Buy Or Sell Opportunity • Jun 17
Now 22% undervalued Over the last 90 days, the stock has risen 69% to kr40.60. The fair value is estimated to be kr52.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 26%. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr41.20, the stock trades at a trailing P/E ratio of 17.5x. Average forward P/E is 24x in the Communications industry in Sweden. Total returns to shareholders of 207% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr30.70, the stock trades at a trailing P/E ratio of 21.2x. Average forward P/E is 24x in the Communications industry in Sweden. Total returns to shareholders of 119% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr22.80, the stock trades at a trailing P/E ratio of 15.8x. Average forward P/E is 18x in the Communications industry in Sweden. Total returns to shareholders of 50% over the past three years. Announcement • Oct 24
TagMaster AB (publ), Annual General Meeting, Apr 27, 2026 TagMaster AB (publ), Annual General Meeting, Apr 27, 2026. Location: at kronborgsgrand 11, konferensrum nobel 164 46, kista Sweden Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: kr0.52 (vs kr0.51 loss in 3Q 2024) Third quarter 2025 results: EPS: kr0.52 (up from kr0.51 loss in 3Q 2024). Revenue: kr114.0m (up 34% from 3Q 2024). Net income: kr7.69m (up kr15.2m from 3Q 2024). Profit margin: 6.7% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, while revenues in the Communications industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Price Target Changed • Jul 24
Price target increased by 15% to kr23.00 Up from kr20.00, the current price target is provided by 1 analyst. New target price is 42% above last closing price of kr16.25. Stock is down 3.8% over the past year. The company posted earnings per share of kr0.32 last year. Reported Earnings • Jul 20
Second quarter 2025 earnings released: EPS: kr0.48 (vs kr0.08 in 2Q 2024) Second quarter 2025 results: EPS: kr0.48 (up from kr0.08 in 2Q 2024). Revenue: kr128.8m (up 25% from 2Q 2024). Net income: kr6.99m (up 498% from 2Q 2024). Profit margin: 5.4% (up from 1.1% in 2Q 2024). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 12% 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. Board Change • May 02
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. 3 experienced directors. 1 highly experienced director. Independent Director Liselott Lading was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 29
Price target decreased by 13% to kr20.00 Down from kr23.00, the current price target is provided by 1 analyst. New target price is 86% above last closing price of kr10.75. Stock is down 47% over the past year. The company posted earnings per share of kr0.32 last year. Reported Earnings • Apr 25
First quarter 2025 earnings released: kr0.52 loss per share (vs kr0.21 loss in 1Q 2024) First quarter 2025 results: kr0.52 loss per share (further deteriorated from kr0.21 loss in 1Q 2024). Revenue: kr100.8m (up 1.9% from 1Q 2024). Net loss: kr7.57m (loss widened 144% from 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Communications 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 18% per year, which means it is significantly lagging earnings. New Risk • Apr 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% 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 Share price has been volatile over the past 3 months (11% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (kr205.8m market cap, or US$20.7m). Reported Earnings • Feb 07
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: kr0.32 (down from kr0.93 in FY 2023). Revenue: kr423.7m (up 4.7% from FY 2023). Net income: kr4.66m (down 66% from FY 2023). Profit margin: 1.1% (down from 3.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Feb 06
TagMaster AB (publ), Annual General Meeting, Apr 24, 2025 TagMaster AB (publ), Annual General Meeting, Apr 24, 2025. Location: kista Sweden Announcement • Nov 29
TagMaster AB (publ) (OM:TAGM B) acquired 92.50% stake in Quercus Technologies, S.L for €7 million. TagMaster AB (publ) (OM:TAGM B) acquired 92.50% stake in Quercus Technologies, S.L for €7 million on November 28, 2024. The purchase price upon close of the transaction is €5.5 million. In addition, a deferred purchase price of approx. €0.45 million will be paid in 2028. Finally, a performance-based additional payment of a maximum of €1 million will be paid in 2028 conditional on improved sales. For the period ended September 30, 2024, Quercus Technologies, S.L reported a revenue of €7 million. The acquisition is an all-cash transaction funded by cash at hand and a new bank debt facility of €4 million.
TagMaster AB (publ) (OM:TAGM B) completed the acquisition of 92.50% stake in Quercus Technologies, S.L on November 28, 2024. Price Target Changed • Oct 25
Price target decreased by 26% to kr21.60 Down from kr29.00, the current price target is provided by 1 analyst. New target price is 74% above last closing price of kr12.40. Stock is down 29% over the past year. The company posted earnings per share of kr0.93 last year. Reported Earnings • Oct 24
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: kr0.51 loss per share (down from kr0.015 profit in 3Q 2023). Revenue: kr85.3m (down 1.8% from 3Q 2023). Net loss: kr7.48m (down kr7.70m from profit in 3Q 2023). Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 14
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr0.08 (down from kr0.43 in 2Q 2023). Revenue: kr102.9m (up 4.8% from 2Q 2023). Net income: kr1.17m (down 81% from 2Q 2023). Profit margin: 1.1% (down from 6.4% in 2Q 2023). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr16.85, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 24x in the Communications industry in Sweden. Total loss to shareholders of 50% over the past three years. Price Target Changed • Apr 28
Price target decreased by 9.4% to kr29.00 Down from kr32.00, the current price target is provided by 1 analyst. New target price is 37% above last closing price of kr21.20. Stock is up 49% over the past year. The company is forecast to post earnings per share of kr0.30 for next year compared to kr0.93 last year. Reported Earnings • Apr 26
First quarter 2024 earnings released: kr0.21 loss per share (vs kr0.024 profit in 1Q 2023) First quarter 2024 results: kr0.21 loss per share (down from kr0.024 profit in 1Q 2023). Revenue: kr99.3m (up 5.2% from 1Q 2023). Net loss: kr3.10m (down kr3.45m from profit in 1Q 2023). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 09
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from kr413.7m to kr466.0m. EPS estimate increased from kr1.00 to kr1.20 per share. Net income forecast to grow 32% next year vs 54% growth forecast for Communications industry in Sweden. Consensus price target of kr30.00 unchanged from last update. Share price rose 5.6% to kr20.60 over the past week. Reported Earnings • Feb 02
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: kr0.93 (down from kr1.65 in FY 2022). Revenue: kr404.7m (up 12% from FY 2022). Net income: kr13.7m (down 43% from FY 2022). Profit margin: 3.4% (down from 6.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) also surpassed analyst estimates by 55%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Feb 02
TagMaster AB (publ) to Report Fiscal Year 2023 Final Results on Mar 27, 2024 TagMaster AB (publ) announced that they will report fiscal year 2023 final results at 9:00 AM, Central European Standard Time on Mar 27, 2024 Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr20.90, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Communications industry in Europe. Total returns to shareholders of 17% over the past three years. Reported Earnings • Nov 02
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: kr0.01 (up from kr0.31 loss in 3Q 2022). Revenue: kr87.6m (up 1.3% from 3Q 2022). Net income: kr219.0k (up kr4.74m from 3Q 2022). Profit margin: 0.2% (up from net loss in 3Q 2022). Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 97%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Nov 01
TagMaster AB (publ) to Report Fiscal Year 2024 Results on Feb 05, 2025 TagMaster AB (publ) announced that they will report fiscal year 2024 results on Feb 05, 2025 Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 40% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from kr405.4m to kr381.3m. EPS estimate also fell from kr1.00 per share to kr0.60 per share. Net income forecast to shrink 70% next year vs 7.9% decline forecast for Communications industry in Sweden. Consensus price target down from kr32.00 to kr30.00. Share price rose 2.5% to kr18.45 over the past week. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to kr20.50, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Communications industry in Europe. Total returns to shareholders of 14% over the past three years. Reported Earnings • Jul 16
Second quarter 2023 earnings: EPS exceeds analyst expectations Second quarter 2023 results: EPS: kr0.43 (up from kr0.047 loss in 2Q 2022). Revenue: kr99.4m (up 13% from 2Q 2022). Net income: kr6.26m (up kr6.95m from 2Q 2022). Profit margin: 6.3% (up from net loss in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr14.15, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 16x in the Communications industry in Europe. Total loss to shareholders of 22% over the past three years. Reported Earnings • Apr 30
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: kr0.02 (up from kr0.59 loss in 1Q 2022). Revenue: kr95.0m (up 20% from 1Q 2022). Net income: kr349.0k (up kr8.96m from 1Q 2022). Profit margin: 0.4% (up from net loss in 1Q 2022). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: kr0.31 loss per share (down from kr0.12 profit in 3Q 2021). Revenue: kr87.3m (up 9.2% from 3Q 2021). Net loss: kr4.52m (down 369% from profit in 3Q 2021). Revenue missed analyst estimates by 6.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 16
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: kr0.05 loss per share (down from kr0.27 profit in 2Q 2021). Revenue: kr88.6m (flat on 2Q 2021). Net loss: kr692.0k (down 118% from profit in 2Q 2021). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 17%, compared to a 7.3% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • May 10
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 new directors. No experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Director Gert Sviberg is the most experienced director on the board, commencing their role in 2012. Independent Chairman of the Board Bernt Ingman was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 29
First quarter 2022 earnings released: kr0.59 loss per share (vs kr0.31 profit in 1Q 2021) First quarter 2022 results: kr0.59 loss per share (down from kr0.31 profit in 1Q 2021). Revenue: kr81.2m (up 9.1% from 1Q 2021). Net loss: kr8.61m (down 292% from profit in 1Q 2021). 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 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr18.35, the stock trades at a trailing P/E ratio of 45.9x. Average trailing P/E is 53x in the Communications industry in Sweden. Total loss to shareholders of 35% over the past three years. Reported Earnings • Feb 04
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr0.40 (up from kr1.39 loss in FY 2020). Revenue: kr336.3m (up 16% from FY 2020). Net income: kr5.86m (up kr26.2m from FY 2020). Profit margin: 1.7% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 14%. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Buying Opportunity • Feb 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be kr27.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% per annum over the last 3 years. The company has become profitable over the last year. Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS kr0.11 (vs kr0.23 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr80.7m (up 14% from 3Q 2020). Net income: kr1.68m (down 50% from 3Q 2020). Profit margin: 2.1% (down from 4.7% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 39% 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 • Jul 18
Second quarter 2021 earnings released: EPS kr0.27 (vs kr0.85 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr96.0m (up 37% from 2Q 2020). Net income: kr3.96m (up kr16.4m from 2Q 2020). Profit margin: 4.1% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
First quarter 2021 earnings released: EPS kr0.01 (vs kr0.024 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr74.4m (down 8.1% from 1Q 2020). Net income: kr4.48m (up kr13.2m from 1Q 2020). Profit margin: 6.0% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 04
New 90-day high: kr1.10 The company is up 53% from its price of kr0.72 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 Communications industry, which is up 3.0% over the same period. Is New 90 Day High Low • Dec 19
New 90-day high: kr0.76 The company is up 3.0% from its price of kr0.74 on 18 September 2020. The Swedish market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Communications industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 25
New 90-day low: kr0.65 The company is down 9.0% from its price of kr0.71 on 27 August 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 1.0% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total losses of kr29.8m, with losses widening by 118% from the prior year. Total revenue was kr307.3m over the last 12 months, up 36% from the prior year. Is New 90 Day High Low • Oct 08
New 90-day low: kr0.69 The company is down 8.0% from its price of kr0.76 on 10 July 2020. The Swedish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 12% over the same period.