New Risk • 10h
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 56% This is considered a major 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 Risk Shareholders have been substantially diluted in the past year (56% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.6% average weekly change). Price Target Changed • May 19
Price target decreased by 34% to kr11.83 Down from kr18.00, the current price target is an average from 3 analysts. New target price is 16% above last closing price of kr10.20. Stock is down 43% over the past year. The company is forecast to post a net loss per share of kr1.81 next year compared to a net loss per share of kr5.03 last year. New Risk • May 15
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 Norwegian stocks, typically moving 8.3% 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 Share price has been volatile over the past 3 months (8.3% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Tillkännagivande • May 06
Hexagon Composites ASA Appoints Eirik Løhre as Permanent CFO, Effective May 5, 2026 Hexagon Composites ASA announced that Eirik Løhre has been appointed permanently to the role of CFO in Hexagon Composites, effective May 5, 2026. Eirik Løhre has been with the Company since 2021 and prior to his role as interim CFO, he served as EVP Corporate Development on the Executive Team. Reported Earnings • Apr 23
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr5.03 loss per share (further deteriorated from kr4.73 loss in FY 2024). Revenue: kr2.95b (down 39% from FY 2024). Net loss: kr1.16b (loss widened 20% from FY 2024). Revenue missed analyst estimates by 9.9%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: kr4.91 loss per share (further deteriorated from kr4.73 loss in FY 2024). Revenue: kr2.96b (down 39% from FY 2024). Net loss: kr1.13b (loss widened 17% from FY 2024). Revenue missed analyst estimates by 9.9%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Feb 13
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr3.75b to kr3.07b. Forecast losses increased from -kr1.73 to -kr1.79 per share. Machinery industry in Norway expected to see average net income growth of 40% next year. Consensus price target broadly unchanged at kr17.75. Share price was steady at kr8.16 over the past week. New Risk • Feb 12
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: kr1.8b Forecast net loss in 1 year: kr694m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (kr694m net loss next year). Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (19% increase in shares outstanding). Tillkännagivande • Dec 22
Hexagon Composites ASA, Annual General Meeting, Apr 30, 2026 Hexagon Composites ASA, Annual General Meeting, Apr 30, 2026. Price Target Changed • Nov 17
Price target decreased by 16% to kr17.50 Down from kr20.75, the current price target is an average from 4 analysts. New target price is 165% above last closing price of kr6.61. Stock is down 85% over the past year. The company is forecast to post a net loss per share of kr6.05 next year compared to a net loss per share of kr4.73 last year. Tillkännagivande • Nov 11
Hexagon Composites ASA Announces Executive Changes, Effective November 11, 2025 Hexagon Composites ASA announced that David Bandele, CFO of Hexagon Composites ASA, has decided to seek opportunities outside of Hexagon. David joined Hexagon in 2014 and has guided the company through different growth phases and several acquisitions, including Agility Fuel Solutions in 2019. The Board thanks David for his dedication and valuable commitment to Hexagon over the past decade. Eirik Løhre has been appointed interim CFO. Eirik joined Hexagon in 2021 and has served as EVP Corporate Development on the Executive Team. He has been essential in Hexagon's ongoing cost reduction program and strategic initiatives, including M&A and long-term portfolio alignment. Eirik brings broad experience from corporate finance and strategy, and deep knowledge of Hexagon's core markets and operations. The change is effective as of November 11, 2025 and the transition will be supported by David. Reported Earnings • Nov 07
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: kr0.80 loss per share (down from kr0.011 profit in 3Q 2024). Revenue: kr537.7m (down 57% from 3Q 2024). Net loss: kr263.6m (down kr265.8m from profit in 3Q 2024). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 02
Price target decreased by 20% to kr20.75 Down from kr26.00, the current price target is an average from 4 analysts. New target price is 127% above last closing price of kr9.13. Stock is down 78% over the past year. The company is forecast to post a net loss per share of kr5.15 next year compared to a net loss per share of kr4.73 last year. Tillkännagivande • Sep 23
Hexagon Composites ASA has withdrawn its Follow-on Equity Offering in the amount of NOK 84 million. Hexagon Composites ASA has withdrawn its Follow-on Equity Offering in the amount of NOK 84 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: NOK 14
Transaction Features: Rights Offering New Risk • Sep 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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: Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • Aug 15
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: kr0.25 (up from kr0.46 loss in 2Q 2024). Revenue: kr674.2m (down 41% from 2Q 2024). Net income: kr55.3m (up kr147.0m from 2Q 2024). Profit margin: 8.2% (up from net loss in 2Q 2024). Revenue missed analyst estimates by 25%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Norway. 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. Major Estimate Revision • Aug 14
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr4.42b to kr3.54b. Forecast losses increased from -kr4.88 to -kr5.03 per share. Machinery industry in Norway expected to see average net income growth of 33% next year. Consensus price target down from kr36.60 to kr34.00. Share price fell 5.8% to kr16.90 over the past week. Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Harald Arnet was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • May 20
Price target decreased by 12% to kr39.00 Down from kr44.20, the current price target is an average from 5 analysts. New target price is 118% above last closing price of kr17.86. Stock is down 21% over the past year. The company is forecast to post a net loss per share of kr4.67 next year compared to a net loss per share of kr4.73 last year. Price Target Changed • May 15
Price target decreased by 7.2% to kr43.80 Down from kr47.20, the current price target is an average from 5 analysts. New target price is 143% above last closing price of kr18.00. Stock is down 21% over the past year. The company is forecast to post a net loss per share of kr0.42 next year compared to a net loss per share of kr4.73 last year. Reported Earnings • May 15
First quarter 2025 earnings released: kr3.99 loss per share (vs kr0.82 loss in 1Q 2024) First quarter 2025 results: kr3.99 loss per share (further deteriorated from kr0.82 loss in 1Q 2024). Revenue: kr911.8m (down 3.4% from 1Q 2024). Net loss: kr835.9m (loss widened 406% from 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Tillkännagivande • Apr 15
Hexagon Composites ASA (OB:HEX) announces an Equity Buyback for 4,000,000 shares, for NOK 75 million. Hexagon Composites ASA (OB:HEX) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, for NOK 75 million. The purpose of the program is to fulfil the company's obligations under its incentive programs and for general corporate purposes. The program is valid till May 31, 2025. As of April 14, 2025, the company had 396,610 treasury shares. Reported Earnings • Apr 02
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: kr4.73 loss per share (further deteriorated from kr4.57 loss in FY 2023). Revenue: kr4.86b (up 7.5% from FY 2023). Net loss: kr968.7m (loss widened 5.6% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 120% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr5.25b to kr5.19b. Losses expected to increase from kr0.10 per share to kr0.22. Machinery industry in Norway expected to see average net income growth of 25% next year. Consensus price target down from kr49.60 to kr47.20. Share price fell 8.9% to kr20.90 over the past week. Recent Insider Transactions • Mar 12
Chief Financial Officer recently bought kr106k worth of stock On the 7th of March, David Bandele bought around 5k shares on-market at roughly kr23.45 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, David has been a net seller over the last 12 months, reducing personal holdings by kr3.9m. Price Target Changed • Feb 14
Price target decreased by 13% to kr54.80 Down from kr63.00, the current price target is an average from 5 analysts. New target price is 76% above last closing price of kr31.15. Stock is up 56% over the past year. The company is forecast to post earnings per share of kr1.32 next year compared to a net loss per share of kr1.05 last year. Reported Earnings • Feb 14
Full year 2024 earnings released: kr1.05 loss per share (vs kr4.21 loss in FY 2023) Full year 2024 results: kr1.05 loss per share. Revenue: kr4.88b (down 5.9% from FY 2023). Net loss: kr904.8m (loss widened 7.2% from FY 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. New Risk • Jan 13
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 Norwegian stocks, typically moving 7.3% 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 Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Significant insider selling over the past 3 months (kr3.0m sold). Tillkännagivande • Dec 03
Hexagon Composites Appoints Philipp Schramm as Chief Executive Officer, Effective 7 January 2025 Hexagon Composites announced the appointment of Dr. Philipp Schramm as Chief Executive Officer, effective 7 January 2025. Schramm will succeed Jon Erik Engeset, who on 16 April 2024announced his decision to step down. Philipp is an automotive industry executive, with more than 15 years of global experience in the automotive supplier industry. He recently served as the CEO and CFO of Brose, one of the world's largest family-owned automotive parts suppliers, with approximately 32,000 employees across 24 countries and annual revenues of around EUR 8 billion. Since joining Brose in 2020 the company has grown by about 30%. Prior to his role at Brose, Philipp held several senior positions at Webasto, another leading automotive supplier. Schramm's career started with PricewaterhouseCoopers with a focus on audit, M&A, restructuring and transaction services. His customer-focused approach and deep sector knowledge have driven significant growth and value creation in his previous positions where he has successfully identified new markets, geographies, and business opportunities in dynamic and fast changing environments. Philipp holds a Ph.D. (business doctorate) and a Diploma in Business Administration from the Katholische Universitat Eichstatt-Ingolstadt, Germany, as well as the equivalent of an executive MBA from Harvard Business School. Recent Insider Transactions • Nov 15
Chief Financial Officer recently sold kr3.0m worth of stock On the 7th of November, David Bandele sold around 67k shares on-market at roughly kr44.40 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. David has been a net seller over the last 12 months, reducing personal holdings by kr4.0m. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: kr0.01 (vs kr0.79 loss in 3Q 2023) Third quarter 2024 results: EPS: kr0.01 (up from kr0.79 loss in 3Q 2023). Revenue: kr1.25b (flat on 3Q 2023). Net income: kr2.20m (up kr161.4m from 3Q 2023). Profit margin: 0.2% (up from net loss in 3Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Price Target Changed • Nov 08
Price target increased by 8.7% to kr53.00 Up from kr48.75, the current price target is an average from 4 analysts. New target price is 9.2% above last closing price of kr48.55. Stock is up 84% over the past year. The company is forecast to post earnings per share of kr2.35 next year compared to a net loss per share of kr4.21 last year. Buy Or Sell Opportunity • Sep 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to kr39.50. The fair value is estimated to be kr32.66, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 46% to kr39.30. The fair value is estimated to be kr32.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. New Risk • Aug 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.0% 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: Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (4.0% increase in shares outstanding). Significant insider selling over the past 3 months (kr1.0m sold). Recent Insider Transactions • Aug 23
Chief Financial Officer recently sold kr1.0m worth of stock On the 21st of August, David Bandele sold around 28k shares on-market at roughly kr37.14 per share. This transaction amounted to 15% 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 David's only on-market trade for the last 12 months. Reported Earnings • Aug 16
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: kr2.95. Revenue: kr1.15b (down 16% from 2Q 2023). Net loss: kr91.8m (down 197% from profit in 2Q 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in Norway. Buy Or Sell Opportunity • Jun 18
Now 22% undervalued Over the last 90 days, the stock has risen 57% to kr29.75. The fair value is estimated to be kr37.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • Jun 09
Price target increased by 18% to kr37.67 Up from kr32.00, the current price target is an average from 3 analysts. New target price is 11% above last closing price of kr34.00. Stock is up 22% over the past year. The company is forecast to post a net loss per share of kr0.15 next year compared to a net loss per share of kr4.21 last year. Tillkännagivande • Jun 05
Worthington Enterprises, Inc. (NYSE:WOR) completed the acquisition of Hexagon Ragasco AS from Hexagon Composites ASA (OB:HEX). Worthington Enterprises, Inc. (NYSE:WOR) signed a definitive agreement to acquire Hexagon Ragasco AS from Hexagon Composites ASA (OB:HEX) at an enterprise value of NOK 1.05 billion on May 29, 2024. In related transaction Hexagon Composites signed a definitive agreement to acquire 49% stake in Sustainable Energy Solutions business segment. Depending on the full year 2024 performance of Hexagon Ragasco, the value may be adjusted between minus NOK 50 million to plus NOK 100 million. The sale of Hexagon Ragasco is expected to close on or around June 3, 2024. DNB Markets and Danske Bank acted as financial advisors, and Schjødt and Saxinger Rechtanwalts acted as legal advisors, to Hexagon Composites on the transactions. Worthington Enterprises, Inc. (NYSE:WOR) completed the acquisition of Hexagon Ragasco AS from Hexagon Composites ASA (OB:HEX) on June 3, 2024. Tillkännagivande • May 30
Hexagon Composites ASA (OB:HEX) acquired 49% stake in Sustainable Energy Solutions business segment of Worthington Enterprises for approximately €9.2 million. Hexagon Composites ASA (OB:HEX) acquired 49% stake in Sustainable Energy Solutions business segment of Worthington Enterprises for approximately €9.2 million on May 29, 2024. SES is a leading European supplier of high-pressure cylinders and systems for storage and distribution of compressed natural gas, hydrogen and industrial gases, and generated revenues of €127 million and adjusted EBITDA of €2.9 million in calendar year 2023. Worthington will retain 49% of the shares, while senior executives will hold the balance. DNB Markets and Danske Bank acted as financial advisors, and Schjødt and Saxinger Rechtanwalts acted as legal advisors, to Hexagon Composites on the transactions. Hexagon Composites ASA (OB:HEX) completed the acquisition of 49% stake in Sustainable Energy Solutions business segment of Worthington Enterprises on May 29, 2024. New Risk • May 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Significant insider selling over the past 3 months (kr730k sold). Major Estimate Revision • May 18
Consensus EPS estimates fall by 98% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -kr0.28 to -kr0.555 per share. Revenue forecast unchanged at kr5.41b. Machinery industry in Norway expected to see average net income growth of 21% next year. Consensus price target of kr33.00 unchanged from last update. Share price was steady at kr22.90 over the past week. Reported Earnings • May 08
First quarter 2024 earnings released: kr0.79 loss per share (vs kr0.14 profit in 1Q 2023) First quarter 2024 results: kr0.79 loss per share (down from kr0.14 profit in 1Q 2023). Revenue: kr1.08b (down 4.0% from 1Q 2023). Net loss: kr157.7m (down kr188.9m from profit in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Tillkännagivande • Apr 17
Hexagon Composites Announces Resignation of Jon Erik Engeset as Chief Executive Officer Hexagon Composites announced that Jon Erik Engeset will step down as Chief Executive Officer. The Company will shortly commence a search process. Engeset will continue as CEO until the position is filled, following which he will continue to support the company in an advisory role. Tillkännagivande • Apr 16
Hexagon Composites Announces Resignation of Jon Erik Engeset as Group President Hexagon Composites announced that Jon Erik Engeset will step down as Group President. The Company will shortly commence a search process. Engeset will continue as CEO until the position is filled, following which he will continue to support the company in an advisory role. Major Estimate Revision • Mar 10
Consensus EPS estimates upgraded to kr0.39 loss, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr5.51b to kr5.41b. 2024 losses expected to reduce from -kr0.49 to -kr0.385 per share. Machinery industry in Norway expected to see average net income growth of 14% next year. Consensus price target up from kr32.00 to kr33.00. Share price fell 6.2% to kr19.94 over the past week. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr5.66 (vs kr1.55 loss in FY 2022) Full year 2023 results: EPS: kr5.66. Revenue: kr5.19b (up 5.5% from FY 2022). Net loss: kr816.6m (loss widened 162% from FY 2022). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Machinery industry in Norway. Price Target Changed • Feb 15
Price target decreased by 9.9% to kr32.00 Down from kr35.50, the current price target is an average from 2 analysts. New target price is 36% above last closing price of kr23.46. Stock is down 33% over the past year. The company is forecast to post earnings per share of kr9.63 next year compared to a net loss per share of kr1.55 last year. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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. This is currently the only risk that has been identified for the company. Buying Opportunity • Nov 10
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be kr32.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 19%. Price Target Changed • Sep 26
Price target increased by 9.9% to kr39.00 Up from kr35.50, the current price target is an average from 3 analysts. New target price is 22% above last closing price of kr31.90. Stock is up 37% over the past year. The company is forecast to post earnings per share of kr7.69 next year compared to a net loss per share of kr1.55 last year. Price Target Changed • Sep 03
Price target increased by 9.6% to kr37.25 Up from kr34.00, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of kr37.76. Stock is up 37% over the past year. The company is forecast to post earnings per share of kr7.69 next year compared to a net loss per share of kr1.55 last year. Reported Earnings • Aug 18
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: kr11.20 (up from kr0.57 loss in 2Q 2022). Revenue: kr1.37b (up 16% from 2Q 2022). Net income: kr94.8m (up kr177.0m from 2Q 2022). Profit margin: 6.9% (up from net loss in 2Q 2022). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Machinery industry in Norway. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Aug 04
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 Norwegian stocks, typically moving 7.7% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Aug 03
Consensus EPS estimates upgraded to kr2.18 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr6.14b to kr5.96b. 2023 losses expected to reduce from -kr2.59 to -kr2.18 per share. Machinery industry in Norway expected to see average net income growth of 12% next year. Consensus price target broadly unchanged at kr35.75. Share price was steady at kr28.36 over the past week.