Norconsult ASA (NORCO) Fair Value & Analysis

Industrials · NO · Market cap 11.7B NOK

A solid business, screening 14% undervalued on our models.

What matters now

• Our model range runs from kr 33.09 (bear) to kr 55.16 (bull), base kr 44.12. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 58/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (3 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

33‑month range kr 15.43 – kr 46.99 · fair‑value band kr 33.09 – kr 55.16 · the kr 38.85 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 Jul 20, 2026.

Full chart & analysis →

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Analysis

Norconsult ASA (NORCO) currently trades at kr 38.85, while our model-based Fair Value estimate is kr 44.12, implying the stock looks roughly 13.6% undervalued today. The Quality Score stands at 58/100 (solid quality), in the Industrials 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, Norconsult ASA generated revenue of 11.9B NOK at a net margin of 4.9%. Revenue grew 16.2% year over year. It earns a return on equity of 19.4%. Net debt stands at 138M NOK. Fundamentals as of Jul 20, 2026

Our scenario range runs from kr 33.09 (bear case) to kr 55.16 (bull case); at kr 38.85, the current price sits within 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 18% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 14%, NORCO 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 57.15) versus Asset-Based (kr 6.72). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Norconsult ASA provides consultancy services with focus on community planning, engineering design, and architecture in Nordics, Sweden, Denmark, Europe, and internationally.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Norconsult ASA reported revenue of kr 11.4B in FY2025 versus kr 7.4B in FY2021, a compound +11.3%/yr. Reported net income was kr 652M in FY2025, compounding +17.5%/yr from FY2021.

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Peer Group

Engineering & Construction · 837 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 Engineering & Construction 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.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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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.