Reported Earnings • Aug 12
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: €0.005 loss per share (down from €0.008 profit in 2Q 2021). Revenue: €98.0m (up 1.2% from 2Q 2021). Net loss: €531.0k (down 164% from profit in 2Q 2021). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 14%, compared to a 24% growth forecast for the industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Upcoming Dividend • May 13
Upcoming dividend of kr0.42 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 27 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.7%. Lower than top quartile of Swedish dividend payers (4.8%). Higher than average of industry peers (2.0%). Major Estimate Revision • May 09
Consensus EPS estimates fall by 50% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €432.1m to €414.3m. EPS estimate also fell from €0.28 per share to €0.14 per share. Net income forecast to grow 1,042% next year vs 5.0% decline forecast for Hospitality industry in Sweden. Consensus price target up from kr45.62 to kr48.76. Share price was steady at kr60.65 over the past week. Reported Earnings • May 03
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: €0.073 loss per share (down from €0.022 profit in 1Q 2021). Revenue: €98.5m (up 1.8% from 1Q 2021). Net loss: €7.11m (down 430% from profit in 1Q 2021). Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 13%, compared to a 26% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Board Change • Apr 27
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, 1 was an independent director. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Anna Frick is the most experienced director on the board, commencing their role in 2015. Independent Director Fredrik Rüden was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 12
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: €0.11 (down from €0.18 in FY 2020). Revenue: €391.2m (up 1.0% from FY 2020). Net income: €11.0m (down 41% from FY 2020). Profit margin: 2.8% (down from 4.8% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.1%. Over the next year, revenue is forecast to grow 11%, compared to a 29% growth forecast for the restaurants industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 29
Upcoming dividend of kr0.40 per share Eligible shareholders must have bought the stock before 05 January 2022. Payment date: 12 January 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.6%. Within top quartile of Swedish dividend payers (3.4%). Higher than average of industry peers (1.0%). Major Estimate Revision • Dec 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.14 to €0.12 per share. Revenue forecast steady at €392.9m. Net income forecast to grow 360% next year vs 24% growth forecast for Hospitality industry in Sweden. Consensus price target of kr47.28 unchanged from last update. Share price rose 11% to kr34.04 over the past week. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS €0.041 (vs €0.035 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €99.4m (up 12% from 3Q 2020). Net income: €4.05m (up 13% from 3Q 2020). Profit margin: 4.1% (up from 4.0% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 29
Upcoming dividend of kr0.40 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 12 October 2021. Trailing yield: 4.6%. Within top quartile of Swedish dividend payers (3.5%). Higher than average of industry peers (0.9%). Recent Insider Transactions • Sep 23
Director recently bought kr889k worth of stock On the 21st of September, Torsten Soderberg bought around 25k shares on-market at roughly kr35.55 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr732k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 14
Chairman recently bought kr355k worth of stock On the 12th of August, Per Norman bought around 10k shares on-market at roughly kr35.47 per share. This was the largest purchase by an insider in the last 3 months. This was Per's only on-market trade for the last 12 months. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS €0.008 (vs €0.14 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €96.8m (down 13% from 2Q 2020). Net income: €824.0k (down 94% from 2Q 2020). Profit margin: 0.9% (down from 13% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Aug 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from €0.21 to €0.19 per share. Revenue forecast steady at €406.4m. Net income forecast to grow 28% next year vs 38% growth forecast for Hospitality industry in Sweden. Consensus price target of kr53.26 unchanged from last update. Share price rose 3.3% to kr37.90 over the past week. Upcoming Dividend • Jun 29
Upcoming dividend of kr0.40 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 12 July 2021. Trailing yield: 4.1%. Within top quartile of Swedish dividend payers (3.5%). Higher than average of industry peers (0.9%). Recent Insider Transactions • May 25
Chief Marketing Officer recently sold kr1.7m worth of stock On the 19th of May, Dersim Sylwan sold around 42k shares on-market at roughly kr40.12 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr5.8m more than they bought in the last 12 months. Major Estimate Revision • May 13
Consensus EPS estimates fall to €0.21 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from €412.3m to €406.9m. EPS estimate also fell from €0.26 to €0.21. Net income forecast to grow 41% next year vs 32% growth forecast for Hospitality industry in Sweden. Consensus price target down from kr55.35 to kr54.13. Share price fell 5.1% to kr40.16 over the past week. Reported Earnings • May 07
First quarter 2021 earnings released: EPS €0.022 (vs €0.021 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: €96.7m (up 8.1% from 1Q 2020). Net income: €2.16m (up 1.6% from 1Q 2020). Profit margin: 2.2% (down from 2.4% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €42.30, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Hospitality industry in Sweden. Total loss to shareholders of 43% over the past three years. Upcoming Dividend • May 05
Upcoming dividend of kr0.40 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 19 May 2021. Trailing yield: 3.1%. Lower than top quartile of Swedish dividend payers (3.5%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improved over the past week After last week's 15% share price gain to €49.60, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Hospitality industry in Sweden. Total loss to shareholders of 23% over the past three years. Is New 90 Day High Low • Mar 03
New 90-day high: kr44.72 The company is up 36% from its price of kr32.92 on 03 December 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 46% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr104 per share. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS €0.18 (vs €0.10 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €387.5m (up 8.8% from FY 2019). Net income: €18.5m (up 77% from FY 2019). Profit margin: 4.8% (up from 2.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Feb 13
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.9%. Earnings per share (EPS) missed analyst estimates by 25%. Over the next year, revenue is forecast to grow 6.6%, compared to a 46% growth forecast for the Hospitality industry in Sweden. Is New 90 Day High Low • Feb 06
New 90-day high: kr37.78 The company is up 17% from its price of kr32.16 on 06 November 2020. The Swedish market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr95.80 per share. Is New 90 Day High Low • Jan 18
New 90-day high: kr37.44 The company is up 6.0% from its price of kr35.28 on 20 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr98.70 per share. Announcement • Nov 12
LeoVegas AB (publ), Annual General Meeting, May 11, 2021 LeoVegas AB (publ), Annual General Meeting, May 11, 2021. Major Estimate Revision • Nov 07
Analysts update estimates The 2020 consensus earning per share (EPS) estimate increased from €0.21 to €0.24. Revenue estimate for the same period was approximately flat at €383.5m. Net income is expected to grow by 34% next year compared to 65% growth forecast for the Hospitality industry in Sweden. The consensus price target increased from kr4.26 to kr4.27. Share price is up 7.9% to kr32.16 over the past week. Major Estimate Revision • Oct 16
Analysts lower EPS estimates to €0.22 The 2020 consensus revenue estimate was lowered from €393.0m to €386.7m. Earning per share (EPS) estimate was also lowered from €0.25 to €0.22 for the same period. Net income is expected to grow by 29% next year compared to 62% growth forecast for the Hospitality industry in Sweden. The consensus price target was lowered from kr5.21 to kr4.62. Share price is down by 6.1% to kr35.26 over the past week. Is New 90 Day High Low • Oct 15
New 90-day low: kr35.28 The company is down 23% from its price of kr45.66 on 17 July 2020. The Swedish market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr96.29 per share. Is New 90 Day High Low • Sep 24
New 90-day low: kr35.52 The company is down 13% from its price of kr41.00 on 26 June 2020. The Swedish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr97.63 per share. 