Reported Earnings • May 19
First quarter 2026 earnings: Revenues exceed analyst expectations First quarter 2026 results: Revenue: kr49.5m (up 9.7% from 1Q 2025). Net income: kr7.77m (flat on 1Q 2025). Profit margin: 16% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.8%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Sweden. Recent Insider Transactions • May 18
Chairman recently bought kr80k worth of stock On the 13th of May, Erik Ivarsson bought around 2k shares on-market at roughly kr39.95 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Erik has been a buyer over the last 12 months, purchasing a net total of kr331k worth in shares. Upcoming Dividend • May 08
Upcoming dividend of kr1.75 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 21 May 2026. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of Swedish dividend payers (4.2%). Higher than average of industry peers (3.0%). Declared Dividend • Apr 22
Dividend increased to kr1.75 Dividend of kr1.75 is 9.4% higher than last year. Ex-date: 15th May 2026 Payment date: 21st May 2026 Dividend yield will be 4.9%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr2.53 (up from kr2.22 in FY 2024). Revenue: kr184.8m (up 4.2% from FY 2024). Net income: kr31.0m (up 14% from FY 2024). Profit margin: 17% (up from 15% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr39.60, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the IT industry in Sweden. Negligible returns to shareholders over past three years. Tillkännagivande • Feb 13
Generic Sweden AB, Annual General Meeting, May 13, 2026 Generic Sweden AB, Annual General Meeting, May 13, 2026. Reported Earnings • Nov 13
Third quarter 2025 earnings: Revenues exceed analyst expectations Third quarter 2025 results: Revenue: kr45.6m (up 5.5% from 3Q 2024). Net income: kr8.16m (up 14% from 3Q 2024). Profit margin: 18% (up from 17% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the IT industry in Sweden. Recent Insider Transactions • Sep 05
Chairman recently bought kr251k worth of stock On the 3rd of September, Erik Ivarsson bought around 5k shares on-market at roughly kr50.26 per share. This transaction amounted to 36% 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 Erik's only on-market trade for the last 12 months. Recent Insider Transactions • Aug 24
Director recently sold kr32m worth of stock On the 21st of August, Hans Krantz sold around 650k shares on-market at roughly kr50.00 per share. This transaction amounted to 24% 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 the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 22
Second quarter 2025 earnings: Revenues miss analyst expectations Second quarter 2025 results: Revenue: kr44.6m (up 2.6% from 2Q 2024). Net income: kr7.18m (up 34% from 2Q 2024). Profit margin: 16% (up from 12% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 4.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the IT industry in Sweden. Tillkännagivande • Jun 14
An undisclosed buyer acquired 2.85% stake in Generic Sweden AB (OM:GENI) from Hans Krantz ÅKeri Aktiebolag for SEK 19.8 million. An undisclosed buyer acquired 2.85% stake in Generic Sweden AB (OM:GENI) from Hans Krantz ÅKeri Aktiebolag for SEK 19.8 million on June 11, 2025. A cash consideration valued at SEK 56.5 per share will be paid by the buyer. As part of consideration, an SEK 19.775 million value is paid towards common equity of Generic Sweden AB.
An undisclosed buyer completed the acquisition of 2.85% stake in Generic Sweden AB (OM:GENI) from Hans Krantz ÅKeri Aktiebolag for SEK 19.8 million on June 11, 2025. New Risk • May 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 109% Dividend yield: 2.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (108% accrual ratio). Minor Risks Dividend is not well covered by cash flows (109% cash payout ratio). Market cap is less than US$100m (kr712.9m market cap, or US$72.8m). Reported Earnings • May 17
First quarter 2025 earnings: Revenues miss analyst expectations First quarter 2025 results: Revenue: kr45.2m (up 6.6% from 1Q 2024). Net income: kr7.73m (up 39% from 1Q 2024). Profit margin: 17% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.4%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the IT industry in Sweden. Buy Or Sell Opportunity • May 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to kr60.80. The fair value is estimated to be kr76.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • May 09
Upcoming dividend of kr1.60 per share Eligible shareholders must have bought the stock before 16 May 2025. Payment date: 22 May 2025. Payout ratio is a comfortable 72% and the cash payout ratio is 90%. Trailing yield: 2.6%. Lower than top quartile of Swedish dividend payers (4.0%). Higher than average of industry peers (2.3%). Declared Dividend • Apr 11
Dividend increased to kr1.60 Dividend of kr1.60 is 6.7% higher than last year. Ex-date: 16th May 2025 Payment date: 22nd May 2025 Dividend yield will be 2.8%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (90.0% cash payout ratio). The dividend has increased by an average of 20% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 14
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: kr2.22 (up from kr1.90 in FY 2023). Revenue: kr177.3m (up 24% from FY 2023). Net income: kr27.3m (up 17% from FY 2023). Profit margin: 15% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 14
Generic Sweden AB, Annual General Meeting, May 15, 2025 Generic Sweden AB, Annual General Meeting, May 15, 2025. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr63.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 18x in the IT industry in Sweden. Total returns to shareholders of 21% over the past three years. Reported Earnings • Nov 18
Third quarter 2024 earnings: Revenues in line with analyst expectations Third quarter 2024 results: Revenue: kr43.2m (up 24% from 3Q 2023). Net income: kr7.15m (up 14% from 3Q 2023). Profit margin: 17% (down from 18% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the IT industry in Sweden. Reported Earnings • Aug 25
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: kr0.44. Revenue: kr43.5m (up 25% from 2Q 2023). Net income: kr5.38m (down 3.1% from 2Q 2023). Profit margin: 12% (down from 16% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the IT industry in Sweden. Buy Or Sell Opportunity • Jul 22
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.1% to kr45.00. The fair value is estimated to be kr59.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Buy Or Sell Opportunity • Jul 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to kr45.50. The fair value is estimated to be kr59.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Buy Or Sell Opportunity • Jun 20
Now 20% undervalued Over the last 90 days, the stock has risen 5.0% to kr46.20. The fair value is estimated to be kr57.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Reported Earnings • May 19
First quarter 2024 earnings: Revenues exceed analyst expectations First quarter 2024 results: Revenue: kr42.3m (up 22% from 1Q 2023). Net income: kr5.58m (down 5.6% from 1Q 2023). Profit margin: 13% (down from 17% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 15
Now 23% undervalued The stock has been flat over the last 90 days, currently trading at kr50.60. The fair value is estimated to be kr66.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Upcoming Dividend • May 09
Upcoming dividend of kr1.50 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 22 May 2024. Payout ratio and cash payout ratio are on the higher end at 79% and 77% respectively. Trailing yield: 3.0%. Lower than top quartile of Swedish dividend payers (4.3%). Higher than average of industry peers (2.1%). Buy Or Sell Opportunity • Apr 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to kr51.00. The fair value is estimated to be kr66.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Reported Earnings • Feb 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: kr1.90 (up from kr1.66 in FY 2022). Revenue: kr143.1m (up 12% from FY 2022). Net income: kr23.3m (up 14% from FY 2022). Profit margin: 16% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 8.5% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr51.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the IT industry in Sweden. Total returns to shareholders of 25% over the past three years. Buy Or Sell Opportunity • Feb 15
Now 25% undervalued Over the last 90 days, the stock has risen 1.2% to kr51.00. The fair value is estimated to be kr68.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 35% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr60.20, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 14x in the IT industry in Sweden. Total returns to shareholders of 44% over the past three years. Buying Opportunity • Nov 21
Now 22% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be kr64.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 35% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Reported Earnings • Nov 19
Third quarter 2023 earnings: Revenues exceed analyst expectations Third quarter 2023 results: Revenue: kr34.8m (up 15% from 3Q 2022). Net income: kr6.29m (up 18% from 3Q 2022). Profit margin: 18% (in line with 3Q 2022). Revenue exceeded analyst estimates by 2.7%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the IT industry in Sweden. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr51.60, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 13x in the IT industry in Sweden. Total returns to shareholders of 2.9% over the past three years. New Risk • Aug 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 84% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (84% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (kr532.2m market cap, or US$48.2m). Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr47.20, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the IT industry in Sweden. Total returns to shareholders of 142% over the past three years. Upcoming Dividend • May 10
Upcoming dividend of kr1.25 per share at 2.9% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 24 May 2023. Payout ratio and cash payout ratio are on the higher end at 75% and 89% respectively. Trailing yield: 2.9%. Lower than top quartile of Swedish dividend payers (5.2%). Higher than average of industry peers (2.3%). Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: kr1.66 (up from kr1.47 in FY 2021). Revenue: kr127.9m (up 12% from FY 2021). Net income: kr20.4m (up 13% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 28% per year. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to kr41.65, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 20x in the IT industry in Sweden. Total returns to shareholders of 98% over the past three years. Reported Earnings • Feb 19
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: kr1.66 (up from kr1.47 in FY 2021). Revenue: kr127.9m (up 12% from FY 2021). Net income: kr20.4m (up 13% from FY 2021). Profit margin: 16% (in line with FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be kr44.35, 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 grown by 30%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 34% in the next 2 years. Buying Opportunity • Nov 23
Now 21% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be kr48.20, 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 grown by 33%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 34% in the next 2 years. Reported Earnings • Nov 20
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: kr30.3m (up 10% from 3Q 2021). Net income: kr5.34m (up 12% from 3Q 2021). Profit margin: 18% (in line with 3Q 2021). Revenue exceeded analyst estimates by 2.9%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the IT industry in Sweden. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 16% share price gain to kr38.00, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 15x in the IT industry in Sweden. Total returns to shareholders of 281% over the past three years. Reported Earnings • Aug 26
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: kr31.3m (up 5.2% from 2Q 2021). Net income: kr4.28m (down 10% from 2Q 2021). Profit margin: 14% (down from 16% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 14%, compared to a 16% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorated over the past week After last week's 23% share price decline to kr37.50, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the IT industry in Sweden. Total returns to shareholders of 303% over the past three years. Buying Opportunity • Aug 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 25%. The fair value is estimated to be kr58.99, 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 grown by 35%. Revenue is forecast to grow by 27% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Reported Earnings • May 22
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: kr32.0m (up 19% from 1Q 2021). Net income: kr4.97m (up 9.9% from 1Q 2021). Profit margin: 16% (down from 17% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 16%, compared to a 22% growth forecast for the industry in Sweden. Upcoming Dividend • May 12
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Swedish dividend payers (4.8%). Lower than average of industry peers (2.1%). Board Change • Apr 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 Director Stefan Widén was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 19% share price gain to kr63.00, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 23x in the IT industry in Sweden. Total returns to shareholders of 635% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to kr56.40, the stock trades at a forward P/E ratio of 36x. Average forward P/E is 23x in the IT industry in Sweden. Total returns to shareholders of 666% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr44.00, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 21x in the IT industry in Sweden. Total returns to shareholders of 531% over the past three years. Buying Opportunity • Feb 24
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 47%. The fair value is estimated to be kr58.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% per annum over the last 3 years. Earnings per share has grown by 36% per annum over the last 3 years. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr1.48 (up from kr0.88 in FY 2020). Revenue: kr114.8m (up 40% from FY 2020). Net income: kr18.1m (up 67% from FY 2020). Profit margin: 16% (up from 13% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Over the next year, revenue is forecast to grow 16%, compared to a 17% growth forecast for the industry in Sweden. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr53.80, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 20x in the IT industry in Sweden. Total returns to shareholders of 662% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improved over the past week After last week's 27% share price gain to kr72.20, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 22x in the IT industry in Sweden. Total returns to shareholders of 969% over the past three years. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to kr68.60, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 26x in the IT industry in Sweden. Total returns to shareholders of 964% over the past three years. Recent Insider Transactions • Jan 07
Owner & Member of the board recently sold kr3.5m worth of stock On the 4th of January, Fredrik Svedberg sold around 41k shares on-market at roughly kr85.00 per share. This was the largest sale by an insider in the last 3 months. Fredrik has been a seller over the last 12 months, reducing personal holdings by kr9.4m. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 24% share price gain to kr91.80, the stock trades at a forward P/E ratio of 58x. Average forward P/E is 26x in the IT industry in Sweden. Total returns to shareholders of 1,333% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to kr86.00, the stock trades at a forward P/E ratio of 54x. Average forward P/E is 25x in the IT industry in Sweden. Total returns to shareholders of 1,234% over the past three years. Recent Insider Transactions • Nov 23
Owner & Member of the board recently sold kr3.1m worth of stock On the 22nd of November, Fredrik Svedberg sold around 30k shares on-market at roughly kr105 per share. This was the largest sale by an insider in the last 3 months. Fredrik has been a seller over the last 12 months, reducing personal holdings by kr5.9m. Reported Earnings • Nov 20
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr27.5m (up 39% from 3Q 2020). Net income: kr4.77m (up 52% from 3Q 2020). Profit margin: 17% (up from 16% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 141% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 20% share price decline to kr94.50, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 22x in the IT industry in Sweden. Total returns to shareholders of 1,568% over the past three years. Reported Earnings • Aug 27
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr29.8m (up 46% from 2Q 2020). Net income: kr4.78m (up 74% from 2Q 2020). Profit margin: 16% (up from 14% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 140% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 24% share price gain to kr69.00, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 21x in the IT industry in Sweden. Total returns to shareholders of 1,353% over the past three years. Recent Insider Transactions • Jul 07
Owner & Member of the board recently sold kr1.4m worth of stock On the 2nd of July, Fredrik Svedberg sold around 25k shares on-market at roughly kr57.37 per share. This was the largest sale by an insider in the last 3 months. Fredrik has been a seller over the last 12 months, reducing personal holdings by kr2.1m. Recent Insider Transactions • Jun 18
Owner & Member of the board recently sold kr1.3m worth of stock On the 15th of June, Fredrik Svedberg sold around 20k shares on-market at roughly kr66.12 per share. This was the largest sale by an insider in the last 3 months. Fredrik has been a seller over the last 12 months, reducing personal holdings by kr684k. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 53% share price gain to kr63.50, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 20x in the IT industry in Sweden. Total returns to shareholders of 1,135% over the past three years. Reported Earnings • May 22
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr27.0m (up 46% from 1Q 2020). Net income: kr4.52m (up 116% from 1Q 2020). Profit margin: 17% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 14
Upcoming dividend of kr0.80 per share Eligible shareholders must have bought the stock before 20 May 2021. Payment date: 26 May 2021. Trailing yield: 2.0%. Lower than top quartile of Swedish dividend payers (3.5%). In line with average of industry peers (2.0%). Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr42.30, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 20x in the IT industry in Sweden. Total returns to shareholders of 546% over the past three years. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 21% share price gain to kr49.25, the stock trades at a forward P/E ratio of 45x. Average forward P/E is 20x in the IT industry in Sweden. Total returns to shareholders of 866% over the past three years.