Veidekke ASA (VEI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Veidekke ASA stock NOK 241, price NOK 215, upside +12.0%, quality 70 out of 100. Rating: undervalued. 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. As of Nov 7, 2026.
How to read this chart
60‑month range kr 62.93 – kr 218.00 · fair‑value band kr 180.59 – kr 300.98 · the kr 215.00 price screens below the kr 240.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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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.
Stock analysis
Veidekke ASA (VEI) currently trades at kr 215.00, while our model-based Fair Value estimate is kr 240.78, implying the stock looks roughly 11% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 316.95 per share, and 14 of the 26 models we run sit above the kr 215.00 price.
Bear case: the Earnings-Based group reads lowest at kr 106.80, and 12 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 180.59 (bear) to kr 300.98 (bull), the price of kr 215.00 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 70/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Veidekke ASA reported revenue of 43.0B NOK in FY2025 versus 37.6B NOK in FY2021, a compound +3.4%/yr. Reported net income was 1.6B NOK in FY2025, compounding +12.8%/yr from FY2021.
Key figures
Market cap 29.0B NOK (≈ $3.1B) Mid · P/E ratio 17.3 · P/S ratio 0.65 · EPS (TTM) kr 12.44 · Dividend yield 5.2% · Net margin 3.8% · Return on equity 68.5% · Return on assets (EBIT) 8.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 56 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 43% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 12%, VEI screens cheaper than that median.
Fair Value models
Bearkr 180.59Fair Value kr 240.78Bullkr 300.98
Price kr 215.00 · Upside +12.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.02 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. 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.Coverage ⓘCoverage = 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.63/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.0%
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.
+3.6%
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.
+2.4%
Start year 2020 (pandemic). Over 10 years: +6.0% a year
Revenue growth 25 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.
+7.0%
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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. Basis: EBIT basis.
+15.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.0%
Dividend (yield on the price)5.2%
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.11.0% vs 6.2%, picking up
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.3% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
−7.2%
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 −9.4% a year for the price.
AI conclusion: Veidekke demonstrates strength through specialized coastal expertise that secures complex maritime contracts, yet its main weakness remains thin evidence of durable advantages alongside only modest margins.
Main risk: Exposure to residential development cycles would reduce demand for construction services and pressure overall project volumes.
Veidekke continues to win maritime infrastructure contracts that must be executed while keeping ferry services running with only brief closures. This plays to its coastal project experience but tests logistics and coordination under tight timelines. Our models see it as undervalued. Does the growing order backlog from such work outweigh exposure to residential development cycles?
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 · 791 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+12.0% · Above median
Profitability
Return on equity (12 months)68.5% · Top 25%
Return on assets7.9% · Top 25%
Net margin (12 months)3.8% · Above median
Operating margin (12 months)5.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)8.9% · Above median
Dividend yield (12 months)5.2% · Top 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)17.3× · Pricier than median
P/B7.89× · Priciest 25%
P/S (12 months)0.65× · Cheaper than median
Price / free cash flow (fiscal year)10.0× · Cheaper than median
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). "Veidekke ASA Fair Value". https://www.fairvalue-calculator.com/stock/VEI
Frequently asked questions
Is Veidekke ASA (VEI) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 240.78 versus a price of kr 215.00, about +12% upside (undervalued).
What is the fair value of VEI?
Our model-based fair value for Veidekke ASA is kr 240.78 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 215.00.
What is the quality score of VEI?
Veidekke ASA has a Quality Score of 70/100. 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 Veidekke ASA (VEI)?
Our model-based price target is the fair value of kr 240.78 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario kr 180.59, optimistic scenario kr 300.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Veidekke ASA stock forecast for 2026?
Our models put fair value at kr 240.78, about +12% upside versus a price of kr 215.00 (undervalued). Cautious scenario kr 180.59, optimistic scenario kr 300.98. The calculation is refreshed regularly with new filings.
What is the revenue of Veidekke ASA (VEI)?
Veidekke ASA reported trailing-twelve-month revenue of about 44.8B NOK (latest available figure, as of Nov 7, 2026).
Does Veidekke ASA pay a dividend?
Veidekke ASA currently shows a dividend yield of 5.23% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Veidekke ASA (VEI) and when is the ex-dividend date?
Veidekke ASA pays a dividend of kr 11.25 per share a year, a dividend yield of 5.2%. The last ex-dividend date was May 7, 2026. A dividend has been paid every year since at least 1990. The payout ratio is 90.4% of earnings. Free cash flow covers the dividend 1.90 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Veidekke ASA (VEI)?
For today's price to be fair in a discounted-cash-flow model, Veidekke ASA would have to grow free cash flow by -7.2 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of VEI use?
Our models discount Veidekke ASA at 8.9 %: a base by market capitalisation (mid), damped by beta 0.75, 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 Veidekke ASA that is -7.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Veidekke ASA (VEI) delivered so far?
Over the past 5 years revenue at Veidekke ASA grew +2.5 % a year. The price currently implies free-cash-flow growth of -7.2 % per 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 Veidekke ASA (VEI) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Veidekke ASA (-7.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Veidekke ASA (VEI)?
The free-cash-flow yield on the price is 9.96 %: that much free cash flow Veidekke ASA produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Veidekke ASA (VEI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Veidekke ASA it is kr 240.78 per share (as of Nov 7, 2026), against a price of kr 215.00. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Veidekke ASA stock overvalued or undervalued in 2026?
As of Nov 7, 2026, VEI trades below its calculated fair value: price kr 215.00, fair value kr 240.78, a gap of about +12% (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 VEI?
No. The price is what the market pays today (kr 215.00); the fair value is what the company's own numbers justify (kr 240.78). For Veidekke ASA the two are kr 25.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is Veidekke ASA worth?
The market values Veidekke ASA at about 29.0B NOK (market capitalisation, as of Nov 7, 2026). Per share that is kr 215.00; our models calculate a fair value of kr 240.78 per share.
What do the bullish and bearish scenarios say about VEI?
Our models span a range for Veidekke ASA: cautious scenario kr 180.59, base kr 240.78, optimistic kr 300.98 per share (as of Nov 7, 2026, price kr 215.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VEI?
Veidekke ASA trades at a price-to-earnings ratio of 17.3 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 240.78 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 15.9. Other multiples: PEG 1.6, P/B 7.9, P/S 0.6, EV/EBITDA 9.7.
What is the PEG ratio of VEI?
The PEG ratio of Veidekke ASA is 1.59 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Veidekke ASA (VEI)?
Balance-sheet figures for Veidekke ASA (as of Nov 7, 2026): return on equity 68.5%, debt of 0.04 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is VEI from its 52-week high?
Veidekke ASA trades at kr 215.00, about 1% below its 52-week high of kr 218.00 and 43% above the low of kr 150.57 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 240.78 is for.
Which stocks are comparable to Veidekke ASA?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Veidekke ASA stock attractive at the current price?
The data as of Nov 7, 2026: price kr 215.00, calculated fair value kr 240.78 (+12%), Quality Score 70/100, 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 VEI calculated?
We run Veidekke ASA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 240.78 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Veidekke ASA currently trades 11% 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 Veidekke ASA (VEI)?
The closing price on Nov 6, 2026 was kr 215.00. Our model-based fair value is kr 240.78, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Veidekke 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.
Where does the earnings growth of Veidekke ASA (VEI) come from?
Earnings per share at Veidekke ASA grew +5.1 % a year from 2013 to 2024. Broken into its drivers: revenue per share +6.4 %, EBIT margin −0.5 %, tax rate −0.2 %, residual (interest, one-offs) −0.4 %. 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 Veidekke ASA
How large is the market capitalisation of Veidekke ASA (VEI)?
The market capitalisation of Veidekke ASA is 29.0B NOK (≈ $3.1B). 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 Veidekke ASA (VEI)?
The price-to-sales ratio of Veidekke ASA is 0.65 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Veidekke ASA (VEI)?
Earnings per share at Veidekke ASA are kr 12.44 (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 Veidekke ASA (VEI)?
The dividend yield of Veidekke ASA is 5.2% (payout 90.4%). 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 Veidekke ASA (VEI)?
The net margin of Veidekke ASA is 3.8% (last twelve months). 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 Veidekke ASA (VEI)?
The return on equity (ROE) of Veidekke ASA is 68.5% (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 Veidekke ASA (VEI)?
On an EBIT basis the return on assets of Veidekke ASA is 8.5% (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 Veidekke ASA (VEI)?
The operating margin of Veidekke ASA is 5.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Veidekke ASA (VEI)?
Revenue at Veidekke ASA is growing +8.9% versus a year earlier (3y avg +3.6%). 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 Veidekke ASA (VEI)?
Earnings per share at Veidekke ASA are growing +27.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Veidekke ASA (VEI) hold?
Veidekke ASA holds more cash than debt, 1.7B NOK net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 7, 2026