Announcement • Oct 29
Nasdaq Stockholm Approves Kindred Group's Request for Delisting of the SDRs from Nasdaq Stockholm, Last Day of Trading to Be on 11 November 2024 Nasdaq Stockholm has approved Kindred Group plc's (‘Kindred’ or the ‘Company’) request for delisting of the Swedish Depository Receipts (the ‘SDRs’) in Kindred from Nasdaq Stockholm. The last day of trading in the SDRs will be on 11 November 2024. As previously announced, Kindred has applied for de-listing of the Company's SDRs from Nasdaq Stockholm. Nasdaq Stockholm has now approved the application and resolved that the last day of trading in the SDRs will be on 11 November 2024. Announcement • Oct 27
Kindred Group Applies for Delisting of Swedish Depository Receipts from Nasdaq Stockholm Following La Française des Jeux's Public Offer La Française des Jeux SA's (‘FDJ’) recommended public offer to the holders of Swedish Depository Receipts (the ‘SDRs’) in Kindred Group plc (‘Kindred’ or the ‘Company’) to tender all their SDRs in the Company at a price of SEK 130 in cash per SDR (the ‘Offer’) was declared unconditional on 3 October 2024. After the end of the extended acceptance period, FDJ controls in total approximately 98.60% of the outstanding SDRs in the Company. Against this background, the board of directors of Kindred has applied for delisting of the SDRs in Kindred from Nasdaq Stockholm. In order to provide the remaining holders of SDRs in the Company with the opportunity to accept the Offer, FDJ extended the acceptance period of the Offer until and including 18 October 2024. During the extended acceptance period, the Offer has been accepted by SDR holders with a total of 14,734,917 SDRs, corresponding to approximately 6.83% of the outstanding SDRs in the Company. After the end of the extended acceptance period, FDJ thus controls in total 212,794,208 SDRs, corresponding to approximately 98.60% of the outstanding SDRs in the Company. FDJ has on 23 October 2024 initiated squeeze-out proceedings of the SDRs in Kindred not held by FDJ, and requested that the board of directors of Kindred applies for delisting of the SDRs in the Company from Nasdaq Stockholm. In light of the above, the board of directors of Kindred has on October 24, 2024, in accordance with FDJ's request, applied for delisting of the SDRs in the Company from Nasdaq Stockholm. Kindred will announce the last day of trading as soon as Nasdaq Stockholm has confirmed the date to the Company. Announcement • Oct 22
La Française des Jeux Intends Delisting of Kindred's SDRs from Nasdaq Stockholm La Française des Jeux (FDJ) announced that, following the extension until 18 October of its public tender offer for Kindred Group plc., 14,734,917 new Kindred Swedish Depositary Receipts (SDRs), representing 6.83% of the share capital, were tendered. Following the first settlement-delivery of the offer on 11 October 2024, FDJ already held 91.77% of Kindred's share capital. FDJ's shareholding in Kindred will therefore be 98.60% following settlement-delivery of the extended offer, expected to take place on 29 October 2024. As FDJ holds over 90% of Kindred's share capital, it intends to request the implementation of the squeeze-out procedure in accordance with Kindred's articles of association in order to acquire all the shares not tendered in the public offer and the delisting of Kindred's SDRs from Nasdaq Stockholm. Announcement • Oct 15
Kindred Group plc Announces Changes in the Board of Directors Kindred Group plc has received the resignations of the Chairman of the Board, Evert Carlsson, and the Directors James H. Gemmel, Cédric Boireau, Andrew McCue, Jonas Jansson and Kenneth Shea, which resignations have been rendered effective today, on 14 October 2024. Heidi Skogster and Martin Randel will remain directors until their term of office expiring on Kindred's next annual general meeting to be held in 2025. In accordance with article 77 of the Company's articles of association, with effect from 14 October 2024, the Board of Directors of Kindred has elected Pascal Chaffard, Edeline Minaire and Célia Vérot as new Directors upon proposal of La Française des Jeux, in replacement of the resigning Directors and in order to fill some of the casual vacancies arising as a result of the abovementioned resignations. The appointment of such Directors shall be for a term which shall expire at Kindred's next annual general meeting to be held in 2025. Pascal Chaffard has been elected as new Chairperson of the Board. Biographies of the new Directors are available below. Following these changes, the Board of Directors of Kindred will consist of Pascal Chaffard, Edeline Minaire, Célia Vérot, Heidi Skogster and Martin Randel. In addition, with effect from 14 October 2024, the Company's Audit Committee shall be composed of Heidi Skogster (Chairperson), Martin Randel and Edeline Minaire, while the Company's Remuneration Committee shall be composed of Pascal Chaffard (Chairperson), Martin Randel and Heidi Skogster. Pascal Chaffard Pascal Chaffard joined FDJ in 1994. He held the positions of Head of Strategy and Transformation (2010-2013), Product Marketing Director (2006-2009) and Financial Planning and Analysis Director (2001-2006). He is currently Executive Vice-President Finance, Performance and Strategy. Edeline Minaire Edeline Minaire is a Finance Director with extensive experience across major corporations. She has worked at Française des Jeux (FDJ) since 2016, serving as Finance Director from 2019, where she led key automation and digitalization projects. Prior roles at FDJ include Director of Accounting and Treasury. Before that, she held senior finance roles at Lafarge, playing a critical part in the LafargeHolcim merger. She began her career at Ernst & Young in audit and IFRS consulting. Célia Vérot Célia Vérot has been FDJ's Chief Regulation Officer since May 2024. Prior to this, she spent more than 10 years at the French Conseil d'Etat, where she held a number of jurisdictional positions. In the civil service, she was then Deputy Secretary General and Advisor at the French Prime Minister's Office. She also worked at the French multinational company Veolia Water as Vice President of Veolia Water Japan and at the Fondation du Patrimoine, a non-profit organization, as Chief Executive Officer during the last seven years. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: UK£0.22 (vs UK£0.13 in 2Q 2023) Second quarter 2024 results: EPS: UK£0.22 (up from UK£0.13 in 2Q 2023). Revenue: UK£325.7m (up 6.0% from 2Q 2023). Net income: UK£46.2m (up 67% from 2Q 2023). Profit margin: 14% (up from 9.0% in 2Q 2023). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: UK£0.15 (vs UK£0.12 in 1Q 2023) First quarter 2024 results: EPS: UK£0.15 (up from UK£0.12 in 1Q 2023). Revenue: UK£307.7m (flat on 1Q 2023). Net income: UK£31.4m (up 23% from 1Q 2023). Profit margin: 10% (up from 8.3% in 1Q 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Hospitality 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 only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 15
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: UK£0.22 (down from UK£0.55 in FY 2022). Revenue: UK£1.21b (up 13% from FY 2022). Net income: UK£46.5m (down 61% from FY 2022). Profit margin: 3.8% (down from 11% in FY 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 55%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Hospitality 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 only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: UK£0.22 (vs UK£0.55 in FY 2022) Full year 2023 results: EPS: UK£0.22 (down from UK£0.55 in FY 2022). Revenue: UK£1.21b (up 13% from FY 2022). Net income: UK£46.5m (down 61% from FY 2022). Profit margin: 3.8% (down from 11% in FY 2022). Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Hospitality 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 only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Feb 07
Kindred Group Appoints Nils Andén as Permanent CEO Kindred Group plc (Kindred) announced that Nils Andén has been appointed permanent CEO by the Board of Directors and enters the position with immediate effect. Nils Andén was appointed interim CEO in May 2023. Announcement • Jan 23
FDJ Reportedly Nears Roughly $2.5 Billion Deal for Kindred Group La Française des Jeux Société anonyme (ENXTPA:FDJ) is in talks to acquire Kindred Group plc (OM:KIND SDB) for around $2.5 billion, according to people familiar with the matter, in a deal that would create one of Europe’s biggest online gambling companies. A deal could be announced as soon as January 22, 2024, assuming talks don’t break down, the people said. It would follow calls for the possible sale of the Stockholm-listed company by Corvex Management, a New York activist investor headed by Keith Meister. Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to kr122, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Hospitality industry in Sweden. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr124 per share. New Risk • Dec 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 68% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.6% net profit margin). Reported Earnings • Nov 30
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: UK£0.06 (down from UK£0.26 in 3Q 2022). Revenue: UK£283.9m (up 2.2% from 3Q 2022). Net income: UK£12.4m (down 79% from 3Q 2022). Profit margin: 4.4% (down from 21% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Nov 29
Kindred Group plc, Annual General Meeting, Apr 26, 2024 Kindred Group plc, Annual General Meeting, Apr 26, 2024. Buying Opportunity • Oct 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be kr116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 12% in the next 2 years. Upcoming Dividend • Oct 16
Upcoming dividend of UK£0.17 per share at 4.9% yield Eligible shareholders must have bought the stock before 23 October 2023. Payment date: 27 October 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Swedish dividend payers (5.6%). Higher than average of industry peers (2.5%). Announcement • Oct 13
Kindred Group plc Announces Second Instalment of Dividend, Payable on 27 October 2023 Kindred Group announced that the dividend of GBP 0.345 per share/SDR would be paid out in two equal instalments. The first payment was distributed on 27 April 2023. The following dates apply to the second instalment: Ex-dividend date is 23 October 2023, Record date is 24 October 2023 and Distribution by Euroclear Sweden AB on 27 October 2023. Announcement • Oct 12
Kindred Group plc to Report Q3, 2023 Results on Nov 29, 2023 Kindred Group plc announced that they will report Q3, 2023 results at 7:30 AM, Central European Standard Time on Nov 29, 2023 Reported Earnings • Jul 26
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: UK£0.13 (up from UK£0.026 in 2Q 2022). Revenue: UK£307.3m (up 29% from 2Q 2022). Net income: UK£27.7m (up 378% from 2Q 2022). Profit margin: 9.0% (up from 2.4% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 12
Kindred Group plc Launches Proprietary Tech Platform in Pennsylvania Kindred Group plc announced that it expands its proprietary platform to Pennsylvania, providing customers with an enhanced experience, personalised content and products, as well as improved analytics. Customers in Pennsylvania were able to access Unibet Casino and Sportsbook apps on the Kindred platform from July 10, 2023. Announcement • May 18
Kindred Group plc Announces Executive Changes Kindred Group plc announced that its Board of Directors has received the resignation of CEO Henrik Tjärnström, effective immediately. The Board of Directors has appointed Nils Andén as interim CEO, also effective immediately. Nils Andén joined Kindred Group in 2020 as Chief Commercial Officer for Scandinavia, East and South Europe and North America. He has worked at Kindred in the past, holding a number of positions between 2006 and 2016 as Head of Poker and Head of Established Markets before spending the final four years as Chief Marketing Officer for the Unibet brand. Nils has also held positions as Chief Marketing Officer at CurrencyFair and as Director of Digital Marketing at GVC Group (now Entain Group). He is also a member of the Board of EasyPark Group. Announcement • May 16
Kindred Group plc Announces Resignation of Johan Wilsby as Chief Financial Officer Kindred Group plc (Kindred) announces that Johan Wilsby, Chief Financial Officer at Kindred since September 2020, will leave his position later this year. The process of appointing a successor has started. Johan Wilsby will leave Kindred during the autumn of 2023. Announcement • May 11
Kindred Group plc Announces Launch in New Jersey Kindred Group plc (Kindred) is now live in the US with the Kindred Platform. As previously communicated, Kindred received the final approval for its proprietary gaming platform from the New Jersey regulatory, the Division of Gaming Enforcement (NJDGE), earlier this year. The platform will provide an enhanced customer experience with customisable and personalised content and products, as well as improved analytics and flexibility. Board Change • Apr 27
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Heidi Skogster is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr127, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Hospitality industry in Sweden. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr111 per share. Upcoming Dividend • Apr 14
Upcoming dividend of UK£0.17 per share at 4.1% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 63% and the cash payout ratio is 81%. Trailing yield: 4.1%. Lower than top quartile of Swedish dividend payers (4.9%). Higher than average of industry peers (2.0%). Reported Earnings • Mar 17
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: UK£0.55 (down from UK£1.31 in FY 2021). Revenue: UK£1.07b (down 15% from FY 2021). Net income: UK£119.9m (down 59% from FY 2021). Profit margin: 11% (down from 23% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 33%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 09
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: UK£0.54 (down from UK£1.31 in FY 2021). Revenue: UK£1.07b (down 15% from FY 2021). Net income: UK£119.9m (down 59% from FY 2021). Profit margin: 11% (down from 23% in FY 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 33%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 26% per year. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr96.02, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Hospitality industry in Sweden. Total returns to shareholders of 109% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at kr109 per share. Announcement • Dec 02
Kindred Group plc to Report Q4, 2023 Results on Feb 07, 2024 Kindred Group plc announced that they will report Q4, 2023 results on Feb 07, 2024 Buying Opportunity • Nov 21
Now 21% undervalued Over the last 90 days, the stock is up 10.0%. The fair value is estimated to be kr128, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Upcoming Dividend • Nov 07
Upcoming dividend of UK£0.17 per share Eligible shareholders must have bought the stock before 14 November 2022. Payment date: 18 November 2022. Payout ratio is a comfortable 51% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Lower than top quartile of Swedish dividend payers (5.7%). Higher than average of industry peers (2.0%). Major Estimate Revision • Nov 03
Consensus EPS estimates increase by 51% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£1.08b to UK£1.09b. EPS estimate increased from UK£0.28 to UK£0.42 per share. Net income forecast to shrink 13% next year vs 20% growth forecast for Hospitality industry in Sweden . Consensus price target broadly unchanged at kr109. Share price rose 7.3% to kr101 over the past week. Reported Earnings • Oct 27
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: UK£0.26 (down from UK£0.27 in 3Q 2021). Revenue: UK£277.8m (down 6.9% from 3Q 2021). Net income: UK£57.9m (down 4.5% from 3Q 2021). Profit margin: 21% (in line with 3Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 171%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Hospitality industry in Sweden. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 25
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from UK£1.10b to UK£1.09b. EPS estimate also fell from UK£0.33 per share to UK£0.30 per share. Net income forecast to shrink 60% next year vs 4.8% decline forecast for Hospitality industry in Sweden. Consensus price target broadly unchanged at kr117. Share price rose 6.5% to kr84.74 over the past week. Announcement • Feb 10
Kindred Group plc to Report Fiscal Year 2022 Results on Feb 08, 2023 Kindred Group plc announced that they will report fiscal year 2022 results on Feb 08, 2023