NRC Group ASA

OB:NRC Stock Report

Market Cap: NOK 700.9m

NRC Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Discounted Cash Flow
Simply Wall St
NOK 46.30
Fair Value
90.6% undervalued intrinsic discount
2
Number of Analysts

Below Fair Value: NRC (NOK4.36) is trading below our estimate of fair value (NOK46.3)

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

Key Valuation Metric

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

Key metric: As NRC is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for NRC. This is calculated by dividing NRC's market cap by their current revenue.
What is NRC's PS Ratio?
PS Ratio0.1x
SalesNOK 6.96b
Market CapNOK 700.94m

Price to Sales Ratio vs Peers

How does NRC's PS Ratio compare to its peers?

The above table shows the PS ratio for NRC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.5x
IWS Integrated Wind Solutions
3.4x32.4%NOK 1.6b
ARGEO Argeo
1x19.0%NOK 552.5m
NORCO Norconsult
1.3x3.5%NOK 12.8b
AFG AF Gruppen
0.5x3.4%NOK 16.1b
NRC NRC Group
0.1x3.6%NOK 749.0m

Price-To-Sales vs Peers: NRC is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (1.5x).

Price to Sales Ratio vs Industry

How does NRC's PS Ratio compare vs other companies in the European Construction Industry?

21 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.0.5x17.5%
NRC NRC Group
 0.1x3.6%US$66.28m
NRC 0.1xIndustry Avg. 0.5xNo. of Companies42PS00.61.21.82.43+
21 CompaniesEstimated GrowthMarket Cap
Industry Avg.0.5x35.7%
NRC NRC Group
 0.1x104.4%US$66.28m
No more companies

Price-To-Sales vs Industry: NRC is good value based on its Price-To-Sales Ratio (0.1x) compared to the European Construction industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

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

NRC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.1x
Fair PS Ratio0.3x

Price-To-Sales vs Fair Ratio: NRC is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

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 NRC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 4.36
NOK 4.50
+3.2%
11.1%NOK 5.00NOK 4.00n/a2
Nov ’25NOK 3.32
NOK 4.60
+38.6%
30.4%NOK 6.00NOK 3.20n/a2
Oct ’25NOK 3.62
NOK 4.60
+27.1%
30.4%NOK 6.00NOK 3.20n/a2
Oct ’24NOK 11.56
NOK 22.50
+94.6%
11.1%NOK 25.00NOK 20.00NOK 3.622
Sep ’24NOK 12.18
NOK 22.50
+84.7%
11.1%NOK 25.00NOK 20.00NOK 5.342
Aug ’24NOK 10.94
NOK 22.50
+105.7%
11.1%NOK 25.00NOK 20.00NOK 10.452
Jul ’24NOK 11.10
NOK 22.50
+102.7%
11.1%NOK 25.00NOK 20.00NOK 13.552
Jun ’24NOK 11.00
NOK 22.50
+104.5%
11.1%NOK 25.00NOK 20.00NOK 12.502
May ’24NOK 11.02
NOK 22.50
+104.2%
11.1%NOK 25.00NOK 20.00NOK 12.602
Apr ’24NOK 11.60
NOK 27.50
+137.1%
9.1%NOK 30.00NOK 25.00NOK 11.922
Mar ’24NOK 13.52
NOK 27.50
+103.4%
9.1%NOK 30.00NOK 25.00NOK 11.002
Feb ’24NOK 14.50
NOK 27.50
+89.7%
9.1%NOK 30.00NOK 25.00NOK 10.782
Jan ’24NOK 14.42
NOK 27.50
+90.7%
9.1%NOK 30.00NOK 25.00NOK 10.702
Analyst Price Target
Consensus Narrative from 2 Analysts
NOK 4.50
Fair Value
3.1% undervalued intrinsic discount
2
Number of Analysts

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/21 20:04
End of Day Share Price 2025/01/21 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

NRC Group ASA is covered by 8 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
Glenn KringhaugABG Sundal Collier
Martin HoffArctic Securities ASA
Chr. Frederik LundeCarnegie Investment Bank AB