Announcement • Nov 30
Nasdaq Stockholm AB Approves the Application for Delisting of Jetpak Top Holding AB On 19 June 2024, Notalp Logistik AB ("Notalp") announced a voluntary public offer to acquire all shares in Jetpak Top Holding AB (publ) ("Jetpak" or the "Company") for SEK 98 in cash per share (the "Offer"). On 6 September 2024, the price in the Offer was increased to SEK 104.50 in cash per share. On 23 September 2024, the Offer was declared unconditional and Notalp announced that it would complete the Offer. On 23 September 2024, Notalp also announced its intention to exercise an option on 17 November 2024, entailing that Notalp would become the owner of shares in Jetpak corresponding to more than 90% of all shares in Jetpak, and that Notalp thereafter intended to initiate a compulsory redemption procedure to acquire all remaining shares in Jetpak. Notalp called for compulsory redemption of the remaining shares in Jetpak on 22 November 2024. On 22 November 2024, Jetpak announced that the Board of Directors of the Company, in accordance with a request from Notalp, had resolved to apply for delisting of Jetpak's shares from Nasdaq First North Premier Growth Market. Nasdaq Stockholm AB has on November 28, 2024 approved the application for delisting and decided that the last day of trading in Jetpak's shares on Nasdaq First North Premier Growth Market will be on 12 December 2024. Announcement • Nov 22
Jetpak Top Holding to Apply for Delisting of its Shares from Nasdaq First North Premier Growth Market On 19 June 2024, Notalp Logistik AB (‘Notalp’) announced a voluntary public offer to acquire all shares in Jetpak Top Holding AB (publ) (‘Jetpak’) for SEK 98 in cash per share (the ‘Offer’). On 6 September 2024, the price in the Offer was increased to SEK 104.50 in cash per share. On 23 September 2024, the Offer was declared unconditional and Notalp announced that it would complete the Offer. On 23 September 2024, Notalp also announced its intention to exercise an option on 17 November 2024, entailing that Notalp would become the owner of shares in Jetpak corresponding to more than 90% of all shares in Jetpak, and that Notalp thereafter intended to initiate a compulsory redemption procedure to acquire all remaining shares in Jetpak. On November 22, 2024, Notalp has called for compulsory redemption of the remaining shares in Jetpak. In light of the above, and in accordance with the request from Notalp, the Board of Directors of Jetpak has resolved to apply for delisting of Jetpak's shares from Nasdaq First North Premier Growth Market. The last day of trading in Jetpak's shares on Nasdaq First North Premier Growth Market will be announced as soon as Jetpak has received this information from Nasdaq. Recent Insider Transactions • Sep 25
Chief Operating Officer recently sold kr3.1m worth of stock On the 20th of September, Rikard Liden sold around 30k shares on-market at roughly kr104 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Rikard's only on-market trade for the last 12 months. Reported Earnings • Aug 29
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: kr1.82 (up from kr2.09 loss in 2Q 2023). Revenue: kr322.3m (up 9.8% from 2Q 2023). Net income: kr22.2m (up kr47.7m from 2Q 2023). Profit margin: 6.9% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.9%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% 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. Announcement • Jun 13
Jetpak Top Holding AB (Publ) Elects Isabel Hummel as Board of Director Jetpak Top Holding AB (publ) announced that at its AGM held on 11 June 2024, the shareholders elected Isabel Hummel as new member of the board of director. Major Estimate Revision • Jun 04
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr1.33b to kr1.29b. EPS estimate also fell from kr8.06 per share to kr7.15 per share. Net income forecast to grow 226% next year vs 16% growth forecast for Logistics industry in Sweden. Consensus price target of kr120 unchanged from last update. Share price fell 3.1% to kr94.00 over the past week. Reported Earnings • May 29
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: kr1.15 (down from kr2.03 in 1Q 2023). Revenue: kr303.8m (down 3.0% from 1Q 2023). Net income: kr14.0m (down 44% from 1Q 2023). Profit margin: 4.6% (down from 7.9% in 1Q 2023). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% 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. Announcement • May 08
Jetpak Top Holding AB (Publ) Announces Decline Re-Election of Shaun Heelan as Director Jetpak Top Holding AB (publ) announced Shaun Heelan has declined re-election of director. New Risk • Mar 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). Reported Earnings • Feb 29
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: kr3.23 (down from kr7.13 in FY 2022). Revenue: kr1.18b (down 4.7% from FY 2022). Net income: kr39.4m (down 55% from FY 2022). Profit margin: 3.3% (down from 7.0% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.7%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. New Risk • Jan 16
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.04b (US$99.4m) 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Market cap is less than US$100m (kr1.04b market cap, or US$99.4m). Price Target Changed • Dec 06
Price target decreased by 7.7% to kr120 Down from kr130, the current price target is provided by 1 analyst. New target price is 32% above last closing price of kr90.80. Stock is down 5.0% over the past year. The company is forecast to post earnings per share of kr3.18 for next year compared to kr7.13 last year. Reported Earnings • Nov 29
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: kr1.25 (down from kr1.74 in 3Q 2022). Revenue: kr279.9m (down 9.2% from 3Q 2022). Net income: kr15.3m (down 28% from 3Q 2022). Profit margin: 5.5% (down from 6.9% in 3Q 2022). Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Announcement • Nov 26
Jetpak Top Holding AB (publ) to Report Q3, 2024 Results on Nov 28, 2024 Jetpak Top Holding AB (publ) announced that they will report Q3, 2024 results at 6:30 AM, Central European Standard Time on Nov 28, 2024 Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr93.80, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Logistics industry in Europe. Total returns to shareholders of 65% over the past three years. New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.07b (US$96.6m) 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (kr1.07b market cap, or US$96.6m). New Risk • Sep 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 45% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Recent Insider Transactions • Sep 02
Chief Commercial Officer recently bought kr861k worth of stock On the 30th of August, Rasmus Enderslev bought around 10k shares on-market at roughly kr90.00 per share. This transaction increased Rasmus' direct individual holding by 9572x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold kr293k more in shares than they bought in the last 12 months. Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: kr2.09 loss per share (down from kr1.88 profit in 2Q 2022). Revenue: kr293.6m (down 9.6% from 2Q 2022). Net loss: kr25.5m (down 213% from profit in 2Q 2022). Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, while revenues in the Logistics industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 19% per year. Reported Earnings • May 26
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: EPS: kr2.03 (up from kr1.80 in 1Q 2022). Revenue: kr313.1m (up 4.7% from 1Q 2022). Net income: kr24.7m (up 14% from 1Q 2022). Profit margin: 7.9% (up from 7.2% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 16
Price target increased by 8.3% to kr130 Up from kr120, the current price target is provided by 1 analyst. New target price is 26% above last closing price of kr104. Stock is up 14% over the past year. The company is forecast to post earnings per share of kr8.83 for next year compared to kr7.13 last year. Reported Earnings • Mar 01
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: kr7.13 (up from kr5.85 in FY 2021). Revenue: kr1.25b (up 23% from FY 2021). Net income: kr86.9m (up 24% from FY 2021). Profit margin: 6.9% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.5%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Nov 25
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: kr1.74 (up from kr1.37 in 3Q 2021). Revenue: kr308.4m (up 23% from 3Q 2021). Net income: kr21.2m (up 29% from 3Q 2021). Profit margin: 6.9% (up from 6.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.4% decline forecast for the Logistics industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 24
Jetpak Top Holding AB (publ), Annual General Meeting, Jun 09, 2023 Jetpak Top Holding AB (publ), Annual General Meeting, Jun 09, 2023. Reported Earnings • Aug 25
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: kr1.88 (up from kr1.38 in 2Q 2021). Revenue: kr324.9m (up 27% from 2Q 2021). Net income: kr22.6m (up 36% from 2Q 2021). Profit margin: 6.9% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 9.8% compared to a 6.3% decline forecast for the Logistics industry in Sweden. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Jul 08
Chief Operating Officer exercised options to buy kr3.0m worth of stock. On the 30th of June, Rikard Lidén exercised options to buy 32k shares at a strike price of around kr48.49, costing a total of kr1.5m. This transaction amounted to 263% of their direct individual holding at the time of the trade. Rikard currently holds less than 1% of total shares outstanding. Company insiders have collectively bought kr3.0m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 10
Jetpak Top Holding AB (publ) Approves Board and Committee Changes Jetpak Top Holding AB (publ) at the AGM held on June 9, 2022 announced that two employee representatives on the board, Tiina Grönroos and Morten Werme, who are not appointed by the general meeting. At a statutory meeting held in direct connection to the AGM, John Dueholm and Christian Høy were elected as members of the remuneration committee with John Dueholm as chairman of the committee. Reported Earnings • May 26
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: kr1.80 (up from kr1.20 in 1Q 2021). Revenue: kr299.1m (up 19% from 1Q 2021). Net income: kr21.6m (up 50% from 1Q 2021). Profit margin: 7.2% (up from 5.8% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 9.1%. Over the next year, revenue is forecast to grow 15% while the industry in Sweden is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr5.85 (up from kr3.69 in FY 2020). Revenue: kr1.03b (up 15% from FY 2020). Net income: kr70.2m (up 59% from FY 2020). Profit margin: 6.8% (up from 4.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 9.6%, compared to a 6.2% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • Feb 15
Jetpak Top Holding AB (publ) to Report Fiscal Year 2021 Results on May 11, 2022 Jetpak Top Holding AB (publ) announced that they will report fiscal year 2021 results on May 11, 2022 Buying Opportunity • Feb 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.4%. The fair value is estimated to be kr123, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% per annum over the last 3 years. Earnings per share has declined by 38% per annum over the last 3 years. Major Estimate Revision • Dec 02
Consensus EPS estimates fall to kr5.84 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from kr1.05b to kr1.03b. EPS estimate also fell from kr6.49 to kr5.84. Net income forecast to grow 40% next year vs 5.3% growth forecast for Logistics industry in Sweden. Consensus price target of kr125 unchanged from last update. Share price fell 2.1% to kr99.40 over the past week. Reported Earnings • Nov 27
Third quarter 2021 earnings: EPS and revenues miss analyst expectations Third quarter 2021 results: EPS: kr1.37 (up from kr1.26 in 3Q 2020). Revenue: kr250.4m (up 15% from 3Q 2020). Net income: kr16.4m (up 8.4% from 3Q 2020). Profit margin: 6.5% (down from 6.9% in 3Q 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 19%. Earnings per share (EPS) missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 13%, compared to a 6.7% growth forecast for the industry in Sweden. Reported Earnings • Aug 29
Second quarter 2021 earnings released: EPS kr1.38 (vs kr0.34 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr256.4m (up 26% from 2Q 2020). Net income: kr16.6m (up 303% from 2Q 2020). Profit margin: 6.5% (up from 2.0% in 2Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improved over the past week After last week's 16% share price gain to kr125, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Logistics industry in Europe. Total returns to shareholders of 101% over the past year. Reported Earnings • May 28
First quarter 2021 earnings released: EPS kr1.20 (vs kr0.70 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr250.4m (up 4.6% from 1Q 2020). Net income: kr14.4m (up 71% from 1Q 2020). Profit margin: 5.8% (up from 3.5% in 1Q 2020). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Mar 01
New 90-day high: kr90.00 The company is up 27% from its price of kr70.60 on 01 December 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 8.0% over the same period. Reported Earnings • Feb 26
Full year 2020 earnings released: EPS kr3.69 (vs kr5.60 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: kr912.4m (up 7.3% from FY 2019). Net income: kr44.3m (down 34% from FY 2019). Profit margin: 4.9% (down from 7.9% in FY 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Feb 26
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 8.0%, compared to a 5.6% growth forecast for the Logistics industry in Sweden. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 18% share price gain to kr83.80, the stock is trading at a trailing P/E ratio of 21.7x, up from the previous P/E ratio of 18.4x. This compares to an average P/E of 21x in the Logistics industry in Europe. Total returns to shareholders over the past year are 29%. Is New 90 Day High Low • Jan 18
New 90-day high: kr77.80 The company is up 32% from its price of kr58.80 on 20 October 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 3.0% over the same period. Major Estimate Revision • Dec 03
Analysts increase EPS estimates to kr3.79 The 2020 consensus revenue estimate increased from kr882.0m to kr892.0m. The earnings per share estimate also received an upgrade from kr2.96 to kr3.79 for the same period. Net income is expected to grow by 46% next year compared to 46% growth forecast for the Logistics industry in Sweden. The consensus price target increased from kr75.00 to kr85.00. Share price is up 13% to kr73.40 over the past week. Reported Earnings • Nov 28
Third quarter 2020 earnings released: EPS kr1.26 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: kr218.1m (up 1.4% from 3Q 2019). Net income: kr15.1m (down 7.5% from 3Q 2019). Profit margin: 6.9% (down from 7.6% in 3Q 2019). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Nov 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 9.6%, compared to a 2.5% growth forecast for the Logistics industry in Sweden. Is New 90 Day High Low • Nov 26
New 90-day high: kr65.00 The company is up 9.0% from its price of kr59.80 on 28 August 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 6.0% over the same period. Price Target Changed • Nov 20
Price target raised to kr75.00 Up from kr68.00, the current price target is provided by 1 analyst. The new target price is 16% above the current share price of kr64.80. As of last close, the stock is up 15% over the past year. Is New 90 Day High Low • Oct 27
New 90-day low: kr54.40 The company is down 14% from its price of kr63.00 on 29 July 2020. The Swedish market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 15% over the same period.