Duyuru • Oct 15
Q-Free ASA Announces Executive Changes Q-Free ASA announced that Thale Kuvås Solberg has resigned as President and will step down from this position with immediate effect. CFO Trond Christensen will until further be appointed as functioning President of Q-Free ASA. Duyuru • Oct 14
Q-Free ASA Announces CEO Changes Q-Free ASA announced that Thale Kuvås Solberg has resigned as CEO and will step down from this position with immediate effect. CFO Trond Christensen will until further be appointed as functioning President and CEO of Q-Free ASA. Duyuru • Oct 05
Guardian Capital Group Limited (TSX:GCG.A) completed the acquisition of additional 62.8% stake in Q-Free ASA (OB:QFR) from Rieber & Søn As. Guardian Capital Group Limited (TSX:GCG.A) entered into a conditional agreement to acquire an additional 62.8% stake in Q-Free ASA (OB:QFR) from Rieber & Søn As for approximately NOK 840 million on September 26, 2023. Subject to completion of the Transaction, Guardian Capital Group Limited will make an offer at NOK 12.00 per share for 69.84 million shares of Q-Free. Conditions for completion of the Transaction include, no material breach by Q-Free or Rieber of their undertakings in the Transaction Agreement, and The absence of a material adverse change. Guardian Capital Group Limited intends to make a compulsory acquisition of the remaining shares in Q-Free upon acquiring more than 90% of the shares in the Company under the Mandatory Offer. Completion of the Transaction is expected to take place in early October 2023.
Advokatfirmaet Schjødt AS and Kirkland & Ellis are acting as legal advisors to Guardian. Wikborg Rein Advokatfirma AS is acting as legal advisor to Rieber. Advokatfirmaet Thommessen AS is acting as legal advisors to the Company. Harris Williams is acting as financial adviser to Guardian. DnB Bank ASA is acting as settlement agent to the Bidder.
Guardian Capital Group Limited (TSX:GCG.A) completed the acquisition of additional 62.8% stake in Q-Free ASA (OB:QFR) from Rieber & Søn As on October 3, 2023. Reported Earnings • Jul 07
Second quarter 2023 earnings released: EPS: kr0.07 (vs kr0.18 in 2Q 2022) Second quarter 2023 results: EPS: kr0.07 (down from kr0.18 in 2Q 2022). Revenue: kr290.1m (up 36% from 2Q 2022). Net income: kr7.62m (down 62% from 2Q 2022). Profit margin: 2.6% (down from 9.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Electronic industry in Norway. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: kr0.01 (vs kr0.05 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.01 (up from kr0.05 loss in 1Q 2022). Revenue: kr244.2m (up 13% from 1Q 2022). Net income: kr639.0k (up kr6.09m from 1Q 2022). Profit margin: 0.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Electronic industry in Norway. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 24
Consensus EPS estimates fall from profit to kr0.16 loss The consensus outlook for fiscal year 2023 has been updated. Expected to report loss instead of -kr0.16 instead of kr0.22 per share profit previously forecast. Revenue forecast unchanged at kr984.0m Electronic industry in Norway expected to see average net income growth of 22% next year. Consensus price target down from kr9.50 to kr9.00. Share price was steady at kr6.05 over the past week. Reported Earnings • Feb 16
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: kr0.02 (down from kr0.53 in FY 2021). Revenue: kr949.0m (up 10% from FY 2021). Net income: kr2.78m (down 95% from FY 2021). Profit margin: 0.3% (down from 6.8% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) missed analyst estimates by 90%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Electronic industry in Norway. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 18
Price target decreased to kr9.50 Down from kr10.50, the current price target is provided by 1 analyst. New target price is 51% above last closing price of kr6.28. Stock is down 23% over the past year. The company is forecast to post earnings per share of kr0.40 for next year compared to kr0.53 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Vice Chair of the Board Snorre Kjesbu was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions • Nov 03
President & CEO recently bought kr269k worth of stock On the 28th of October, Thale Solberg bought around 45k shares on-market at roughly kr5.95 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Thale's only on-market trade for the last 12 months. Reported Earnings • Oct 30
Third quarter 2022 earnings released: kr0.01 loss per share (vs kr0.13 profit in 3Q 2021) Third quarter 2022 results: kr0.01 loss per share (down from kr0.13 profit in 3Q 2021). Revenue: kr215.3m (up 5.6% from 3Q 2021). Net loss: kr1.36m (down 109% from profit in 3Q 2021). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 30% growth forecast for the Electronic industry in Norway. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 08
Second quarter 2022 earnings released: EPS: kr0.18 (vs kr0.13 in 2Q 2021) Second quarter 2022 results: EPS: kr0.18 (up from kr0.13 in 2Q 2021). Revenue: kr213.5m (down 16% from 2Q 2021). Net income: kr20.1m (up 41% from 2Q 2021). Profit margin: 9.4% (up from 5.7% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 17%, compared to a 132% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Buying Opportunity • Jun 01
Now 20% undervalued Over the last 90 days, the stock is up 4.0%. The fair value is estimated to be kr9.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in 2 years. Earnings is forecast to decline by 4.1% in the next 2 years. Reported Earnings • May 01
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: kr0.05 loss per share (vs kr0.05 loss in 1Q 2021). Revenue: kr215.5m (up 13% from 1Q 2021). Net loss: kr5.45m (loss widened 34% from 1Q 2021). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 100%. Over the next year, revenue is forecast to grow 7.9%, compared to a 177% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Vice Chair of the Board Snorre Kjesbu was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Recent Insider Transactions • Mar 24
Chairman of the Board recently bought kr214k worth of stock On the 18th of March, Trond Valvik bought around 30k shares on-market at roughly kr7.15 per share. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 24
Chairman of the Board recently bought kr214k worth of stock On the 18th of March, Trond Valvik bought around 30k shares on-market at roughly kr7.15 per share. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 23
Chairman of the Board recently bought kr214k worth of stock On the 18th of March, Trond Valvik bought around 30k shares on-market at roughly kr7.15 per share. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Recent Insider Transactions • Mar 22
Chairman of the Board recently bought kr214k worth of stock On the 18th of March, Trond Valvik bought around 30k shares on-market at roughly kr7.15 per share. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr0.53 (up from kr0.46 loss in FY 2020). Revenue: kr860.0m (down 3.3% from FY 2020). Net income: kr58.6m (up kr99.6m from FY 2020). Profit margin: 6.8% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 11
Director recently bought kr504k worth of stock On the 8th of December, Karin Sandsjo bought around 60k shares on-market at roughly kr8.40 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. Recent Insider Transactions • Nov 30
Chief Financial Officer recently bought kr97k worth of stock On the 29th of November, Trond Christensen bought around 12k shares on-market at roughly kr8.08 per share. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS kr0.13 (vs kr0.03 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: kr203.9m (down 3.1% from 3Q 2020). Net income: kr14.9m (up 389% from 3Q 2020). Profit margin: 7.3% (up from 1.4% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • May 02
First quarter 2021 earnings released: kr0.05 loss per share (vs kr0.15 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: kr191.5m (down 5.0% from 1Q 2020). Net loss: kr4.08m (loss narrowed 70% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 17
New 90-day high: kr5.70 The company is up 19% from its price of kr4.80 on 19 November 2020. The Norwegian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 28% over the same period. Reported Earnings • Feb 13
Full year 2020 earnings released: kr0.46 loss per share (vs kr0.56 loss in FY 2019) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: kr889.3m (down 7.6% from FY 2019). Net loss: kr41.0m (loss narrowed 18% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 66% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Feb 13
Director recently bought kr257k worth of stock On the 12th of February, Geir Bjørlo bought around 47k shares on-market at roughly kr5.45 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.4m more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Dec 30
New 90-day high: kr5.60 The company is up 32% from its price of kr4.24 on 01 October 2020. The Norwegian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: kr5.25 The company is up 18% from its price of kr4.46 on 16 September 2020. The Norwegian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 6.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: kr4.90 The company is up 3.0% from its price of kr4.76 on 07 August 2020. The Norwegian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 5.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of kr68.1m, with losses widening by kr62.0m from the prior year. Total revenue was kr880.3m over the last 12 months, down 8.1% from the prior year.