Q3-osavuosiraportti
UUTTA
3 päivää sitten‧11 min
0,20 NOK/osake
Viimeisin osinko
Tarjoustasot
Oslo Børs
Määrä
Osto
2 000
Myynti
Määrä
1 969
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 915 | - | - | ||
| 400 | - | - | ||
| 1 000 | - | - | ||
| 73 | - | - | ||
| 1 000 | - | - |
Ylin
4,78VWAP
Alin
4,38VaihtoMäärä
0,3 65 582
VWAP
Ylin
4,78Alin
4,38VaihtoMäärä
0,3 65 582
Välittäjätilasto
Dataa ei löytynyt
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q4-osavuosiraportti | 13.2.2026 |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3-osavuosiraportti | 14.11. | |
| 2025 Q2-osavuosiraportti | 28.8. | |
| 2024 Yhtiökokous | 19.6. | |
| 2025 Q1-osavuosiraportti | 16.5. | |
| 2024 Q4-osavuosiraportti | 27.2. |
Datan lähde: Millistream, Quartr
Asiakkaat katsoivat myös
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
·2 päivää sittenThis looks promising. The margin is improving from q2 to q3, which shows they are on the right track. With today's nto result (in q3 alone) of just under 10 mill, further growth and margin improvement will justify a higher MC. It is also worth noting that Austevoll Rørteknikk is not integrated into the result; their latest significant contract of 50 mill and target of 7-9 % margin will add an additional 3-4 mill to the result.
·2 päivää sittenI still find the reporting unclear and misleading… But agree that this is a turnover case in the long run.
2 päivää sitten · Muokattu2 päivää sitten · MuokattuDetailed DCF Calculation for EQVA ASA with 6-Month Target Price Using the Q3 2025 quarterly report and financial highlights from EQVA ASA (released November 14, 2025), I’ve constructed a Discounted Cash Flow (DCF) model to estimate the intrinsic value and derive a 6-month target price (to May 2026). The model projects free cash flows (FCF) over a 5-year explicit period (2026-2030), calculates a terminal value, and discounts these back using the Weighted Average Cost of Capital (WACC). Key Assumptions • Base Year (2025) Revenue: NOK 1,400 million (extrapolated from YTD Q3 2025 revenue of NOK 1,079 million, assuming Q4 growth aligns with the 44% YTD YoY increase and includes the ART acquisition impact). • Revenue Growth Rates: 25% (2026), 20% (2027), 15% (2028), 10% (2029), 5% (2030) – reflecting high near-term growth from M&A and organic expansion, tapering to a stable long-term rate. • EBITDA Margin: 10% (slight uplift from current 9.7% YTD, driven by scale and efficiency gains). • Depreciation Rate: 5% of revenue (aligned with industrial services asset base). • Capex Rate: 5% of revenue (for maintenance and growth, consistent with industry norms). • Change in Net Working Capital (ΔNWC): 10% of incremental revenue (to account for working capital needs during growth). • Tax Rate: 22% (Norwegian corporate tax rate). • WACC: 10% (risk-free rate ~3-4%, equity risk premium ~5-6%, beta ~1.2 for small-cap industrials, adjusted for modest debt). • Terminal Growth Rate: 3% (reflecting long-term Norwegian GDP/inflation trends). • Net Debt: NOK 210 million (from Q3 report balance sheet data). • Shares Outstanding: 91.7 million (based on market cap and recent price data). Step-by-Step DCF Calculation 1 Project Revenues: ◦ 2025: NOK 1,400M ◦ 2026: 1,400 × 1.25 = NOK 1,750M ◦ 2027: 1,750 × 1.20 = NOK 2,100M ◦ 2028: 2,100 × 1.15 = NOK 2,415M ◦ 2029: 2,415 × 1.10 = NOK 2,657M ◦ 2030: 2,657 × 1.05 = NOK 2,789M 2 Calculate Annual Metrics (2026-2030): For each year: ◦ EBITDA = Revenue × 10% ◦ Depreciation = Revenue × 5% ◦ EBIT = EBITDA - Depreciation ◦ NOPAT = EBIT × (1 - 0.22) ◦ ΔNWC = 0.10 × (Revenue - Prior Revenue) ◦ Capex = Revenue × 5% ◦ FCF = NOPAT + Depreciation - Capex - ΔNWC 3 Results: ◦ 2026: EBITDA = 175M, Dep = 87.5M, EBIT = 87.5M, NOPAT = 68.25M, ΔNWC = 35M, Capex = 87.5M → FCF = 68.25 + 87.5 - 87.5 - 35 = NOK 33.25M ◦ 2027: EBITDA = 210M, Dep = 105M, EBIT = 105M, NOPAT = 81.9M, ΔNWC = 35M, Capex = 105M → FCF = 81.9 + 105 - 105 - 35 = NOK 46.9M ◦ 2028: EBITDA = 241.5M, Dep = 120.75M, EBIT = 120.75M, NOPAT = 94.185M, ΔNWC = 31.5M, Capex = 120.75M → FCF = 94.185 + 120.75 - 120.75 - 31.5 = NOK 62.685M ◦ 2029: EBITDA = 265.65M, Dep = 132.825M, EBIT = 132.825M, NOPAT = 103.6035M, ΔNWC = 24.15M, Capex = 132.825M → FCF = 103.6035 + 132.825 - 132.825 - 24.15 = NOK 79.4535M ◦ 2030: EBITDA = 278.9325M, Dep = 139.46625M, EBIT = 139.46625M, NOPAT = 108.783675M, ΔNWC = 13.2825M, Capex = 139.46625M → FCF = 108.783675 + 139.46625 - 139.46625 - 13.2825 = NOK 95.501175M 4 Discount FCFs to Present Value: ◦ PV(FCF_t) = FCF_t / (1 + WACC)^t ◦ PV 2026: 33.25 / 1.10^1 ≈ 30.227M ◦ PV 2027: 46.9 / 1.10^2 ≈ 38.760M ◦ PV 2028: 62.685 / 1.10^3 ≈ 47.101M ◦ PV 2029: 79.4535 / 1.10^4 ≈ 54.259M ◦ PV 2030: 95.501175 / 1.10^5 ≈ 59.303M ◦ Total PV of FCFs: NOK 229.65M 5 Terminal Value (TV): ◦ TV at end-2030 = FCF_2030 × (1 + Terminal Growth) / (WACC - Terminal Growth) = 95.501 × 1.03 / (0.10 - 0.03) ≈ 95.501 × 1.03 / 0.07 ≈ 1,404.43M ◦ PV of TV: 1,404.43 / 1.10^5 ≈ NOK 872.54M 6 Enterprise Value (EV): ◦ EV = PV of FCFs + PV of TV = 229.65 + 872.54 = NOK 1,102.19M 7 Equity Value and Price per Share: ◦ Equity Value = EV - Net Debt = 1,102.19 - 210 = NOK 892.19M ◦ Fair Value per Share = Equity Value / Shares = 892.19 / 91.7 ≈ NOK 9.73 6-Month Target Price (to May 2026) • Current Price (Nov 14, 2025): ~NOK 4.37 (based on recent close). • The DCF intrinsic value of NOK 9.73 suggests significant upside. However, considering market dynamics, integration risks from recent acquisitions (e.g., ART), and potential sector volatility, a 6-month target reflects a partial re-rating. • Base Case Target: NOK 5.50 (+26%) – assumes steady order intake and partial multiple expansion to ~0.6x EV/Sales (from current ~0.3-0.4x). • Bull Case: NOK 6.20 (+42%) – if Q4 2025 results exceed expectations and ART integration boosts growth. • Bear Case: NOK 4.00 (-9%) – if macro headwinds or delayed orders impact performance. Sensitivity Analysis • Lower Growth Scenario: If growth rates drop by 5% annually (e.g., 20%/15%/10%/5%/0%), fair value falls to ~NOK 7.50. • Higher WACC (12%): Fair value reduces to ~NOK 8.00. • These sensitivities underscore the model’s dependence on growth and discount rate assumptions. Disclaimer: This is not financial advice. The DCF relies on estimates and forward-looking assumptions from the Q3 report. Review full filings and consult a professional advisor before investing.
2 päivää sitten2 päivää sittenTämä julkaisu on poistettu.
·2 päivää sittenProfit YTD 2025 is approximately 16.5 million for continuing operations.- ·2 päivää sitten · MuokattuBuldremonster what will you say about Q3? Or what will other experts say? Is this good?·2 päivää sittenIt was an okay quarter. They are left with 9.8 mill in Q3 or 11 øre per share. (19 øre year-to-date). (source: bottom of page 24 in the presentation). If they manage the same result in Q4, they will end up with around 30 øre in profit per share for the whole of 2025. But in Q4 2024 they paid out large bonuses and it resulted in a weak Q4 result, so we'll see. I think that all in all this was a good step on the way, but that larger investors will probably want to see several consecutive quarters with growth and increased profitability before they take interest.
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
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.
Q3-osavuosiraportti
UUTTA
3 päivää sitten‧11 min
0,20 NOK/osake
Viimeisin osinko
Uutiset ja analyysit
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.
Kirjaudu
- ·2 päivää sittenThis looks promising. The margin is improving from q2 to q3, which shows they are on the right track. With today's nto result (in q3 alone) of just under 10 mill, further growth and margin improvement will justify a higher MC. It is also worth noting that Austevoll Rørteknikk is not integrated into the result; their latest significant contract of 50 mill and target of 7-9 % margin will add an additional 3-4 mill to the result.·2 päivää sittenI still find the reporting unclear and misleading… But agree that this is a turnover case in the long run.
- 2 päivää sitten · Muokattu2 päivää sitten · MuokattuDetailed DCF Calculation for EQVA ASA with 6-Month Target Price Using the Q3 2025 quarterly report and financial highlights from EQVA ASA (released November 14, 2025), I’ve constructed a Discounted Cash Flow (DCF) model to estimate the intrinsic value and derive a 6-month target price (to May 2026). The model projects free cash flows (FCF) over a 5-year explicit period (2026-2030), calculates a terminal value, and discounts these back using the Weighted Average Cost of Capital (WACC). Key Assumptions • Base Year (2025) Revenue: NOK 1,400 million (extrapolated from YTD Q3 2025 revenue of NOK 1,079 million, assuming Q4 growth aligns with the 44% YTD YoY increase and includes the ART acquisition impact). • Revenue Growth Rates: 25% (2026), 20% (2027), 15% (2028), 10% (2029), 5% (2030) – reflecting high near-term growth from M&A and organic expansion, tapering to a stable long-term rate. • EBITDA Margin: 10% (slight uplift from current 9.7% YTD, driven by scale and efficiency gains). • Depreciation Rate: 5% of revenue (aligned with industrial services asset base). • Capex Rate: 5% of revenue (for maintenance and growth, consistent with industry norms). • Change in Net Working Capital (ΔNWC): 10% of incremental revenue (to account for working capital needs during growth). • Tax Rate: 22% (Norwegian corporate tax rate). • WACC: 10% (risk-free rate ~3-4%, equity risk premium ~5-6%, beta ~1.2 for small-cap industrials, adjusted for modest debt). • Terminal Growth Rate: 3% (reflecting long-term Norwegian GDP/inflation trends). • Net Debt: NOK 210 million (from Q3 report balance sheet data). • Shares Outstanding: 91.7 million (based on market cap and recent price data). Step-by-Step DCF Calculation 1 Project Revenues: ◦ 2025: NOK 1,400M ◦ 2026: 1,400 × 1.25 = NOK 1,750M ◦ 2027: 1,750 × 1.20 = NOK 2,100M ◦ 2028: 2,100 × 1.15 = NOK 2,415M ◦ 2029: 2,415 × 1.10 = NOK 2,657M ◦ 2030: 2,657 × 1.05 = NOK 2,789M 2 Calculate Annual Metrics (2026-2030): For each year: ◦ EBITDA = Revenue × 10% ◦ Depreciation = Revenue × 5% ◦ EBIT = EBITDA - Depreciation ◦ NOPAT = EBIT × (1 - 0.22) ◦ ΔNWC = 0.10 × (Revenue - Prior Revenue) ◦ Capex = Revenue × 5% ◦ FCF = NOPAT + Depreciation - Capex - ΔNWC 3 Results: ◦ 2026: EBITDA = 175M, Dep = 87.5M, EBIT = 87.5M, NOPAT = 68.25M, ΔNWC = 35M, Capex = 87.5M → FCF = 68.25 + 87.5 - 87.5 - 35 = NOK 33.25M ◦ 2027: EBITDA = 210M, Dep = 105M, EBIT = 105M, NOPAT = 81.9M, ΔNWC = 35M, Capex = 105M → FCF = 81.9 + 105 - 105 - 35 = NOK 46.9M ◦ 2028: EBITDA = 241.5M, Dep = 120.75M, EBIT = 120.75M, NOPAT = 94.185M, ΔNWC = 31.5M, Capex = 120.75M → FCF = 94.185 + 120.75 - 120.75 - 31.5 = NOK 62.685M ◦ 2029: EBITDA = 265.65M, Dep = 132.825M, EBIT = 132.825M, NOPAT = 103.6035M, ΔNWC = 24.15M, Capex = 132.825M → FCF = 103.6035 + 132.825 - 132.825 - 24.15 = NOK 79.4535M ◦ 2030: EBITDA = 278.9325M, Dep = 139.46625M, EBIT = 139.46625M, NOPAT = 108.783675M, ΔNWC = 13.2825M, Capex = 139.46625M → FCF = 108.783675 + 139.46625 - 139.46625 - 13.2825 = NOK 95.501175M 4 Discount FCFs to Present Value: ◦ PV(FCF_t) = FCF_t / (1 + WACC)^t ◦ PV 2026: 33.25 / 1.10^1 ≈ 30.227M ◦ PV 2027: 46.9 / 1.10^2 ≈ 38.760M ◦ PV 2028: 62.685 / 1.10^3 ≈ 47.101M ◦ PV 2029: 79.4535 / 1.10^4 ≈ 54.259M ◦ PV 2030: 95.501175 / 1.10^5 ≈ 59.303M ◦ Total PV of FCFs: NOK 229.65M 5 Terminal Value (TV): ◦ TV at end-2030 = FCF_2030 × (1 + Terminal Growth) / (WACC - Terminal Growth) = 95.501 × 1.03 / (0.10 - 0.03) ≈ 95.501 × 1.03 / 0.07 ≈ 1,404.43M ◦ PV of TV: 1,404.43 / 1.10^5 ≈ NOK 872.54M 6 Enterprise Value (EV): ◦ EV = PV of FCFs + PV of TV = 229.65 + 872.54 = NOK 1,102.19M 7 Equity Value and Price per Share: ◦ Equity Value = EV - Net Debt = 1,102.19 - 210 = NOK 892.19M ◦ Fair Value per Share = Equity Value / Shares = 892.19 / 91.7 ≈ NOK 9.73 6-Month Target Price (to May 2026) • Current Price (Nov 14, 2025): ~NOK 4.37 (based on recent close). • The DCF intrinsic value of NOK 9.73 suggests significant upside. However, considering market dynamics, integration risks from recent acquisitions (e.g., ART), and potential sector volatility, a 6-month target reflects a partial re-rating. • Base Case Target: NOK 5.50 (+26%) – assumes steady order intake and partial multiple expansion to ~0.6x EV/Sales (from current ~0.3-0.4x). • Bull Case: NOK 6.20 (+42%) – if Q4 2025 results exceed expectations and ART integration boosts growth. • Bear Case: NOK 4.00 (-9%) – if macro headwinds or delayed orders impact performance. Sensitivity Analysis • Lower Growth Scenario: If growth rates drop by 5% annually (e.g., 20%/15%/10%/5%/0%), fair value falls to ~NOK 7.50. • Higher WACC (12%): Fair value reduces to ~NOK 8.00. • These sensitivities underscore the model’s dependence on growth and discount rate assumptions. Disclaimer: This is not financial advice. The DCF relies on estimates and forward-looking assumptions from the Q3 report. Review full filings and consult a professional advisor before investing.
- 2 päivää sitten2 päivää sittenTämä julkaisu on poistettu.·2 päivää sittenProfit YTD 2025 is approximately 16.5 million for continuing operations.
- ·2 päivää sitten · MuokattuBuldremonster what will you say about Q3? Or what will other experts say? Is this good?·2 päivää sittenIt was an okay quarter. They are left with 9.8 mill in Q3 or 11 øre per share. (19 øre year-to-date). (source: bottom of page 24 in the presentation). If they manage the same result in Q4, they will end up with around 30 øre in profit per share for the whole of 2025. But in Q4 2024 they paid out large bonuses and it resulted in a weak Q4 result, so we'll see. I think that all in all this was a good step on the way, but that larger investors will probably want to see several consecutive quarters with growth and increased profitability before they take interest.
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
2 000
Myynti
Määrä
1 969
Viimeisimmät kaupat
| Aika | Hinta | Määrä | Ostaja | Myyjä |
|---|---|---|---|---|
| 915 | - | - | ||
| 400 | - | - | ||
| 1 000 | - | - | ||
| 73 | - | - | ||
| 1 000 | - | - |
Ylin
4,78VWAP
Alin
4,38VaihtoMäärä
0,3 65 582
VWAP
Ylin
4,78Alin
4,38VaihtoMäärä
0,3 65 582
Välittäjätilasto
Dataa ei löytynyt
Asiakkaat katsoivat myös
Yhtiötapahtumat
| Seuraava tapahtuma | |
|---|---|
| 2025 Q4-osavuosiraportti | 13.2.2026 |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3-osavuosiraportti | 14.11. | |
| 2025 Q2-osavuosiraportti | 28.8. | |
| 2024 Yhtiökokous | 19.6. | |
| 2025 Q1-osavuosiraportti | 16.5. | |
| 2024 Q4-osavuosiraportti | 27.2. |
Datan lähde: Millistream, Quartr
Q3-osavuosiraportti
UUTTA
3 päivää sitten‧11 min
Uutiset ja analyysit
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
| Seuraava tapahtuma | |
|---|---|
| 2025 Q4-osavuosiraportti | 13.2.2026 |
| Menneet tapahtumat | ||
|---|---|---|
| 2025 Q3-osavuosiraportti | 14.11. | |
| 2025 Q2-osavuosiraportti | 28.8. | |
| 2024 Yhtiökokous | 19.6. | |
| 2025 Q1-osavuosiraportti | 16.5. | |
| 2024 Q4-osavuosiraportti | 27.2. |
Datan lähde: Millistream, Quartr
0,20 NOK/osake
Viimeisin osinko
Shareville
Liity keskusteluun SharevillessäShareville on aktiivisten yksityissijoittajien yhteisö, jossa voit seurata muiden asiakkaiden kaupankäyntiä ja omistuksia.
Kirjaudu
- ·2 päivää sittenThis looks promising. The margin is improving from q2 to q3, which shows they are on the right track. With today's nto result (in q3 alone) of just under 10 mill, further growth and margin improvement will justify a higher MC. It is also worth noting that Austevoll Rørteknikk is not integrated into the result; their latest significant contract of 50 mill and target of 7-9 % margin will add an additional 3-4 mill to the result.·2 päivää sittenI still find the reporting unclear and misleading… But agree that this is a turnover case in the long run.
- 2 päivää sitten · Muokattu2 päivää sitten · MuokattuDetailed DCF Calculation for EQVA ASA with 6-Month Target Price Using the Q3 2025 quarterly report and financial highlights from EQVA ASA (released November 14, 2025), I’ve constructed a Discounted Cash Flow (DCF) model to estimate the intrinsic value and derive a 6-month target price (to May 2026). The model projects free cash flows (FCF) over a 5-year explicit period (2026-2030), calculates a terminal value, and discounts these back using the Weighted Average Cost of Capital (WACC). Key Assumptions • Base Year (2025) Revenue: NOK 1,400 million (extrapolated from YTD Q3 2025 revenue of NOK 1,079 million, assuming Q4 growth aligns with the 44% YTD YoY increase and includes the ART acquisition impact). • Revenue Growth Rates: 25% (2026), 20% (2027), 15% (2028), 10% (2029), 5% (2030) – reflecting high near-term growth from M&A and organic expansion, tapering to a stable long-term rate. • EBITDA Margin: 10% (slight uplift from current 9.7% YTD, driven by scale and efficiency gains). • Depreciation Rate: 5% of revenue (aligned with industrial services asset base). • Capex Rate: 5% of revenue (for maintenance and growth, consistent with industry norms). • Change in Net Working Capital (ΔNWC): 10% of incremental revenue (to account for working capital needs during growth). • Tax Rate: 22% (Norwegian corporate tax rate). • WACC: 10% (risk-free rate ~3-4%, equity risk premium ~5-6%, beta ~1.2 for small-cap industrials, adjusted for modest debt). • Terminal Growth Rate: 3% (reflecting long-term Norwegian GDP/inflation trends). • Net Debt: NOK 210 million (from Q3 report balance sheet data). • Shares Outstanding: 91.7 million (based on market cap and recent price data). Step-by-Step DCF Calculation 1 Project Revenues: ◦ 2025: NOK 1,400M ◦ 2026: 1,400 × 1.25 = NOK 1,750M ◦ 2027: 1,750 × 1.20 = NOK 2,100M ◦ 2028: 2,100 × 1.15 = NOK 2,415M ◦ 2029: 2,415 × 1.10 = NOK 2,657M ◦ 2030: 2,657 × 1.05 = NOK 2,789M 2 Calculate Annual Metrics (2026-2030): For each year: ◦ EBITDA = Revenue × 10% ◦ Depreciation = Revenue × 5% ◦ EBIT = EBITDA - Depreciation ◦ NOPAT = EBIT × (1 - 0.22) ◦ ΔNWC = 0.10 × (Revenue - Prior Revenue) ◦ Capex = Revenue × 5% ◦ FCF = NOPAT + Depreciation - Capex - ΔNWC 3 Results: ◦ 2026: EBITDA = 175M, Dep = 87.5M, EBIT = 87.5M, NOPAT = 68.25M, ΔNWC = 35M, Capex = 87.5M → FCF = 68.25 + 87.5 - 87.5 - 35 = NOK 33.25M ◦ 2027: EBITDA = 210M, Dep = 105M, EBIT = 105M, NOPAT = 81.9M, ΔNWC = 35M, Capex = 105M → FCF = 81.9 + 105 - 105 - 35 = NOK 46.9M ◦ 2028: EBITDA = 241.5M, Dep = 120.75M, EBIT = 120.75M, NOPAT = 94.185M, ΔNWC = 31.5M, Capex = 120.75M → FCF = 94.185 + 120.75 - 120.75 - 31.5 = NOK 62.685M ◦ 2029: EBITDA = 265.65M, Dep = 132.825M, EBIT = 132.825M, NOPAT = 103.6035M, ΔNWC = 24.15M, Capex = 132.825M → FCF = 103.6035 + 132.825 - 132.825 - 24.15 = NOK 79.4535M ◦ 2030: EBITDA = 278.9325M, Dep = 139.46625M, EBIT = 139.46625M, NOPAT = 108.783675M, ΔNWC = 13.2825M, Capex = 139.46625M → FCF = 108.783675 + 139.46625 - 139.46625 - 13.2825 = NOK 95.501175M 4 Discount FCFs to Present Value: ◦ PV(FCF_t) = FCF_t / (1 + WACC)^t ◦ PV 2026: 33.25 / 1.10^1 ≈ 30.227M ◦ PV 2027: 46.9 / 1.10^2 ≈ 38.760M ◦ PV 2028: 62.685 / 1.10^3 ≈ 47.101M ◦ PV 2029: 79.4535 / 1.10^4 ≈ 54.259M ◦ PV 2030: 95.501175 / 1.10^5 ≈ 59.303M ◦ Total PV of FCFs: NOK 229.65M 5 Terminal Value (TV): ◦ TV at end-2030 = FCF_2030 × (1 + Terminal Growth) / (WACC - Terminal Growth) = 95.501 × 1.03 / (0.10 - 0.03) ≈ 95.501 × 1.03 / 0.07 ≈ 1,404.43M ◦ PV of TV: 1,404.43 / 1.10^5 ≈ NOK 872.54M 6 Enterprise Value (EV): ◦ EV = PV of FCFs + PV of TV = 229.65 + 872.54 = NOK 1,102.19M 7 Equity Value and Price per Share: ◦ Equity Value = EV - Net Debt = 1,102.19 - 210 = NOK 892.19M ◦ Fair Value per Share = Equity Value / Shares = 892.19 / 91.7 ≈ NOK 9.73 6-Month Target Price (to May 2026) • Current Price (Nov 14, 2025): ~NOK 4.37 (based on recent close). • The DCF intrinsic value of NOK 9.73 suggests significant upside. However, considering market dynamics, integration risks from recent acquisitions (e.g., ART), and potential sector volatility, a 6-month target reflects a partial re-rating. • Base Case Target: NOK 5.50 (+26%) – assumes steady order intake and partial multiple expansion to ~0.6x EV/Sales (from current ~0.3-0.4x). • Bull Case: NOK 6.20 (+42%) – if Q4 2025 results exceed expectations and ART integration boosts growth. • Bear Case: NOK 4.00 (-9%) – if macro headwinds or delayed orders impact performance. Sensitivity Analysis • Lower Growth Scenario: If growth rates drop by 5% annually (e.g., 20%/15%/10%/5%/0%), fair value falls to ~NOK 7.50. • Higher WACC (12%): Fair value reduces to ~NOK 8.00. • These sensitivities underscore the model’s dependence on growth and discount rate assumptions. Disclaimer: This is not financial advice. The DCF relies on estimates and forward-looking assumptions from the Q3 report. Review full filings and consult a professional advisor before investing.
- 2 päivää sitten2 päivää sittenTämä julkaisu on poistettu.·2 päivää sittenProfit YTD 2025 is approximately 16.5 million for continuing operations.
- ·2 päivää sitten · MuokattuBuldremonster what will you say about Q3? Or what will other experts say? Is this good?·2 päivää sittenIt was an okay quarter. They are left with 9.8 mill in Q3 or 11 øre per share. (19 øre year-to-date). (source: bottom of page 24 in the presentation). If they manage the same result in Q4, they will end up with around 30 øre in profit per share for the whole of 2025. But in Q4 2024 they paid out large bonuses and it resulted in a weak Q4 result, so we'll see. I think that all in all this was a good step on the way, but that larger investors will probably want to see several consecutive quarters with growth and increased profitability before they take interest.
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