Valuation Overview

Growth Story

Over the next few years, revenue is expected to grow by 8.41%, higher than industry average of 6.78%.

Growth Trajectory

Profitability

In the growth phase company makes 4.63% profit on every dollar of sales, lower than industry average of 4.81%.

Profitability Trajectory

Risk Profile

Investors expect at least 5.35% return to justify the risk of holding stock.

Risk vs Return

Required Return (Cost of Capital) (%)
Return on Invested Capital (%)

Financial Health Overview

Enterprise Value
30.94B NOK
Equity Value
31.80B NOK
FCF Yield
69.21%
Average ROIC
45.24%
Cost of Capital
6.33%
P/E Ratio
14.62x
Financial MetricMost Recent 12 months (NOK)Previous Year (NOK)
Revenues41.51B NOK41.40B NOK
Operating Income or EBIT1.82B NOK1.76B NOK
Interest Expense91M NOK80M NOK
Book Value Of Equity2.47B NOK3.30B NOK
Book Value Of Debt377M NOK1.55B NOK
Cash and Marketable Securities1.29B NOK2.96B NOK
Number of Shares Outstanding134.96M--
Minority interests52M NOK0 NOK
Current Stock Price157.80 NOK--
Effective Tax Rate20.00%--
Marginal Tax Rate22.00%--

Performance vs Industry

Revenue Growth
-6.52%
0.25%Company
vs
6.77%Industry
Below Industry
Operating Margin
-0.43%
4.38%Company
vs
4.81%Industry
At Industry Level
Veidekke ASA performs in line with industry averages, showing balanced competitive positioning within its sector.

Terminal Value Analysis

Growth Rate
3.84%
Cost of Capital
8.07%
Return on Capital
8.07%
Reinvestment Rate
47.58%
Terminal value represents 71% of total enterprise value, based on 3.84% perpetual growth and 8.07% discount rate.

Equity Value Breakdown

ComponentValueType
Present Value (Terminal Value) 22.00B NOK Add
Present Value (Cash Flow Over Next 10 Years) 8.94B NOK Add
Value of Operating Assets 30.94B NOK Sub-total
Debt 377.00M NOK Subtract
Minority Interests 52.00M NOK Subtract
Cash 1.29B NOK Add
Value of Equity 31.80B NOK Sub-total
Number of Shares 134.96M shares Divisor
Estimated Value per Share (Fair Value) 235.68 NOK Total
Current Market Price 157.80 NOK Reference

Financial Projections

Total FCF Present Value
8.94B NOK
Avg Revenue Growth
6.31%
Avg Operating Margin
4.68%
Avg ROIC
45.24%
Year 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Terminal Year
REVENUE
Revenue45.64B NOK49.48B NOK53.64B NOK58.15B NOK63.05B NOK67.78B NOK72.24B NOK76.33B NOK79.96B NOK83.03B NOK86.22B NOK
Growth Rate 9.95% 8.41% 8.41% 8.41% 8.41% 7.49% 6.58% 5.66% 4.75% 3.84% 3.84%
PROFITABILITY
Operating Income2.00B NOK2.25B NOK2.48B NOK2.74B NOK3.02B NOK3.25B NOK3.46B NOK3.66B NOK3.83B NOK3.98B NOK4.13B NOK
Operating Margin 4.38% 4.55% 4.63% 4.71% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79% 4.79%
EBIT (1-tax)1.60B NOK1.80B NOK1.98B NOK2.19B NOK2.42B NOK2.58B NOK2.74B NOK2.88B NOK3.00B NOK3.10B NOK3.22B NOK
CASH FLOW
Reinvestment1.13B NOK1.22B NOK1.32B NOK1.44B NOK1.39B NOK1.15B NOK1.06B NOK939.61M NOK794.93M NOK825.45M NOK1.53B NOK
Free Cash Flow469.80M NOK574.96M NOK658.91M NOK752.92M NOK1.02B NOK1.43B NOK1.68B NOK1.94B NOK2.21B NOK2.28B NOK1.69B NOK
Terminal Value--------------------39.99B NOK
Present Value445.95M NOK518.07M NOK563.57M NOK611.28M NOK792.23M NOK1.04B NOK1.15B NOK1.24B NOK1.31B NOK1.25B NOK—
EFFICIENCY
ROIC 102.89% 67.03% 50.80% 41.85% 36.21% 32.05% 29.74% 28.04% 26.78% 25.84% 8.07%
Cost of Capital 5.34% 5.34% 5.34% 5.34% 5.34% 5.89% 6.43% 6.98% 7.52% 8.07% 8.07%
Sales/Capital 3.39x 3.39x 3.39x 3.39x 3.39x 3.86x 3.86x 3.86x 3.86x 3.86x —

Profitability & Efficiency

Operating Margin (%)
ROIC (%)

Value Creation Analysis

ROIC (%)
Cost of Capital (%)

Operational Cash Flow Analysis

Free Cash Flow (krB)
Reinvestment (krB)