Buy Or Sell Opportunity • Jun 30
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.1% to kr6.30. The fair value is estimated to be kr8.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Board Change • Jun 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman of the Board Thomas Gür was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 04
Upcoming dividend of kr0.13 per share Eligible shareholders must have bought the stock before 11 June 2026. Payment date: 17 June 2026. Trailing yield: 1.4%. Lower than top quartile of Swedish dividend payers (4.2%). Lower than average of industry peers (2.6%). Reported Earnings • May 11
First quarter 2026 earnings released: kr0.11 loss per share (vs kr0.32 loss in 1Q 2025) First quarter 2026 results: kr0.11 loss per share (improved from kr0.32 loss in 1Q 2025). Revenue: kr138.2m (up 9.2% from 1Q 2025). Net loss: kr1.91m (loss narrowed 63% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 10
Founder & CEO recently bought kr54k worth of stock On the 6th of February, Bijan Fahimi bought around 10k shares on-market at roughly kr5.50 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Bijan has been a buyer over the last 12 months, purchasing a net total of kr133k worth in shares. New Risk • Feb 06
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 Swedish stocks, typically moving 6.8% 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: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (kr98.6m market cap, or US$10.9m). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr6.65, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 18x in the Consumer Services industry in Europe. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to kr5.45, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 19x in the Consumer Services industry in Europe. Total loss to shareholders of 37% over the past three years. New Risk • Oct 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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 (2.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (kr94.1m market cap, or US$10.0m). New Risk • Oct 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Negative equity (-kr2.0m). Earnings have declined by 35% per year over the past 5 years. Market cap is less than US$10m (kr82.7m market cap, or US$8.74m). Recent Insider Transactions • Sep 26
Founder & CEO recently bought kr79k worth of stock On the 18th of September, Bijan Fahimi bought around 19k shares on-market at roughly kr4.27 per share. This transaction amounted to 4.6% 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 Bijan's only on-market trade for the last 12 months. Reported Earnings • Aug 12
Second quarter 2025 earnings released: EPS: kr0.19 (vs kr0.28 loss in 2Q 2024) Second quarter 2025 results: EPS: kr0.19 (up from kr0.28 loss in 2Q 2024). Revenue: kr135.8m (up 14% from 2Q 2024). Net income: kr3.37m (up kr7.42m from 2Q 2024). Profit margin: 2.5% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Aug 12
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 Swedish stocks, typically moving 9.6% 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: Major Risks Negative equity (-kr5.4m). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (kr79.2m market cap, or US$8.21m). Minor Risk Share price has been volatile over the past 3 months (9.6% average weekly change). New Risk • Jun 01
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: Major Risks Negative equity (-kr5.4m). Earnings have declined by 44% per year over the past 5 years. Market cap is less than US$10m (kr91.4m market cap, or US$9.54m). Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Reported Earnings • May 18
First quarter 2025 earnings released: kr0.32 loss per share (vs kr0.97 loss in 1Q 2024) First quarter 2025 results: kr0.32 loss per share (improved from kr0.97 loss in 1Q 2024). Revenue: kr131.6m (up 15% from 1Q 2024). Net loss: kr5.19m (loss narrowed 63% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 15
Tellusgruppen AB (publ), Annual General Meeting, Jun 18, 2025 Tellusgruppen AB (publ), Annual General Meeting, Jun 18, 2025. Reported Earnings • Mar 06
Full year 2024 earnings released: kr1.39 loss per share (vs kr1.21 loss in FY 2023) Full year 2024 results: kr1.39 loss per share (further deteriorated from kr1.21 loss in FY 2023). Revenue: kr481.6m (up 21% from FY 2023). Net loss: kr19.8m (loss widened 17% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Recent Insider Transactions • Mar 03
Independent Chairman of the Board recently bought kr938k worth of stock On the 28th of February, Thomas Gür bought around 150k shares on-market at roughly kr6.25 per share. This transaction increased Thomas' direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Thomas' only on-market trade for the last 12 months. New Risk • Dec 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr107.2m (US$9.74m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr6.5m free cash flow). Negative equity (-kr3.2m). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (kr107.2m market cap, or US$9.74m). Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: kr0.27 (vs kr0.046 in 3Q 2023) Third quarter 2024 results: EPS: kr0.27 (up from kr0.046 in 3Q 2023). Revenue: kr107.1m (up 19% from 3Q 2023). Net income: kr4.27m (up kr3.63m from 3Q 2023). Profit margin: 4.0% (up from 0.7% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Sep 18
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 Swedish stocks, typically moving 8.4% 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: Major Risks Negative equity (-kr7.4m). Earnings have declined by 59% per year over the past 5 years. 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 (14% increase in shares outstanding). Market cap is less than US$100m (kr116.0m market cap, or US$11.4m). New Risk • Aug 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr1.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr1.7m free cash flow). Negative equity (-kr7.3m). Earnings have declined by 59% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (kr102.4m market cap, or US$10.0m). Recent Insider Transactions • May 31
Independent Director recently bought kr62k worth of stock On the 27th of May, Caj Perrin bought around 10k shares on-market at roughly kr6.00 per share. This transaction amounted to 9.3% 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 kr273k more in shares than they have sold in the last 12 months. Tillkännagivande • May 23
Tellusgruppen AB (publ), Annual General Meeting, Jun 12, 2024 Tellusgruppen AB (publ), Annual General Meeting, Jun 12, 2024, at 10:00 W. Europe Standard Time. Location: at tellus group`s head office, tegnergatan 35, 3 stairs, stockholm Sweden New Risk • May 19
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr13m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-kr13m). Earnings have declined by 59% per year over the past 5 years. Market cap is less than US$10m (kr91.0m market cap, or US$8.50m). Minor Risk Shareholders have been diluted in the past year (4.9% increase in shares outstanding). Reported Earnings • May 19
First quarter 2024 earnings released: kr0.97 loss per share (vs kr0.36 loss in 1Q 2023) First quarter 2024 results: kr0.97 loss per share (further deteriorated from kr0.36 loss in 1Q 2023). Revenue: kr121.1m (up 21% from 1Q 2023). Net loss: kr13.9m (loss widened 172% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 03
Full year 2023 earnings released: kr1.21 loss per share (vs kr0.51 loss in FY 2022) Full year 2023 results: kr1.21 loss per share (further deteriorated from kr0.51 loss in FY 2022). Revenue: kr427.3m (up 32% from FY 2022). Net loss: kr16.9m (loss widened 164% from FY 2022). New Risk • Feb 06
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 Swedish stocks, typically moving 10.0% 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr11m free cash flow). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (kr84.2m market cap, or US$7.94m). Minor Risks Share price has been volatile over the past 3 months (10.0% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Lotta Edholm was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Dec 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% 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 Less than 1 year of cash runway based on free cash flow trend (-kr11m free cash flow). Earnings have declined by 56% per year over the past 5 years. Market cap is less than US$10m (kr89.2m market cap, or US$8.52m). Minor Risk Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Reported Earnings • Nov 25
Third quarter 2023 earnings released: EPS: kr0.046 (vs kr0.25 in 3Q 2022) Third quarter 2023 results: EPS: kr0.046 (down from kr0.25 in 3Q 2022). Revenue: kr96.6m (up 33% from 3Q 2022). Net income: kr639.0k (down 80% from 3Q 2022). Profit margin: 0.7% (down from 4.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Aug 28
Second quarter 2023 earnings released: kr0.23 loss per share (vs kr0.24 profit in 2Q 2022) Second quarter 2023 results: kr0.23 loss per share (down from kr0.24 profit in 2Q 2022). Revenue: kr111.4m (up 34% from 2Q 2022). Net loss: kr3.20m (down 206% from profit in 2Q 2022). New Risk • Jul 28
New major risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr111.9m (US$10.6m) 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: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr9.2m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (kr111.9m market cap, or US$10.6m). New Risk • Jun 22
New major risk - Revenue and earnings growth Earnings have declined by 60% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Less than 1 year of cash runway based on free cash flow trend (-kr9.2m free cash flow). Earnings have declined by 60% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (kr107.7m market cap, or US$10.1m). New Risk • Jun 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr30m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr30m free cash flow). Minor Risks Shareholders have been diluted in the past year (12% increase in shares outstanding). Market cap is less than US$100m (kr109.1m market cap, or US$10.2m). Reported Earnings • May 25
First quarter 2023 earnings released: kr0.36 loss per share (vs kr0.55 loss in 1Q 2022) First quarter 2023 results: kr0.36 loss per share (improved from kr0.55 loss in 1Q 2022). Revenue: kr105.7m (up 41% from 1Q 2022). Net loss: kr5.10m (loss narrowed 26% from 1Q 2022). Reported Earnings • Dec 02
Third quarter 2022 earnings released: EPS: kr0.25 (vs kr0.36 in 3Q 2021) Third quarter 2022 results: EPS: kr0.25 (down from kr0.36 in 3Q 2021). Net income: kr3.15m (down 50% from 3Q 2021). Board Change • Apr 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Director Elnaz Madani is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: kr0.67 loss per share (down from kr0.40 profit in FY 2020). Revenue: kr262.5m (up 40% from FY 2020). Net loss: kr6.73m (down 268% from profit in FY 2020). Revenue was in line with analyst estimates. Board Change • Dec 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. Director Elnaz Madani is the most experienced director on the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Dec 04
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: kr0.36. Revenue: -kr57.3m (flat on 3Q 2020). Net income: kr6.30m (up kr6.30m from 3Q 2020). Revenue was in line with analyst estimates.