Tillkännagivande • Apr 12
B3 Consulting Group AB (publ), Annual General Meeting, May 13, 2026 B3 Consulting Group AB (publ), Annual General Meeting, May 13, 2026, at 14:00 W. Europe Standard Time. Location: company premises at wallingatan 2, 111 60, stockholm Sweden Tillkännagivande • Apr 03
B3 Consulting Group AB (publ), Annual General Meeting, May 07, 2025 B3 Consulting Group AB (publ), Annual General Meeting, May 07, 2025, at 14:00 W. Europe Standard Time. Location: at wallingatan 2, 111 60 stockholm Sweden Tillkännagivande • Feb 20
B3 Consulting Group AB (publ) (OM:B3) signed an agreement to acquire 51% stake in Habberstad As for NOK 15.8 million. B3 Consulting Group AB (publ) (OM:B3) signed an agreement to acquire 51% stake in Habberstad As for NOK 15.8 million on February 19, 2025. A cash consideration of NOK 15.8 million will be paid by B3 Consulting Group AB (publ). As part of consideration, NOK 15.8 million is paid towards common equity of Habberstad As. The company will remain intact with current management, branding and own internal functions. No cost initiatives will be taken.
For the period ending December 31, 2024, Habberstad As reported total revenue of NOK 78.6 million and EBIT of NOK 5.6 million. Upcoming Dividend • Nov 07
Upcoming dividend of kr3.50 per share Eligible shareholders must have bought the stock before 13 November 2024. Payment date: 19 November 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.3%). New Risk • Oct 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Market cap is less than US$100m (€63.5m market cap, or US$68.5m). Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: kr8.65 (vs kr1.05 in 3Q 2023) Third quarter 2024 results: EPS: kr8.65 (up from kr1.05 in 3Q 2023). Revenue: kr245.3m (up 9.9% from 3Q 2023). Net income: kr74.3m (up kr65.1m from 3Q 2023). Profit margin: 30% (up from 4.1% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has remained flat. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €7.72, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the IT industry in Germany. Total returns to shareholders of 31% over the past three years. Buy Or Sell Opportunity • Aug 06
Now 22% undervalued Over the last 90 days, the stock has risen 4.0% to €6.72. The fair value is estimated to be €8.60, 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 grown by 6.7%. Revenue is forecast to grow by 41% in 2 years. Earnings are forecast to grow by 242% in the next 2 years. Reported Earnings • Jul 17
Second quarter 2024 earnings released: EPS: kr0.62 (vs kr1.68 in 2Q 2023) Second quarter 2024 results: EPS: kr0.62 (down from kr1.68 in 2Q 2023). Revenue: kr266.4m (down 11% from 2Q 2023). Net income: kr5.20m (down 64% from 2Q 2023). Profit margin: 2.0% (down from 4.8% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the IT industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Tillkännagivande • Jul 10
B3 Consulting Group AB (publ) (OM:B3) completed the acquisition of Webstep AB from Webstep AS. B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 50.9 million on May 23, 2024. The consideration consists of SEK 25.49 million in cash and SEK 25.49 million in non-convertible debt. As part of the consideration, SEK 50.98 million was paid towards common equity. The transaction is subject to applicable regulatory approvals and other customary closing conditions. The transaction is expected to close in H2 2024.Pareto Securities AB acted as Financial Advisor to Webstep AS.
B3 Consulting Group AB (publ) (OM:B3) completed the acquisition of Webstep AB from Webstep AS on July 9, 2024. Tillkännagivande • May 25
B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 51 million. B3 Consulting Group AB (publ) (OM:B3) agreed to acquire Webstep AB from Webstep AS for SEK 50.9 million on May 23, 2024. The consideration consists of SEK 25.49 million in cash and SEK 25.49 million in non-convertible debt. As part of the consideration, SEK 50.98 million was paid towards common equity. The transaction is subject to applicable regulatory approvals and other customary closing conditions. The transaction is expected to close in H2 2024. Buy Or Sell Opportunity • Apr 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to €5.80. The fair value is estimated to be €7.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 112% in the next 2 years. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: kr0.63 (vs kr3.41 in 1Q 2023) First quarter 2024 results: EPS: kr0.63 (down from kr3.41 in 1Q 2023). Revenue: kr281.9m (down 13% from 1Q 2023). Net income: kr5.30m (down 82% from 1Q 2023). Profit margin: 1.9% (down from 8.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the IT industry in Germany. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr7.12 (vs kr11.83 in FY 2022) Full year 2023 results: EPS: kr7.12 (down from kr11.83 in FY 2022). Revenue: kr1.14b (flat on FY 2022). Net income: kr60.5m (down 42% from FY 2022). Profit margin: 5.3% (down from 9.0% in FY 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the IT industry in Germany. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €8.80, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 42% over the past year. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €8.24, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in Germany. Total loss to shareholders of 39% over the past year. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: kr1.05 (vs kr2.17 in 3Q 2022) Third quarter 2023 results: EPS: kr1.05 (down from kr2.17 in 3Q 2022). Revenue: kr223.7m (down 5.1% from 3Q 2022). Net income: kr9.20m (down 51% from 3Q 2022). Profit margin: 4.1% (down from 7.9% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the IT industry in Germany. Reported Earnings • Jul 21
Second quarter 2023 earnings released: EPS: kr1.68 (vs kr2.97 in 2Q 2022) Second quarter 2023 results: EPS: kr1.68 (down from kr2.97 in 2Q 2022). Revenue: kr299.8m (up 3.6% from 2Q 2022). Net income: kr14.4m (down 44% from 2Q 2022). Profit margin: 4.8% (down from 8.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the IT industry in Germany. New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €91.1m (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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (€91.1m market cap, or US$99.3m). Recent Insider Transactions • Jun 06
Chairman recently bought €56k worth of stock On the 2nd of June, Sverre Bjerkeli bought around 5k shares on-market at roughly €11.12 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. Sverre has been a buyer over the last 12 months, purchasing a net total of €4.2m worth in shares. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €11.34, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the IT industry in Germany. Total returns to shareholders of 14% over the past year. Upcoming Dividend • May 04
Upcoming dividend of kr8.00 per share at 5.8% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €13.66, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the IT industry in Germany. Total returns to shareholders of 14% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €24.75 per share. Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: kr11.83 (vs kr5.32 in FY 2021) Full year 2022 results: EPS: kr11.83 (up from kr5.32 in FY 2021). Revenue: kr1.15b (up 25% from FY 2021). Net income: kr103.3m (up 128% from FY 2021). Profit margin: 9.0% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in Germany. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 17% share price gain to €16.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 18x in the IT industry in Germany. Total returns to shareholders of 116% over the past year. Recent Insider Transactions • Dec 01
Insider recently sold €312k worth of stock On the 23rd of November, Tommy Sarenbrant sold around 21k shares on-market at roughly €15.07 per share. This transaction amounted to 9.0% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €995k. Despite this recent sale, insiders have collectively bought €2.0m more than they sold in the last 12 months. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: kr2.17 (vs kr0.57 in 3Q 2021) Third quarter 2022 results: EPS: kr2.17 (up from kr0.57 in 3Q 2021). Revenue: kr235.9m (up 25% from 3Q 2021). Net income: kr18.7m (up 282% from 3Q 2021). Profit margin: 7.9% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 10% growth forecast for the IT industry in Germany. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr2.97 (vs kr1.37 in 2Q 2021) Second quarter 2022 results: EPS: kr2.97 (up from kr1.37 in 2Q 2021). Revenue: kr289.7m (up 24% from 2Q 2021). Net income: kr25.5m (up 120% from 2Q 2021). Profit margin: 8.8% (up from 5.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.9%, compared to a 17% growth forecast for the industry in Germany. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improved over the past week After last week's 16% share price gain to €10.70, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the IT industry in Germany. Total returns to shareholders of 100% over the past year. Board Change • May 20
High number of new directors Independent Director Leif Frykman was the last director to join the board, commencing their role in 2022. Recent Insider Transactions • May 04
Insider recently sold €303k worth of stock On the 29th of April, Fredrik Blomgren sold around 24k shares on-market at roughly €12.80 per share. In the last 3 months, there was an even bigger sale from another insider worth €383k. Insiders have been net sellers, collectively disposing of €1.0m more than they bought in the last 12 months. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: kr3.38 (vs kr0.71 in 1Q 2021) First quarter 2022 results: EPS: kr3.38 (up from kr0.71 in 1Q 2021). Revenue: kr292.4m (up 28% from 1Q 2021). Net income: kr29.0m (up 392% from 1Q 2021). Profit margin: 9.9% (up from 2.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.9%, compared to a 20% growth forecast for the industry in Germany. Recent Insider Transactions • Feb 23
Insider recently sold €383k worth of stock On the 21st of February, Tommy Sarenbrant sold around 42k shares on-market at roughly €9.11 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €714k more than they bought in the last 12 months. Reported Earnings • Feb 21
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: kr5.32 (up from kr2.89 in FY 2020). Revenue: kr921.9m (up 8.3% from FY 2020). Net income: kr45.3m (up 98% from FY 2020). Profit margin: 4.9% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 13%, compared to a 17% growth forecast for the industry in Germany. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS kr0.57 (vs kr0.45 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr189.0m (up 16% from 3Q 2020). Net income: kr4.90m (up 32% from 3Q 2020). Profit margin: 2.6% (up from 2.3% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improved over the past week After last week's 16% share price gain to €6.40, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 29x in the IT industry in Germany. Reported Earnings • Aug 25
Second quarter 2021 earnings released: EPS kr1.37 (vs kr0.76 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr234.4m (up 7.2% from 2Q 2020). Net income: kr11.6m (up 97% from 2Q 2020). Profit margin: 4.9% (up from 2.7% in 2Q 2020). The increase in margin was driven by higher revenue.