OB:NORCOConstruction
Norconsult (OB:NORCO) Top Line Growth Contrasts With Sharper Margin Pressure
Norconsult entered earnings day with a stock that has drifted, down over the past week and roughly flat over the past month, yet priced on a premium trailing P/E of about 20x compared with European construction peers. The story buyers thought they owned was a compounder with healthy profitability.
The headline from the latest numbers is different. Revenue over the last twelve months sits at NOK 11,888 million, but net profit margins have thinned to 4.9% from 6.1% a year earlier. The market...