Eqva ASA (EQVA) Fair Value & Analysis

Utilities · NO · Market cap 277M NOK (≈ $29.6M) · ISIN NO0010708605

A solid business, trading 66% below our fair value.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The price is below even our cautious bear case (kr 6.49). The market is more pessimistic than our downside scenario.
• Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 1.21 – kr 6.86 · fair‑value band kr 6.49 – kr 11.02 · the kr 2.92 price screens below the kr 8.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Eqva ASA (EQVA) currently trades at kr 2.92, while our model-based Fair Value estimate is kr 8.65, implying the stock looks roughly 196.2% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Eqva ASA generated revenue of 1.4B NOK at a net margin of 0.1%. Revenue grew 46.4% year over year. It earns a return on equity of 4.1%. Net debt stands at 110M NOK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 6.49 (bear case) to kr 11.02 (bull case); at kr 2.92, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 46% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -12% fair-value upside, at 196%, EQVA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: DCF Models (kr 12.50) versus Dividend Discount (kr 1.79). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Eqva ASA, provides industrial services in Norway and internationally. It operates through Industrial Solutions, Renewables, Real Estate, and Other segments.

Full company description

Eqva ASA, provides industrial services in Norway and internationally. It operates through Industrial Solutions, Renewables, Real Estate, and Other segments. The company provides technical installations for smelters, land-based industry, aquaculture, maritime, defense, and offshore; industrial services for smelting operations, process industry, and mining and aquaculture. It also offers piping systems, equipment, and service for the aquaculture sector; and power and automation services to industrial clients, public services, and households. In addition, the company focuses on the development and operation of small-scale hydropower plants; and owns and rents out production areas. Further, it is involved in the provision of mechanical engineering and maintenance, construction for maritime and land-based industries, and custom industrial solutions; HVAC system design and installation, energy-efficient climate control solutions, and upgrades; electrical engineering and installations; consulting and support services; mechanical design and construction, structural engineering, and technical solutions; smart home solutions; custom-made prefabrication; and renewable energy projects, energy consulting and optimization, and power systems. The company was formerly known as Havyard Group ASA and changed its name to Eqva ASA in November 2022. The company was founded in 1999 and is headquartered in Kvinnherad, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Eqva ASA reported revenue of kr 1.3B in FY2025 versus kr 903M in FY2021, a compound +9.3%/yr. Reported net income was kr 45.3M in FY2025, compounding −39.9%/yr from FY2021.

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Peer Group

Utilities - Renewable · 217 stocks

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.

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.