Norconsult ASA

OB:NORCO Stock Report

Market Cap: NOK 12.9b

Norconsult Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NORCO (NOK41.6) is trading below our estimate of future cash flow value (NOK73.5)

Significantly Below Future Cash Flow Value: NORCO is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NORCO. This is calculated by dividing NORCO's market cap by their current earnings.
What is NORCO's PE Ratio?
PE Ratio19.8x
EarningsNOK 651.00m
Market CapNOK 12.91b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NORCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.8x
SNTIA Sentia
14.1x0.77%NOK 7.9b
AFG AF Gruppen
18.6x5.30%NOK 20.4b
VEI Veidekke
16.6x1.71%NOK 25.8b
MULTI Multiconsult
18x18.14%NOK 4.6b
NORCO Norconsult
19.8x9.93%NOK 12.9b

Price-To-Earnings vs Peers: NORCO is expensive based on its Price-To-Earnings Ratio (19.8x) compared to the peer average (16.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NORCO 19.8xIndustry Avg. 15.5xNo. of Companies22PE01020304050+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NORCO is expensive based on its Price-To-Earnings Ratio (19.8x) compared to the European Construction industry average (15.5x).

Price to Earnings Ratio vs Fair Ratio

What is NORCO'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.

NORCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio19.8x
Fair PE Ratio16.9x

Price-To-Earnings vs Fair Ratio: NORCO is expensive based on its Price-To-Earnings Ratio (19.8x) compared to the estimated Fair Price-To-Earnings Ratio (16.9x).

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 NORCO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 41.60
NOK 52.00
+25.00%
3.85%NOK 54.00NOK 50.00n/a2
Apr ’27NOK 41.70
NOK 52.00
+24.70%
3.85%NOK 54.00NOK 50.00n/a2
Mar ’27NOK 40.60
NOK 52.00
+28.08%
3.85%NOK 54.00NOK 50.00n/a2
Feb ’27NOK 45.40
NOK 52.50
+15.64%
4.76%NOK 55.00NOK 50.00n/a2
Jan ’27NOK 45.90
NOK 53.50
+16.56%
2.80%NOK 55.00NOK 52.00n/a2
Dec ’26NOK 44.25
NOK 53.50
+20.90%
2.80%NOK 55.00NOK 52.00n/a2
Nov ’26NOK 46.85
NOK 52.50
+12.06%
0.95%NOK 53.00NOK 52.00n/a2
Oct ’26NOK 47.55
NOK 51.50
+8.31%
2.91%NOK 53.00NOK 50.00n/a2
Sep ’26NOK 46.10
NOK 51.50
+11.71%
2.91%NOK 53.00NOK 50.00n/a2
Aug ’26NOK 43.30
NOK 50.00
+15.47%
4.00%NOK 52.00NOK 48.00n/a2
Jul ’26NOK 45.30
NOK 48.83
+7.80%
4.75%NOK 52.00NOK 46.50n/a3
Jun ’26NOK 45.20
NOK 48.83
+8.04%
4.75%NOK 52.00NOK 46.50n/a3
May ’26NOK 47.00
NOK 48.17
+2.48%
2.98%NOK 50.00NOK 46.50n/a3
Apr ’26NOK 44.50
NOK 48.17
+8.24%
2.98%NOK 50.00NOK 46.50NOK 41.703
Mar ’26NOK 41.95
NOK 48.17
+14.82%
2.98%NOK 50.00NOK 46.50NOK 40.603
Feb ’26NOK 43.55
NOK 47.17
+8.30%
5.76%NOK 50.00NOK 43.50NOK 45.403
Jan ’26NOK 44.25
NOK 43.83
-0.94%
1.94%NOK 45.00NOK 43.00NOK 45.903
Dec ’25NOK 41.45
NOK 43.83
+5.75%
1.94%NOK 45.00NOK 43.00NOK 44.253
Nov ’25NOK 38.30
NOK 41.33
+7.92%
4.11%NOK 43.00NOK 39.00NOK 46.853
Sep ’25NOK 35.35
NOK 38.83
+9.85%
0.61%NOK 39.00NOK 38.50NOK 46.103
Aug ’25NOK 32.40
NOK 36.83
+13.68%
3.89%NOK 38.50NOK 35.00NOK 43.303
Jul ’25NOK 34.65
NOK 34.00
-1.88%
2.40%NOK 35.00NOK 33.00NOK 45.303
Jun ’25NOK 32.40
NOK 33.67
+3.91%
3.70%NOK 35.00NOK 32.00NOK 45.203
May ’25NOK 28.05
NOK 32.83
+17.05%
4.71%NOK 35.00NOK 31.50NOK 47.003
Apr ’25NOK 27.09
NOK 32.83
+21.20%
4.71%NOK 35.00NOK 31.50NOK 44.503
NOK 52
Fair Value
20.0% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/19 03:27
End of Day Share Price 2026/04/17 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Norconsult ASA is covered by 4 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Johan StrömCarnegie Investment Bank AB
Simen MortensenDNB Carnegie