Ørn Software Holding Valuation

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

ORN (NOK6.2) is trading below our estimate of [[fair value]] (NOK16.1)

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

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: ORN (NOK6.2) is trading below our estimate of fair value (NOK16.1)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for ORN. This is calculated by dividing ORN's market cap by their current revenue.
What is ORN's PS Ratio?
PS Ratio	2.5x
Sales	NOK 230.32m
Market Cap	NOK 585.27m

ORN key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.6x
Enterprise Value/EBITDA	35.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for ORN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4.8x
MNTR Mintra Holding	3.3x	1.4%	NOK 891.0m
SPIR Spir Group	1x	n/a	NOK 1.1b
ELABS Elliptic Laboratories	12.9x	65.7%	NOK 1.1b
RIVER River Tech	1.9x	n/a	NOK 337.1m
ORN Ørn Software Holding	2.5x	9.7%	NOK 585.3m

Price-To-Sales vs Peers: ORN is good value based on its Price-To-Sales Ratio (2.5x) compared to the peer average (6.4x).

Price to Sales Ratio vs Industry

How does ORN's PS Ratio compare vs other companies in the NO Software Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
QUEST Questback Group	0.3x	n/a	US$4.30m

No more companies available in this PS range

1 Company		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: ORN is expensive based on its Price-To-Sales Ratio (2.5x) compared to the European Software industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is ORN'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.

ORN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.5x
Fair PS Ratio	1.6x

Price-To-Sales vs Fair Ratio: ORN is expensive based on its Price-To-Sales Ratio (2.5x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

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