Announcement • Jan 11
AdderaCare's Directors Applied for the Delisting of Its Shares from Nasdaq Stockholm MedCap secured about a 97.16% shareholding in AdderaCare AB after its recommended public offer was extended until January 9, 2023. The Swedish private equity company said on January 6, 2023 it launched the compulsory acquisition of the remaining shares and the settlement for shares tendered during the extension is expected to start around January 16, 2023. AdderaCare's directors applied for the delisting of its shares from Nasdaq Stockholm and the last day of trading is January 20, 2023. Announcement • Jan 05
AdderaCare AB to Apply for Delisting of Its Shares from Nasdaq First North Growth Market On November 17, 2022, the shares in AdderaCare AB (the Company) were given observation status with reference to a public takeover offer from MedCap AB (publ) (“MedCap”) to the shareholders in the Company. On December 23, 2022, MedCap issued a press release with information that MedCap had achieved control of more than 90% of the shares in the Company. The press release also stated that MedCap intended to commence a compulsory acquisition procedure to acquire the remaining shares in the Company, and to seek a delisting of the Company’s shares from Nasdaq First North Growth Market. On January 4, 2023, the Company issued a press release with information that the Company had decided to apply for delisting of its shares from Nasdaq First North Growth Market. Nasdaq Stockholm AB has also received such an application from the Company. Announcement • Nov 17
MedCap May Promote Delisting of AdderaCar's Shares from Nasdaq First North Growth Market MedCap AB (publ) announced a recommended public cash offer to the shareholders of AdderaCare AB (AdderaCare AB (publ)) ("Company") to tender all their shares in AdderaCare to MedCap at a price of SEK 3.60 in cash per share (the "Offer"). The shares in AdderaCare are admitted to trading on Nasdaq First North Growth Market, under the ticker ADDERA. In the event that MedCap, whether in connection with the Offer or otherwise, acquires shares representing more than 90% of the total number of shares of AdderaCare, MedCap intends to initiate a compulsory buy-out procedure with respect to the remaining shares. In connection therewith, MedCap may promote delisting of AdderaCare's shares from Nasdaq First North Growth Market. Price Target Changed • Nov 16
Price target decreased to kr4.30 Down from kr4.80, the current price target is provided by 1 analyst. New target price is 41% above last closing price of kr3.05. Stock is down 42% over the past year. The company is forecast to post a net loss per share of kr0.84 compared to earnings per share of kr0.037 last year. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 21% share price gain to kr2.60, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 17x in the Medical Equipment industry in Sweden. Total loss to shareholders of 45% over the past three years. Major Estimate Revision • Aug 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr266.7m to kr272.1m. Forecast EPS reduced from -kr0.65 to -kr0.84 per share. Medical Equipment industry in Sweden expected to see average net income growth of 29% next year. Consensus price target down from kr4.80 to kr4.30. Share price rose 4.4% to kr2.37 over the past week. Price Target Changed • Aug 27
Price target decreased to kr4.30 Down from kr4.80, the current price target is provided by 1 analyst. New target price is 81% above last closing price of kr2.37. Stock is down 65% over the past year. The company is forecast to post a net loss per share of kr0.84 compared to earnings per share of kr0.037 last year. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr2.44, the stock trades at a trailing P/E ratio of 16.7x. Average forward P/E is 20x in the Medical Equipment industry in Sweden. Total loss to shareholders of 57% over the past three years. Major Estimate Revision • Jun 18
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from kr278.0m to kr266.7m. Now expected to report a loss of kr0.65 per share instead of kr0.04 per share profit previously forecast. Medical Equipment industry in Sweden expected to see average net income growth of 30% next year. Consensus price target down from kr4.95 to kr4.80. Share price fell 14% to kr2.58 over the past week. Major Estimate Revision • May 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr270.1m to kr278.0m. EPS estimate fell from kr0.24 to kr0.04 per share. Net income forecast to shrink 86% next year vs 30% growth forecast for Medical Equipment industry in Sweden . Consensus price target down from kr7.05 to kr4.95. Share price was steady at kr3.03 over the past week. Price Target Changed • May 24
Price target decreased to kr4.95 Down from kr7.05, the current price target is provided by 1 analyst. New target price is 70% above last closing price of kr2.92. Stock is down 54% over the past year. The company is forecast to post earnings per share of kr0.04 for next year compared to kr0.037 last year. Reported Earnings • May 21
First quarter 2022 earnings: Revenues exceed analyst expectations First quarter 2022 results: Revenue: kr68.4m (up 51% from 1Q 2021). Net income: kr306.0k (up kr3.70m from 1Q 2021). Profit margin: 0.4% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 7.3%. Over the next year, revenue is forecast to grow 3.3%, compared to a 126% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 5 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: 5 new directors. No experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Chairman of the Board Hans Andersson is the most experienced director on the board, commencing their role in 2019. Independent Director Bengt Olsson was the last independent director to join the board, commencing their role in 2020. 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. Major Estimate Revision • Mar 03
Consensus EPS estimates increase by 243% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr265.0m to kr270.1m. EPS estimate increased from kr0.07 to kr0.24 per share. Net income forecast to grow 545% next year vs 26% growth forecast for Medical Equipment industry in Sweden. Consensus price target up from kr6.90 to kr7.05. Share price rose 7.4% to kr4.22 over the past week. Reported Earnings • Feb 28
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: kr0.037 (down from kr0.45 in FY 2020). Revenue: kr247.8m (up 21% from FY 2020). Net income: kr1.24m (down 88% from FY 2020). Profit margin: 0.5% (down from 4.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 6.9%, compared to a 84% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 14
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr61.1m (up 20% from 3Q 2020). Net income: kr178.0k (down 90% from 3Q 2020). Profit margin: 0.3% (down from 3.5% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 12
Price target decreased to kr6.90 Down from kr7.45, the current price target is provided by 1 analyst. New target price is 21% above last closing price of kr5.70. Stock is up 63% over the past year. The company is forecast to post earnings per share of kr0.02 for next year compared to kr0.45 last year. Reported Earnings • Aug 29
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: kr61.6m (up 41% from 2Q 2020). Net income: kr418.0k (down 96% from 2Q 2020). Profit margin: 0.7% (down from 21% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 16% share price gain to kr7.10, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 36x in the Medical Equipment industry in Sweden. Negligible returns to shareholders over past three years. Reported Earnings • May 15
First quarter 2021 earnings released The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: kr45.4m (down 5.3% from 1Q 2020). Net loss: kr3.39m (loss narrowed 10% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr6.25, the stock trades at a trailing P/E ratio of 13.9x. Average forward P/E is 29x in the Medical Equipment industry in Sweden. Total loss to shareholders of 30% over the past three years. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS kr0.38 (vs kr0.10 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: kr205.2m (flat on FY 2019). Net income: kr9.96m (up kr11.8m from FY 2019). Profit margin: 4.9% (up from net loss in FY 2019). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue beats expectations Revenue exceeded analyst estimates by 3.9%. Over the next year, revenue is forecast to grow 5.7%, compared to a 452% growth forecast for the Medical Equipment industry in Sweden. Is New 90 Day High Low • Feb 25
New 90-day high: kr6.10 The company is up 71% from its price of kr3.56 on 27 November 2020. The Swedish market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 16% share price gain to kr6.10, the stock is trading at a trailing P/E ratio of 27x, up from the previous P/E ratio of 23.3x. This compares to an average P/E of 43x in the Medical Equipment industry in Sweden. Total return to shareholders over the past three years is a loss of 30%. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 22% share price gain to kr5.20, the stock is trading at a trailing P/E ratio of 23x, up from the previous P/E ratio of 18.9x. This compares to an average P/E of 36x in the Medical Equipment industry in Sweden. Total return to shareholders over the past three years is a loss of 47%. Is New 90 Day High Low • Feb 02
New 90-day high: kr5.20 The company is up 56% from its price of kr3.34 on 03 November 2020. The Swedish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 04
New 90-day high: kr4.74 The company is up 44% from its price of kr3.30 on 06 October 2020. The Swedish market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: kr4.28 The company is up 25% from its price of kr3.42 on 16 September 2020. The Swedish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 20% share price gain to kr4.20, the stock is trading at a trailing P/E ratio of 18.6x, up from the previous P/E ratio of 15.5x. This compares to an average P/E of 33x in the Medical Equipment industry in Sweden. Total return to shareholders over the past three years is a loss of 58%. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 22% share price gain to kr4.20, the stock is trading at a trailing P/E ratio of 18.6x, up from the previous P/E ratio of 15.2x. This compares to an average P/E of 32x in the Medical Equipment industry in Sweden. Total return to shareholders over the past three years is a loss of 61%. Is New 90 Day High Low • Nov 30
New 90-day high: kr3.60 The company is up 3.0% from its price of kr3.50 on 01 September 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Medical Equipment industry, which is also up 3.0% over the same period.