Announcement • Jun 18
Kriptown SAS proposed to acquire Spotlight Group AB (publ) (NGM:SPGR) from Calyptra Ab, Swedia HighP AB, Westindia Aktiebolag, Peter Gönczi, Günther Mårder and Mikael Renc for approximately SEK 200 million. Kriptown SAS proposed to acquire Spotlight Group AB (publ) (NGM:SPGR) from Calyptra Ab, Swedia HighP AB, Westindia Aktiebolag, Peter Gönczi, Günther Mårder and Mikael Renc for approximately SEK 200 million on June 17, 2026. As part of consideration SEK 33 is paid as cash per price against the common shares of Spotlight Group AB (publ) for a cash consideration of SEK 199.32 million.The cash consideration payable in respect of the Offer is financed in full by funds available to the Offeror by way of equity commitment letters issued by its shareholders, BNP Paribas S.A., Caceis S.A. and Centilux S.C.
The transaction is subject to approval by regulatory board / committee. The independent bid committee of Spotlight Group has assessed the Offer and informed the Offeror that it has resolved to recommend that the shareholders of Spotlight Group accept the Offer.The expected completion of the transaction is June 25, 2026 to October 14, 2026.
2C Finance acted as financial advisor for Kriptown SAS. Wigge & Partners Advokat Kb acted as legal advisor for Kriptown SAS. Astelia Advisory AB acted as fairness opinion provider for Spotlight Group AB. New Risk • Jun 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 30% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (30% average weekly change). Earnings have declined by 17% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (kr193.3m market cap, or US$20.3m). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: kr0.057 (vs kr0.26 in 1Q 2025) First quarter 2026 results: EPS: kr0.057 (down from kr0.26 in 1Q 2025). Revenue: kr27.4m (flat on 1Q 2025). Net income: kr341.0k (down 79% from 1Q 2025). Profit margin: 1.2% (down from 5.8% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • May 19
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.8% Last year net profit margin: 2.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. Market cap is less than US$10m (kr93.6m market cap, or US$9.97m). Minor Risk Profit margins are more than 30% lower than last year (1.8% net profit margin). New Risk • May 15
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr90.6m (US$9.59m) This is considered a major 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: Major Risks Earnings have declined by 23% per year over the past 5 years. Market cap is less than US$10m (kr90.6m market cap, or US$9.59m). Announcement • Apr 14
Spotlight Group AB (publ) to Report Q1, 2026 Results on May 13, 2026 Spotlight Group AB (publ) announced that they will report Q1, 2026 results on May 13, 2026 Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: kr0.55 (vs kr0.33 in FY 2024) Full year 2025 results: EPS: kr0.55 (up from kr0.33 in FY 2024). Revenue: kr114.4m (up 8.1% from FY 2024). Net income: kr3.31m (up 65% from FY 2024). Profit margin: 2.9% (up from 1.9% in FY 2024). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 22
CEO & Director recently bought kr233k worth of stock On the 19th of February, Peter Gonczi bought around 14k shares on-market at roughly kr16.30 per share. This transaction amounted to 5.0% 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 Peter's only on-market trade for the last 12 months. Announcement • Jan 18
Spotlight Group AB (publ) to Report Fiscal Year 2025 Results on Feb 16, 2026 Spotlight Group AB (publ) announced that they will report fiscal year 2025 results on Feb 16, 2026 Announcement • Oct 12
Spotlight Group AB (publ) to Report Q3, 2025 Results on Nov 10, 2025 Spotlight Group AB (publ) announced that they will report Q3, 2025 results on Nov 10, 2025 Reported Earnings • Aug 19
Second quarter 2025 earnings released: kr0.43 loss per share (vs kr0.15 loss in 2Q 2024) Second quarter 2025 results: kr0.43 loss per share (further deteriorated from kr0.15 loss in 2Q 2024). Revenue: kr27.0m (down 31% from 2Q 2024). Net loss: kr2.58m (loss widened 192% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Jul 21
Spotlight Group AB (publ) to Report Q2, 2025 Results on Aug 18, 2025 Spotlight Group AB (publ) announced that they will report Q2, 2025 results on Aug 18, 2025 New Risk • Jun 02
New major risk - Revenue and earnings growth Earnings have declined by 32% 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 Risk Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr124.1m market cap, or US$12.9m). Reported Earnings • Apr 26
Full year 2024 earnings released: EPS: kr0.33 (vs kr2.60 loss in FY 2023) Full year 2024 results: EPS: kr0.33 (up from kr2.60 loss in FY 2023). Revenue: kr105.8m (down 27% from FY 2023). Net income: kr2.01m (up kr17.5m from FY 2023). Profit margin: 1.9% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 31% per year. Announcement • Apr 22
Spotlight Group AB (publ) to Report Q1, 2025 Results on May 21, 2025 Spotlight Group AB (publ) announced that they will report Q1, 2025 results on May 21, 2025 Recent Insider Transactions • Mar 06
Independent Chairman recently bought kr2.1m worth of stock On the 28th of February, Gunther Marder bought around 100k shares on-market at roughly kr21.20 per share. This transaction amounted to 55% 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 Gunther's only on-market trade for the last 12 months. Announcement • Dec 11
Spotlight Group AB (publ) to Report Fiscal Year 2024 Results on Feb 17, 2025 Spotlight Group AB (publ) announced that they will report fiscal year 2024 results on Feb 17, 2025 Recent Insider Transactions • Dec 06
CEO & Director recently bought kr202k worth of stock On the 3rd of December, Péter Gönczi bought around 9k shares on-market at roughly kr23.65 per share. This transaction amounted to 3.1% 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 Péter's only on-market trade for the last 12 months. New Risk • Nov 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr105.4m (US$9.84m) This is considered a major 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr11m free cash flow). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (kr105.4m market cap, or US$9.84m). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Announcement • Oct 13
Spotlight Group AB (publ) to Report Q3, 2024 Results on Nov 11, 2024 Spotlight Group AB (publ) announced that they will report Q3, 2024 results on Nov 11, 2024 New Risk • Sep 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr97.5m (US$9.57m) This is considered a major 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr11m free cash flow). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (kr97.5m market cap, or US$9.57m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Reported Earnings • Aug 20
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr39.4m (down 7.1% from 2Q 2023). Net loss: kr884.0k (loss narrowed 62% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. New Risk • Aug 04
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 8.4% 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 59% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (kr157.7m market cap, or US$14.9m). Announcement • Jul 21
Spotlight Group AB (publ) to Report Q2, 2024 Results on Aug 19, 2024 Spotlight Group AB (publ) announced that they will report Q2, 2024 results on Aug 19, 2024 Reported Earnings • Apr 14
Full year 2023 earnings released Full year 2023 results: Revenue: kr144.0m (down 6.4% from FY 2022). Net loss: kr15.5m (loss narrowed 45% from FY 2022). Announcement • Jan 22
Spotlight Group AB (publ) to Report Fiscal Year 2023 Results on Feb 19, 2024 Spotlight Group AB (publ) announced that they will report fiscal year 2023 results on Feb 19, 2024 Recent Insider Transactions • Nov 19
Deputy Chief Executive Officer recently bought kr350k worth of stock On the 15th of November, Markus Neuding bought around 12k shares on-market at roughly kr29.95 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr656k more in shares than they have sold in the last 12 months. New Risk • Nov 02
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 9.6% 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: Major Risk Earnings have declined by 46% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (kr151.7m market cap, or US$13.7m). Announcement • Oct 16
Spotlight Group AB (publ) to Report Q3, 2023 Results on Nov 13, 2023 Spotlight Group AB (publ) announced that they will report Q3, 2023 results on Nov 13, 2023 Price Target Changed • Sep 28
Price target decreased by 9.5% to kr27.70 Down from kr30.60, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of kr28.80. Stock is up 30% over the past year. The company posted a net loss per share of kr5.34 last year. Board Change • Sep 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Chairman Gunther Marder 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 • Jul 16
Spotlight Group AB (publ) to Report Q2, 2023 Results on Aug 14, 2023 Spotlight Group AB (publ) announced that they will report Q2, 2023 results on Aug 14, 2023 Price Target Changed • May 15
Price target decreased by 17% to kr30.60 Down from kr36.90, the current price target is provided by 1 analyst. New target price is 13% below last closing price of kr35.20. Stock is down 25% over the past year. The company posted a net loss per share of kr5.34 last year. Reported Earnings • Feb 22
Full year 2022 earnings released: kr5.34 loss per share (vs kr4.52 profit in FY 2021) Full year 2022 results: kr5.34 loss per share (down from kr4.52 profit in FY 2021). Revenue: kr154.0m (down 22% from FY 2021). Net loss: kr28.2m (down 219% from profit in FY 2021). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Capital Markets industry in Sweden. Announcement • Jan 22
Spotlight Group AB (publ) to Report Fiscal Year 2022 Results on Feb 20, 2023 Spotlight Group AB (publ) announced that they will report fiscal year 2022 results on Feb 20, 2023 Price Target Changed • Nov 24
Price target decreased to kr36.90 Down from kr76.60, the current price target is provided by 1 analyst. New target price is 7.5% below last closing price of kr39.90. Stock is down 65% over the past year. The company posted earnings per share of kr4.52 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Gunter Marder was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr31.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Meanwhile, the company became loss making. Buying Opportunity • Sep 16
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 45%. The fair value is estimated to be kr34.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Meanwhile, the company became loss making. Buying Opportunity • Sep 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 48%. The fair value is estimated to be kr34.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Meanwhile, the company became loss making. Buying Opportunity • Aug 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 42%. The fair value is estimated to be kr38.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 18% share price gain to kr31.50, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 13x in the Capital Markets industry in Sweden. Total loss to shareholders of 62% over the past year. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment deteriorated over the past week After last week's 22% share price decline to kr25.00, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 7x in the Capital Markets industry in Sweden. Total loss to shareholders of 69% over the past year. Buying Opportunity • Jul 13
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 54%. The fair value is estimated to be kr39.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorated over the past week After last week's 22% share price decline to kr34.20, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 8x in the Capital Markets industry in Sweden. Total loss to shareholders of 56% over the past year. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 19% share price gain to kr52.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 9x in the Capital Markets industry in Sweden. Total loss to shareholders of 44% over the past year. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 21% share price decline to kr46.80, the stock trades at a trailing P/E ratio of 10.5x. Average forward P/E is 14x in the Capital Markets industry in Sweden. Total loss to shareholders of 51% over the past year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Therese Lundstedt was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 29% share price gain to kr71.00, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 15x in the Capital Markets industry in Sweden. Total returns to shareholders of 19% over the past year. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 29% share price decline to kr59.00, the stock trades at a trailing P/E ratio of 13x. Average forward P/E is 13x in the Capital Markets industry in Sweden. Total returns to shareholders of 40% over the past year. Recent Insider Transactions • Feb 20
Executive Vice President recently bought kr71k worth of stock On the 17th of February, Markus Neuding bought around 801 shares on-market at roughly kr88.42 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr490k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 17
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr4.60 (up from kr2.28 in FY 2020). Revenue: kr196.9m (up 40% from FY 2020). Net income: kr24.0m (up 111% from FY 2020). Profit margin: 12% (up from 8.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 1.3% compared to a 9.5% growth forecast for the industry in Sweden. Reported Earnings • Nov 09
Third quarter 2021 earnings released: EPS kr1.13 (vs kr0.67 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr48.9m (up 37% from 3Q 2020). Net income: kr5.96m (up 73% from 3Q 2020). Profit margin: 12% (up from 9.6% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 17% share price gain to kr103, the stock trades at a trailing P/E ratio of 31.7x. Average forward P/E is 17x in the Capital Markets industry in Sweden. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 15% share price gain to kr82.00, the stock trades at a trailing P/E ratio of 36x. Average forward P/E is 16x in the Capital Markets industry in Sweden. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr74.40, the stock trades at a trailing P/E ratio of 32.7x. Average forward P/E is 15x in the Capital Markets industry in Sweden. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 21% share price gain to kr74.00, the stock trades at a trailing P/E ratio of 32.5x. Average forward P/E is 17x in the Capital Markets industry in Sweden. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment improved over the past week After last week's 16% share price gain to kr55.00, the stock trades at a trailing P/E ratio of 24.1x. Average forward P/E is 16x in the Capital Markets industry in Sweden. Analyst Estimate Surprise Post Earnings • Feb 19
Revenue misses expectations Revenue missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 8.6%, compared to a 29% growth forecast for the Capital Markets industry in Sweden. Reported Earnings • Feb 19
Full year 2020 earnings released: EPS kr2.28 (vs kr1.50 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr123.1m (up 20% from FY 2019). Net income: kr11.4m (up 57% from FY 2019). Profit margin: 9.3% (up from 7.1% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 23% share price gain to kr48.80, the stock is trading at a trailing P/E ratio of 27.3x, up from the previous P/E ratio of 22.3x. This compares to an average P/E of 25x in the Capital Markets industry in Sweden. Is New 90 Day High Low • Dec 17
New 90-day high: kr39.60 The company is up 22% from its price of kr32.40 on 18 September 2020. The Swedish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 19% over the same period.