Duyuru • Jan 25
Mintra Holding AS Appoints Gustav Martinsen as New Member of the Board of Directors Mintra Holding AS at its extraordinary general meeting held on 24 January 2024, resolved to elect Gustav Martinsen as a new member of the board of directors of the company. Consequently, Mintra's board of directors will consist of the following members: Rúni M. Hansen, chair, Nils Jegstad, board member, Gustav Martinsen, board member (new), Torfinn Kildal, board member, Ketil Toska, board member (employee representative), Tom Ormberg, observer (employee representative), Silje Opsal, deputy member (employee representative) and Morten Broch, deputy observer (employee representative). Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr4.08, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 27x in the Software industry in Europe. Total loss to shareholders of 15% over the past three years. Duyuru • Nov 25
Ferd AS and Tjaldur Holdco II AS entered into an agreement to acquire remaining 28.5% stake in Mintra Holding AS (OB:MNTR) for approximately NOK 220 million. Ferd AS and Tjaldur Holdco II AS entered into an agreement to acquire remaining 28.5% stake in Mintra Holding AS (OB:MNTR) for approximately NOK 220 million on November 23, 2023. The shareholders of Mintra will receive a cash offer of NOK 3.50 per share. Prior to this transaction, Ferd and Tjaldur hold a 71.5% stake in Mintra and upon completion of all remaining shares will hold 100% stake in it. The offeror intends to make a compulsory acquisition of the remaining shares in Mintra following settlement of the offer. The offer is subject to customary conditions, including a minimum acceptance level of 90%, regulatory approvals, Mintra having obtained consents required from creditors under its bank financing agreements and no material adverse change having occurred. The offer will not be conditional on financing or further due diligence. The offer is expected to be completed during Q1 2024.
Nordea Bank Abp, filial i Norge is acting as financial advisor to Ferd and Tjaldur in connection with the offer. Wikborg Rein Advokatfirma AS is acting as legal advisor to Ferd and Advokatfirmaet CLP DA is acting as legal advisor to Tjaldur. Duyuru • Aug 11
Mintra Holding AS has completed a Follow-on Equity Offering in the amount of NOK 109.999998 million. Mintra Holding AS has completed a Follow-on Equity Offering in the amount of NOK 109.999998 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 36,666,666
Price\Range: NOK 3
Transaction Features: Regulation S; Subsequent Direct Listing Reported Earnings • Aug 09
First half 2023 earnings released: EPS: kr0.12 (vs kr0.15 in 1H 2022) First half 2023 results: EPS: kr0.12 (down from kr0.15 in 1H 2022). Revenue: kr144.9m (up 16% from 1H 2022). Net income: kr22.3m (down 20% from 1H 2022). Profit margin: 15% (down from 22% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Software industry in Norway. New Risk • Jul 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 476% Earnings are forecast to decline by an average of 9.5% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (kr539.2m market cap, or US$53.5m). Duyuru • Jul 06
Mintra Holding AS (OB:MNTR) entered into a definite Sale and Purchase Agreement to acquire Seably Ab for SEK 65 million. Mintra Holding AS (OB:MNTR) entered into a definite Sale and Purchase Agreement to acquire Seably Ab for SEK 65 million on July 4, 2023. The purchase price for the Acquisition is based on an enterprise value of approximately SEK 79.7 million and an equity value of SEK 65 million. The purchase price for the Acquisition will be financed as follows: (i) Approximately NOK 3.81 million (SEK 3.875 million) by issuing approximately 1.27 million consideration shares in the Company at a subscription price equal to NOK 3.00(SEK 3.02724) (the "Consideration Shares"), and (ii) the remaining amount from existing financing facilities and cash from the Company's balance sheet. If the Consideration Shares are not issued by 31 October 2023, the Company is obliged to pay the amount in cash. Formal closing of the Acquisition is expected to take place ultimo August/primo September 2023. Advokatfirmaet BAHR AS is acting as legal advisor and Deloitte AS as financial and tax due diligence advisor to Mintra Holding in this transaction. Recent Insider Transactions • Jun 28
Employee Representative Director recently bought kr151k worth of stock On the 26th of June, Ketil Toska bought around 54k shares on-market at roughly kr2.82 per share. This transaction amounted to 25% 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 the only on-market transaction from insiders over the last 12 months. Duyuru • Jun 14
Mintra Holding AS to Report Q4, 2023 Results on Feb 13, 2024 Mintra Holding AS announced that they will report Q4, 2023 results on Feb 13, 2024 Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: kr0.19 (up from kr0.09 in FY 2021). Revenue: kr247.6m (up 3.7% from FY 2021). Net income: kr35.6m (up 112% from FY 2021). Profit margin: 14% (up from 7.0% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.2%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Software industry in Norway. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 33% After last week's 33% share price decline to kr3.46, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 27x in the Software industry in Europe. Total returns to shareholders of 61% over the past year. Buying Opportunity • Mar 07
Now 28% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be kr4.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Reported Earnings • Feb 09
Full year 2022 earnings released: EPS: kr0.19 (vs kr0.09 in FY 2021) Full year 2022 results: EPS: kr0.19 (up from kr0.09 in FY 2021). Revenue: kr247.6m (up 3.7% from FY 2021). Net income: kr35.6m (up 112% from FY 2021). Profit margin: 14% (up from 7.0% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Norway. Duyuru • Feb 09
Mintra Holding AS Proposes the Cash Dividend Payable on or About 14 March 2023 Mintra Holding AS proposed the Cash Dividend of NOK 1.75 per share payable on or about 14 March 2023. Ex-date: 7 March 2023. Record date: 8 March 2023. Date of approval: 6 March 2023. The dividend is subject to approval by the extraordinary general meeting of Mintra Holding AS to be held on 6 March 2023. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 15% share price gain to kr5.76, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 23x in the Software industry in Norway. Total returns to shareholders of 50% over the past year. Duyuru • Dec 26
Mintra Holding AS, Annual General Meeting, May 25, 2023 Mintra Holding AS, Annual General Meeting, May 25, 2023. Price Target Changed • Nov 16
Price target increased to kr7.00 Up from kr3.30, the current price target is provided by 1 analyst. New target price is 40% above last closing price of kr5.00. Stock is up 72% over the past year. The company is forecast to post earnings per share of kr0.28 for next year compared to kr0.09 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Vice Chairman Scott Kerr was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 18% share price gain to kr4.96, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 33x in the Software industry in Norway. Total returns to shareholders of 96% over the past year. Major Estimate Revision • Sep 22
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr255.8m to kr251.8m. EPS estimate rose from kr0.20 to kr0.28. Net income forecast to grow 42% next year vs 47% growth forecast for Software industry in Norway. Consensus price target of kr7.00 unchanged from last update. Share price was steady at kr4.30 over the past week. Major Estimate Revision • Sep 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr252.0m to kr255.8m. EPS estimate fell from kr0.28 to kr0.20 per share. Net income forecast to grow 5.8% next year vs 47% growth forecast for Software industry in Norway. Consensus price target of kr7.00 unchanged from last update. Share price fell 4.0% to kr4.29 over the past week. Major Estimate Revision • Aug 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr255.8m to kr252.0m. EPS estimate rose from kr0.20 to kr0.28. Net income forecast to grow 42% next year vs 50% growth forecast for Software industry in Norway. Consensus price target of kr7.00 unchanged from last update. Share price rose 6.0% to kr4.40 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues miss analyst expectations Second quarter 2022 results: Revenue: kr62.6m (up 1.3% from 2Q 2021). Net income: kr18.0m (up 147% from 2Q 2021). Profit margin: 29% (up from 12% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.8%. Over the next year, revenue is forecast to grow 7.3% compared to a 6.5% decline forecast for the industry in Norway. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to kr3.24, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 26x in the Software industry in Europe. Total loss to shareholders of 42% over the past year. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 18% share price gain to kr4.56, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 28x in the Software industry in Europe. Total loss to shareholders of 27% over the past year. Reported Earnings • May 05
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: kr62.0m (up 3.3% from 1Q 2021). Net income: kr9.70m (up kr8.88m from 1Q 2021). Profit margin: 16% (up from 1.4% in 1Q 2021). Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 6.6%, compared to a 30% growth forecast for the industry in Norway. Major Estimate Revision • May 03
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr246.2m to kr256.3m. EPS estimate increased from kr0.13 to kr0.16 per share. Net income forecast to grow 63% next year vs 20% growth forecast for Software industry in Norway. Consensus price target up from kr3.30 to kr7.00. Share price was steady at kr3.72 over the past week. Price Target Changed • Apr 27
Price target decreased to kr3.30 Down from kr8.00, the current price target is provided by 1 analyst. New target price is 12% below last closing price of kr3.75. Stock is down 46% over the past year. The company is forecast to post earnings per share of kr0.13 for next year compared to kr0.095 last year. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Vice Chairman Scott Kerr was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 19% share price gain to kr3.80, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 31x in the Software industry in Europe. Total loss to shareholders of 40% over the past year. Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improved over the past week After last week's 45% share price gain to kr3.84, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 30x in the Software industry in Europe. Total loss to shareholders of 42% over the past year. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr246.2m to kr249.1m. EPS estimate increased from kr0.13 to kr0.16 per share. Net income forecast to grow 38% next year vs 23% growth forecast for Software industry in Norway. Consensus price target of kr3.30 unchanged from last update. Share price fell 13% to kr2.65 over the past week. Major Estimate Revision • Feb 25
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from kr246.2m to kr249.1m. EPS estimate increased from kr0.13 to kr0.16 per share. Net income forecast to grow 65% next year vs 22% growth forecast for Software industry in Norway. Consensus price target of kr3.30 unchanged from last update. Share price fell 14% to kr2.78 over the past week. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 22% share price decline to kr2.51, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 30x in the Software industry in Europe. Total loss to shareholders of 65% over the past year. Reported Earnings • Feb 12
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: kr0.095 (up from kr0.026 in FY 2020). Revenue: kr239.9m (up 17% from FY 2020). Net income: kr17.7m (up 366% from FY 2020). Profit margin: 7.4% (up from 1.8% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 2.5%, compared to a 30% growth forecast for the industry in Norway. Major Estimate Revision • Feb 10
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from kr0.09 to kr0.11. Revenue forecast steady at kr239.0m. Net income forecast to grow 49% next year vs 23% growth forecast for Software industry in Norway. Consensus price target of kr3.30 unchanged from last update. Share price fell 2.2% to kr3.31 over the past week. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 18% share price gain to kr3.50, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 34x in the Software industry in Europe. Total loss to shareholders of 49% over the past year. Recent Insider Transactions • Dec 08
Employee Representative Director recently bought kr96k worth of stock On the 2nd of December, Tom Ormberg bought around 35k shares on-market at roughly kr2.75 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr455k. Insiders have collectively bought kr1.2m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS kr0.033 (vs kr0.023 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: kr57.7m (up 17% from 3Q 2020). Net income: kr6.17m (up kr10.4m from 3Q 2020). Profit margin: 11% (up from net loss in 3Q 2020). Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr2.48, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 35x in the Software industry in Europe. Total loss to shareholders of 62% over the past year. Recent Insider Transactions • Oct 16
Employee Representative Director recently bought kr455k worth of stock On the 14th of October, Ketil Toska bought around 186k shares on-market at roughly kr2.45 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.8m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: kr61.8m (up 21% from 2Q 2020). Net income: kr7.25m (down 75% from 2Q 2020). Profit margin: 12% (down from 56% in 2Q 2020). Reported Earnings • May 13
First quarter 2021 earnings released: EPS kr0.004 (vs kr0.046 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: kr60.0m (up 6.9% from 1Q 2020). Net income: kr825.0k (up kr19.2m from 1Q 2020). Profit margin: 1.4% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Recent Insider Transactions • Mar 25
Chief Executive Officer recently bought kr302k worth of stock On the 23rd of March, Scott Kerr bought around 48k shares on-market at roughly kr6.28 per share. This was the largest purchase by an insider in the last 3 months. Scott has been a buyer over the last 12 months, purchasing a net total of kr1.3m worth in shares. Is New 90 Day High Low • Jan 11
New 90-day high: kr8.15 The company is up 3.0% from its price of kr7.90 on 13 October 2020. The Norwegian market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Software industry, which is flat over the same period. Recent Insider Transactions • Nov 20
Chief Commercial Officer recently bought kr277k worth of stock On the 19th of November, Kevin Short bought around 40k shares on-market at roughly kr6.93 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr983k. Insiders have collectively bought kr1.8m more in shares than they have sold in the last 12 months. Duyuru • Oct 20
Mintra Holding AS to Report Q3, 2020 Results on Nov 12, 2020 Mintra Holding AS announced that they will report Q3, 2020 results on Nov 12, 2020 Recent Insider Transactions • Oct 17
Employee Representative Director recently bought kr172k worth of stock On the 16th of October, Ketil Toska bought around 24k shares on-market at roughly kr7.16 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr983k. Insiders have collectively bought kr1.2m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 09
Chief Executive Officer recently bought kr983k worth of stock On the 6th of October, Scott Kerr bought around 125k shares on-market at roughly kr7.86 per share. This was the largest purchase by an insider in the last 3 months. This was Scott's only on-market trade for the last 12 months. Duyuru • Oct 07
Mintra Holding AS has completed an IPO in the amount of NOK 899.966 million. Mintra Holding AS has completed an IPO in the amount of NOK 899.966 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 92,780,000
Price\Range: NOK 9.7
Transaction Features: Direct Listing; Regulation S; Rule 144A