Reported Earnings • May 05
First quarter 2026 earnings released: EPS: kr0.12 (vs kr0.72 in 1Q 2025) First quarter 2026 results: EPS: kr0.12 (down from kr0.72 in 1Q 2025). Revenue: kr305.5m (down 5.6% from 1Q 2025). Net income: kr1.10m (down 83% from 1Q 2025). Profit margin: 0.4% (down from 2.0% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 42% per year whereas the company’s share price has fallen by 43% per year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr29.00, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the IT industry in the United Kingdom. Total loss to shareholders of 78% over the past three years. 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 Reported Earnings • Feb 21
Full year 2025 earnings released: EPS: kr1.20 (vs kr9.57 in FY 2024) Full year 2025 results: EPS: kr1.20 (down from kr9.57 in FY 2024). Revenue: kr1.21b (up 7.1% from FY 2024). Net income: kr10.9m (down 87% from FY 2024). Profit margin: 0.9% (down from 7.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. New Risk • Oct 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% 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: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Shares are highly illiquid. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (kr405.5m market cap, or US$43.2m). Reported Earnings • Oct 25
Third quarter 2025 earnings released: kr0.29 loss per share (vs kr8.35 profit in 3Q 2024) Third quarter 2025 results: kr0.29 loss per share (down from kr8.35 profit in 3Q 2024). Revenue: kr256.3m (up 4.4% from 3Q 2024). Net loss: kr2.70m (down 104% from profit in 3Q 2024). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Sep 05
Business Area Manager for Digital recently bought kr51k worth of stock On the 2nd of September, Anders Nilsson bought around 970 shares on-market at roughly kr52.70 per share. This transaction amounted to 72% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr93k. Insiders have collectively bought kr219k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 13
Insider recently bought kr75k worth of stock On the 11th of August, Fredrik Dolleus bought around 1k shares on-market at roughly kr53.59 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr93k. Insiders have collectively bought kr253k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 18
President & CEO recently bought kr93k worth of stock On the 16th of July, Martin Stenström bought around 2k shares on-market at roughly kr56.00 per share. This transaction amounted to 3.0% 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 Martin's only on-market trade for the last 12 months. Reported Earnings • Jul 17
Second quarter 2025 earnings released: EPS: kr0.033 (vs kr0.61 in 2Q 2024) Second quarter 2025 results: EPS: kr0.033 (down from kr0.61 in 2Q 2024). Revenue: kr315.6m (up 19% from 2Q 2024). Net income: kr300.0k (down 94% from 2Q 2024). Profit margin: 0.1% (down from 2.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the IT industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Shares are highly illiquid. Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (kr544.0m market cap, or US$55.8m). Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: kr0.73 (vs kr0.64 in 1Q 2024) First quarter 2025 results: EPS: kr0.73 (up from kr0.64 in 1Q 2024). Revenue: kr324.0m (up 15% from 1Q 2024). Net income: kr6.60m (up 25% from 1Q 2024). Profit margin: 2.0% (up from 1.9% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the IT industry in the United Kingdom. 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 Reported Earnings • Feb 21
Full year 2024 earnings released: EPS: kr9.56 (vs kr7.12 in FY 2023) Full year 2024 results: EPS: kr9.56 (up from kr7.12 in FY 2023). Revenue: kr1.13b (down 1.0% from FY 2023). Net income: kr83.3m (up 38% from FY 2023). Profit margin: 7.4% (up from 5.3% in FY 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the IT industry in the United Kingdom. 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. New Risk • Dec 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. 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). Shares are highly illiquid. Earnings are forecast to decline by an average of 3.9% 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 (kr677.9m market cap, or US$61.7m). Upcoming Dividend • Nov 06
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 British dividend payers (5.8%). 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). Shares are highly illiquid. 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 (kr728.0m market cap, or US$68.5m). Reported Earnings • Oct 25
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 7.7% growth forecast for the IT industry in the United Kingdom. Recent Insider Transactions • Aug 21
Manager of Communications & IR recently bought kr86k worth of stock On the 16th of August, Katarina Lundqvist bought around 1k shares on-market at roughly kr85.59 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr403k more in shares than they have sold in the last 12 months. 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 6.9% growth forecast for the IT industry in the United Kingdom. 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. 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 7.3% growth forecast for the IT industry in the United Kingdom. Recent Insider Transactions • Feb 23
Manager of Communications & IR recently bought kr101k worth of stock On the 16th of February, Katarina Lundqvist bought around 1k shares on-market at roughly kr84.15 per share. This transaction amounted to 59% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr865k more in shares than they have sold in the last 12 months. New Risk • Feb 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 68% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (68% net debt to equity). Dividend is not well covered by cash flows (113% cash payout ratio). Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (5.3% net profit margin). Market cap is less than US$100m (kr699.8m market cap, or US$67.0m). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr78.89, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 22x in the IT industry in the United Kingdom. Total loss to shareholders of 51% over the past year. New Risk • Dec 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. 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 (7.5% average weekly change). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (kr855.0m market cap, or US$81.7m). Reported Earnings • Oct 27
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 5.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the IT industry in the United Kingdom. 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 8.7% growth forecast for the IT industry in the United Kingdom. New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.07b (US$98.1m) 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (kr1.07b market cap, or US$98.1m). Recent Insider Transactions • Jun 07
Chairman recently bought kr643k worth of stock On the 2nd of June, Sverre Bjerkeli bought around 5k shares on-market at roughly kr129 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 kr44m worth in shares. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr129, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 26x in the IT industry in the United Kingdom. Total returns to shareholders of 24% over the past year. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to kr145, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 26x in the IT industry in the United Kingdom. Total returns to shareholders of 17% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr266 per share. Recent Insider Transactions • Dec 01
Insider recently sold kr3.4m worth of stock On the 23rd of November, Tommy Sarenbrant sold around 21k shares on-market at roughly kr164 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 kr11m. Despite this recent sale, insiders have collectively bought kr20m 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 17% growth forecast for the IT industry in the United Kingdom. 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 the United Kingdom. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 18% share price gain to kr126, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 24x in the IT industry in the United Kingdom. Board Change • May 31
High number of new directors Independent Director Leif Frykman was the last director to join the board, commencing their role in 2022. 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.