedish dividend payers (4.7%). Lower than average of industry peers (4.4%). Buying Opportunity • Apr 04
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be kr174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Reported Earnings • Mar 14
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: kr5.83 (down from kr7.69 in FY 2021). Revenue: kr814.8m (up 2.1% from FY 2021). Net income: kr47.9m (down 24% from FY 2021). Profit margin: 5.9% (down from 7.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Commercial Services industry in Sweden. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock is up 42%. The fair value is estimated to be kr174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 17% per annum over the same time period.