Appear ASA (APR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Appear ASA stock NOK 85.00, price NOK 35.60, upside +138.8%, quality 68 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
12‑month range kr 30.20 – kr 88.21 · fair‑value band kr 30.71 – kr 105.96 · the kr 35.60 price screens below the kr 85.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Appear ASA develops and provides solutions for processing, transport, and delivery of live video for the broadcast, media, and sports industries in Europe, the Middle East, Africa, the Americas, and the Asia Pacific.
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The company offers various software and platforms, such as VX platform, an open media technology software platform built for broadcast workflows; XC platform, a modular head-end solution for IPTV and broadcast distribution that supports distribution across cable, satellite, terrestrial networks, and hospitality applications; and X platform, which offers media processing and gateway hardware platform.
It also provides customer support and technology development services. The company serves sports leagues and federations, broadcasters and streaming platforms, production service providers, and connectivity providers. Appear ASA was incorporated in 2004 and is based in Oslo, Norway.
Stock analysis
Appear ASA (APR) currently trades at kr 35.60, while our model-based Fair Value estimate is kr 85.00, implying the stock looks roughly 58% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 160.80 per share, and 19 of the 24 models we run sit above the kr 35.60 price.
Bear case: the Asset-Based group reads lowest at kr 10.63, and 5 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 30.71 (bear) to kr 105.96 (bull), the price of kr 35.60 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Appear ASA reported revenue of 801M NOK in FY2025 versus 316M NOK in FY2022, a compound +36.3%/yr. Reported net income was 129M NOK in FY2025.
Key figures
Market cap 1.5B NOK (≈ $155M) Micro · P/E ratio 16.9 · P/S ratio 1.86 · EPS (TTM) kr 2.11 · Net margin 11.5% · Return on equity 18.3% · Return on assets (EBIT) 9.6% (4-year average) · Operating margin 11.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 60% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at 139%, APR screens cheaper than that median.
Fair Value models
Bearkr 30.71Fair Value kr 85.00Bullkr 105.96
Price kr 35.60 · Upside +138.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.81 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+32.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.3%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+99.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+99.6%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−7% → 21%
2025 sits 153% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+8.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +5.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Computer Hardware · 213 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+138.8% · Top 25%
Profitability
Return on equity (12 months)18.3% · Top 25%
Return on assets15.1% · Top 25%
Net margin (12 months)11.5% · Top 25%
Operating margin (12 months)11.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−30.0% · Bottom 25%
Valuation Multiplesvs Computer Hardware median · lower = cheaper
P/E (12 months)16.9× · Pricier than median
P/B2.49× · Pricier than median
P/S (12 months)1.86× · Pricier than median
Price / free cash flow (fiscal year)20.1× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Appear ASA Fair Value". https://www.fairvalue-calculator.com/stock/APR.OL
Frequently asked questions
Is Appear ASA (APR) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 85.00 versus a price of kr 35.60, about +139% upside (undervalued).
What is the fair value of APR?
Our model-based fair value for Appear ASA is kr 85.00 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 35.60.
What is the quality score of APR?
Appear ASA has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Appear ASA (APR)?
Our model-based price target is the fair value of kr 85.00 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario kr 30.71, optimistic scenario kr 105.96. It is a calculation from audited fundamentals, not an analyst target.
What is the Appear ASA stock forecast for 2026?
Our models put fair value at kr 85.00, about +139% upside versus a price of kr 35.60 (undervalued). Cautious scenario kr 30.71, optimistic scenario kr 105.96. The calculation is refreshed regularly with new filings.
What is the revenue of Appear ASA (APR)?
Appear ASA reported trailing-twelve-month revenue of about 789M NOK (latest available figure, as of Nov 8, 2026).
What growth is priced into Appear ASA (APR)?
For today's price to be fair in a discounted-cash-flow model, Appear ASA would have to grow free cash flow by +8.0 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +36.3 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of APR use?
Our models discount Appear ASA at 12.5 %: a base by market capitalisation (micro), country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Appear ASA that is +8.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has Appear ASA (APR) delivered so far?
Over the past 3 years revenue at Appear ASA grew +36.3 % a year. The price currently implies free-cash-flow growth of +8.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Appear ASA (APR) growing?
The median revenue growth in the sector is +16.8 % a year. That is the yardstick for the growth priced into Appear ASA (+8.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Appear ASA (APR)?
The free-cash-flow yield on the price is 4.99 %: that much free cash flow Appear ASA produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Appear ASA (APR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Appear ASA it is kr 85.00 per share (as of Nov 8, 2026), against a price of kr 35.60. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Appear ASA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, APR trades below its calculated fair value: price kr 35.60, fair value kr 85.00, a gap of about +139% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of APR?
No. The price is what the market pays today (kr 35.60); the fair value is what the company's own numbers justify (kr 85.00). For Appear ASA the two are kr 49.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is Appear ASA worth?
The market values Appear ASA at about 1.5B NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 35.60; our models calculate a fair value of kr 85.00 per share.
What do the bullish and bearish scenarios say about APR?
Our models span a range for Appear ASA: cautious scenario kr 30.71, base kr 85.00, optimistic kr 105.96 per share (as of Nov 8, 2026, price kr 35.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of APR?
Appear ASA trades at a price-to-earnings ratio of 16.9 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 85.00 is built from several models across several years. Other multiples: P/B 2.5, P/S 1.9, EV/EBITDA 10.9.
How solid is the balance sheet of Appear ASA (APR)?
Balance-sheet figures for Appear ASA (as of Nov 8, 2026): return on equity 18.3%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is APR from its 52-week high?
Appear ASA trades at kr 35.60, about 60% below its 52-week high of kr 88.21 and 18% above the low of kr 30.20 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 85.00 is for.
Which stocks are comparable to Appear ASA?
From the same area (Technology) we also value Dell Technologies Inc, Arista Networks, Inc, Sandisk Corporation, Seagate Technology Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Appear ASA stock attractive at the current price?
The data as of Nov 8, 2026: price kr 35.60, calculated fair value kr 85.00 (+139%), Quality Score 68/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of APR calculated?
We run Appear ASA through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 85.00 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Appear ASA currently trades 58% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Appear ASA (APR)?
The closing price on Nov 6, 2026 was kr 35.60. Our model-based fair value is kr 85.00, about +139% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Appear ASA right now?
The model range is unusually wide (kr 30.71 to kr 105.96). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Appear ASA
How large is the market capitalisation of Appear ASA (APR)?
The market capitalisation of Appear ASA is 1.5B NOK (≈ $155M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Appear ASA (APR)?
The price-to-sales ratio of Appear ASA is 1.86 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Appear ASA (APR)?
Earnings per share at Appear ASA are kr 2.11 (price ÷ EPS = P/E 16.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Appear ASA (APR)?
The net margin of Appear ASA is 11.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Appear ASA (APR)?
The return on equity (ROE) of Appear ASA is 18.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Appear ASA (APR)?
On an EBIT basis the return on assets of Appear ASA is 9.6% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Appear ASA (APR)?
The operating margin of Appear ASA is 11.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Appear ASA (APR)?
Revenue at Appear ASA is growing −30.0% versus a year earlier (3y avg +36.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Appear ASA (APR)?
Earnings per share at Appear ASA are growing −70.0% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Nov 8, 2026