Company Valuation: Norcod

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 2,197 1,856 1,153 440.8 590.8 977.6
Change - -15.5% -37.88% -61.77% 34.02% 65.46%
Enterprise Value (EV) 1 2,048 1,975 1,385 727.5 936.4 1,262
Change - -3.53% -29.87% -47.47% 28.71% 34.76%
P/E - - -3.87x -1.42x -2.31x -3.59x
PBR - - 6.51x 1.96x 3.79x 4.2x
PEG - - - 0x 0.1x 0.1x
Capitalization / Revenue 304x 25.6x 6.76x 1.64x 1.49x 2.2x
EV / Revenue 283x 27.2x 8.12x 2.7x 2.36x 2.84x
EV / EBITDA 180x -32x -5.06x -3.59x -5.91x -11.5x
EV / EBIT 197x -30.2x -4.93x -3.37x -5.32x -9.43x
EV / FCF - - - - - -
FCF Yield - - - - - -
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 - - -15.5 -10.54 -5.852 -3.87
Distribution rate - - - - - -
Net sales 1 7.225 72.63 170.5 269.4 397.2 444.4
EBITDA 1 11.38 -61.66 -273.9 -202.7 -158.4 -109.7
EBIT 1 10.4 -65.39 -280.9 -215.9 -176.1 -133.8
Net income 1 5.671 -75.16 -297.2 -246.2 -235 -235.3
Net Debt 1 -149.5 118.7 232 286.7 345.6 284.3
Reference price 2 129.00 109.00 60.00 15.00 13.50 13.90
Nbr of stocks (in thousands) 17,031 17,031 19,219 29,389 43,764 70,328
Announcement Date 5/10/22 5/10/22 5/25/23 5/30/24 5/28/25 5/28/26
1NOK in Million2NOK
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 80.94M
32.24x0.96x10.53x0.86% 12.91B
8.42x1.15x9.28x5.07% 4.99B
29.28x1.89x14.35x1.35% 3.36B
12.16x1.33x6.29x2.06% 2.62B
14.03x0.73x8.78x - 1.68B
Average 19.23x 1.21x 9.85x 2.33% 4.27B
Weighted average by Cap. 23.94x 1.14x 10.24x 1.94%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA