Multiconsult AS (MULTI) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Multiconsult AS NOK 153, price NOK 145, upside +5.8%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 97.77 – kr 211.48 · fair‑value band kr 88.55 – kr 223.87 · the kr 144.80 price screens below the kr 153.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Multiconsult ASA, together with its subsidiaries, engages in the provision of engineering design, consultancy, and architecture services in Norway, Sweden, Denmark, Poland, and internationally. It operates in three segments: Norway, Architecture, and International.
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Multiconsult ASA, together with its subsidiaries, engages in the provision of engineering design, consultancy, and architecture services in Norway, Sweden, Denmark, Poland, and internationally. It operates in three segments: Norway, Architecture, and International. The company offers multidisciplinary consultancy services in the areas, including design, planning, engineering management, project supervision and management, geotechnical and environmental site surveys, and verification and control; and provides services related to healthcare; renewable energy; urban development; geotechnical and environmental advisor; and infrastructure. It offers its products under Multiconsult; A-lab; LINK Arkitektur; Sitepartner; Iterio; and ViaNova brands. The company serves buildings and properties; mobility and transportation; energy and industry; and water and environment sectors. Multiconsult ASA was founded in 1908 and is headquartered in Oslo, Norway.
Stock analysis
Multiconsult AS (MULTI) currently trades at kr 144.80, while our model-based Fair Value estimate is kr 153.13, implying the stock looks roughly 5.4% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 161.21 per share, and 14 of the 26 models we run sit above the kr 144.80 price.
Bear case: the Asset-Based group reads lowest at kr 28.85, and 12 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 88.55 (bear) to kr 223.87 (bull), the price of kr 144.80 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 58/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Multiconsult AS reported revenue of 5.7B NOK in FY2025 versus 4.3B NOK in FY2021, a compound +7.2%/yr. Reported net income was 253M NOK in FY2025, compounding +1.9%/yr from FY2021.
Key figures
Market cap 3.9B NOK (≈ $410M) · P/E ratio 17.3 · P/S ratio 0.77 · EPS (TTM) kr 8.36 · Dividend yield 3.5% · Net margin 4.5% · Return on equity 16.8% · Return on assets (EBIT) 11.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 6%, MULTI screens cheaper than that median.
Fair Value models
Bear kr 88.55Fair Value kr 153.13Bull kr 223.87
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.47 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.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.
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.66/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−10.9%
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.
+5.1%
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.
+6.2%
Start year 2020 (pandemic). Over 10 years: +8.3% a year
Revenue growth 14 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.
+8.8%
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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.
+5.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.6%
Dividend (yield on the price)3.5%
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.2% vs 4%, steady
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.9% → 7%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+15.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +12.4% a year for the price and +3.9% for the forecasts.
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.Engineering & Construction · 839 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+3% · Above median
Profitability
Return on equity (TTM)17% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)4% · Above median
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth6% · Above median
Dividend yield (TTM)3.5% · Above median
Balance sheet
Debt / equity0.73× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)17.3× · Pricier than median
P/B3.39× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "Multiconsult AS Fair Value". https://www.fairvalue-calculator.com/stock/MULTI
Frequently asked questions
Is Multiconsult AS (MULTI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 153.13 versus a price of kr 144.80, about +6% upside (fairly valued).
What is the fair value of MULTI?
Our model-based fair value for Multiconsult AS is kr 153.13 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 144.80.
What is the quality score of MULTI?
Multiconsult AS has a Quality Score of 58/100. 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 Multiconsult AS (MULTI)?
Our model-based price target is the fair value of kr 153.13 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 88.55, optimistic scenario kr 223.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Multiconsult AS stock forecast for 2026?
Our models put fair value at kr 153.13, about +6% upside versus a price of kr 144.80 (fairly valued). Cautious scenario kr 88.55, optimistic scenario kr 223.87. The calculation is refreshed regularly with new filings.
What is the revenue of Multiconsult AS (MULTI)?
Multiconsult AS reported trailing-twelve-month revenue of about 5.7B NOK (latest available figure, as of Sep 24, 2026).
Does Multiconsult AS pay a dividend?
Multiconsult AS currently shows a dividend yield of about 3.45% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Multiconsult AS (MULTI)?
For today's price to be fair in a discounted-cash-flow model, Multiconsult AS would have to grow free cash flow by +15.1 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MULTI use?
Our models discount Multiconsult AS at 9.6 %: a base by market capitalisation (small), damped by beta 0.11, 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 Multiconsult AS that is +15.1 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Multiconsult AS (MULTI) delivered so far?
Over the past 5 years revenue at Multiconsult AS grew +6.2 % a year. The price currently implies +15.1 % 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 Multiconsult AS (MULTI) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Multiconsult AS (+15.1 % 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 Multiconsult AS (MULTI)?
The free-cash-flow yield on the price is 4.45 %: that much free cash flow Multiconsult AS produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Multiconsult AS (MULTI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Multiconsult AS it is kr 153.13 per share (as of Sep 24, 2026), against a price of kr 144.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Multiconsult AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MULTI trades below its calculated fair value: price kr 144.80, fair value kr 153.13, a gap of about +6% (fairly valued). 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 MULTI?
No. The price is what the market pays today (kr 144.80); the fair value is what the company's own numbers justify (kr 153.13). For Multiconsult AS the two are kr 8.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is Multiconsult AS worth?
The market values Multiconsult AS at about 3.9B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 144.80; our models calculate a fair value of kr 153.13 per share.
What do the bullish and bearish scenarios say about MULTI?
Our models span a range for Multiconsult AS: cautious scenario kr 88.55, base kr 153.13, optimistic kr 223.87 per share (as of Sep 24, 2026, price kr 144.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MULTI?
Multiconsult AS trades at a price-to-earnings ratio of 17.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 153.13 is built from several models across several years. Other multiples: P/B 3.4, P/S 0.7, EV/EBITDA 11.0.
How solid is the balance sheet of Multiconsult AS (MULTI)?
Balance-sheet figures for Multiconsult AS (as of Sep 24, 2026): return on equity 16.8%, debt of 0.73 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MULTI from its 52-week high?
Multiconsult AS trades at kr 144.80, about 17% below its 52-week high of kr 175.10 and 6% above the low of kr 137.00 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 153.13 is for.
Which stocks are comparable to Multiconsult AS?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Multiconsult AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 144.80, calculated fair value kr 153.13 (+6%), Quality Score 58/100, 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 MULTI calculated?
We run Multiconsult AS 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 153.13, 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 13.2 % above its aggregate fair value. Multiconsult AS currently trades 6 % 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 Multiconsult AS (MULTI)?
The closing price on Sep 24, 2026 was kr 144.80. Our model-based fair value is kr 153.13, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Multiconsult AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 88.55 to kr 223.87) leaves room in how you read the outcome.
Where does the earnings growth of Multiconsult AS (MULTI) come from?
Earnings per share at Multiconsult AS grew +5.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share +5.5 %, EBIT margin +0.4 %, tax rate +1.0 %, residual (interest, one-offs) −1.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Multiconsult AS
How large is the market capitalisation of Multiconsult AS (MULTI)?
The market capitalisation of Multiconsult AS is 3.9B NOK (≈ $410M). 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 Multiconsult AS (MULTI)?
The price-to-sales ratio of Multiconsult AS is 0.77 (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 Multiconsult AS (MULTI)?
Earnings per share at Multiconsult AS are kr 8.36 (price ÷ EPS = P/E 17.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Multiconsult AS (MULTI)?
The dividend yield of Multiconsult AS is 3.5% (payout 59.8%). 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 Multiconsult AS (MULTI)?
The net margin of Multiconsult AS is 4.5% (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 Multiconsult AS (MULTI)?
The return on equity (ROE) of Multiconsult AS is 16.8% (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 Multiconsult AS (MULTI)?
On an EBIT basis the return on assets of Multiconsult AS is 11.6% (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 Multiconsult AS (MULTI)?
The operating margin of Multiconsult AS is 9.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Multiconsult AS (MULTI)?
Revenue at Multiconsult AS is growing +5.5% versus a year earlier (3y avg +5.1%). 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 Multiconsult AS (MULTI)?
Earnings per share at Multiconsult AS are growing −17.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Multiconsult AS (MULTI) carry?
The net debt of Multiconsult AS is 833M NOK (fiscal year 2025, ≈ 4.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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