Reported Earnings • Apr 30
First quarter 2026 earnings released: kr0.27 loss per share (vs kr0.90 loss in 1Q 2025) First quarter 2026 results: kr0.27 loss per share (improved from kr0.90 loss in 1Q 2025). Revenue: kr256.9m (down 14% from 1Q 2025). Net loss: kr11.4m (loss narrowed 71% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Feb 14
Nimbus Group Announces Executive Changes Nimbus Group has appointed Christian Johansson as Interim Chief Financial Officer (CFO), effective March 1, 2026. Throughout March, Johansson will work alongside the current CFO, Rasmus Alvemyr, who will leave the company on March 31, 2026. Christian Johansson holds a Master of Science in Business and Economics from Stockholm University and brings more than 30 years of experience from senior leadership roles in Swedish companies. His previous positions include serving as Group CFO of SKF. Among Christian’s previous employers are the Volvo Group, Kongsberg Automotive ASA, and Gunnebo. Johansson has many years of experience as Group CFO in listed companies and has a proven track record of successfully driving business development and profitable growth. Reported Earnings • Feb 05
Full year 2025 earnings released: kr3.94 loss per share (vs kr2.88 loss in FY 2024) Full year 2025 results: kr3.94 loss per share (further deteriorated from kr2.88 loss in FY 2024). Revenue: kr1.37b (down 16% from FY 2024). Net loss: kr167.7m (loss widened 173% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. New Risk • Jan 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 9.1% 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: Major Risk Earnings have declined by 48% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Market cap is less than US$100m (kr575.5m market cap, or US$64.9m). Announcement • Jan 23
Nimbus Group AB (publ) Brand Falcon Launches the All-New Falcon BRs6 and BRs7 Nimbus Group AB (publ) brand Falcon is now launching the BRs 6 and BRs7, an evolution of the brand's best-selling aluminum boats, BR6 and BR7. The BRs6 and BRs7 feature a completely redesigned seating layout with L-shaped aft benches and optimized storage compartments. Production of Falcon's models has been moved to Poland, and these new models will be the first to be manufactured there. The new models from the Falcon brand will be showcased at the upcoming international boat show in Helsinki, VENE 26 (February 6-15), where a range of other models will also be on display, including the Falcon BRs 4, BR 5, BR 6, BR 7, and Falcon C7. Boats from Nimbus Group's Aquador brand will also be featured, including the 250 HT and 400 HT, and there will additionally be the Finnish premiere of the 300 HT in its outboard version. Falcon's boats are highly versatile, suitable for fishing, water skiing, and family outings. The combination of aluminum and fiberglass creates a durable boat that is easy to maintain. These boats are aimed at owners who value versatility and durability while also seeking exceptional driving experience. The V-shaped hull ensures stable, smooth, and calm handling in all conditions. Falcon boats offer predictable performance and a quiet ride. The all-new BRs6 and BRs 7 will be sold in parallel with Falcon BR6 and Falcon BR7. Announcement • Jan 16
Nimbus Group Announces New Nimbus 495 Coupe Version Nimbus Group will focus on strong product news from the Nimbus brand. In the booth, the Nimbus C12, T12, and W12 from the new 12 series will premiere, and in addition, the Nimbus 495 Flybridge, Nimbus 365 Coupe, Nimbus 305 Coupe, Nimbus T9, and a Nimbus T8 will also be on display. Alongside the boats shown in the booth, more details and information will be released about the upcoming new Nimbus 495 Coupe. Announcement • Jan 15
Nimbus Group AB (Publ) Appoints Dave Patnaude to Head of U.S. Operations Nimbus Group AB (Publ) announced that Dave Patnaude, with extensive operational experience in managing and developing dealerships, will become head of U.S. operations. Patnaude will report to Christina Evans, Deputy CEO and Chief Commercial Officer. A previously executed initiative to strengthen commercial performance was the appointment of Christina Evans as Deputy CEO and CCO. Evans now assumes a pivotal role in accelerating North American business development and will work in close collaboration with the regional organization and dealer network. Announcement • Jan 02
Nimbus Group AB (Publ) to Present the New Nimbus 495 Coupe Nimbus Group AB (publ) will present the new Nimbus 495 Coupe, a coupe version of Nimbus' flagship, at this year's edition of the international boat show Boot Dusseldorf. The Nimbus 495 Coupe is aimed at customers who prefer traditional coupe boats with their larger enclosed spaces and strong focus on comfort and convenience. Deliveries are expected to begin in 2027. Until now, Nimbus' flagship, the Nimbus 495, has only been offered with a flybridge, but a coupe version was part of the plan from the start. The reason the 495 Flybridge was launched first was that it better suited certain initially prioritized markets. Since the coupe version of the 495 lacks the flybridge's superstructure and staircase, it offers, among other things, a significantly larger panoramic glass roof, an expanded galley, and more storage space, including a dedicated compartment for wetsuits and foul weather wear. The new Nimbus 495 CouPE features a number of tailored solutions designed to further appeal to its target customer segment. Among other things, it has a specially developed electronic awning system that makes it easy to choose between shade or letting sunlight flood through the large glass roof. The Nimbus 495oupe also comes with extra solar panels, allowing for longer stays at anchor without using the boat's generators. On the outside of the coupe, there is a dedicated, separate storage compartment for wetsuits, life rafts, inflatable dinghies, and other equipment that may be damp and have unpleasant odors. At nearly 15 meters, the Nimbus 495 sits in a size category where many owners traditionally employ crew. However, the model has been engineered for easy handling, appealing to families who prefer independence and the ability to manage everything onboard themselves. Since its launch in 2023, the Nimbus 495 has garnered significant attention and multiple awards. At last year's Boot Dusseldorf, it was named in the category of boats up to 18 meters-one of European Powerboat of the Year the industry's most prestigious accolades, awarded by a jury of Europe's leading boating magazines with a combined monthly readership of over one million. New Risk • Dec 17
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 8.0% 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: Major Risks Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (kr447.6m market cap, or US$47.9m). New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings have declined by 48% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr451.9m market cap, or US$48.9m). Announcement • Nov 22
Nimbus Group AB (publ) Launches the Nimbus 12 Series Nimbus Group AB (publ) is launching the Nimbus 12 series, an updated successor to the successful WTC 11 series. The new boats feature extensive design changes and improvements to further strengthen Nimbus Group and the Nimbus brand's position within the prioritized premium segment. Just like its predecessors in the WTC 11 series, the Nimbus 12 will be available as Weekender (W), Tender (T), and Commuter (C), meaning the series meets the diverse needs and preferences of different customer groups within the segment. The 12 series builds on the design introduced with the 11 series and retains the seaworthiness and Scandinavian design philosophy that have defined the series since its introduction. With a wide range of enhancements, the 12 series is a refinement and evolution aimed at giving customers more of everything they already love. The boats will make their world premiere at the international boat show Boot Dusseldorf in January 2026. Production will begin during the first quarter of 2026. Reported Earnings • Oct 24
Third quarter 2025 earnings released: kr1.29 loss per share (vs kr3.47 loss in 3Q 2024) Third quarter 2025 results: kr1.29 loss per share (improved from kr3.47 loss in 3Q 2024). Revenue: kr263.4m (down 30% from 3Q 2024). Net loss: kr55.1m (loss narrowed 26% from 3Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. New Risk • Oct 23
New major risk - Revenue and earnings growth Earnings have declined by 46% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr509.4m market cap, or US$54.2m). Announcement • Oct 09
Nimbus Group AB (Publ), Annual General Meeting, May 19, 2026 Nimbus Group AB (Publ), Annual General Meeting, May 19, 2026. Reported Earnings • Jul 18
Second quarter 2025 earnings released: kr0.019 loss per share (vs kr1.43 profit in 2Q 2024) Second quarter 2025 results: kr0.019 loss per share (down from kr1.43 profit in 2Q 2024). Revenue: kr570.8m (down 8.4% from 2Q 2024). Net loss: kr829.0k (down 103% from profit in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Leisure industry in Europe. 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. New Risk • Jul 17
New major risk - Revenue and earnings growth Earnings have declined by 41% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr639.5m market cap, or US$65.6m). Announcement • Jun 06
Nimbus Group AB Announces Executive Changes Nimbus Group AB (publ) has appointed Christina Evans as Deputy Managing Director of the company. Evans most recently served as Chief Commercial Officer (CCO) at Finnish motorboat manufacturer Axopar. As CCO, Evans was responsible for sales, brand and marketing, product management, and for developing the commercial dealer business. Evans has been CCO at Axopar since 2021 and has previously held several positions within the automotive industry, including as marketing manager within Volvo Trucks. In her role as Deputy CEO, Evans will also take over responsibility for Nimbus Group's newly established business area Commercial Sales, as its current head Nicklas Bergström has announced his intention to eventually leave the company. The definitive start date for Evans has not yet been determined, but she is expected to assume the role by February 2026 at the latest. Announcement • May 17
Nimbus Group AB (Publ) Announces Board Changes Nimbus Group AB (Publ) at Annual General Meeting held on 16 May 2025, approved election of Gustav Lindner and Henrik Patek as the Board of Directors for the period until the end of the next Annual General Meeting. Göran Gummesson has declined re-election. New Risk • Apr 30
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (100% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr665.0m market cap, or US$68.8m). Reported Earnings • Apr 23
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: kr2.88 loss per share (down from kr2.15 profit in FY 2023). Revenue: kr1.62b (down 15% from FY 2023). Net loss: kr61.4m (down 236% from profit in FY 2023). Revenue missed analyst estimates by 9.2%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 44 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Mar 12
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 1.5% to kr16.70. The fair value is estimated to be kr13.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Mar 05
Price target decreased by 43% to kr20.00 Down from kr35.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of kr16.80. Stock is down 36% over the past year. The company is forecast to post earnings per share of kr3.42 next year compared to a net loss per share of kr2.88 last year. Announcement • Feb 17
Jan-Erik Lindström Plans to Retire as CEO of Nimbus Group AB (Publ) Nimbus Group's AB (publ) CEO, Jan-Erik Lindström, has informed the company's board that he will retire during 2025. The Nimbus Group Board will begin the recruitment process for a successor with the aim of finalizing the recruitment of a new CEO during the second half of 2025. Jan-Erik Lindström, who recently turned 63, will continue as CEO of the company until his successor has taken office. Announcement • Jan 07
Nimbus Group AB (Publ) to Report Fiscal Year 2024 Final Results on Apr 22, 2025 Nimbus Group AB (Publ) announced that they will report fiscal year 2024 final results at 9:00 AM, Central European Standard Time on Apr 22, 2025 Announcement • Nov 29
Nimbus Group AB (Publ), Annual General Meeting, May 16, 2025 Nimbus Group AB (Publ), Annual General Meeting, May 16, 2025. Announcement • Nov 14
Nimbus Group AB (Publ) has filed a Follow-on Equity Offering in the amount of SEK 355.97037 million. Nimbus Group AB (Publ) has filed a Follow-on Equity Offering in the amount of SEK 355.97037 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 21,315,591
Price\Range: SEK 16.7
Transaction Features: Rights Offering Buy Or Sell Opportunity • Oct 02
Now 32% overvalued Over the last 90 days, the stock has fallen 18% to kr20.30. The fair value is estimated to be kr15.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 49%. Revenue is forecast to grow by 3.1% in a year. Earnings are forecast to grow by 779% in the next year. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr22.30, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 20x in the Leisure industry in Europe. Total loss to shareholders of 70% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr14.98 per share. Price Target Changed • Jul 21
Price target decreased by 20% to kr28.00 Down from kr35.00, the current price target is provided by 1 analyst. New target price is 13% above last closing price of kr24.80. Stock is down 12% over the past year. The company is forecast to post earnings per share of kr3.29 for next year compared to kr2.15 last year. Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr1.43 (vs kr2.87 in 2Q 2023) Second quarter 2024 results: EPS: kr1.43 (down from kr2.87 in 2Q 2023). Revenue: kr623.4m (down 18% from 2Q 2023). Net income: kr30.4m (down 50% from 2Q 2023). Profit margin: 4.9% (down from 8.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 34% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 03
Chief Executive Officer recently sold kr77k worth of stock On the 30th of May, Jan-Erik Lindström sold around 3k shares on-market at roughly kr25.48 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jan-Erik has been a net seller over the last 12 months, reducing personal holdings by kr911k. Reported Earnings • Apr 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: kr2.15 (down from kr7.72 in FY 2022). Revenue: kr1.90b (up 8.4% from FY 2022). Net income: kr45.1m (down 70% from FY 2022). Profit margin: 2.4% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to stay flat during the next 2 years compared to a 8.1% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr22.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Leisure industry in Europe. Total loss to shareholders of 65% over the past three years. Reported Earnings • Feb 07
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: kr2.15 (down from kr7.72 in FY 2022). Revenue: kr1.90b (up 8.4% from FY 2022). Net income: kr45.1m (down 70% from FY 2022). Profit margin: 2.4% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Leisure industry in Europe. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Jan 17
Nimbus Group to Display the New Energy Efficient Concept Boat Ocean Air 8 At Boot Düsseldorf Nimbus Groups AB (publ) will for the first time exhibit Alukin's new and energy efficient concept boat Alukin Ocean Air 8 at the international trade fair Boot Düsseldorf which begins on January 20. Nimbus Group will also display a new RIB (rigid inflatable boat) boat with an electric engine from Stream, one of the Group's brands. Alukin Ocean Air 8 is a concept boat that has been developed in collaboration between Nimbus Group's brand Alukin and the two Norwegian companies Pascal Technologies AS and Evoy AS. The hull is based on Pascal Technologies' energy efficient AirHull technology which requires up to 50 percent less energy for propulsion which increases the boat's range by 50-100 percent compared to using a traditional hull. A more easily driven hull can facilitate the conversion to electric powertrains. By using aluminum for Ocean Air 8's hull and superstructure the boat is 100 percent recyclable, which further reduces the boat's environmental impact. It will be the first time that Alukin branded boats are at display at Boot Düsseldorf and in total three Alukin branded boats will be on exhibition. The new RIB from Stream carries the name Stream Rib 560 and is equipeed with a 50 hp electric outboard motor. The boat is the first of two aluminum RIBs, coming in two different sizes, that are being launched by Stream during 2024. The boats are affordable options for anyone who wants to drive an electric boat at cruising speed. Charging is done with ordinary 230 volt household electricity and depending on speed, can enjoy the sea life for between 0.8 and 8 hours. Nimbus Group's stated objective is that the company's boats should have as little negative effect on the environment as possible both during manufacture and in connection with use. As part of the commitment to sustainability, Nimbus Group has previously bought into the Swedish manufacturer of electric outboards, Stream Propulsion. The international trade fair Boot Düsseldorf runs between 20 and 28 of January and Nimbus Group will also display, in addition to the boats mentioned above, Nimbus branded boats as well as Boats of Aquador and Flipper brands which have each had one boat model announced as finalists for the prestigious 2024 Motor Boat of the Year award. The boats in question are Flipper 900 DC and Aquador 300 HT. Among the other boats on display are the Nimbus W11, which premiered at the boat fair in Cannes last year and which has received a very positive reception from both trade press and the market. Announcement • Dec 13
Nimbus Group AB (publ) Starts Sea Trials of Electric Concept Boat with Energy-Efficient Water Boats Nimbus Groups AB (publ) has contributed to developing a concept boat based on an energy-efficient hull. In recent days, sea tests have begun of the boat, whose hull design means that it requires approximately 50% less energy for propulsion. The concept boat has been developed in collaboration between Nimbus Group its brand Alukin and the two Norwegian companies Pascal Technologies AS and Evoy AS. The hull is based on Pascal Technologies' energy efficient AirHull technology and the propulsion takes place with the help of an electric outboard motor developed by Evoy. By using aluminum for the boat's hull and superstructure the boat is 100% recyclable, which further reduces the boat's environmental impact. Nimbus Group's stated objective is that the company's boats should have as little negative environmental impact as possible both during manufacture and in connection with use. The company has not locked itself into individual engine or hull technologies and is fully open to try different technologies to increase the boats' environmental sustainability. Pascal Technologies' hull concept is based on a combination of a traditional boat hull and the principles used by boats with very energy-efficient hull technologies, so-called surface effect ships. By using a fan to push air under the boat, the proportion of the hull that is in contact with the water's surface is reduced and thus the energy consumption. Tests of this type of hull have shown that the technology can reduce energy consumption by between 30 and 50%, which increases the boat's range by 50% compared to using a traditional hull. A more easily driven hull can facilitate the conversion to electric powertrains. Announcement • Nov 29
Nimbus Group to Start Local Production of Nimbus Brand Boats in North America Nimbus Group AB (publ) will start local production of the Nimbus brand boat in North America. The boats will be produced in EdgeWater Power Boats’ existing production facility in Edgewater, Florida, which was included in the acquisition of EdgeWater earlier this year. Since the acquisition, the facility has been updated to cope with increased production, and starting in February next year, boats of model Nimbus T8 will also be produced there to coincide with the 2025 model year product planning. Local production of the Nimbus brand boats is another step in the Nimbus Group's strategic investment in the sale of premium boats in the important North America market. The North American powerboat market is by far the largest in the world and accounts for approximately half of the world market. Nimbus Group has a pronounced growth strategy where an increased investment in the North American market and premium boats form central parts. For the third quarter of this year, Nimbus Group reported an organic sales increase of premium boats by 19 percent, while the order book in North America increased to a record high SEK 550 million, corresponding to 58 percent of the total order book. Price Target Changed • Nov 24
Price target decreased by 47% to kr31.00 Down from kr58.00, the current price target is provided by 1 analyst. New target price is 42% above last closing price of kr21.85. Stock is down 35% over the past year. The company is forecast to post earnings per share of kr3.58 for next year compared to kr7.72 last year. Announcement • Nov 23
Nimbus Group (Publ) to Introduce Aquador Boats in the Us Nimbus Group (publ) is set to introduce its Finnish brand, Aquador, to the North American market this January 2024. The launch is in collaboration with PowerTime Boat Club, a division of the SailTime Group LLC, a nationwide company specializing in shared usage of recreational boats as well as traditional retail operations. PowerTime will extend its Aquador offering to encompass 10+ locations, spanning eight states across the United States. At these locations, the Aquador boats will be sold into the PowerTime fleet for the shared usage program, as well as to retail buyers. The Aquador brand has traditionally held a strong position in northern Europe, and Nimbus Group sees great opportunity for the boats to succeed in the North American market, which is the world's single largest power boat market. Last summer, Aquador launched an entirely new generation of boats in what was the brand's most extensive product renewal in 20 years. This significant investment in the brand has primed their product offering for the US market, showcasing strong growth potential. The new range of boats has been very well received and the respected British boating magazine, Motorboat & Yachting, recently named the new Aquador 300 HT as one of the finalists for the magazine's Motor Boat of the Year Award 2024. The debut of Aquador Boats in the US is expected to take place at the St. Petersburg Boat Show this January. Nimbus Group is strategically focused on growth, with a key pillar of this strategy being the expansion of the company's brand presence through an expanded network of retailers worldwide. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: kr0.31 (vs kr1.43 in 3Q 2022) Third quarter 2023 results: EPS: kr0.31 (down from kr1.43 in 3Q 2022). Revenue: kr475.4m (up 18% from 3Q 2022). Net income: kr6.57m (down 76% from 3Q 2022). Profit margin: 1.4% (down from 6.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Leisure industry in Europe. Announcement • Oct 26
Nimbus Group AB (Publ) to Report Q1, 2024 Results on Apr 26, 2024 Nimbus Group AB (Publ) announced that they will report Q1, 2024 results on Apr 26, 2024 Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr19.50, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 36% over the past year. Announcement • Sep 14
Nimbus Group AB (Publ), Annual General Meeting, May 16, 2024 Nimbus Group AB (Publ), Annual General Meeting, May 16, 2024. Announcement • Aug 15
Nimbus Group AB (Publ) Brand Alukin Launches New Boat Model in Aluminum Nimbus Group AB (publ) brand Alukin is launching this autumn the new boat model Alukin C 770, a boat that is a further development of the brand's previous models and a larger sequel to the model C 650 that was launched last year. Alukin's boats are built in fully welded aluminum, and through the launch of the new C 770, Nimbus Group's product offering is strengthened, which is an important part of the company's strategy to grow on the global boat market. Alukin's boats are primarily designed for commercial use for transporting all year round and in all types of weather. The construction with hull and cabin in one welded piece contributes to an extremely stiff and rigid hull that provides a strong boat with maintained stability even under extreme conditions. The robustness and high functionality of the Alukin boats have made them popular also for leisure use, and the boats have received a positive reception in Europe as well as in parts of North America. Alukin C 770 is a larger version of Alukin C 650 which was launched in 2022. The hull has a total length of 7.7 meters. The boat's cabin has been given more space, better visibility and a quieter hull, with the option of flexible seating for up to eight people in the cabin. Alukin C 770 will be presented at the autumn floating boat fairs in the Nordics. Aluminum can be recycled to 100 percent without the metal losing any of its natural properties, which means reduced waste and a reduced need to extract new raw materials. Through recycling, approx. 95% of the energy that would otherwise be required to produce new metal is saved. About 75% of the aluminum produced globally in the last decade is part of a circular cycle where the metal is constantly recycled and reused. New Risk • Jul 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 32% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (5.1% net profit margin). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Significant insider selling over the past 3 months (kr1.2m sold). Market cap is less than US$100m (kr607.5m market cap, or US$59.1m). Reported Earnings • Jul 19
Second quarter 2023 earnings released: EPS: kr2.87 (vs kr5.98 in 2Q 2022) Second quarter 2023 results: EPS: kr2.87 (down from kr5.98 in 2Q 2022). Revenue: kr755.7m (up 4.4% from 2Q 2022). Net income: kr61.2m (down 47% from 2Q 2022). Profit margin: 8.1% (down from 16% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Leisure industry in Europe. Buying Opportunity • Jul 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr39.88, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to decline by 25% in the next 2 years. Recent Insider Transactions • Jun 19
Chief Executive Officer recently sold kr834k worth of stock On the 13th of June, Jan-Erik Lindström sold around 24k shares on-market at roughly kr35.41 per share. This transaction amounted to 6.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jan-Erik has been a net seller over the last 12 months, reducing personal holdings by kr2.3m. Buying Opportunity • Jun 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr45.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 8.5% in 2 years. Earnings is forecast to decline by 27% in the next 2 years. Announcement • Jun 02
Nimbus Goup AB Engages Ikael Heikfolk as Head of the Business Development in the Role of Chief Business Development Officer Nimbus Goup AB has engaged Mikael Heikfolk as head of the company's business development in the role of Chief Business Development Officer, CBDO. Heikfolk comes most recently from the Finnish motorboat manufacturer Axopar Boats Ltd, where he was CEO between 2017 and 2022. Heikfolk will assume responsibility for business development immediately and will report to Nimbus Group's CEO Jan-Erik Lindström and be an adjunct member of the company's management team. Heikfolk has extensive experience in strategy and business development and, as CEO of Axopar, was involved in increasing the company's annual sales from MEUR 22 to MEUR 148. Growth is a stated goal for Nimbus Group, not least in the important North American market, which accounts for half of the world market for motorboats. Announcement • Jun 01
Nimbus Group AB (Publ) (OM:BOAT) acquired Edgewater Power Boats, LLC for $9.5 million. Nimbus Group AB (Publ) (OM:BOAT) entered into an agreement to acquire Edgewater Power Boats, LLC for $9.5 million on March 8, 2023. The cash consideration of $9.5 million is on a cash and debt free basis. The acquisition is financed by a direct share issue of up to 1,937,781 Nimbus shares at the subscription price of SEK 41 per share. And due to the acquisition, the Board of Directors has also decided to withdraw the previous proposed dividend of SEK 1.53 per share for 2022 in order to strengthen the financial buffer and the stability of the company. The sales of Edgewater Power Boats, LLC for 2022 was $47.7 million and adjusted EBIT of about $3 million. The acquisition is expected to close during the second quarter of 2023.
Nimbus Group AB (Publ) (OM:BOAT) completed the acquisition of Edgewater Power Boats, LLC for $9.5 million on May 31, 2023. The acquisition also includes an industrial property. EdgeWater will form part of Nimbus Group’s United States organization and be consolidated into Nimbus Group’s accounts as of the date of transfer of the shares. Major Estimate Revision • May 19
Consensus EPS estimates increase by 12%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr1.91b to kr1.88b. EPS estimate rose from kr5.22 to kr5.86. Net income forecast to shrink 21% next year vs 19% growth forecast for Leisure industry in Sweden . Consensus price target of kr62.00 unchanged from last update. Share price was steady at kr35.05 over the past week. Buying Opportunity • May 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be kr45.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 6.7%. Revenue is forecast to grow by 8.5% in 2 years. Earnings is forecast to decline by 27% in the next 2 years. Reported Earnings • May 03
First quarter 2023 earnings released: kr0.03 loss per share (vs kr0.16 profit in 1Q 2022) First quarter 2023 results: kr0.03 loss per share (down from kr0.16 profit in 1Q 2022). Revenue: kr304.3m (up 6.0% from 1Q 2022). Net loss: kr663.0k (down 121% from profit in 1Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Leisure industry in Europe. Buying Opportunity • Apr 20
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr47.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 5.9% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. Major Estimate Revision • Mar 14
Consensus revenue estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from kr1.50b to kr1.69b. EPS estimate unchanged from kr5.75 at last update. Leisure industry in Sweden expected to see average net income growth of 17% next year. Consensus price target of kr57.00 unchanged from last update. Share price was steady at kr41.00 over the past week. Buying Opportunity • Mar 13
Now 21% undervalued Over the last 90 days, the stock is up 28%. The fair value is estimated to be kr50.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 5.4% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. Recent Insider Transactions • Mar 13
Chief Executive Officer recently sold kr1.4m worth of stock On the 9th of March, Jan-Erik Lindström sold around 35k shares on-market at roughly kr41.00 per share. This transaction amounted to 9.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Jan-Erik has been a net seller over the last 12 months, reducing personal holdings by kr1.4m. Buying Opportunity • Feb 22
Now 21% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be kr55.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to decline by 5.4% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr47.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Leisure industry in Europe. Total loss to shareholders of 24% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr55.28 per share. Reported Earnings • Feb 08
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: kr7.72 (up from kr7.09 in FY 2021). Revenue: kr1.75b (up 20% from FY 2021). Net income: kr149.6m (up 13% from FY 2021). Profit margin: 8.5% (down from 9.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is expected to decline by 10% p.a. on average during the next 2 years, while revenues in the Leisure industry in Europe are expected to grow by 8.4%. Announcement • Feb 07
Nimbus Group AB (Publ) Proposes Dividend for 2022 The board of Nimbus Group AB (Publ) has decided to propose to the annual general meeting that a dividend of SEK 1.50 per share be paid for 2022. 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. 2 experienced directors. 4 highly experienced directors. Independent Director Eva Nilsagard 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. Announcement • Feb 01
Nimbus Group AB (Publ) to Report Q4, 2022 Results on Feb 07, 2023 Nimbus Group AB (Publ) announced that they will report Q4, 2022 results at 8:00 AM, Central European Standard Time on Feb 07, 2023 Buying Opportunity • Jan 25
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be kr47.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 17% in 2 years. Earnings is forecast to decline by 38% in the next 2 years. Announcement • Jan 24
Nimbus Group AB (Publ) Unveils Two New Boats Under the Nimbus Brand At Boot Düsseldorf Boat Show Nimbus Group AB (publ) has unveiled two new boats under the Nimbus brand Nimbus W11 from the existing WTC series and Nimbus 465 Coupé, the larger Nimbus boat to date. The boats were presented at the currently ongoing Boot Düsseldorf boat show, where Nimbus Group has also launched new models in the Aquador series. W11 is an evolution of the W9 (W stands for weekender) and is designed with more space and increased comfort. Improvements include a spacious aft lounge area with adjustable seating arrangements, multiple sun- beds, outdoor cuisine, gyro stabilization, ample storage for gear and toys, and a generous amount of deck space, allowing for maximum freedom of movement on board. In parallel, the new Nimbus 465 Coupé was also presented the larger Nimbus brand boat developed to date. The Nimbus 465 is a full 15 meters long and 4.6 meters wide and has been developed to provide all the comfort and safety that can be expected from a Nimbus and is intended for comfortable long-distance exploration. The boat has been primarily designed to meet the requirements and needs of the markets in North America, the Nordic region and around the Mediterranean. The Nimbus 465 Coupé has all the necessary equipment to ensure comfortable voyages extending over many weeks, regardless of whether the route takes by natural or regular harbours. With the launch of these two new boats, Nimbus Group is strengthening and broadening its range of boats under the Nimbus brand. Last year, Nimbus Group launched a whole new generation of boats under the Aquador brand and with the most recent additions to the Nimbus family, the Nimbus Group is further strengthening its offering to customers and position in the market. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improved over the past week After last week's 15% share price gain to kr38.80, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Leisure industry in Europe. Total loss to shareholders of 42% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr47.02 per share. Major Estimate Revision • Nov 18
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr1.73b to kr1.71b. EPS estimate also fell from kr9.07 per share to kr8.01 per share. Net income forecast to shrink 26% next year vs 14% growth forecast for Leisure industry in Sweden . Consensus price target down from kr60.00 to kr48.00. Share price fell 5.0% to kr33.00 over the past week. Price Target Changed • Nov 16
Price target decreased to kr50.00 Down from kr60.00, the current price target is provided by 1 analyst. New target price is 49% above last closing price of kr33.50. Stock is down 49% over the past year. The company is forecast to post earnings per share of kr8.42 for next year compared to kr7.09 last year. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: kr1.43 (vs kr1.68 in 3Q 2021) Third quarter 2022 results: EPS: kr1.43 (down from kr1.68 in 3Q 2021). Revenue: kr402.4m (up 13% from 3Q 2021). Net income: kr27.7m (down 15% from 3Q 2021). Profit margin: 6.9% (down from 9.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 10.0% p.a. on average during the next 3 years, while revenues in the Leisure industry in Europe are expected to grow by 7.1%.