Zaptec ASA

OB:ZAP Stock Report

Market Cap: NOK 773.3m

Zaptec Valuation

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

Below Fair Value: ZAP (NOK8.86) is trading below our estimate of fair value (NOK100.92)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for ZAP. This is calculated by dividing ZAP's market cap by their current revenue.
What is ZAP's PS Ratio?
PS Ratio0.6x
SalesNOK 1.31b
Market CapNOK 773.35m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for ZAP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average12.8x
OTOVO Otovo
0.5x28.6%NOK 314.4m
ETMA Etman International
0.05xn/aNOK 35.2m
PHLY Philly Shipyard
0.2xn/aNOK 820.9m
NTI Norsk Titanium
50.4x55.4%NOK 1.4b
ZAP Zaptec
0.6x16.1%NOK 773.3m

Price-To-Sales vs Peers: ZAP is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (12.8x).

Price to Sales Ratio vs Industry

How does ZAP's PS Ratio compare vs other companies in the European Electrical Industry?

18 CompaniesPrice / SalesEstimated GrowthMarket Cap
ZAP 0.6xIndustry Avg. 1.0xNo. of Companies25PS012345+
18 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ZAP is good value based on its Price-To-Sales Ratio (0.6x) compared to the European Electrical industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is ZAP'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.

ZAP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio0.8x

Price-To-Sales vs Fair Ratio: ZAP is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

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 ZAP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 8.86
NOK 16.75
+89.2%
37.3%NOK 23.00NOK 10.50n/a2
Nov ’25NOK 10.90
NOK 18.50
+69.7%
24.3%NOK 23.00NOK 14.00n/a2
Oct ’25NOK 10.91
NOK 18.50
+69.6%
24.3%NOK 23.00NOK 14.00n/a2

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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