New Risk • Jun 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr957.2m (US$99.9m) This is considered a minor 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr957.2m market cap, or US$99.9m). Upcoming Dividend • May 02
Upcoming dividend of kr10.00 per share Eligible shareholders must have bought the stock before 08 May 2026. Payment date: 15 May 2026. Payout ratio and cash payout ratio are on the higher end at 76% and 79% respectively. Trailing yield: 3.2%. Lower than top quartile of Swedish dividend payers (4.3%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: kr7.93 (vs kr9.14 in FY 2024) Full year 2025 results: EPS: kr7.93 (down from kr9.14 in FY 2024). Revenue: kr503.2m (up 1.2% from FY 2024). Net income: kr47.6m (down 13% from FY 2024). Profit margin: 9.5% (down from 11% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 22
Dividend increased to kr10.00 Dividend of kr10.00 is 82% higher than last year. Ex-date: 8th May 2026 Payment date: 15th May 2026 Dividend yield will be 5.1%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: kr3.08 (vs kr2.70 in 3Q 2024) Third quarter 2025 results: EPS: kr3.08 (up from kr2.70 in 3Q 2024). Revenue: kr130.5m (up 3.3% from 3Q 2024). Net income: kr18.5m (up 14% from 3Q 2024). Profit margin: 14% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Sep 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to kr172. The fair value is estimated to be kr216, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 22%. Reported Earnings • Aug 24
Second quarter 2025 earnings released: kr0.35 loss per share (vs kr1.60 profit in 2Q 2024) Second quarter 2025 results: kr0.35 loss per share (down from kr1.60 profit in 2Q 2024). Revenue: kr94.6m (down 19% from 2Q 2024). Net loss: kr2.10m (down 122% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: kr2.23 (vs kr2.19 in 1Q 2024) First quarter 2025 results: EPS: kr2.23 (up from kr2.19 in 1Q 2024). Revenue: kr123.4m (up 3.6% from 1Q 2024). Net income: kr13.4m (up 1.8% from 1Q 2024). Profit margin: 11% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 32% per year. Upcoming Dividend • Apr 23
Upcoming dividend of kr5.50 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 60% and the cash payout ratio is 85%. Trailing yield: 3.1%. Lower than top quartile of Swedish dividend payers (4.2%). Higher than average of industry peers (1.6%). Buy Or Sell Opportunity • Apr 15
Now 23% overvalued Over the last 90 days, the stock has fallen 1.1% to kr175. The fair value is estimated to be kr142, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 33%. Declared Dividend • Apr 07
Dividend increased to kr5.50 Dividend of kr5.50 is 16% higher than last year. Ex-date: 30th April 2025 Payment date: 7th May 2025 Dividend yield will be 3.2%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 25% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 06
Firefly AB (publ) announces Annual dividend, payable on May 07, 2025 Firefly AB (publ) announced Annual dividend of SEK 5.5000 per share payable on May 07, 2025, ex-date on April 30, 2025 and record date on May 02, 2025. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: kr9.14 (vs kr7.54 in FY 2023) Full year 2024 results: EPS: kr9.14 (up from kr7.54 in FY 2023). Revenue: kr497.1m (up 4.0% from FY 2023). Net income: kr54.8m (up 21% from FY 2023). Profit margin: 11% (up from 9.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year and the company’s share price has also increased by 33% per year. Announcement • Feb 20
Firefly AB (publ), Annual General Meeting, Apr 29, 2025 Firefly AB (publ), Annual General Meeting, Apr 29, 2025, at 16:00 W. Europe Standard Time. Location: at the company`s premises, heliosgatan 3, Sweden New Risk • Dec 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.09b (US$99.3m) This is considered a minor 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Market cap is less than US$100m (kr1.09b market cap, or US$99.3m). Recent Insider Transactions • Nov 21
Chief Executive Officer recently bought kr194k worth of stock On the 14th of November, Anders Bergstrom bought around 1k shares on-market at roughly kr194 per share. This transaction amounted to 4.3% 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 Anders' only on-market trade for the last 12 months. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: kr2.70 (vs kr3.18 in 3Q 2023) Third quarter 2024 results: EPS: kr2.70 (down from kr3.18 in 3Q 2023). Revenue: kr126.3m (up 1.8% from 3Q 2023). Net income: kr16.2m (down 15% from 3Q 2023). Profit margin: 13% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr219, the stock trades at a trailing P/E ratio of 25.2x. Average trailing P/E is 24x in the Electronic industry in Sweden. Total returns to shareholders of 178% over the past three years. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: kr1.60 (vs kr1.51 in 2Q 2023) Second quarter 2024 results: EPS: kr1.60 (up from kr1.51 in 2Q 2023). Revenue: kr116.4m (flat on 2Q 2023). Net income: kr9.61m (up 6.2% from 2Q 2023). Profit margin: 8.3% (up from 7.7% in 2Q 2023). 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 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: kr2.19 (vs kr1.12 in 1Q 2023) First quarter 2024 results: EPS: kr2.19 (up from kr1.12 in 1Q 2023). Revenue: kr119.1m (up 25% from 1Q 2023). Net income: kr13.2m (up 96% from 1Q 2023). Profit margin: 11% (up from 7.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 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. 1 experienced director. 4 highly experienced directors. Independent Director Anders Lindberg was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Apr 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to kr191. The fair value is estimated to be kr158, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 32%. Buy Or Sell Opportunity • Apr 09
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to kr208. The fair value is estimated to be kr162, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 31%. New Risk • Feb 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.02b (US$98.4m) This is considered a minor 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr1.02b market cap, or US$98.4m). Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: kr7.54 (vs kr3.40 in FY 2022) Full year 2023 results: EPS: kr7.54 (up from kr3.40 in FY 2022). Revenue: kr477.9m (up 31% from FY 2022). Net income: kr45.2m (up 122% from FY 2022). Profit margin: 9.5% (up from 5.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: kr3.18 (vs kr1.14 in 3Q 2022) Third quarter 2023 results: EPS: kr3.18 (up from kr1.14 in 3Q 2022). Revenue: kr124.0m (up 35% from 3Q 2022). Net income: kr19.1m (up 179% from 3Q 2022). Profit margin: 15% (up from 7.4% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 24
Chairman of the Board recently bought kr1.9m worth of stock On the 21st of September, Curt Erik Mitteregger bought around 15k shares on-market at roughly kr130 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr2.0m. Curt Erik has been a buyer over the last 12 months, purchasing a net total of kr6.3m worth in shares. Recent Insider Transactions • Aug 28
Chairman of the Board recently bought kr630k worth of stock On the 24th of August, Curt Erik Mitteregger bought around 5k shares on-market at roughly kr126 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr1.1m. Curt Erik has been a buyer over the last 12 months, purchasing a net total of kr1.7m worth in shares. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr124, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 21x in the Electronic industry in Sweden. Total returns to shareholders of 162% over the past three years. Recent Insider Transactions • Jun 19
Chairman of the Board recently bought kr1.1m worth of stock On the 16th of June, Curt Erik Mitteregger bought around 10k shares on-market at roughly kr112 per share. This transaction amounted to less than 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 Curt Erik's only on-market trade for the last 12 months. Reported Earnings • Apr 25
First quarter 2023 earnings released: EPS: kr1.12 (vs kr1.35 in 1Q 2022) First quarter 2023 results: EPS: kr1.12 (down from kr1.35 in 1Q 2022). Revenue: kr95.2m (up 12% from 1Q 2022). Net income: kr6.71m (down 17% from 1Q 2022). Profit margin: 7.1% (down from 9.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 18
Upcoming dividend of kr3.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 02 May 2023. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Swedish dividend payers (4.8%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr127, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 26x in the Electronic industry in Sweden. Total returns to shareholders of 293% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr120, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 27x in the Electronic industry in Sweden. Total returns to shareholders of 190% over the past three years. Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: kr5.84 (vs kr3.14 in FY 2021) Full year 2022 results: EPS: kr5.84 (up from kr3.14 in FY 2021). Revenue: kr384.4m (up 28% from FY 2021). Net income: kr35.1m (up 86% from FY 2021). Profit margin: 9.1% (up from 6.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment improved over the past week After last week's 16% share price gain to kr83.80, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 25x in the Electronic industry in Sweden. Total returns to shareholders of 107% over the past three years. Upcoming Dividend • Apr 20
Upcoming dividend of kr2.50 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 03 May 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Swedish dividend payers (4.6%). Higher than average of industry peers (0.9%). Announcement • Dec 23
Firefly AB (publ) (OM:FIRE) signed an agreement to acquire ETEA Sicurezza Srl from Etea Sicurezza Group Ltd for €0.21 million. Firefly AB (publ) (OM:FIRE) signed an agreement to acquire ETEA Sicurezza Srl from Etea Sicurezza Group Ltd for €0.21 million on December 21, 2021. The acquisition is to be completed before the end of the year. Reported Earnings • Nov 13
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr67.3m (down 16% from 3Q 2020). Net income: kr6.30m (down 44% from 3Q 2020). Profit margin: 9.4% (down from 14% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS kr0.59 (vs kr0.37 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr72.4m (up 53% from 2Q 2020). Net income: kr3.55m (up kr5.78m from 2Q 2020). Profit margin: 4.9% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Aug 14
Insider recently bought kr240k worth of stock On the 12th of August, Anders Bergstrom bought around 3k shares on-market at roughly kr80.00 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr3.3m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improved over the past week After last week's 17% share price gain to kr88.20, the stock trades at a trailing P/E ratio of 36.2x. Average trailing P/E is 27x in the Electronic industry in Sweden. Total returns to shareholders of 90% over the past three years. Recent Insider Transactions • Jun 12
Insider recently bought kr139k worth of stock On the 8th of June, Anders Bergstrom bought around 2k shares on-market at roughly kr69.60 per share. In the last 3 months, they made an even bigger purchase worth kr195k. Insiders have collectively bought kr3.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 09
Insider recently bought kr133k worth of stock On the 6th of May, Anders Bergstrom bought around 2k shares on-market at roughly kr66.60 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr562k. Insiders have collectively bought kr2.9m more in shares than they have sold in the last 12 months. Executive Departure • May 07
Independent Director has left the company On the 28th of April, Johan Trolle-Lowen's tenure in the role of Independent Director ended. As of December 2020, Johan personally held 30.00k shares (kr1.8m worth at the time). Johan is the only executive to leave the company over the last 12 months. Reported Earnings • May 02
First quarter 2021 earnings released: EPS kr0.61 (vs kr0.60 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: kr63.0m (up 5.6% from 1Q 2020). Net income: kr3.67m (up 1.2% from 1Q 2020). Profit margin: 5.8% (down from 6.1% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 21
Upcoming dividend of kr2.10 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 04 May 2021. Trailing yield: 3.2%. Lower than top quartile of Swedish dividend payers (3.4%). Higher than average of industry peers (0.9%). Is New 90 Day High Low • Mar 16
New 90-day high: kr62.80 The company is up 9.0% from a price of kr57.60 on 16 December 2020. Underperformed the Swedish market, which is up 13% over the last 90 days. Price trend is similar to the Electronic industry, which is also up 9.0% over the same period. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS kr2.43 (vs kr2.21 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: kr264.5m (up 1.8% from FY 2019). Net income: kr14.6m (up 10% from FY 2019). Profit margin: 5.5% (up from 5.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 20
Independent Chairman of the Board recently bought kr562k worth of stock On the 18th of February, Erik Mitteregger bought around 10k shares on-market at roughly kr57.84 per share. This was the largest purchase by an insider in the last 3 months. Erik has been a buyer over the last 12 months, purchasing a net total of kr2.6m worth in shares. Is New 90 Day High Low • Jan 27
New 90-day high: kr62.00 The company is up 25% from its price of kr49.70 on 29 October 2020. The Swedish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: kr59.20 The company is up 11% from its price of kr53.20 on 09 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Electronic industry, which is also up 11% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: kr58.40 The company is up 13% from its price of kr51.80 on 24 September 2020. The Swedish market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Electronic industry, which is also up 13% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: kr57.80 The company is up 13% from its price of kr51.20 on 02 September 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: kr49.70 The company is down 2.0% from its price of kr50.80 on 31 July 2020. The Swedish market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 13% over the same period.