The EVRY share

One of the largest IPOs in the Nordics in 2017

After being delisted in 2015, EVRY was relisted on the Oslo stock exchange (OSE) on 21 June 2017. As of year-end 2017 the company had a market capitalisation of NOK 12.1 billion, and the IPO in June was one of the largest IPOs in the Nordics during 2017.

EVRY trades with the ticker code “EVRY” at OSE, and the share has been included in the Oslo Stock Exchange Benchmark Index since 1 December 2017. As EVRY operates in the Nordic IT software and services segment, it was also included in the OSE Software and Services Index and OSE Information Technology Index from the same date. As one of the largest listed IT companies in Norway, EVRY is also included in other indices on the Oslo stock exchange, such as the OSE All Share Index, the OSE Mutual Fund Index and the OSE Mid Cap Index.

1 592

Shareholders

+4.8%

Share price development since IPO

NOK 1.25

Proposed dividend per share

Key shareholder figures  2017 
Number of shareholders at 31.12.2017  1 592  
Proportion held by Norwegian shareholders  10% 
Proportion held by foreign shareholders  90% 
Largest shareholder, Lyngen Holdco S.A.R.L. (shareholding)  54.3%  

Source: Oslo Børs, Euroland

The EVRY share price

EVRY was listed on 21 June 2017 with an issue price of NOK 31.00 per share. EVRY’s share price rose 4.8 percent in the period between its first day of trading in June and the end of 2017 to close the year at NOK 32.50. As a comparison, the Oslo Stock Exchange Benchmark Index (OSEBX) rose by 16.4 percent over the same period, while the OSE Information Technology Index (OSE45GI) and OSE Software and Services Index (OSE4510GI) delivered returns of 2.9 percent and 7.7 percent respectively. EVRY’s market capitalisation at the end of 2017 was NOK 12.1 billion.

EVRY´s relative share price performance between IPO on 21 June 2017 and year-end 2017

Source: Oslo Børs

Share capital, market capitalisation and shareholder structure

EVRY raised gross proceeds of NOK 3 200 million by issuing 103 225 806 new shares in connection with its IPO in June 2017. At the end of December 2017, the share capital of the company was NOK 649 million made up of 370 806 077 ordinary shares, each with nominal value of NOK 1.75. All ordinary shares have equal voting rights and the same right to receive dividends. The company did not own any of its own shares at 31 December 2017.

EVRY’s total market capitalisation at the end of December 2017 was NOK 12.1 billion based on 370 806 077 ordinary shares and a share price of NOK 32.50 per share.

Lyngen Holdco S.A.R.L., a company indirectly controlled and managed by private equity funds advised by Apax Partners LLP, was the largest shareholder in EVRY at the end of 2017 with a holding of 201.4 million shares, which is equivalent to 54.3 percent of the total issued share capital in the company. Funds controlled and managed by Polygon Global Partners LLP represent the second largest shareholder, albeit with a much smaller percentage holding, while Folketrygdfondet, the Government Pension Fund Norway, is the third largest shareholder.

Investors based in the United Kingdom represent the largest shareholder group with holdings totalling approximately 66 percent of the issued share capital. Shareholders based in Norway represent the second largest group and account for approximately 10 percent of the share capital. Shareholders based in the United States control just under 8 percent of the total share capital. EVRY had 1 592 registered private and institutional shareholders at the end of 2017, with foreign investors’ holding approximately 90 percent of the share capital.

Key figures  2017 
Number of shares issued at year-end  370 806 077 
Average number of shares at year-end  319 072 529 
No. of shares traded since IPO (million shares)  76.4 
Average daily trading volume since IPO (thousand shares)  561.4  
Number of trading days since IPO  136 
Share price at IPO (NOK/share)  31.00 
Share price at year-end (NOK/share)  32.50 
Highest closing share price (NOK/share)  33.90 
Lowest closing share price (NOK/share)  28.00 
Volume weighted average share price since IPO (NOK/share)  30.90 
Change in share price since IPO  4.8% 
Change in OSE Benchmark Index since IPO  16.4% 
Change in OSE Information Technology Index since IPO  2.9% 
Change in OSE Software and Service Index since IPO  7.7% 
Adjusted earnings per share for the year (NOK)  2.82 
Proposed dividend per share (NOK)  1.25 
Market capitalization year-end (NOK billion)  12.1 

Source: Oslo Børs, Euroland, EVRY ASA

Trading volume from IPO

Due to the significant shareholdings held by EVRY’s two major shareholders, Lyngen Holdco S.A.R.L. and funds controlled and managed by Polygon Global Partners LLP (both shareholders prior to the IPO), only a relatively small proportion of EVRY shares are available for trading, and trading volumes were relatively low in 2017. The total number of shares traded in the period between EVRY’s IPO in June 2017 and the end of 2017 was 76.4 million, which is equivalent to 20.6 percent of the total outstanding shares in the company. 561 000 shares were traded on average each day, equivalent to 0.2 percent of the issued shares.

Analyst coverage

At the end of 2017, the EVRY share was covered by six financial analysts/brokerage houses, two of which are based in Norway. EVRY is committed to providing relevant and complete information and to ensuring that all analysts are always treated on an equal basis. Day-to-day contact with investors and analysts is handled by the EVRY’s Investor Relations department.

List of analysts covering the EVRY share at 31 December 2017

Company  Analyst 
ABG Sundal Collier ASA  Aksel Øverland Engebakken 
Credit Suisse International  Charles A. Brennan 
DNB Bank ASA  Christoffer Wang Bjørnsen 
Goldman Sachs International  Gautam Pillai 
Morgan Stanley & Co. International plc  Adam Wood 
UBS Investment Bank  Michael Briest 

Dividend policy

EVRY intends to adopt a long-term dividend policy based on a pay-out ratio of more than 60 percent of the Group's adjusted net income. The proposal to pay dividend in any year is further subject to any restrictions under the company's borrowing arrangements and/or other contractual arrangements in place at the time. There can be no assurance that a dividend will be proposed or declared in any given year. If a dividend is proposed or declared, there can be no assurance that the dividend amount will be as contemplated above.

EVRY’s Board will propose to the Annual General Meeting the payment of a dividend for 2017 of NOK 1.25 per share, which represents 44 percent of 2017 adjusted total profit/-loss of the year. The proposed divided for 2017 represents a total payment of NOK 464 million on the basis of the number of shares outstanding at 31 December 2017.

Investor relations

EVRY is committed to providing the financial markets with precise, relevant, timely and consistent information. EVRY has introduced an investor relations policy in accordance with the Oslo Børs Code of Practice for IR as of 1 March 2017. The purpose of EVRY’s IR policy is to ensure that the company complies with all official rules and regulations that apply to financial reporting and communication in the Norwegian financial market, and that it meets market participants’ expectation to be provided with information on a timely and equal basis.

EVRY is committed to open dialogue with market participants, including shareholders, investors and analysts. All information that may be significant, relevant and price-sensitive for the capital markets is distributed in the form of stock exchange announcements published through Oslo stock exchange,  as well as media and/or press releases.

20 largest shareholders at 31 December 2017

Shareholder  Shares  % of shares 
Morgan Stanley & Co. Int. PLC.*  201 410 067  54.32 
Polygon (PE) Holdings LTD  19 444 554  5.24 
Folketrygdfondet **  18 670 507  5.04 
The Bank of New York Mellon SA/NV  9 961 215  2.69 
State Street Bank and Trust Comp  8 419 557  2.27 
Northwestern Trust Global Services LTD  4 715 352  1.27 
State Street Bank and Trust Comp  4 686 622  1.26 
Invesco Funds Series 4  4 678 139  1.26 
Danske Bank A/S  4 114 404  1.11 
Credit Suisse Securities (USA) LLC  4 034 600  1.09 
State Street Bank and Trust Comp  3 966 812  1.07 
Arctic Funds PLC  3 058 531  0.82 
Skandinaviska Enskila Banken  3 005 087  0.81 
Arctic Funds PLC  2 671 145  0.72 
Credit Suisse Securities (Europe)  2 650 368  0.71 
Merrill Lynch International  2 535 000  0.68 
Tredje AP-Fonden  2 504 901  0.68 
UBS AG  2 459 581  0.66 
Morgan Stanley & Co. Int. PLC.  2 418 248  0.65 
State Street Bank and Trust Comp  2 407 095  0.65 
20 largest shareholders total  307 811 785  83.01 

* Lyngen Holdco S.A.R.L controlled 54.3% of the shares in EVRY ASA as of 31 December 2017, held through a custody account with Morgan Stanley & Co. Int. PLC. Lyngen Holdco S.A.R.L is indirectly controlled by private equity funds advised by ApaxPartners LLP.
** The government pension fund Norway.
Source: Euroland

Björn Ivroth rings the bell at the start of the day’s trading at Oslo stock exchange, making EVRY’s listing a reality. From the left: Henrik Schibler, Björn Ivroth, Øivind Amundsen (Oslo Børs), Göran Lindahl and Wiljar Nesse.

Shareholding distribution by geography at 31 December 2017

Country  Number of shares  Percentage of total share capital  Number of shareholders  Percentage of total shareholders 
United Kingdom  243 680 809  65.7  40  2.5 
Norway  36 243 163  9.8  1 350  84.8 
United States  28 870 364  7.8  35  2.2 
France  15 698 470  4.2  15  0.9 
Sweden  14 188 935  3.8  52  3.3 
Ireland  11 021 002  3.0  16  1.0 
Australia  4 455 781  1.2  0.4 
Luxembourg  4 344 273  1.2  12  0.8 
Belgium  2 946 157  0.8  0.4 
Other  9 357 123  2.5  59  3.7 
Total  370 806 077  100  1 592  100 

Source: Euroland

Shareholding distribution by geography 31 December 2017

Source: Euroland