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SPIR GROUP ASA (SPIR.OL) Stock Fundamental Analysis

OSL:SPIR - Euronext Oslo - NO0012548819 - Common Stock - Currency: NOK

9.1  -0.02 (-0.22%)

Fundamental Rating

4

SPIR gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 103 industry peers in the Software industry. While SPIR is still in line with the averages on profitability rating, there are concerns on its financial health. SPIR is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year SPIR was profitable.
In the past year SPIR had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: SPIR reported negative net income in multiple years.
In the past 5 years SPIR always reported a positive cash flow from operatings.
SPIR.OL Yearly Net Income VS EBIT VS OCF VS FCFSPIR.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2020 2021 2022 2023 2024 0 50M 100M 150M 200M

1.2 Ratios

The Return On Assets of SPIR (1.18%) is comparable to the rest of the industry.
The Return On Equity of SPIR (2.55%) is comparable to the rest of the industry.
With a Return On Invested Capital value of 2.71%, SPIR perfoms like the industry average, outperforming 51.46% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for SPIR is significantly below the industry average of 10.99%.
The last Return On Invested Capital (2.71%) for SPIR is above the 3 year average (2.12%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 1.18%
ROE 2.55%
ROIC 2.71%
ROA(3y)0.59%
ROA(5y)0.88%
ROE(3y)1.27%
ROE(5y)1.64%
ROIC(3y)2.12%
ROIC(5y)2.82%
SPIR.OL Yearly ROA, ROE, ROICSPIR.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2020 2021 2022 2023 2024 0 2 4

1.3 Margins

SPIR has a Profit Margin of 2.52%. This is comparable to the rest of the industry: SPIR outperforms 49.51% of its industry peers.
Looking at the Operating Margin, with a value of 5.30%, SPIR is in line with its industry, outperforming 50.49% of the companies in the same industry.
In the last couple of years the Operating Margin of SPIR has declined.
Looking at the Gross Margin, with a value of 61.43%, SPIR is in line with its industry, outperforming 42.72% of the companies in the same industry.
In the last couple of years the Gross Margin of SPIR has declined.
Industry RankSector Rank
OM 5.3%
PM (TTM) 2.52%
GM 61.43%
OM growth 3Y-4.43%
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.16%
GM growth 5YN/A
SPIR.OL Yearly Profit, Operating, Gross MarginsSPIR.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2020 2021 2022 2023 2024 0 20 40 60 80

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2

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SPIR is destroying value.
The number of shares outstanding for SPIR has been increased compared to 1 year ago.
Compared to 1 year ago, SPIR has an improved debt to assets ratio.
SPIR.OL Yearly Shares OutstandingSPIR.OL Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
SPIR.OL Yearly Total Debt VS Total AssetsSPIR.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

SPIR has a debt to FCF ratio of 5.63. This is a neutral value as SPIR would need 5.63 years to pay back of all of its debts.
With a Debt to FCF ratio value of 5.63, SPIR perfoms like the industry average, outperforming 55.34% of the companies in the same industry.
SPIR has a Debt/Equity ratio of 0.48. This is a healthy value indicating a solid balance between debt and equity.
SPIR has a Debt to Equity ratio of 0.48. This is in the lower half of the industry: SPIR underperforms 60.19% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.48
Debt/FCF 5.63
Altman-Z N/A
ROIC/WACC0.27
WACC9.94%
SPIR.OL Yearly LT Debt VS Equity VS FCFSPIR.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B

2.3 Liquidity

SPIR has a Current Ratio of 0.57. This is a bad value and indicates that SPIR is not financially healthy enough and could expect problems in meeting its short term obligations.
SPIR's Current ratio of 0.57 is on the low side compared to the rest of the industry. SPIR is outperformed by 85.44% of its industry peers.
A Quick Ratio of 0.57 indicates that SPIR may have some problems paying its short term obligations.
With a Quick ratio value of 0.57, SPIR is not doing good in the industry: 85.44% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.57
Quick Ratio 0.57
SPIR.OL Yearly Current Assets VS Current LiabilitesSPIR.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 100M 200M 300M 400M

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 292.04% over the past year.
SPIR shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.58%.
Measured over the past years, SPIR shows a very strong growth in Revenue. The Revenue has been growing by 24.67% on average per year.
EPS 1Y (TTM)292.04%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-67.46%
Revenue 1Y (TTM)11.58%
Revenue growth 3Y24.67%
Revenue growth 5YN/A
Sales Q2Q%19.99%

3.2 Future

SPIR is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 92.35% yearly.
SPIR is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 7.58% yearly.
EPS Next Y187.5%
EPS Next 2Y92.35%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year10.14%
Revenue Next 2Y7.58%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
SPIR.OL Yearly Revenue VS EstimatesSPIR.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
SPIR.OL Yearly EPS VS EstimatesSPIR.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 0 0.2 -0.2 0.4 0.6

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 39.57, which means the current valuation is very expensive for SPIR.
Based on the Price/Earnings ratio, SPIR is valued a bit cheaper than the industry average as 63.11% of the companies are valued more expensively.
SPIR is valuated expensively when we compare the Price/Earnings ratio to 26.25, which is the current average of the S&P500 Index.
SPIR is valuated correctly with a Price/Forward Earnings ratio of 12.06.
Based on the Price/Forward Earnings ratio, SPIR is valued cheaply inside the industry as 88.35% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.15, SPIR is valued a bit cheaper.
Industry RankSector Rank
PE 39.57
Fwd PE 12.06
SPIR.OL Price Earnings VS Forward Price EarningsSPIR.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

SPIR's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. SPIR is cheaper than 85.44% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, SPIR is valued cheaply inside the industry as 92.23% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 10.07
EV/EBITDA 8.47
SPIR.OL Per share dataSPIR.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 -5

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
SPIR's earnings are expected to grow with 92.35% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.21
PEG (5Y)N/A
EPS Next 2Y92.35%
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

SPIR does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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SPIR GROUP ASA

OSL:SPIR (5/30/2025, 7:00:00 PM)

9.1

-0.02 (-0.22%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)11-09 2023-11-09/bmo
Earnings (Next)N/A N/A
Inst Owners48.69%
Inst Owner ChangeN/A
Ins Owners1.29%
Ins Owner ChangeN/A
Market Cap1.21B
Analysts80
Price Target10.05 (10.44%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-1.5%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-4.17%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.94%
Valuation
Industry RankSector Rank
PE 39.57
Fwd PE 12.06
P/S 1.02
P/FCF 10.07
P/OCF 5.42
P/B 1.04
P/tB N/A
EV/EBITDA 8.47
EPS(TTM)0.23
EY2.53%
EPS(NY)0.75
Fwd EY8.29%
FCF(TTM)0.9
FCFY9.93%
OCF(TTM)1.68
OCFY18.43%
SpS8.89
BVpS8.78
TBVpS-6.84
PEG (NY)0.21
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.18%
ROE 2.55%
ROCE 3.19%
ROIC 2.71%
ROICexc 2.83%
ROICexgc N/A
OM 5.3%
PM (TTM) 2.52%
GM 61.43%
FCFM 10.16%
ROA(3y)0.59%
ROA(5y)0.88%
ROE(3y)1.27%
ROE(5y)1.64%
ROIC(3y)2.12%
ROIC(5y)2.82%
ROICexc(3y)2.19%
ROICexc(5y)3.54%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)2.5%
ROCE(5y)3.33%
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3Y1.05%
ROICexc growth 5YN/A
OM growth 3Y-4.43%
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.16%
GM growth 5YN/A
F-Score7
Asset Turnover0.47
Health
Industry RankSector Rank
Debt/Equity 0.48
Debt/FCF 5.63
Debt/EBITDA 2.66
Cap/Depr 68.48%
Cap/Sales 8.7%
Interest Coverage 1.09
Cash Conversion 104.76%
Profit Quality 403.64%
Current Ratio 0.57
Quick Ratio 0.57
Altman-Z N/A
F-Score7
WACC9.94%
ROIC/WACC0.27
Cap/Depr(3y)80.88%
Cap/Depr(5y)77.66%
Cap/Sales(3y)9.61%
Cap/Sales(5y)9.66%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)292.04%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-67.46%
EPS Next Y187.5%
EPS Next 2Y92.35%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)11.58%
Revenue growth 3Y24.67%
Revenue growth 5YN/A
Sales Q2Q%19.99%
Revenue Next Year10.14%
Revenue Next 2Y7.58%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y50.43%
EBIT growth 3Y19.15%
EBIT growth 5YN/A
EBIT Next Year319.67%
EBIT Next 3Y69.3%
EBIT Next 5YN/A
FCF growth 1Y130.2%
FCF growth 3Y31.41%
FCF growth 5YN/A
OCF growth 1Y46.03%
OCF growth 3Y32.24%
OCF growth 5YN/A