Norconsult ASA

OB:NORCO Stock Report

Market Cap: NOK 11.2b

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 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 NORCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NORCO (NOK38.85) is trading below our estimate of fair value (NOK65.73)

Significantly Below Fair Value: NORCO is trading below fair 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 Ratio30.5x
EarningsNOK 367.00m
Market CapNOK 11.21b

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 Average20x
AFG AF Gruppen
42.6x32.3%NOK 15.0b
VEI Veidekke
13.9x4.9%NOK 18.2b
BONHR Bonheur
9.8x-14.4%NOK 11.4b
AKER Aker
13.5xn/aNOK 42.6b
NORCO Norconsult
30.5x30.1%NOK 11.2b

Price-To-Earnings vs Peers: NORCO is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the peer average (20x).

Price to Earnings Ratio vs Industry

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

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

Price-To-Earnings vs Industry: NORCO 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 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 Ratio30.5x
Fair PE Ratio27.4x

Price-To-Earnings vs Fair Ratio: NORCO is expensive based on its Price-To-Earnings Ratio (30.5x) compared to the estimated Fair Price-To-Earnings Ratio (27.4x).

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 38.85
NOK 43.83
+12.8%
1.9%NOK 45.00NOK 43.00n/a3
Nov ’25NOK 38.30
NOK 41.33
+7.9%
4.1%NOK 43.00NOK 39.00n/a3
Sep ’25NOK 35.35
NOK 38.83
+9.9%
0.6%NOK 39.00NOK 38.50n/a3
Aug ’25NOK 32.40
NOK 36.83
+13.7%
3.9%NOK 38.50NOK 35.00n/a3
Jul ’25NOK 34.65
NOK 34.00
-1.9%
2.4%NOK 35.00NOK 33.00n/a3
Jun ’25NOK 32.40
NOK 33.67
+3.9%
3.7%NOK 35.00NOK 32.00n/a3
May ’25NOK 28.05
NOK 32.83
+17.1%
4.7%NOK 35.00NOK 31.50n/a3
Apr ’25NOK 27.09
NOK 32.83
+21.2%
4.7%NOK 35.00NOK 31.50n/a3
Mar ’25NOK 27.76
NOK 32.17
+15.9%
6.5%NOK 35.00NOK 30.00n/a3
Feb ’25NOK 25.60
NOK 29.33
+14.6%
3.2%NOK 30.00NOK 28.00n/a3
Jan ’25NOK 24.40
NOK 29.00
+18.9%
3.4%NOK 30.00NOK 28.00n/a2

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

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