Norconsult ASA (NORCO) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Norconsult ASA NOK 44.12, price NOK 38.00, upside +16.1%, 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 23, 2026.
How to read this chart
34‑month range kr 15.43 – kr 46.99 · fair‑value band kr 33.09 – kr 55.16 · the kr 38.00 price screens below the kr 44.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Norconsult ASA provides consultancy services with focus on community planning, engineering design, and architecture in Nordics, Sweden, Denmark, Europe, and internationally.
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Norconsult ASA provides consultancy services with focus on community planning, engineering design, and architecture in Nordics, Sweden, Denmark, Europe, and internationally. It offers consultancy services for the planning and engineering design of construction and real estate projects, such as residential, office, and industrial buildings; hospitals, healthcare buildings, and care homes; schools and educational buildings; sports facilities; cultural buildings; laboratory buildings, terminal buildings for airports and railway stations; and fire and police stations. The company also provides infrastructure services for water, geoscience and environment, and transport industries. In addition, it offers construction engineering, execution, and land acquisition services for renewable energy industry; and consultancy, project development, engineering design, and execution of various construction, renovation and modification projects with industrial installations. Further, the company provides IT consulting services and solutions for project management, infrastructure, and property, as well as recruitment and staffing services. Norconsult ASA was founded in 1929 and is headquartered in Sandvika, Norway.
Stock analysis
Norconsult ASA (NORCO) currently trades at kr 38.00, while our model-based Fair Value estimate is kr 44.12, implying the stock looks roughly 13.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 59.71 per share, and 14 of the 26 models we run sit above the kr 38.00 price.
Bear case: the Asset-Based group reads lowest at kr 6.72, and 12 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 33.09 (bear) to kr 55.16 (bull), the price of kr 38.00 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.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Norconsult ASA reported revenue of 11.4B NOK in FY2025 versus 7.4B NOK in FY2021, a compound +11.3%/yr. Reported net income was 652M NOK in FY2025, compounding +17.5%/yr from FY2021.
Key figures
Market cap 11.8B NOK (≈ $1.2B) · P/E ratio 20.0 · P/S ratio 1.14 · EPS (TTM) kr 1.90 · Dividend yield 4.7% · Net margin 5.7% · Return on equity 19.4% · Return on assets (EBIT) 10.0%.
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 18% below its 52-week high and 12% 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 16%, NORCO screens cheaper than that median.
Fair Value models
Bear kr 33.09Fair Value kr 44.12Bull kr 55.16
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 0.0732 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.87/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.5%
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.
+10.6%
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.
+10.5%
Start year 2020 (pandemic). Over 10 years: +11.1% a year
Revenue growth 10 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.
+11.1%
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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.
+17.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.3%
Dividend (yield on the price)4.7%
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.12% vs 10%, 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.7% → 8%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−2.1%
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.
+5.5%
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 −4.4% a year for the price and +3.0% 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 · 822 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside+16% · Above median
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)5% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth16% · Above median
Dividend yield (TTM)4.7% · Top 25%
Balance sheet
Debt / equity0.36× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)20.0× · Pricier than median
P/B3.79× · 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). "Norconsult ASA Fair Value". https://www.fairvalue-calculator.com/stock/NORCO
Frequently asked questions
Is Norconsult ASA (NORCO) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of kr 44.12 versus a price of kr 38.00, about +16% upside (undervalued).
What is the fair value of NORCO?
Our model-based fair value for Norconsult ASA is kr 44.12 (as of Sep 23, 2026), built from audited fundamentals. The current price: kr 38.00.
What is the quality score of NORCO?
Norconsult ASA 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 Norconsult ASA (NORCO)?
Our model-based price target is the fair value of kr 44.12 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario kr 33.09, optimistic scenario kr 55.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Norconsult ASA stock forecast for 2026?
Our models put fair value at kr 44.12, about +16% upside versus a price of kr 38.00 (undervalued). Cautious scenario kr 33.09, optimistic scenario kr 55.16. The calculation is refreshed regularly with new filings.
What is the revenue of Norconsult ASA (NORCO)?
Norconsult ASA reported trailing-twelve-month revenue of about 11.9B NOK (latest available figure, as of Sep 23, 2026).
Does Norconsult ASA pay a dividend?
Norconsult ASA currently shows a dividend yield of about 4.74% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Norconsult ASA (NORCO)?
For today's price to be fair in a discounted-cash-flow model, Norconsult ASA would have to grow free cash flow by -2.1 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NORCO use?
Our models discount Norconsult ASA at 9.0 %: a base by market capitalisation (large), 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 Norconsult ASA that is -2.1 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Norconsult ASA (NORCO) delivered so far?
Over the past 5 years revenue at Norconsult ASA grew +10.5 % a year. The price currently implies -2.1 % 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 Norconsult ASA (NORCO) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Norconsult ASA (-2.1 % 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 Norconsult ASA (NORCO)?
The free-cash-flow yield on the price is 8.51 %: that much free cash flow Norconsult ASA produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Norconsult ASA (NORCO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norconsult ASA it is kr 44.12 per share (as of Sep 23, 2026), against a price of kr 38.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Norconsult ASA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NORCO trades below its calculated fair value: price kr 38.00, fair value kr 44.12, a gap of about +16% (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 NORCO?
No. The price is what the market pays today (kr 38.00); the fair value is what the company's own numbers justify (kr 44.12). For Norconsult ASA the two are kr 6.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norconsult ASA worth?
The market values Norconsult ASA at about 11.8B NOK (market capitalisation, as of Sep 23, 2026). Per share that is kr 38.00; our models calculate a fair value of kr 44.12 per share.
What do the bullish and bearish scenarios say about NORCO?
Our models span a range for Norconsult ASA: cautious scenario kr 33.09, base kr 44.12, optimistic kr 55.16 per share (as of Sep 23, 2026, price kr 38.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NORCO?
Norconsult ASA trades at a price-to-earnings ratio of 20.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 44.12 is built from several models across several years. Other multiples: P/B 3.8, P/S 1.0, EV/EBITDA 12.0.
How solid is the balance sheet of Norconsult ASA (NORCO)?
Balance-sheet figures for Norconsult ASA (as of Sep 23, 2026): return on equity 19.4%, debt of 0.36 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is NORCO from its 52-week high?
Norconsult ASA trades at kr 38.00, about 18% below its 52-week high of kr 46.42 and 12% above the low of kr 33.80 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 44.12 is for.
Which stocks are comparable to Norconsult ASA?
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 Norconsult ASA stock attractive at the current price?
The data as of Sep 23, 2026: price kr 38.00, calculated fair value kr 44.12 (+16%), 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 NORCO calculated?
We run Norconsult 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 44.12, 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 14.1 % above its aggregate fair value. Norconsult ASA currently trades 16 % 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 Norconsult ASA (NORCO)?
The closing price on Sep 23, 2026 was kr 38.00. Our model-based fair value is kr 44.12, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norconsult ASA right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Norconsult ASA
How large is the market capitalisation of Norconsult ASA (NORCO)?
The market capitalisation of Norconsult ASA is 11.8B NOK (≈ $1.2B). 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 Norconsult ASA (NORCO)?
The price-to-sales ratio of Norconsult ASA is 1.14 (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 Norconsult ASA (NORCO)?
Earnings per share at Norconsult ASA are kr 1.90 (price ÷ EPS = P/E 20.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Norconsult ASA (NORCO)?
The dividend yield of Norconsult ASA is 4.7% (payout 94.7%). 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 Norconsult ASA (NORCO)?
The net margin of Norconsult ASA is 5.7% (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 Norconsult ASA (NORCO)?
The return on equity (ROE) of Norconsult ASA is 19.4% (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 Norconsult ASA (NORCO)?
On an EBIT basis the return on assets of Norconsult ASA is 10.0% (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 Norconsult ASA (NORCO)?
The operating margin of Norconsult ASA is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norconsult ASA (NORCO)?
Revenue at Norconsult ASA is growing +16.2% versus a year earlier (3y avg +10.6%). 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 Norconsult ASA (NORCO)?
Earnings per share at Norconsult ASA are growing −27.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Norconsult ASA (NORCO) carry?
The net debt of Norconsult ASA is 138M NOK (fiscal year 2025, ≈ 0.1 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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