Buy Or Sell Opportunity • 4h
Now 21% overvalued Over the last 90 days, the stock has fallen 2.8% to €18.74. The fair value is estimated to be €15.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.3%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to grow by 26% in the next 2 years. Reported Earnings • Jul 15
Second quarter 2026 earnings released: EPS: kr2.20 (vs kr2.06 in 2Q 2025) Second quarter 2026 results: EPS: kr2.20 (up from kr2.06 in 2Q 2025). Revenue: kr2.61b (up 12% from 2Q 2025). Net income: kr202.0m (up 7.4% from 2Q 2025). Profit margin: 7.7% (down from 8.0% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Electrical industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 12
Aq Group AB (Publ) Proposes Dividend for 2025 AQ Group AB (publ) proposed dividend of SEK 1.80 /share (SEK 1.60 /share) for 2025. Duyuru • Feb 07
AQ Group AB (Publ) Announces That Board Director Per Olof Andersson Will Not Stand for Re-Election AQ Group AB (publ) announced that board director Per Olof Andersson has informed the Nomination Committee that he will not stand for re-election. Duyuru • Oct 15
AQ Group AB (publ), Annual General Meeting, Apr 23, 2026 AQ Group AB (publ), Annual General Meeting, Apr 23, 2026. Duyuru • Nov 22
AQ Group AB Announces Changes to its Nomination Committee AQ Group AB announced on October 15, 2024, the Nomination Committee for AQ Group was made public prior to the Annual General Meeting 2025. According to the instruction for the Nomination Committee, changes in the Nomination Committee shall be made public as soon as such changes has occurred. The shareholder ODIN Fonder has on November 19, 2024 announced that Peter Nygren from November 19, 2024, will replace Hans Christian Bratterud as member of Nomination Committee for AQ Group. This, as Hans Christian Bratterud has decided to move on to new opportunities and leave ODIN Fonder. Nomination Committee for AQ Group prior to the Annual General Meeting 2025 now consists of the following members: Björn Henriksson, representing Nordea Fonder; Peter Nygren, representing ODIN Fonder; Per Olof Andersson, own holding and Claes Mellgren, own holding. Björn Henriksson is the chairman of the Nomination Committee. Reported Earnings • Oct 18
Third quarter 2024 earnings released: EPS: kr1.60 (vs kr1.87 in 3Q 2023) Third quarter 2024 results: EPS: kr1.60 (down from kr1.87 in 3Q 2023). Revenue: kr1.95b (down 9.3% from 3Q 2023). Net income: kr146.0m (down 15% from 3Q 2023). Profit margin: 7.5% (down from 8.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 24% per year. Duyuru • Oct 16
AQ Group AB (publ), Annual General Meeting, Apr 23, 2025 AQ Group AB (publ), Annual General Meeting, Apr 23, 2025. Location: vasteras Sweden Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr1.97 (vs kr1.86 in 2Q 2023) Second quarter 2024 results: EPS: kr1.97 (up from kr1.86 in 2Q 2023). Revenue: kr2.25b (down 3.9% from 2Q 2023). Net income: kr180.0m (up 5.9% from 2Q 2023). Profit margin: 8.0% (up from 7.2% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 28% per year. Duyuru • Jul 12
AQ Group AB (publ) to Report Fiscal Year 2024 Results on Feb 13, 2025 AQ Group AB (publ) announced that they will report fiscal year 2024 results at 8:00 AM, Central European Standard Time on Feb 13, 2025 Duyuru • Jul 11
AQ Group AB (publ) (OM:AQ) acquired Rockford Components Ltd for SEK 32 million. AQ Group AB (publ) (OM:AQ) acquired Rockford Components Ltd for SEK 32 million on July 10, 2024. The purchase price consists of SEK 18 million in cash at the time of acquisition and an additional purchase price based on the company's results for the next 12 months, up to a maximum of SEK 14 million. The company had a turnover in 2023 of SEK 95 million, an operating margin below the AQ average and has 112 employees. The purpose of the deal is to expand AQ's customer base, to broaden our offer in wire harnesses and electromechanical systems to the UK and to grow in our strategic area of defense industry. Rockford has a long history, experience, and technical competence of serving demanding customers in the defense industry. Rockford's Managing Director Peter Lion will remain with the Company as a member of the company's board. The new Managing Director of the company will be Andreas Björk, who has been the leader of several companies within AQ for 17 years, where he was most recently Managing Director of AQ's four companies in China. AQ Group AB (publ) (OM:AQ) completed the acquisition of Rockford Components Ltd on July 10, 2024. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €11.07, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 19x in the Electrical industry in Europe. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 415% After last week's 415% share price gain to €60.10, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 20x in the Electrical industry in Europe. Total returns to shareholders of 858% over the past three years. Duyuru • Apr 19
AQ Group AB (publ) Approves Dividend, Payable on 25 April 2024 AQ Group AB (publ) at its AGM held on April 18, 2024, resolved on a dividend with a cash amount of SEK 6.66 per share. The record day for the dividend was set at 22 April 2024. The payment for the dividend is expected to take place through Euroclear Sweden AB's care on 25 April 2024. Upcoming Dividend • Apr 15
Upcoming dividend of kr6.66 per share Eligible shareholders must have bought the stock before 19 April 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (1.9%). Reported Earnings • Mar 30
Full year 2023 earnings released: EPS: kr34.55 (vs kr22.41 in FY 2022) Full year 2023 results: EPS: kr34.55 (up from kr22.41 in FY 2022). Revenue: kr8.97b (up 27% from FY 2022). Net income: kr632.0m (up 54% from FY 2022). Profit margin: 7.0% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 26
Dividend of kr6.66 announced Shareholders will receive a dividend of kr6.66. Ex-date: 19th April 2024 Payment date: 25th April 2024 Dividend yield will be 13%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 33% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: kr34.55 (vs kr22.41 in FY 2022) Full year 2023 results: EPS: kr34.55 (up from kr22.41 in FY 2022). Revenue: kr8.97b (up 27% from FY 2022). Net income: kr632.0m (up 54% from FY 2022). Profit margin: 7.0% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Reported Earnings • Oct 20
Third quarter 2023 earnings released: EPS: kr9.35 (vs kr5.41 in 3Q 2022) Third quarter 2023 results: EPS: kr9.35 (up from kr5.41 in 3Q 2022). Revenue: kr2.19b (up 28% from 3Q 2022). Net income: kr171.0m (up 73% from 3Q 2022). Profit margin: 7.8% (up from 5.8% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 26% per year. Recent Insider Transactions • Aug 17
HR Manager recently bought €8.5k worth of stock On the 14th of August, Jenny Eivhammar bought around 240 shares on-market at roughly €35.61 per share. This transaction amounted to 64% 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 €119k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr9.29 (vs kr4.70 in 2Q 2022) Second quarter 2023 results: EPS: kr9.29 (up from kr4.70 in 2Q 2022). Revenue: kr2.39b (up 39% from 2Q 2022). Net income: kr170.0m (up 98% from 2Q 2022). Profit margin: 7.1% (up from 5.0% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 14
AQ Group AB (publ) to Report Fiscal Year 2023 Results on Feb 15, 2024 AQ Group AB (publ) announced that they will report fiscal year 2023 results at 8:00 AM, Central European Standard Time on Feb 15, 2024 Upcoming Dividend • Apr 14
Upcoming dividend of kr3.33 per share at 0.8% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (1.0%). Reported Earnings • Mar 29
Full year 2022 earnings released Full year 2022 results: Net income: kr410.0m (up 12% from FY 2021). Recent Insider Transactions • Feb 25
CEO & Head of IR recently bought €23k worth of stock On the 16th of February, James Ahrgren bought around 700 shares on-market at roughly €32.79 per share. This transaction amounted to 6.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. James has been a buyer over the last 12 months, purchasing a net total of €59k worth in shares. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: kr22.43 (vs kr20.01 in FY 2021) Full year 2022 results: EPS: kr22.43 (up from kr20.01 in FY 2021). Revenue: kr7.23b (up 32% from FY 2021). Net income: kr410.0m (up 12% from FY 2021). Profit margin: 5.7% (down from 6.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 16
AQ Group AB (publ) Proposes Dividend for the Year 2022 AQ Group AB (publ) announced that Board of Directors proposes a dividend of SEK 3.33 per share for the year 2022. Duyuru • Feb 10
AQ Group AB Announces Executive Resignations AQ Group AB announced that at the Annual General Meeting in 2023, chairman of the board Patrik Nolåker, has announced that he will not stand for re-election to the board. Board members Annika Johansson-Rosengren and Vegard Søraunet have informed the Nomination Committee that they are not running for re-election as board members. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Vegard Soraunet 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. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: kr5.41 (vs kr4.10 in 3Q 2021) Third quarter 2022 results: EPS: kr5.41 (up from kr4.10 in 3Q 2021). Revenue: kr1.71b (up 31% from 3Q 2021). Net income: kr99.0m (up 32% from 3Q 2021). Profit margin: 5.8% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Duyuru • Oct 20
AQ Group AB (publ) to Report Q3, 2023 Results on Oct 19, 2023 AQ Group AB (publ) announced that they will report Q3, 2023 results at 8:00 AM, Central European Standard Time on Oct 19, 2023 Duyuru • Jul 15
AQ Group AB (publ) to Report Fiscal Year 2022 Results on Feb 16, 2023 AQ Group AB (publ) announced that they will report fiscal year 2022 results at 8:00 AM, Central European Standard Time on Feb 16, 2023 Recent Insider Transactions • May 12
Insider recently bought €126k worth of stock On the 9th of May, Ragnar Koppel bought around 5k shares on-market at roughly €24.07 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €156k more in shares than they have sold in the last 12 months. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Vegard Soraunet 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. Duyuru • Apr 22
AQ Group Resolves Dividend, Payable on April 28, 2022 AQ Group AB (publ) announced that AGM resolved on a dividend with a cash amount of SEK 3.33 per share. The record day for the dividend was set at 25 April 2022. The payment for the dividend is expected to take place through Euroclear Sweden AB's care on 28 April 2022. Upcoming Dividend • Apr 15
Upcoming dividend of kr3.33 per share Eligible shareholders must have bought the stock before 22 April 2022. Payment date: 28 April 2022. Trailing yield: 1.1%. Lower than top quartile of German dividend payers (3.9%). Higher than average of industry peers (0.9%). Reported Earnings • Mar 31
Full year 2021 earnings released: EPS: kr20.01 (vs kr17.24 in FY 2020) Full year 2021 results: EPS: kr20.01 (up from kr17.24 in FY 2020). Revenue: kr5.47b (up 14% from FY 2020). Net income: kr366.0m (up 16% from FY 2020). Profit margin: 6.7% (up from 6.5% in FY 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 whereas the company’s share price has increased by 23% per year. Duyuru • Mar 30
AQ Group AB (publ) Proposes Dividend for 2021 The Board of Directors of AQ Group AB (publ) proposed that the Annual General Meeting on April 21, 2022 decide on a dividend of a total of SEK 60.9 million. The amount per share, SEK 3.33, is the same amount as the AQ share had as a subscription price at the listing on Aktietorget 2001. Duyuru • Feb 20
AQ Group AB (publ) to Report Q3, 2022 Results on Oct 20, 2022 AQ Group AB (publ) announced that they will report Q3, 2022 results at 8:00 AM, Central European Standard Time on Oct 20, 2022 Reported Earnings • Feb 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr19.99 (up from kr17.24 in FY 2020). Revenue: kr5.61b (up 17% from FY 2020). Net income: kr366.0m (up 16% from FY 2020). Profit margin: 6.5% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 18
AQ Group AB (Publ) Proposes Dividend The Board of Directors of AQ Group AB (publ) proposed a dividend of SEK 3.33 per Share (previous year SEK 0.00/share). Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS kr4.12 (vs kr4.30 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr1.33b (up 21% from 3Q 2020). Net income: kr75.0m (down 4.7% from 3Q 2020). Profit margin: 5.6% (down from 7.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year and the company’s share price has also increased by 32% per year. Reported Earnings • Jul 17
Second quarter 2021 earnings released: EPS kr5.22 (vs kr3.80 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr1.39b (up 24% from 2Q 2020). Net income: kr95.0m (up 37% from 2Q 2020). Profit margin: 6.8% (up from 6.2% 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 31% per year whereas the company’s share price has increased by 26% per year. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS kr5.90 (vs kr4.10 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: kr1.31b (down 2.6% from 1Q 2020). Net income: kr108.0m (up 44% from 1Q 2020). Profit margin: 8.3% (up from 5.6% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year and the company’s share price has also increased by 28% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS kr17.24 (vs kr14.26 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr4.82b (down 5.7% from FY 2019). Net income: kr315.4m (up 21% from FY 2019). Profit margin: 6.5% (up from 5.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 23% per year. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 21% share price gain to kr26.90, the stock is trading at a trailing P/E ratio of 16.2x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 46x in the Electrical industry in Germany. Total returns to shareholders over the past three years are 64%. Is New 90 Day High Low • Feb 21
New 90-day high: €25.30 The company is up 23% from its price of €20.60 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 25% over the same period. Duyuru • Feb 20
Aeternum Capital AS acquired 10.1% stake in AQ Group AB (publ) (OM:AQ) from PO Andersson and Claes Mellgren, founders of AQ Group AB, for approximately SEK 440 million. Aeternum Capital AS acquired 10.1% stake in AQ Group AB (publ) (OM:AQ) from PO Andersson and Claes Mellgren, founders of AQ Group AB, for approximately SEK 440 million on February 19, 2021. Under the terms of the transaction, PO Andersson and Claes Mellgren have sold 925,000 shares each at a price of SEK 236.50 per share. Following the sale, Claes Mellgren owns 19.8% and PO Andersson 19.5% of the shares in AQ Group.
Aeternum Capital AS completed the acquisition of 10.1% stake in AQ Group AB (publ) (OM:AQ) from PO Andersson and Claes Mellgren, founders of AQ Group AB on February 19, 2021. Reported Earnings • Feb 20
Full year 2020 earnings released: EPS kr17.24 (vs kr14.26 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: kr4.97b (down 2.7% from FY 2019). Net income: kr315.4m (up 21% from FY 2019). Profit margin: 6.3% (up from 5.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 22
New 90-day high: €23.10 The company is up 25% from its price of €18.48 on 23 October 2020. The German market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 45% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: €21.45 The company is up 18% from its price of €18.16 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 30% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: €21.35 The company is up 17% from its price of €18.18 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 19% over the same period. Duyuru • Dec 10
AQ Group AB Announces CEO Changes The board of AQ Group AB and Anders Carlsson have jointly agreed that Anders Carlsson will leave his role as CEO during the spring 2021. James Ahrgren appointed as new CEO. James Ahrgren works as Venture manager at the investment company AB Traction. Duyuru • Nov 21
AQ Group AB (publ) to Report Q3, 2021 Results on Oct 21, 2021 AQ Group AB (publ) announced that they will report Q3, 2021 results at 8:00 AM, Central European Standard Time on Oct 21, 2021 Is New 90 Day High Low • Nov 05
New 90-day high: €19.56 The company is up 7.0% from its price of €18.26 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 12% over the same period. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of kr270.2m, up 3.5% from the prior year. Total revenue was kr4.86b over the last 12 months, down 3.3% from the prior year. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of kr270.2m, up 3.5% from the prior year. Total revenue was kr4.91b over the last 12 months, down 2.4% from the prior year. Is New 90 Day High Low • Oct 13
New 90-day high: €19.06 The company is up 9.0% from its price of €17.46 on 15 July 2020. The German market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 23% over the same period. Duyuru • Oct 13
AQ Group Announces Appointment of its Nomination Committee AQ Group's Nomination Committee shall consist of the four large shareholders in terms of votes. In connection with the end of the third quarter, the Chairman of the Board contacts the four large shareholders in the company and urges them to appoint their representative to the Nomination Committee as soon as possible. If a shareholder waives his right to appoint a member, the right to appoint a member shall pass to the next large shareholder. The Nomination Committee appoints its own chairman. Accordingly, the Nomination Committee has now been appointed and consists of the following members: Hans Christian Bratterud (ODIN Fonder), Björn Henriksson (Nordea Fonder), Per Olof Andersson and Claes Mellgren. 
