The EVRY share

Returning cash to shareholders

After being delisted in 2015, EVRY was relisted on the Oslo stock exchange (“OSE”) on 21 June 2017 with an issue price of NOK 31.00 per share. In 2018 EVRY’s share price traded between NOK 26.95 and NOK 32.95 per share and at year-end 2018 was NOK 31.45 per share. EVRY distributed a dividend of NOK 1.25 per share in May 2018, which implies a dividend-adjusted closing share price at the end of 2018 of NOK 32.70 per share. The company’s market capitalisation at the end of 2018 was NOK 11.7 billion.

EVRY trades with the ticker code “EVRY” on the 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 has from the same date been included in the OSE Software and Services Index and in the OSE Information Technology Index. 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.

In 2018 EVRY’s share price rose by 1.5 percent, while its share price rose by 5.5 percent when adjusted for the dividend of NOK 1.25 per share. In contrast, the Oslo Stock Exchange Benchmark Index (OSEBX) fell by 1.9 percent in 2018, while the OSE Information Technology Index (OSE45GI) and the OSE Software and Services Index (OSE4510GI) fell by 20.0 percent and 4.1 percent respectively over the same period.

4 119

Shareholders

+1.5%

2018 share price performance

NOK 1.75

Proposed dividend per share

Key shareholder figures  2018  2017 
Number of shareholders at 31.12.2017  4119  1 592  
Proportion held by Norwegian shareholders  13%  10% 
Proportion held by foreign shareholders  87%  90% 
Largest shareholder, Lyngen Holdco S.A.R.L. (shareholding)  54.3%  54.3%  

Source: Oslo Børs, Euroland

Share capital, market capitalisation and shareholder structure

At the end of December 2018, the share capital of the company was NOK 649 million made up of 370 806 077 ordinary shares, each with a nominal value of NOK 1.75. All ordinary shares have equal voting rights and the same right to receive dividends. In 2018 the company initiated a share buy-back program and at 31 December 2018 the company owned 1 501 744 of its own shares.

EVRY’s total market capitalisation at the end of December 2018 was NOK 11.7 billion based on 370 806 077 ordinary shares and a share price of NOK 31.45 per share.

EVRY’s relative share price performance between IPO on 21 June 2017 and year-end 2018

Source: Oslo Børs

Lyngen Holdco S.A.R.L., a company indirectly controlled by private equity funds advised by Apax Partners LLP, was the largest shareholder in EVRY at the end of 2018 with a holding of 201 410 067 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. As of 31 December 2018, EVRY’s executive management team controlled 0.71 percent of the shares in EVRY.

Investors based in Luxembourg represent the largest shareholder group with holdings totalling approximately 56 percent of the issued share capital. Shareholders based in the United Kingdom and Norway represent the joint-second largest groups and each account for approximately 13 percent of the share capital. Shareholders based in the United States of America control 10 percent of the total share capital. EVRY had 4 119 registered private and institutional shareholders at the end of 2018, with non-Norwegian investors holding approximately 87 percent of the share capital.

Key figures  2018  2017 
Number of shares issued at year-end  370 806 077  370 806 077 
Average number of shares at year-end  370 806 077  319 072 529 
Number of official shares traded (million shares)  25.9  76.4 
Average official daily trading volume (thousand shares)  104.0  561.4  
Number of all shares traded** (million shares)  51.0  133.9 
Average daily trading volume all shares traded** (thousand shares)  204.6  984.5 
Number of trading days  249  136 
Share price on first trading day of the year (NOK/share)  31.00   
Share price at year-end (NOK/share)  31.45  32.50 
Highest closing share price (NOK/share)  32.95  33.90 
Lowest closing share price (NOK/share)  26.95  28.00 
Volume-weighted average share price (NOK/share)  30.2  30.90 
% change in share price since first trading day of the year  1.5 %  4.8 % 
% change in adjusted share price since first trading day of the year  5.5% 
% change in OSE Benchmark Index since first trading day of the year  -1.9 %  16.4 % 
% change in OSE Information Technology Index since first trading day of the year  -20.0 %  2.9 % 
% change in OSE Software and Service index since first trading day of the year  -4.1 %  7.7 % 
Adjusted earnings per share for the year (NOK)  2.89  2.82 
Proposed dividend per share (NOK)  1.75  1.25 
Market capitalization at year-end (NOK billion)  11.7  12.1 

Source: Oslo Børs, Euroland, EVRY ASA
*between IPO on 21 June 2017 and year-end 2017
** Volume data from all trades including official trades and others

Trading volume in 2018

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 on a day-to-day basis, and trading volumes were relatively low in 2018. The number of shares traded in the period between 2 January 2018 and 28 December 2018 was 51.0 million, which is equivalent to 13.7 percent of the total outstanding shares in the company. 205 000 shares were traded on average each day, equivalent to 0.1 percent of the issued shares.

Analyst coverage

At the end of 2018, the EVRY share was covered by nine financial analysts, five of whom are based in Norway/the Nordics. 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 EVRY’s Investor Relations department.

List of analysts covering the EVRY share at 31 December 2018

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 
Nordea Bank Abp  Oliver Schüler Pisani 
Pareto Securities AS  Fredrik Steinslien 
SpareBank1 Marketsq  Petter Kongslie 
UBS Investment Bank  Michael Briest 

Dividend policy

EVRY intends to pay dividends based on a pay-out ratio of around 60 percent of EVRY’s Adjusted Net Income (as defined on page 74 of this Annual Report). The proposal to pay a 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. Share buy-backs and/or extraordinary dividends are evaluated on a case by case basis and need to be approved by the company’s Board of Directors and the General Meeting/Extraordinary General Meeting. 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 indicated above.

EVRY’s Board will propose to the Annual General Meeting the payment of a dividend for 2018 of NOK 1.75 per share, which represents 61 percent of 2018 Adjusted Net Income. The divided proposed for 2018 represents a total payment of NOK 648.9 million on the basis of the number of shares outstanding at 31 December 2018.

Share buy-back program

The Board of Directors of EVRY ASA resolved to initiate a share buy-back program based on the authorisation to acquire treasury shares granted by the company's Annual General Meeting on 3 May 2018.

The Board resolved to initiate an acquisition by the Company of up to 2 500 000 shares under the share buy-back program, for the purposes of acquiring treasury shares which may be used to fulfill the Company's obligations under its incentive programs. The shares shall be purchased as ordinary market trades over the stock exchange.

Over the course of the year, EVRY completed the share buy-back programme representing a total of 1 501 744 shares corresponding to 0.4 percent of shares issued at year-end.

For additional information regarding the scope of the authorisation granted to the Board by the Company's General Meeting, please refer to the minutes of the Company’s Annual General Meeting held on 3 May 2018 (available on www.evry.com).

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 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 live-streams its quarterly and annual results presentations, which are held at its headquarters in Fornebu, Oslo, Norway.

EVRY is committed to open dialogue with market participants, including shareholders, investors and analysts. All information that may be important and relevant for capital markets participants is provided in the form of releases published through Oslo Børs’ NewsWeb publication service, the media and/or press releases.

Financial calendar

EVRY intends to publish and present its results in 2019 on the following dates:

  • Annual General Meeting – 11 April 2019
  • Interim Report Q1 2019 - 08 May 2019
  • Interim Report Q2 2019 - 12 July 2019
  • Interim Report Q3 2019 - 31 October 2019

EVRY’s presentations will take place at EVRY's headquarters in Fornebu and over webcast and will start at 08:00 CET. The quarterly reports and presentation materials will be made available via the Oslo stock exchange (www.oslobors.no/www.newsweb.no) and on the company’s website (www.evry.com) at or around 07:00 CET on the day of release. Please see our website for further details and for any updates.

EVRY hosted a capital markets day at its headquarters in Fornebu on 27 November 2018 primarily for analysts and investors. EVRY has come a long way since the last capital markets it held day four years ago by following its business plan, and the company is now positioned to create business value through a customer-centric approach.

20 largest shareholders at 31 December 2018

Shareholder  Shares  % of shares 
LYNGEN HOLDCO S.A.R.L.  201 410 067  54.32 
POLYGON (PE) HOLDINGS LTD  19 444 554  5.24 
FOLKETRYGDFONDET*  18 870 507  5.09 
STATE STREET BANK AND TRUST COMP  9 483 012  2.56 
UBS AG  7 726 265  2.08 
CREDIT SUISSE SECURITIES (EUROPE)  5 150 368  1.39 
STATE STREET BANK AND TRUST COMP  4 738 480  1.28 
NORTHERN TRUST GLOBAL SERVICES PLC  4 715 352  1.27 
STATE STREET BANK AND TRUST COMP  4 353 464  1.17 
DANSKE BANK A/S  4 194 404  1.13 
CREDIT SUISSE SECURITIES (USA) LLC  4 034 600  1.09 
ARCTIC FUNDS PLC  3 823 138  1.03 
KLP AKSJENORGE  3 192 936  0.86 
STATE STREET BANK AND TRUST COMP  2 914 107  0.79 
VERDIPAPIRFONDET PARETO INVESTMENT  2 869 461  0.72 
STATE STREET BANK AND TRUST COMP  2 559 203  0.69 
SEB PRIME SOLUTIONS SISSENER CANOP  2 520 000  0.68 
JPMORGAN CHASE BANK, N.A., LONDON  2 487 616  0.67 
MORGAN STANLEY & CO. INT. PLC.  2 366 441  0.64 
J.P. MORGAN SECURITIES LLC  2 350 000  0.63 
20 largest shareholders total  309 203 975  83.39 

* The government pension fund Norway
Source: Euroland

Shareholding distribution by geography at 31 December 2017

Country  Number of shares  Percentage of total share capital  Number of shareholders  Percentage of total shareholders 
Luxembourg  207 100 101  55.9  10  0.24 
United Kingdom  49 860 674  13.5  43  1.04 
Norway  46 882 135  12.6  3 833  93.06 
United States  38 090 889  10.3  54  1.31 
Sweden  10 150 555  2.7  59  1.43 
Ireland  6 237 631  1.7  18  0.44 
France  4 234 392  1.1  14  0.34 
Australia  2 785 303  0.8  0.12 
Switzerland  1 954 198  0.5  10  0.24 
Other  3 510 199  1.0  73  1.77 
Total  370 806 077  100  4 119  100 

Source: Euroland

Shareholding distribution by geography 31 December 2018

Source: Euroland