Norconsult ASA

DB:JL80 Stock Report

Market Cap: €958.9m

Norconsult Valuation

Is JL80 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of JL80 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: JL80 (€3.12) is trading below our estimate of fair value (€5.48)

Significantly Below Fair Value: JL80 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for JL80?

Key metric: As JL80 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for JL80. This is calculated by dividing JL80's market cap by their current earnings.
What is JL80's PE Ratio?
PE Ratio30.5x
EarningsNOK 367.00m
Market CapNOK 11.21b

Price to Earnings Ratio vs Peers

How does JL80's PE Ratio compare to its peers?

The above table shows the PE ratio for JL80 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average15.7x
B5A BAUER
31.1x38.2%€167.0m
HOT HOCHTIEF
11.9x2.9%€8.6b
STM Stabilus
12.2x16.6%€875.6m
WAC Wacker Neuson
7.8x16.9%€888.3m
JL80 Norconsult
30.5x30.1%€11.2b

Price-To-Earnings vs Peers: JL80 is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the peer average (15.7x).

Price to Earnings Ratio vs Industry

How does JL80's PE Ratio compare vs other companies in the European Construction Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
JL80 30.5xIndustry Avg. 12.8xNo. of Companies20PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: JL80 is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the European Construction industry average (12.8x).

Price to Earnings Ratio vs Fair Ratio

What is JL80's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

JL80 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio30.5x
Fair PE Ratio20x

Price-To-Earnings vs Fair Ratio: JL80 is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the estimated Fair Price-To-Earnings Ratio (20x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst JL80 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€3.12
€3.75
+20.4%
1.9%€3.85€3.68n/a3
Nov ’25€2.99
€3.49
+16.9%
4.1%€3.63€3.29n/a3
Sep ’25€3.03
€3.30
+9.1%
0.6%€3.31€3.27n/a3
Aug ’25€2.66
€3.10
+16.5%
3.9%€3.24€2.95n/a3
Jul ’25€2.98
€2.97
-0.3%
2.4%€3.05€2.88n/a3
Jun ’25€2.79
€2.95
+6.1%
3.7%€3.07€2.81n/a3
May ’25€2.33
€2.79
+19.9%
4.7%€2.97€2.67n/a3
Apr ’25€2.27
€2.87
+26.5%
4.7%€3.06€2.76n/a3
Mar ’25€2.39
€2.83
+18.5%
6.5%€3.08€2.64n/a3
Feb ’25€2.22
€2.56
+15.6%
3.2%€2.62€2.45n/a3
Jan ’25€2.12
€2.56
+20.9%
3.4%€2.65€2.47n/a2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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