Veidekke ASA (VEI) Fair Value & Analysis

Industrials · NO · Market cap 25.7B NOK

A solid business, screening 28% undervalued on our models.

What matters now

• Solid quality (69/100) at a price below fair value, the discount is the argument here, not the business quality.
• Our model range runs from kr 181.24 (bear) to kr 302.07 (bull), base kr 241.66. The closer the price sits to the lower half, the larger the margin of safety.
• Quality 69/100 (solid quality) with high evidence: the data supports the verdict.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range kr 62.93 – kr 193.60 · fair‑value band kr 181.24 – kr 302.07 · the kr 188.60 price screens below the kr 241.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

Full chart & analysis →

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Analysis

Veidekke ASA (VEI) currently trades at kr 188.60, while our model-based Fair Value estimate is kr 241.66, implying the stock looks roughly 28.1% undervalued today. The Quality Score stands at 69/100 (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, Veidekke ASA generated revenue of 43.8B NOK at a net margin of 3.6%. Revenue grew 6.8% year over year. It earns a return on equity of 47.5%. The balance sheet holds a net cash position of 1.7B NOK. Fundamentals as of Jul 15, 2026

Our scenario range runs from kr 181.24 (bear case) to kr 302.07 (bull case); at kr 188.60, 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 near its 52-week high and 31% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at 28%, VEI 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 299.41) versus Asset-Based (kr 18.26). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Veidekke ASA operates as a construction and property development company in Norway, Sweden, and Denmark. It operates through Construction Norway, Infrastructure Norway, Construction Sweden, Infrastructure Sweden, and Denmark/Hoffmann segments.

Full company description

Veidekke ASA operates as a construction and property development company in Norway, Sweden, and Denmark. It operates through Construction Norway, Infrastructure Norway, Construction Sweden, Infrastructure Sweden, and Denmark/Hoffmann segments. The company engages in construction of commercial buildings such as offices, hotels, warehouses and other logistics buildings for the private sector, as well as schools, healthcare facilities and other public buildings; infrastructure operations of public transport projects such as roads, railways and airports, power generation facilities, water supply and sewerage, foundations, road maintenance, asphalting, deliveries of aggregates, and landfill services; and renovation of public, commercial and residential buildings. It also offers asphalt products, including environmental, low-temperature, and colored asphalt. The company was founded in 1936 and is headquartered in Oslo, Norway.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Veidekke ASA reported revenue of kr 43.0B in FY2025 versus kr 37.6B in FY2021, a compound +3.4%/yr. Reported net income was kr 1.6B in FY2025, compounding +12.8%/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.