Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: kr1.24 (vs kr1.75 in 1Q 2025) First quarter 2026 results: EPS: kr1.24 (down from kr1.75 in 1Q 2025). Revenue: kr262.2m (down 8.7% from 1Q 2025). Net income: kr22.0m (down 30% from 1Q 2025). Profit margin: 8.4% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr95.60, the stock trades at a trailing P/E ratio of 11.4x. Average forward P/E is 11x in the Insurance industry in Europe. Total returns to shareholders of 81% over the past three years. Announcement • Apr 28
Solid Försäkringsaktiebolag (Publ) Elects Fredrik Carlsson as Chairman of the Board Solid Försäkringsaktiebolag (publ) in its Annual General Meeting held on 27 April 2026, announced that Fredrik Carlsson was elected new chairman of the board. Upcoming Dividend • Apr 21
Upcoming dividend of kr6.75 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 05 May 2026. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 4.7%. Within top quartile of Swedish dividend payers (4.0%). In line with average of industry peers (4.5%). Announcement • Mar 11
Solid Försäkringsaktiebolag Board Member Lars Nordstrand Declines Re-Election Ahead of 2026 AGM Solid Försäkringsaktiebolag announced that Board Members Lars Nordstrand Declines Re-Election Ahead of 2026 AGM. Declared Dividend • Feb 12
Dividend increased to kr6.75 Dividend of kr6.75 is 35% higher than last year. Ex-date: 28th April 2026 Payment date: 5th May 2026 Dividend yield will be 6.7%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but not covered by cash flows (133% cash payout ratio). The dividend has increased by an average of 23% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 31% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: kr8.31 (vs kr8.99 in FY 2024) Full year 2025 results: EPS: kr8.31 (down from kr8.99 in FY 2024). Revenue: kr1.14b (down 6.8% from FY 2024). Net income: kr149.0m (down 9.5% from FY 2024). Profit margin: 13% (in line with FY 2024). Combined ratio: 89.9% (up from 89.6% in FY 2024). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 11
Solid Försäkringsaktiebolag (publ) announces Annual dividend, payable on May 05, 2026 Solid Försäkringsaktiebolag (publ) announced Annual dividend of SEK 5.2500 per share payable on May 05, 2026, ex-date on April 28, 2026 and record date on April 29, 2026. Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: kr2.42 (vs kr2.67 in 3Q 2024) Third quarter 2025 results: EPS: kr2.42 (down from kr2.67 in 3Q 2024). Revenue: kr286.6m (down 12% from 3Q 2024). Net income: kr43.3m (down 11% from 3Q 2024). Profit margin: 15% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Announcement • Sep 18
Solid Försäkringsaktiebolag (publ), Annual General Meeting, Apr 27, 2026 Solid Försäkringsaktiebolag (publ), Annual General Meeting, Apr 27, 2026. New Risk • Jul 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 (22% accrual ratio). Minor Risk Dividend is not well covered by cash flows (96% cash payout ratio). Reported Earnings • Jul 20
Second quarter 2025 earnings released: EPS: kr1.99 (vs kr2.23 in 2Q 2024) Second quarter 2025 results: EPS: kr1.99 (down from kr2.23 in 2Q 2024). Revenue: kr291.3m (down 6.9% from 2Q 2024). Net income: kr35.7m (down 13% from 2Q 2024). Profit margin: 12% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: kr1.75 (vs kr2.43 in 1Q 2024) First quarter 2025 results: EPS: kr1.75 (down from kr2.43 in 1Q 2024). Revenue: kr287.1m (down 6.3% from 1Q 2024). Net income: kr31.6m (down 30% from 1Q 2024). Profit margin: 11% (down from 15% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Solid Försäkringsaktiebolag (publ) Approves Election of Henrik Eklund as New Board Member, Effective April 24, 2025 Solid Försäkringsaktiebolag (publ) at its Annual General Meeting held on April 24, 2025, approved election of Henrik Eklund as a new Board member. Upcoming Dividend • Apr 19
Upcoming dividend of kr5.00 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 02 May 2025. Payout ratio is a comfortable 56% and the cash payout ratio is 80%. Trailing yield: 6.0%. Within top quartile of Swedish dividend payers (4.1%). Higher than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to kr72.00, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 12x in the Insurance industry in Europe. Total returns to shareholders of 66% over the past three years. Reported Earnings • Mar 24
Full year 2024 earnings released: EPS: kr8.99 (vs kr8.67 in FY 2023) Full year 2024 results: EPS: kr8.99. Revenue: kr1.23b (up 3.4% from FY 2023). Net income: kr164.7m (flat on FY 2023). Profit margin: 13% (in line with FY 2023). Announcement • Mar 13
Solid Försäkringsaktiebolag (publ) (OM:SFAB) signed an agreement to acquire Garantipartner Skandinavien Ab. Solid Försäkringsaktiebolag (publ) (OM:SFAB) signed an agreement to acquire Garantipartner Skandinavien Ab on March 12, 2025. The Garantipartner brand will continue and develop with Solid Försäkring as the owner.
In 2024, Garantipartner Skandinavien has reported a premium income of approximately SEK 20 million.
The ambition is for Solid Försäkring to take over the business from April 15, 2025. Declared Dividend • Feb 21
Dividend increased to kr5.00 Dividend of kr5.00 is 11% higher than last year. Ex-date: 25th April 2025 Payment date: 2nd May 2025 Dividend yield will be 6.0%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not adequately covered by cash flows (95% cash payout ratio). The dividend has increased by an average of 32% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 20
Solid Försäkringsaktiebolag (publ) announces Annual dividend, payable on May 02, 2025 Solid Försäkringsaktiebolag (publ) announced Annual dividend of SEK 5.0000 per share payable on May 02, 2025, ex-date on April 25, 2025 and record date on April 28, 2025. New Risk • Feb 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 95% Dividend yield: 6.2% 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 (52% accrual ratio). Minor Risk Dividend is not well covered by cash flows (95% cash payout ratio). Reported Earnings • Feb 07
Full year 2024 earnings released: EPS: kr8.99 (vs kr8.67 in FY 2023) Full year 2024 results: EPS: kr8.99. Revenue: kr1.23b (up 3.4% from FY 2023). Net income: kr164.7m (flat on FY 2023). Profit margin: 13% (in line with FY 2023). New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% 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 Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. High level of non-cash earnings (43% accrual ratio). Announcement • Oct 29
Solid Försäkringsaktiebolag (publ), Annual General Meeting, Apr 24, 2025 Solid Försäkringsaktiebolag (publ), Annual General Meeting, Apr 24, 2025. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: kr2.67 (vs kr2.13 in 3Q 2023) Third quarter 2024 results: EPS: kr2.67 (up from kr2.13 in 3Q 2023). Revenue: kr325.9m (up 11% from 3Q 2023). Net income: kr48.8m (up 21% from 3Q 2023). Profit margin: 15% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Jul 19
Second quarter 2024 earnings released: EPS: kr2.23 (vs kr2.04 in 2Q 2023) Second quarter 2024 results: EPS: kr2.23 (up from kr2.04 in 2Q 2023). Revenue: kr321.6m (up 12% from 2Q 2023). Net income: kr40.9m (up 4.4% from 2Q 2023). Profit margin: 13% (down from 14% in 2Q 2023). The decrease in margin was driven by higher expenses. Board Change • May 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Martina Skande was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: kr2.43 (vs kr2.14 in 1Q 2023) First quarter 2024 results: EPS: kr2.43 (up from kr2.14 in 1Q 2023). Revenue: kr305.8m (up 1.4% from 1Q 2023). Net income: kr45.0m (up 8.5% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Upcoming Dividend • Apr 19
Upcoming dividend of kr4.50 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of Swedish dividend payers (4.4%). Higher than average of industry peers (5.2%). Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: kr8.67 (vs kr5.54 in FY 2022) Full year 2023 results: EPS: kr8.67 (up from kr5.54 in FY 2022). Revenue: kr1.19b (up 8.4% from FY 2022). Net income: kr165.4m (up 49% from FY 2022). Profit margin: 14% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Announcement • Mar 06
Solid Försäkringsaktiebolag (Publ) Announces Nomination Committee for the Annual General Meeting 2024 and Board Changes Solid Försäkringsaktiebolag (publ) announced that David Nilsson Sträng has declined re-election, at the annual general meeting on April 25, 2024. The nomination committee consists of Martin Bengtsson (Waldakt AB, the Bengtsson family), Wilhelm Börjesson (Investment AB Spiltan), Jonas Strömberg (appointed by Erik Selin), Dag Marius Nereng (Protector Forsikring) and Lars Nordstrand as chairman of Solid Försäkring's Board of Directors. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: kr8.67 (vs kr5.54 in FY 2022) Full year 2023 results: EPS: kr8.67 (up from kr5.54 in FY 2022). Revenue: kr1.19b (up 8.5% from FY 2022). Net income: kr165.4m (up 49% from FY 2022). Profit margin: 14% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: kr2.13 (vs kr1.71 in 3Q 2022) Third quarter 2023 results: EPS: kr2.13 (up from kr1.71 in 3Q 2022). Revenue: kr293.2m (up 3.8% from 3Q 2022). Net income: kr40.4m (up 18% from 3Q 2022). Profit margin: 14% (up from 12% in 3Q 2022). The increase in margin was driven by higher revenue. Announcement • Oct 21
Solid Försäkringsaktiebolag (publ), Annual General Meeting, Apr 25, 2024 Solid Försäkringsaktiebolag (publ), Annual General Meeting, Apr 25, 2024. New Risk • Oct 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.08b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Short dividend paying track record (less than a year of continuous dividend payments). Market cap is less than US$100m (kr1.08b market cap, or US$97.9m). Reported Earnings • Jul 21
Second quarter 2023 earnings released: EPS: kr2.04 (vs kr0.70 in 2Q 2022) Second quarter 2023 results: EPS: kr2.04 (up from kr0.70 in 2Q 2022). Revenue: kr288.6m (up 13% from 2Q 2022). Net income: kr39.2m (up 180% from 2Q 2022). Profit margin: 14% (up from 5.5% in 2Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Mar 27
Full year 2022 earnings released: EPS: kr5.54 (vs kr6.00 in FY 2021) Full year 2022 results: EPS: kr5.54 (down from kr6.00 in FY 2021). Revenue: kr1.09b (up 6.4% from FY 2021). Net income: kr110.7m (down 7.8% from FY 2021). Profit margin: 10% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Combined ratio: 86.7% (down from 89.3% in FY 2021). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr61.85, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 12x in the Insurance industry in Europe. Total returns to shareholders of 31% over the past year. Buying Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be kr84.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has grown by 24%. Reported Earnings • Feb 08
Full year 2022 earnings released: EPS: kr5.54 (vs kr6.00 in FY 2021) Full year 2022 results: EPS: kr5.54 (down from kr6.00 in FY 2021). Revenue: kr1.10b (up 6.7% from FY 2021). Net income: kr110.7m (down 7.8% from FY 2021). Profit margin: 10% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Announcement • Jan 31
Solid Försäkringsaktiebolag (publ) to Report Fiscal Year 2022 Results on Feb 07, 2023 Solid Försäkringsaktiebolag (publ) announced that they will report fiscal year 2022 results at 7:30 AM, Central European Standard Time on Feb 07, 2023 Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: kr1.71 (vs kr1.25 in 3Q 2021) Third quarter 2022 results: EPS: kr1.71 (up from kr1.25 in 3Q 2021). Revenue: kr284.1m (up 13% from 3Q 2021). Net income: kr34.2m (up 36% from 3Q 2021). Profit margin: 12% (up from 10.0% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment improved over the past week After last week's 16% share price gain to kr52.00, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 10x in the Insurance industry in Europe. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr0.70 (vs kr1.25 in 2Q 2021) Second quarter 2022 results: EPS: kr0.70 (down from kr1.25 in 2Q 2021). Revenue: kr261.7m (up 4.0% from 2Q 2021). Net income: kr14.0m (down 44% from 2Q 2021). Profit margin: 5.4% (down from 10.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 16% share price gain to kr46.16, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 9x in the Insurance industry in Europe. Reported Earnings • May 01
First quarter 2022 earnings released: EPS: kr0.65 (vs kr0.91 loss in 1Q 2021) First quarter 2022 results: EPS: kr0.65 (up from kr0.91 loss in 1Q 2021). Revenue: kr255.3m (up 4.7% from 1Q 2021). Net income: kr13.0m (up kr31.1m from 1Q 2021). Profit margin: 5.1% (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower expenses. Reported Earnings • Feb 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr6.00 (up from kr2.17 in FY 2020). Revenue: kr1.03b (up 11% from FY 2020). Net income: kr120.0m (up 177% from FY 2020). Profit margin: 12% (up from 4.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Buying Opportunity • Feb 09
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be kr67.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% per annum over the last 3 years. Earnings per share has grown by 46% per annum over the last 3 years.