Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Third Quarter Results: Solid performance despite lower revenues
Oslo Børs – 7. November 2025, Arendal
Arendals Fossekompani ASA (OSE: AFK) reported revenues of 853 million kroner (909 million) and an operating profit (EBIT) of 33 million kroner (51 million) in the third quarter 2025. Ordinary profit after tax, but before minority interests, amounted to 733 million kroner (-25 million).
The decrease in the group's revenues and operating profit compared to the previous year was due to challenging market conditions for ENRX and lower hydropower production.
"Despite lower figures at group level, we see several solid performances in the portfolio companies. Volue delivered 24 % revenue growth year-on-year and a cash EBITDA margin of 19 %, NSSLGlobal reported growth in both revenues and profit, and Tekna delivered its first quarter with positive EBITDA since its IPO," says CEO Benjamin Golding.
Tekna – important milestone
In the quarter, Tekna delivered its first positive EBITDA quarter since its IPO. Revenues were 8,3 million CAD, corresponding to 9 % growth year-on-year. The growth was driven by a strong development in the Materials division, which increased revenues by 28 % year-on-year.
"This is an important milestone for Tekna. As a long-term owner, we have great faith in the company's continued development and value creation potential," says Golding.
After the quarter-end, the company announced a financing agreement with Scotiabank and a fully subscribed share issue of 300 million kroner. With this, Tekna's business plan until 2030 is fully financed.
Volue – continued strong development
Volue delivered solid growth and margin improvement. With an ARR growth of 22 % and a cash EBITDA margin of 19 %, the company delivered its second consecutive quarter as a "Rule-of-40" company.
In the quarter, Volue completed the sale of its Infrastructure division to FSN Capital, which resulted in a recognized gain of 1,8 billion kroner. After the quarter-end, the company acquired smartPulse, which strengthens its expansion in Southern and Eastern Europe as well as Turkey, and increases capacity in power exchange and battery optimization.
Sale of Factlines
In line with the strategy to reduce exposure to early-stage companies, Arendals Fossekompani sold Factlines to the leading Nordic ESG software and consulting player Position Green. As a result of the transaction, Arendals Fossekompani is now a minority shareholder in Position Green.
Portfolio Highlights
Volue: Continued strong development
Revenues: 349 million kroner (281 million), up 24 % year-on-year.
SaaS revenues: 150 million kroner, up 30 % from Q3 2024, and now account for 43 % of the total.
Completed sale of the Infrastructure division to FSN Capital, completing the transformation into a pure-play energy and power grid software company. Gain: 1,8 billion kroner.
ENRX: A challenging quarter
Revenues: 31,2 million EUR (35,5 million).
Operating profit: -0,9 million EUR (2,1 million).
Order intake: 30,8 million EUR (34,1 million).
Order backlog: 61 million EUR (77 million). ENRX continues to reduce costs and maintain strict capital discipline to adapt to the market cycle and improve profitability.
NSSLGlobal: Growth in revenues and profit
Revenues: 24,9 million GBP (23,7 million).
Operating profit: 4,6 million GBP (4,1 million).
Operating margin: 19 % (18 %).
New contracts: 16,8 million GBP (9,1 million) across enterprise, government, and maritime sectors.
Tekna: First quarter with positive EBITDA since IPO
Revenues: 8,3 million CAD (7,6 million).
Materials division: +28 % growth year-on-year.
Order intake last 12 months: record high 32,5 million CAD.
Adjusted EBITDA: +0,5 million CAD (-1,4 million).
Cash flow from operations: -0,3 million CAD (-0,6 million). Cost reductions continue through 2025 and are expected to further strengthen profitability.
AFK Hydropower: Low production partly compensated by higher prices
Revenues: 59 million kroner (75 million).
Production: 83,4 GWh (161,7 GWh).
Average price NO2 area: 67 EUR/MWh (37,8 EUR/MWh). Lower reservoir levels than in 2024 have driven prices up in 2025.
Solid financial position
Arendals Fossekompani continues to have a strong financial position. As of 30. September, the parent company had 720 million kroner in cash, as well as undrawn credit facilities of 2 003 million kroner. Total available liquidity thus amounted to 2 723 million kroner. Net interest-bearing debt (NIBD), excluding shareholder loans, was 131 million kroner at quarter-end.
"We remain focused on costs and profitability, while optimizing the portfolio for long-term value creation," says Golding.
As an international group, Arendals Fossekompani is naturally exposed to currency movements. Revenues denominated in NOK in ENRX and NSSLGlobal were positively impacted by the weakened Norwegian Krone compared to the third quarter 2024.
https://www.nordnet.no/market/news/86cc20f6-4b47-43ad-b85b-9213b4ed0312
I have not studied Q3.
See three challenges:
AFK ebit is weak (Q2-3). Mini hype NSSL Global (250 employees) expects lower revenue/ebit in 2025 than last year, they wrote in Q2.
ENRX (largest unit 1150 of 2400 employees) is under pressure due to decline in revenue and weak results.
Owners of AFK, taken from E24
ULFOSS INVEST AS 26.27%
HAVFONN AS 26.02%
MUST INVEST AS 25.19%
ARENDALS FOSSEKOMPANI ASA 1.88%
FOLKETRYGDFONDET 1.36%
SVANHILD OG ARNE MUST FOND FOR MED 1.17%
FABULOUS AS 0.81%
JOHANSEN PER-DIETRICH 0.67%
FONDSFINANS PENSION FUND 0.64%
FLØTEMARKEN AS 0.58%
Other 15.41%
Historically (30 years) it has been Ulrichsen (Ulfoss) and Must who have managed AFK. How long Bergesen (Havfonn) has been there, I don't know.
What is certain is that neither of them has given at today's level.
- It is asked if PE 3 is correct?
Can tell that Nordnet PE is on a bear tour. They use multiple based on a one-time event last year (including money from the sale of Volue).
Ex. one-time event is PE 60, cf. 2021 results and my 2025 estimate.
- Buy the stock?
When AFK also lacks a sustainable dividend policy (they distribute 2x of annual profit), both conditions make today's pricing make the stock uninteresting to buy, in my opinion and the multiple.
Nice with your input, we assess differently and I seem to be more wait-and-see about the future than you, that's cool. I want visibility before I report healthy. We both think that AFK's valuation is currently outside of a reasonable range.
AFK: Trade primary insiders
i går kl. 08:00 ∙ Oslo Børs
As part of its long-term incentive plan, Arendals Fossekompani ASA (AFK) has
sold a total of 20.761 shares to members of its executive management team. The
shares were sold at a price of NOK 139.40 per share, equal to the AFK share
price as of the first trading day of 2025 adjusted for dividend payouts in the
period. The shares are subject to a lock-up until 1 January 2028.
https://www.nordnet.no/market/news/7026758c-3dd5-4b48-adb0-24d231f6d0c5
1
Näytä enemmän
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Uutiset ja analyysit
Uutiset ja lehdistötiedotteet
Analyysit
7 marras 07.00
∙
Lehdistötiedote
Third quarter financial results: Solid achievements despite lower revenue
4 syys 06.00
∙
Lehdistötiedote
AFK: Trade primary insiders
1 syys 10.46
∙
Osakeuutinen
AFK: Financial calendar
29 elo 06.00
∙
Lehdistötiedote
Arendals Fossekompani: Second quarter financial results??
26 elo 06.00
∙
Lehdistötiedote
AFK: Invitation to Q2 2025 financial results webcast and Q&A session
20 touko 06.00
∙
Lehdistötiedote
AFK: Arendals Fossekompani Ex dividend NOK 1.00 today
16 touko 10.12
∙
Lehdistötiedote
Arendals Fossekompani: Minutes from Annual General Meeting 2025
16 touko 06.15
∙
Lehdistötiedote
Arendals Fossekompani: First quarter financial results
16 touko 06.10
∙
Lehdistötiedote
AFK: Key information in relation to cash dividend to be paid by Arendals Fossekompani ASA
16 touko 06.00
∙
Lehdistötiedote
Arendals Fossekompani: First quarter financial results??
22 huhti 06.45
∙
Lehdistötiedote
Arendals Fossekompani - Notice of Annual General Meeting for 2025
22 huhti 06.00
∙
Lehdistötiedote
Arendals Fossekompani: Annual Report for 2024
19 helmi 16.00
∙
Lehdistötiedote
AFK: Meldepliktig handel
18 helmi 07.00
∙
Lehdistötiedote
AFK: Arendals Fossekompani Ex dividend NOK 1.00 today
14 helmi 07.10
∙
Lehdistötiedote
AFK: Key information in relation to cash dividend to be paid by Arendals Fossekompani ASA
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Tuotteita joiden kohde-etuutena tämä arvopaperi
Sertifikaatit
2025 Q3 -tulosraportti
27 päivää sitten23 min
1,00 NOK/osake
Viimeisin osinko
3,02 %Tuotto/v
Näytä
Uutiset ja analyysit
Uutiset ja lehdistötiedotteet
Analyysit
7 marras 07.00
∙
Lehdistötiedote
Third quarter financial results: Solid achievements despite lower revenue
4 syys 06.00
∙
Lehdistötiedote
AFK: Trade primary insiders
1 syys 10.46
∙
Osakeuutinen
AFK: Financial calendar
29 elo 06.00
∙
Lehdistötiedote
Arendals Fossekompani: Second quarter financial results??
26 elo 06.00
∙
Lehdistötiedote
AFK: Invitation to Q2 2025 financial results webcast and Q&A session
20 touko 06.00
∙
Lehdistötiedote
AFK: Arendals Fossekompani Ex dividend NOK 1.00 today
16 touko 10.12
∙
Lehdistötiedote
Arendals Fossekompani: Minutes from Annual General Meeting 2025
16 touko 06.15
∙
Lehdistötiedote
Arendals Fossekompani: First quarter financial results
16 touko 06.10
∙
Lehdistötiedote
AFK: Key information in relation to cash dividend to be paid by Arendals Fossekompani ASA
16 touko 06.00
∙
Lehdistötiedote
Arendals Fossekompani: First quarter financial results??
22 huhti 06.45
∙
Lehdistötiedote
Arendals Fossekompani - Notice of Annual General Meeting for 2025
22 huhti 06.00
∙
Lehdistötiedote
Arendals Fossekompani: Annual Report for 2024
19 helmi 16.00
∙
Lehdistötiedote
AFK: Meldepliktig handel
18 helmi 07.00
∙
Lehdistötiedote
AFK: Arendals Fossekompani Ex dividend NOK 1.00 today
14 helmi 07.10
∙
Lehdistötiedote
AFK: Key information in relation to cash dividend to be paid by Arendals Fossekompani ASA
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Third Quarter Results: Solid performance despite lower revenues
Oslo Børs – 7. November 2025, Arendal
Arendals Fossekompani ASA (OSE: AFK) reported revenues of 853 million kroner (909 million) and an operating profit (EBIT) of 33 million kroner (51 million) in the third quarter 2025. Ordinary profit after tax, but before minority interests, amounted to 733 million kroner (-25 million).
The decrease in the group's revenues and operating profit compared to the previous year was due to challenging market conditions for ENRX and lower hydropower production.
"Despite lower figures at group level, we see several solid performances in the portfolio companies. Volue delivered 24 % revenue growth year-on-year and a cash EBITDA margin of 19 %, NSSLGlobal reported growth in both revenues and profit, and Tekna delivered its first quarter with positive EBITDA since its IPO," says CEO Benjamin Golding.
Tekna – important milestone
In the quarter, Tekna delivered its first positive EBITDA quarter since its IPO. Revenues were 8,3 million CAD, corresponding to 9 % growth year-on-year. The growth was driven by a strong development in the Materials division, which increased revenues by 28 % year-on-year.
"This is an important milestone for Tekna. As a long-term owner, we have great faith in the company's continued development and value creation potential," says Golding.
After the quarter-end, the company announced a financing agreement with Scotiabank and a fully subscribed share issue of 300 million kroner. With this, Tekna's business plan until 2030 is fully financed.
Volue – continued strong development
Volue delivered solid growth and margin improvement. With an ARR growth of 22 % and a cash EBITDA margin of 19 %, the company delivered its second consecutive quarter as a "Rule-of-40" company.
In the quarter, Volue completed the sale of its Infrastructure division to FSN Capital, which resulted in a recognized gain of 1,8 billion kroner. After the quarter-end, the company acquired smartPulse, which strengthens its expansion in Southern and Eastern Europe as well as Turkey, and increases capacity in power exchange and battery optimization.
Sale of Factlines
In line with the strategy to reduce exposure to early-stage companies, Arendals Fossekompani sold Factlines to the leading Nordic ESG software and consulting player Position Green. As a result of the transaction, Arendals Fossekompani is now a minority shareholder in Position Green.
Portfolio Highlights
Volue: Continued strong development
Revenues: 349 million kroner (281 million), up 24 % year-on-year.
SaaS revenues: 150 million kroner, up 30 % from Q3 2024, and now account for 43 % of the total.
Completed sale of the Infrastructure division to FSN Capital, completing the transformation into a pure-play energy and power grid software company. Gain: 1,8 billion kroner.
ENRX: A challenging quarter
Revenues: 31,2 million EUR (35,5 million).
Operating profit: -0,9 million EUR (2,1 million).
Order intake: 30,8 million EUR (34,1 million).
Order backlog: 61 million EUR (77 million). ENRX continues to reduce costs and maintain strict capital discipline to adapt to the market cycle and improve profitability.
NSSLGlobal: Growth in revenues and profit
Revenues: 24,9 million GBP (23,7 million).
Operating profit: 4,6 million GBP (4,1 million).
Operating margin: 19 % (18 %).
New contracts: 16,8 million GBP (9,1 million) across enterprise, government, and maritime sectors.
Tekna: First quarter with positive EBITDA since IPO
Revenues: 8,3 million CAD (7,6 million).
Materials division: +28 % growth year-on-year.
Order intake last 12 months: record high 32,5 million CAD.
Adjusted EBITDA: +0,5 million CAD (-1,4 million).
Cash flow from operations: -0,3 million CAD (-0,6 million). Cost reductions continue through 2025 and are expected to further strengthen profitability.
AFK Hydropower: Low production partly compensated by higher prices
Revenues: 59 million kroner (75 million).
Production: 83,4 GWh (161,7 GWh).
Average price NO2 area: 67 EUR/MWh (37,8 EUR/MWh). Lower reservoir levels than in 2024 have driven prices up in 2025.
Solid financial position
Arendals Fossekompani continues to have a strong financial position. As of 30. September, the parent company had 720 million kroner in cash, as well as undrawn credit facilities of 2 003 million kroner. Total available liquidity thus amounted to 2 723 million kroner. Net interest-bearing debt (NIBD), excluding shareholder loans, was 131 million kroner at quarter-end.
"We remain focused on costs and profitability, while optimizing the portfolio for long-term value creation," says Golding.
As an international group, Arendals Fossekompani is naturally exposed to currency movements. Revenues denominated in NOK in ENRX and NSSLGlobal were positively impacted by the weakened Norwegian Krone compared to the third quarter 2024.
https://www.nordnet.no/market/news/86cc20f6-4b47-43ad-b85b-9213b4ed0312
I have not studied Q3.
See three challenges:
AFK ebit is weak (Q2-3). Mini hype NSSL Global (250 employees) expects lower revenue/ebit in 2025 than last year, they wrote in Q2.
ENRX (largest unit 1150 of 2400 employees) is under pressure due to decline in revenue and weak results.
Owners of AFK, taken from E24
ULFOSS INVEST AS 26.27%
HAVFONN AS 26.02%
MUST INVEST AS 25.19%
ARENDALS FOSSEKOMPANI ASA 1.88%
FOLKETRYGDFONDET 1.36%
SVANHILD OG ARNE MUST FOND FOR MED 1.17%
FABULOUS AS 0.81%
JOHANSEN PER-DIETRICH 0.67%
FONDSFINANS PENSION FUND 0.64%
FLØTEMARKEN AS 0.58%
Other 15.41%
Historically (30 years) it has been Ulrichsen (Ulfoss) and Must who have managed AFK. How long Bergesen (Havfonn) has been there, I don't know.
What is certain is that neither of them has given at today's level.
- It is asked if PE 3 is correct?
Can tell that Nordnet PE is on a bear tour. They use multiple based on a one-time event last year (including money from the sale of Volue).
Ex. one-time event is PE 60, cf. 2021 results and my 2025 estimate.
- Buy the stock?
When AFK also lacks a sustainable dividend policy (they distribute 2x of annual profit), both conditions make today's pricing make the stock uninteresting to buy, in my opinion and the multiple.
Nice with your input, we assess differently and I seem to be more wait-and-see about the future than you, that's cool. I want visibility before I report healthy. We both think that AFK's valuation is currently outside of a reasonable range.
AFK: Trade primary insiders
i går kl. 08:00 ∙ Oslo Børs
As part of its long-term incentive plan, Arendals Fossekompani ASA (AFK) has
sold a total of 20.761 shares to members of its executive management team. The
shares were sold at a price of NOK 139.40 per share, equal to the AFK share
price as of the first trading day of 2025 adjusted for dividend payouts in the
period. The shares are subject to a lock-up until 1 January 2028.
https://www.nordnet.no/market/news/7026758c-3dd5-4b48-adb0-24d231f6d0c5
1
Näytä enemmän
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Oslo Børs
Määrä
Osto
89
135
Myynti
Määrä
135,5
147
Viimeisimmät kaupat
Näytä enemmän
Aika
Hinta
Määrä
Ostaja
Myyjä
135
70
-
-
135
352
-
-
135,5
50
-
-
135,5
3
-
-
135,5
130
-
-
Ylin
135,5
VWAP
-
Alin
132,5
VaihtoMäärä
0,4 2 616
VWAP
-
Ylin
135,5
Alin
132,5
VaihtoMäärä
0,4 2 616
Tietoa osakekaupankäyntiin liittyvistä riskeistä
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.
Tämän sivun uutiset ja/tai sijoitussuositukset tai otteet niistä sekä niihin liittyvät linkit ovat mainitun tahon tuottamia ja toimittamia. Nordnet ei ole osallistunut materiaalin laatimiseen, eikä ole tarkistanut sen sisältöä tai tehnyt sisältöön muutoksia. Lue lisää sijoitussuosituksista.
Yhtiötapahtumat
Näytä kaikki
Seuraava tapahtuma
2025 Q4 -tulosraportti
13.2.2026
Menneet tapahtumat
2025 Q3 -tulosraportti
7.11.
2025 Q2 -tulosraportti
29.8.
2025 Q1 -tulosraportti
16.5.
2024 Q4 -tulosraportti
14.2.
2024 Q3 -tulosraportti
8.11.2024
Datan lähde: Quartr, FactSet
Tuotteita joiden kohde-etuutena tämä arvopaperi
Sertifikaatit
1,00 NOK/osake
Viimeisin osinko
3,02 %Tuotto/v
Näytä
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Third Quarter Results: Solid performance despite lower revenues
Oslo Børs – 7. November 2025, Arendal
Arendals Fossekompani ASA (OSE: AFK) reported revenues of 853 million kroner (909 million) and an operating profit (EBIT) of 33 million kroner (51 million) in the third quarter 2025. Ordinary profit after tax, but before minority interests, amounted to 733 million kroner (-25 million).
The decrease in the group's revenues and operating profit compared to the previous year was due to challenging market conditions for ENRX and lower hydropower production.
"Despite lower figures at group level, we see several solid performances in the portfolio companies. Volue delivered 24 % revenue growth year-on-year and a cash EBITDA margin of 19 %, NSSLGlobal reported growth in both revenues and profit, and Tekna delivered its first quarter with positive EBITDA since its IPO," says CEO Benjamin Golding.
Tekna – important milestone
In the quarter, Tekna delivered its first positive EBITDA quarter since its IPO. Revenues were 8,3 million CAD, corresponding to 9 % growth year-on-year. The growth was driven by a strong development in the Materials division, which increased revenues by 28 % year-on-year.
"This is an important milestone for Tekna. As a long-term owner, we have great faith in the company's continued development and value creation potential," says Golding.
After the quarter-end, the company announced a financing agreement with Scotiabank and a fully subscribed share issue of 300 million kroner. With this, Tekna's business plan until 2030 is fully financed.
Volue – continued strong development
Volue delivered solid growth and margin improvement. With an ARR growth of 22 % and a cash EBITDA margin of 19 %, the company delivered its second consecutive quarter as a "Rule-of-40" company.
In the quarter, Volue completed the sale of its Infrastructure division to FSN Capital, which resulted in a recognized gain of 1,8 billion kroner. After the quarter-end, the company acquired smartPulse, which strengthens its expansion in Southern and Eastern Europe as well as Turkey, and increases capacity in power exchange and battery optimization.
Sale of Factlines
In line with the strategy to reduce exposure to early-stage companies, Arendals Fossekompani sold Factlines to the leading Nordic ESG software and consulting player Position Green. As a result of the transaction, Arendals Fossekompani is now a minority shareholder in Position Green.
Portfolio Highlights
Volue: Continued strong development
Revenues: 349 million kroner (281 million), up 24 % year-on-year.
SaaS revenues: 150 million kroner, up 30 % from Q3 2024, and now account for 43 % of the total.
Completed sale of the Infrastructure division to FSN Capital, completing the transformation into a pure-play energy and power grid software company. Gain: 1,8 billion kroner.
ENRX: A challenging quarter
Revenues: 31,2 million EUR (35,5 million).
Operating profit: -0,9 million EUR (2,1 million).
Order intake: 30,8 million EUR (34,1 million).
Order backlog: 61 million EUR (77 million). ENRX continues to reduce costs and maintain strict capital discipline to adapt to the market cycle and improve profitability.
NSSLGlobal: Growth in revenues and profit
Revenues: 24,9 million GBP (23,7 million).
Operating profit: 4,6 million GBP (4,1 million).
Operating margin: 19 % (18 %).
New contracts: 16,8 million GBP (9,1 million) across enterprise, government, and maritime sectors.
Tekna: First quarter with positive EBITDA since IPO
Revenues: 8,3 million CAD (7,6 million).
Materials division: +28 % growth year-on-year.
Order intake last 12 months: record high 32,5 million CAD.
Adjusted EBITDA: +0,5 million CAD (-1,4 million).
Cash flow from operations: -0,3 million CAD (-0,6 million). Cost reductions continue through 2025 and are expected to further strengthen profitability.
AFK Hydropower: Low production partly compensated by higher prices
Revenues: 59 million kroner (75 million).
Production: 83,4 GWh (161,7 GWh).
Average price NO2 area: 67 EUR/MWh (37,8 EUR/MWh). Lower reservoir levels than in 2024 have driven prices up in 2025.
Solid financial position
Arendals Fossekompani continues to have a strong financial position. As of 30. September, the parent company had 720 million kroner in cash, as well as undrawn credit facilities of 2 003 million kroner. Total available liquidity thus amounted to 2 723 million kroner. Net interest-bearing debt (NIBD), excluding shareholder loans, was 131 million kroner at quarter-end.
"We remain focused on costs and profitability, while optimizing the portfolio for long-term value creation," says Golding.
As an international group, Arendals Fossekompani is naturally exposed to currency movements. Revenues denominated in NOK in ENRX and NSSLGlobal were positively impacted by the weakened Norwegian Krone compared to the third quarter 2024.
https://www.nordnet.no/market/news/86cc20f6-4b47-43ad-b85b-9213b4ed0312
I have not studied Q3.
See three challenges:
AFK ebit is weak (Q2-3). Mini hype NSSL Global (250 employees) expects lower revenue/ebit in 2025 than last year, they wrote in Q2.
ENRX (largest unit 1150 of 2400 employees) is under pressure due to decline in revenue and weak results.
Owners of AFK, taken from E24
ULFOSS INVEST AS 26.27%
HAVFONN AS 26.02%
MUST INVEST AS 25.19%
ARENDALS FOSSEKOMPANI ASA 1.88%
FOLKETRYGDFONDET 1.36%
SVANHILD OG ARNE MUST FOND FOR MED 1.17%
FABULOUS AS 0.81%
JOHANSEN PER-DIETRICH 0.67%
FONDSFINANS PENSION FUND 0.64%
FLØTEMARKEN AS 0.58%
Other 15.41%
Historically (30 years) it has been Ulrichsen (Ulfoss) and Must who have managed AFK. How long Bergesen (Havfonn) has been there, I don't know.
What is certain is that neither of them has given at today's level.
- It is asked if PE 3 is correct?
Can tell that Nordnet PE is on a bear tour. They use multiple based on a one-time event last year (including money from the sale of Volue).
Ex. one-time event is PE 60, cf. 2021 results and my 2025 estimate.
- Buy the stock?
When AFK also lacks a sustainable dividend policy (they distribute 2x of annual profit), both conditions make today's pricing make the stock uninteresting to buy, in my opinion and the multiple.
Nice with your input, we assess differently and I seem to be more wait-and-see about the future than you, that's cool. I want visibility before I report healthy. We both think that AFK's valuation is currently outside of a reasonable range.
AFK: Trade primary insiders
i går kl. 08:00 ∙ Oslo Børs
As part of its long-term incentive plan, Arendals Fossekompani ASA (AFK) has
sold a total of 20.761 shares to members of its executive management team. The
shares were sold at a price of NOK 139.40 per share, equal to the AFK share
price as of the first trading day of 2025 adjusted for dividend payouts in the
period. The shares are subject to a lock-up until 1 January 2028.
https://www.nordnet.no/market/news/7026758c-3dd5-4b48-adb0-24d231f6d0c5
1
Näytä enemmän
Yllä olevat kommentit ovat peräisin Nordnetin sosiaalisen verkoston Sharevillen käyttäjiltä, eikä niitä ole muokattu eikä Nordnet ole tarkastanut niitä etukäteen. Ne eivät tarkoita, että Nordnet tarjoaisi sijoitusneuvoja tai sijoitussuosituksia. Nordnet ei ota vastuuta kommenteista.
Tarjoustasot
Oslo Børs
Määrä
Osto
89
135
Myynti
Määrä
135,5
147
Viimeisimmät kaupat
Näytä enemmän
Aika
Hinta
Määrä
Ostaja
Myyjä
135
70
-
-
135
352
-
-
135,5
50
-
-
135,5
3
-
-
135,5
130
-
-
Ylin
135,5
VWAP
-
Alin
132,5
VaihtoMäärä
0,4 2 616
VWAP
-
Ylin
135,5
Alin
132,5
VaihtoMäärä
0,4 2 616
Tietoa osakekaupankäyntiin liittyvistä riskeistä
Huomioi, että vaikka osakkeisiin säästäminen on pitkällä aikavälillä tuottanut hyvin, tulevasta tuotosta ei ole takeita. On olemassa riski, että et saa sijoittamiasi varoja takaisin.