NORCO.OL
BuyUnloved QualityAI neutralNorconsult ASA · Industrials · Norway · $1.3B
NOK 37.50 -0.9% · close 5 Oct · scored 7 Oct
Unloved Quality: Strong and cheap; the market has not turned yet.
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Norconsult is a Nordic engineering and architecture consultancy with a capital-light model, reporting strong revenue growth and returning about NOK 500 million to shareholders. Recent acquisitions have weighed on margins and the shares have fallen this year, so the case rests on integration and a recovery in profitability that has not yet shown up.
ABOUT NORCONSULT ASA
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Norconsult ASA is a leading multidisciplinary engineering and design consultancy in the Nordics, specializing in infrastructure, buildings, energy, and water management. The company operates a highly decentralized model with a strong local presence across Norway, Sweden, and Denmark, allowing it to secure both public and private contracts. Its competitive moat is built on its deep pool of highly skilled technical professionals and a strong reputation for executing complex, sustainable infrastructure projects.
FINANCIAL SUMMARY (NOK)
| Year | 2022 | 2023 | 2024 | 2025 | CAGR | TTM | 2026E | 2027E | Fwd CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 8.4B | 9.6B | 10.4B | 11.4B | 10.6% | 12.3B | 11.3B | 12.0B | 2.8% |
| EPS (NOK) | 1.61 | 1.83 | 1.72 | 2.13 | 9.8% | 1.94 | 2.31 | 2.83 | 15.2% |
| Shares | 285.6M | 285.6M | 301.4M | 310.3M | +8.7% | 313.0M | — | — | — |
| Debt | 1.6B | 1.6B | 1.6B | 3.0B | 24.0% | 2.4B | — | — | — |
| Equity | 2.3B | 2.1B | 2.5B | 3.1B | 11.3% | — | — | — | — |
| Op CF | 941.0M | 922.0M | 1.5B | 1.1B | 6.1% | 1.2B | — | — | — |
| Inv CF | -282.0M | -165.0M | -138.0M | -1.5B | — | — | — | — | — |
| Fin CF | -666.0M | -1.2B | -728.0M | 377.0M | — | — | — | — | — |
Calmer than 85% of stocks we rank over the past year (24% a year).
How this is worked out
What it measures: day-to-day price moves over the past year, as a yearly figure, ranked against every stock we cover. Very calm under 20% a year, Calm 20 to 30%, Average 30 to 40%, Bumpy 40 to 55%, Very bumpy above that.
What we found: across about 13,500 stocks in 34 markets (2002 to 2025), past swings were a good guide to the next year's, and bumpier stocks fell further. How much further changed too much between eras to put a number on it.
Calm is not safe: a calm stock can still slide steadily.
Rules fixed before any data was fetched. Describes the chart, not a recommendation.
SCORE BREAKDOWN
FUNDAMENTALS
SECTOR PEERS
Closest peers in Industrials, ranked by industry match, size, and score similarity. Cross-listings of NORCO.OL are excluded.
| Ticker | Company | Mkt Cap | StockRank | Signal |
|---|---|---|---|---|
| NORCO.OL | Norconsult ASA(you) | $1.3B | 68 | Buy |
| ENDUR.OL | Endúr ASA | $589M | 66 | Buy |
| MULTI.OL | Multiconsult ASA | $428M | 65 | Buy |
| SNTIA.OL | Sentia ASA | $903M | 93 | Strong Buy |
| AFG.OL | AF Gruppen ASA | $2.3B | 88 | Strong Buy |
| VEI.OL | Veidekke ASA | $3.0B | 94 | Strong Buy |
| DOFG.OL | DOF Group ASA | $3.4B | 97 | Strong Buy |
| NAS.OL | Norwegian Air Shuttle ASA | $1.3B | 77 | Buy |
| BONHR.OL | Bonheur ASA | $1.1B | 79 | Buy |
| ZAP.OL | Zaptec ASA | $559M | 75 | Buy |
Peer medians: ROE 14.4% · P/E 17.5x · Gross margin 40.8%
Company Deep Dive
Business segments breakdown, earnings transcript analysis, management credibility scoring, competitive landscape, and scenario modelling.