Webstep ASA (WSTEP) Fair Value & Analysis

Technology · NO · Market cap 386M NOK

A solid business, screening 93% undervalued on our models.

What matters now

• The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict.
• The price is below even our cautious bear case (kr 22.28). The market is more pessimistic than our downside scenario.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range kr 13.30 – kr 26.77 · fair‑value band kr 22.28 – kr 37.13 · the kr 15.40 price screens below the kr 29.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Webstep ASA (WSTEP) currently trades at kr 15.40, while our model-based Fair Value estimate is kr 29.70, implying the stock looks roughly 92.9% undervalued today. The Quality Score stands at 73/100 (solid quality), in the Technology 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, Webstep ASA generated revenue of 809M NOK at a net margin of 4.4%. Revenue declined 11.3% year over year. It earns a return on equity of 10.4%. Net debt stands at 7.7M NOK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 22.28 (bear case) to kr 37.13 (bull case); at kr 15.40, the current price sits below 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 35% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at -25% fair-value upside, at 93%, WSTEP 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 37.93) versus Asset-Based (kr 8.17). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Webstep ASA provides information technology (IT) consultancy services to public and private businesses in Norway and Sweden.

Full company description

Webstep ASA provides information technology (IT) consultancy services to public and private businesses in Norway and Sweden. The company offers consulting, digitalization, .Net, Java, open source, full stack, front and back end, user experience, integration, Artificial Intelligence, mobility, cloud apps, machine learning, business intelligence, big data, data warehousing, Internet of Things, virtual robotics, devops, application service management, data science, and project and test management services. It also provides ISTQB, PMP, Prince 2, ITIL, scrum, delivery projects, CRM, ERP, process management, project management methodology, facilitating, controller, program coordination, contract management, offshoring management, and mentoring services; mobility, cloud computing, cloud services, integration, sensor technology, product development, service development, beacons, enterprise user experience, web analysis, design team, amazon web services, azure, big data, prediction, mobility, predictive modelling, workshops, hackathons, business analysis, and search engine optimalisation services. The company serves banking, finance and insurance, public administration, agriculture and food production, IT and telecommunication, commerce, and transportation industries. The company was founded in 2000 and is headquartered in Oslo, Norway.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Webstep ASA reported revenue of kr 835M in FY2025 versus kr 775M in FY2021, a compound +1.9%/yr. Reported net income was kr 40.4M in FY2025, compounding −4.5%/yr from FY2021.

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Peer Group

Information Technology Services · 475 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 Information Technology Services 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.

Insider activity: 40/100

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.