Eqva ASA (EQVA) fair value: what the stock is really worth
As of Oct 13, 2026: fair value of Eqva ASA NOK 8.37, price NOK 2.79, upside +200.0%, quality 50 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 4, 2026.
How to read this chart
60‑month range kr 1.21 – kr 6.86 · fair‑value band kr 5.86 – kr 10.88 · the kr 2.79 price screens below the kr 8.37 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 Oct 4, 2026.
Follow Eqva in your weekly email
Every Wednesday you see whether Eqva is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Eqva ASA, provides industrial services in Norway and internationally. It operates through Industrial Solutions, Renewables, Real Estate, and Other segments.
Show more
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.
Stock analysis
Eqva ASA (EQVA) currently trades at kr 2.79, while our model-based Fair Value estimate is kr 8.37, implying the stock looks roughly 66.7% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of kr 18.59 per share, and 25 of the 26 models we run sit above the kr 2.79 price.
Bear case: the Dividend Discount group reads lowest at kr 2.45, and 1 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 5.86 (bear) to kr 10.88 (bull), the price of kr 2.79 sits below 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 50/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Eqva ASA reported revenue of 1.3B NOK in FY2025 versus 903M NOK in FY2021, a compound +9.3%/yr. Reported net income was 45.3M NOK in FY2025, compounding −39.9%/yr from FY2021.
Key figures
Market cap 254M NOK (≈ $26.7M) · P/E ratio 14.1 · P/S ratio 0.50 · EPS (TTM) kr −0.2400 · Dividend yield 5.7% · Net margin 3.5% · Return on equity 1.7% · Return on assets (EBIT) 4.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 39% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −40% fair-value upside, at 200%, EQVA screens cheaper than that median.
Fair Value models
Bear kr 5.86Fair Value kr 8.37Bull kr 10.88
Price kr 2.79 · Upside +200.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
Highest evidence
FCF DCFkr 16.40kr 29.54kr 51.6775
EPVkr 4.29kr 5.04kr 5.6874
Growth DCFkr 16.21kr 28.06kr 47.1974
All 26 models by family
DCF Models
FCF DCFkr 16.40kr 29.54kr 51.6775
Owner Earningskr 13.59kr 24.54kr 42.9771
5Y Revenue Exitkr 8.63kr 13.39kr 19.5170
5Y EBITDA Exitkr 11.14kr 18.60kr 27.7672
5Y P/E Exitkr 10.10kr 16.44kr 23.5368
10Y Revenue Exitkr 11.01kr 16.40kr 24.0864
10Y EBITDA Exitkr 12.82kr 20.14kr 30.8565
10Y P/E Exitkr 12.14kr 18.59kr 27.3861
Earnings-Based
Graham-Doddkr 3.46kr 16.33kr 22.4562
Lynch FVkr 4.33kr 6.18kr 8.0459
PEG = 1.0kr 4.33kr 6.18kr 8.0455
EPVkr 4.29kr 5.04kr 5.6874
Dividend Discount
Gordon GGMkr 1.42kr 2.83kr 4.2964
DDM Multi-Stagekr 1.42kr 2.45kr 2.9965
Multiples
P/E Multiplekr 8.02kr 10.69kr 13.3663
P/S Multiplekr 6.49kr 8.65kr 10.8258
P/B Multiplekr 6.49kr 8.65kr 10.8255
EV/EBITkr 6.93kr 9.38kr 11.8366
EV/EBITDAkr 9.29kr 12.53kr 15.7667
EV/Revenuekr 4.83kr 7.07kr 9.3253
Asset-Based
NCAV (Graham)kr 2.22kr 2.97kr 4.4354
Growth DCF
Growth DCFkr 16.21kr 28.06kr 47.1974
Rev-Margin DCFkr 8.63kr 13.47kr 19.7970
Economic Profit
Residual Incomekr 3.99kr 4.57kr 6.1274
ROIC Compounderkr 4.29kr 5.69kr 7.4270
Growth Earnings
Growth-Adj P/Ekr 6.84kr 9.77kr 12.7065
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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.39/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+21.4%
Revenue growth 5 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.
−5.0%
Start year 2020 (pandemic). Over 10 years: −3.1% a year
Revenue growth 13 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.
−0.8%
’13
’14
’15
’16
’17
’18
’19
’20
’21
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘ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 5 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.
−36.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−42.5%
Dividend (yield on the price)5.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−42.5% vs −7.9%, slowing
Profit margin 2020 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.2% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 17.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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).
−21.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
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 −22.9% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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.Utilities - Renewable · 199 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Above median
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (TTM)1.7% · Below median
Return on assets1.7% · Below median
Net margin (TTM)−0.8% · Below median
Operating margin (TTM)2.4% · Bottom 25%
Growth and dividend
Revenue growth4.6% · Above median
Dividend yield (TTM)5.7% · Top 25%
Balance sheet
Debt / equity0.47× · Below median
Valuation Multiplesvs Utilities - Renewable median · lower = cheaper
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). "Eqva ASA Fair Value". https://www.fairvalue-calculator.com/stock/EQVA
Frequently asked questions
Is Eqva ASA (EQVA) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of kr 8.37 versus a price of kr 2.79, about +200% upside (undervalued).
What is the fair value of EQVA?
Our model-based fair value for Eqva ASA is kr 8.37 (as of Oct 4, 2026), built from audited fundamentals. The current price: kr 2.79.
What is the quality score of EQVA?
Eqva ASA has a Quality Score of 50/100. 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 Eqva ASA (EQVA)?
Our model-based price target is the fair value of kr 8.37 (as of Oct 4, 2026) from 26 valuation models. Cautious scenario kr 5.86, optimistic scenario kr 10.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Eqva ASA stock forecast for 2026?
Our models put fair value at kr 8.37, about +200% upside versus a price of kr 2.79 (undervalued). Cautious scenario kr 5.86, optimistic scenario kr 10.88. The calculation is refreshed regularly with new filings.
What is the revenue of Eqva ASA (EQVA)?
Eqva ASA reported trailing-twelve-month revenue of about 1.4B NOK (latest available figure, as of Oct 4, 2026).
Does Eqva ASA pay a dividend?
Eqva ASA currently shows a dividend yield of about 5.68% relative to its recent price (as of Oct 4, 2026).
What growth is priced into Eqva ASA (EQVA)?
For today's price to be fair in a discounted-cash-flow model, Eqva ASA would have to grow free cash flow by -21.0 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -5.0 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of EQVA use?
Our models discount Eqva ASA at 8.3 %: a base by market capitalisation (nano), damped by beta 0.50, 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 Eqva ASA that is -21.0 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Eqva ASA (EQVA) delivered so far?
Over the past 5 years revenue at Eqva ASA grew -5.0 % a year. The price currently implies -21.0 % per year free-cash-flow growth a 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 Eqva ASA (EQVA) growing?
The median revenue growth in the sector is +7.4 % a year. That is the yardstick for the growth priced into Eqva ASA (-21.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Eqva ASA (EQVA)?
The free-cash-flow yield on the price is 37.88 %: that much free cash flow Eqva ASA produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Eqva ASA (EQVA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eqva ASA it is kr 8.37 per share (as of Oct 4, 2026), against a price of kr 2.79. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Eqva ASA stock overvalued or undervalued in 2026?
As of Oct 4, 2026, EQVA trades below its calculated fair value: price kr 2.79, fair value kr 8.37, a gap of about +200% (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 EQVA?
No. The price is what the market pays today (kr 2.79); the fair value is what the company's own numbers justify (kr 8.37). For Eqva ASA the two are kr 5.58 per share apart. That gap is exactly why we show both numbers side by side.
How much is Eqva ASA worth?
The market values Eqva ASA at about 254M NOK (market capitalisation, as of Oct 4, 2026). Per share that is kr 2.79; our models calculate a fair value of kr 8.37 per share.
What do the bullish and bearish scenarios say about EQVA?
Our models span a range for Eqva ASA: cautious scenario kr 5.86, base kr 8.37, optimistic kr 10.88 per share (as of Oct 4, 2026, price kr 2.79). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EQVA?
Eqva ASA trades at a price-to-earnings ratio of 14.1 (as of Oct 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 8.37 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.0, EV/EBITDA 1.0.
How solid is the balance sheet of Eqva ASA (EQVA)?
Balance-sheet figures for Eqva ASA (as of Oct 4, 2026): return on equity 1.7%, debt of 0.47 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is EQVA from its 52-week high?
Eqva ASA trades at kr 2.79, about 39% below its 52-week high of kr 4.54 and 6% above the low of kr 2.64 (as of Oct 13, 2026). Distance from the high says nothing about value: that is what the fair value of kr 8.37 is for.
Which stocks are comparable to Eqva ASA?
From the same area (Utilities) we also value China Yangtze Power Co, Ørsted A/S, Huaneng Lancang River Hydropower Inc, Fortum Oyj, 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 Eqva ASA stock attractive at the current price?
The data as of Oct 4, 2026: price kr 2.79, calculated fair value kr 8.37 (+200%), Quality Score 50/100, from 26 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 EQVA calculated?
We run Eqva ASA through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 8.37, 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 14.5 % above its aggregate fair value. Eqva ASA currently trades 67 % 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 Eqva ASA (EQVA)?
The closing price on Oct 13, 2026 was kr 2.79. Our model-based fair value is kr 8.37, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eqva ASA right now?
The price is below even our cautious bear case (kr 5.86). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 5.86 to kr 10.88) leaves room in how you read the outcome.
Key figures of Eqva ASA
How large is the market capitalisation of Eqva ASA (EQVA)?
The market capitalisation of Eqva ASA is 254M NOK (≈ $26.7M). 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 Eqva ASA (EQVA)?
The price-to-sales ratio of Eqva ASA is 0.50 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Eqva ASA (EQVA)?
Earnings per share at Eqva ASA are kr −0.2400 (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Eqva ASA (EQVA)?
The dividend yield of Eqva ASA is 5.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Eqva ASA (EQVA)?
The net margin of Eqva ASA is 3.5% (fiscal year 2025). 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 Eqva ASA (EQVA)?
The return on equity (ROE) of Eqva ASA is 1.7% (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 Eqva ASA (EQVA)?
On an EBIT basis the return on assets of Eqva ASA is 4.1% (avg 5y). 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 Eqva ASA (EQVA)?
The operating margin of Eqva ASA is 2.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eqva ASA (EQVA)?
Revenue at Eqva ASA is growing +4.6% versus a year earlier (3y avg +79.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does Eqva ASA (EQVA) carry?
The net debt of Eqva ASA is 110M NOK (fiscal year 2025, ≈ 1.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Eqva ASA in the live analysis
One click puts Eqva ASA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener.
