Webstep ASA (WSTEP) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Webstep ASA NOK 38.25, price NOK 12.75, upside +200.0%, quality 73 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 24, 2026.
How to read this chart
60‑month range kr 12.70 – kr 26.77 · fair‑value band kr 28.69 – kr 47.82 · the kr 12.75 price screens below the kr 38.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Webstep ASA provides information technology (IT) consultancy services to public and private businesses in Norway and Sweden.
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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.
Stock analysis
Webstep ASA (WSTEP) currently trades at kr 12.75, while our model-based Fair Value estimate is kr 38.25, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 49.03 per share, and 23 of the 24 models we run sit above the kr 12.75 price.
Bear case: the Asset-Based group reads lowest at kr 8.17, and 1 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 28.69 (bear) to kr 47.82 (bull), the price of kr 12.75 sits below 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 73/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Webstep ASA reported revenue of 835M NOK in FY2025 versus 775M NOK in FY2021, a compound +1.9%/yr. Reported net income was 40.4M NOK in FY2025, compounding −4.5%/yr from FY2021.
Key figures
Market cap 386M NOK (≈ $40.5M) · P/E ratio 9.0 · P/S ratio 0.44 · EPS (TTM) kr 1.41 · Dividend yield 11.7% · Net margin 4.8% · Return on equity 10.4% · Return on assets (EBIT) 8.1%.
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 37% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 53% fair-value upside, at 200%, WSTEP screens cheaper than that median.
Fair Value models
Bear kr 28.69Fair Value kr 38.25Bull kr 47.82
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.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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−4.5%
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.
−2.0%
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.
+3.9%
Start year 2020 (pandemic). Over 10 years: +4.3% a year
Revenue growth 12 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.
+5.1%
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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.
+13.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.5%
Dividend (yield on the price)11.7%
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.2% vs −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.7% → 7%
Start year 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).
−23.1%
Yearly growth needed for the next five years to justify today's price.
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 −24.9% a year for the price.
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.Information Technology Services · 498 stocks
Beats the industry median on 11/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+200% · Top 25%
Profitability
Return on equity (TTM)10% · Above median
Return on assets5% · Above median
Net margin (TTM)4% · Below median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth−11% · Bottom 25%
Dividend yield (TTM)11.7% · Top 25%
Valuation Multiplesvs Information Technology Services median · lower = cheaper
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). "Webstep ASA Fair Value". https://www.fairvalue-calculator.com/stock/WSTEP
Frequently asked questions
Is Webstep ASA (WSTEP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 38.25 versus a price of kr 12.75, about +200% upside (undervalued).
What is the fair value of WSTEP?
Our model-based fair value for Webstep ASA is kr 38.25 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 12.75.
What is the quality score of WSTEP?
Webstep ASA has a Quality Score of 73/100. 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 Webstep ASA (WSTEP)?
Our model-based price target is the fair value of kr 38.25 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 28.69, optimistic scenario kr 47.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Webstep ASA stock forecast for 2026?
Our models put fair value at kr 38.25, about +200% upside versus a price of kr 12.75 (undervalued). Cautious scenario kr 28.69, optimistic scenario kr 47.82. The calculation is refreshed regularly with new filings.
What is the revenue of Webstep ASA (WSTEP)?
Webstep ASA reported trailing-twelve-month revenue of about 809M NOK (latest available figure, as of Sep 24, 2026).
Does Webstep ASA pay a dividend?
Webstep ASA currently shows a dividend yield of about 11.69% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Webstep ASA (WSTEP)?
For today's price to be fair in a discounted-cash-flow model, Webstep ASA would have to grow free cash flow by -23.1 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of WSTEP use?
Our models discount Webstep ASA at 8.3 %: a base by market capitalisation (nano), damped by beta 0.26, 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 Webstep ASA that is -23.1 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Webstep ASA (WSTEP) delivered so far?
Over the past 5 years revenue at Webstep ASA grew +3.9 % a year. The price currently implies -23.1 % 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 Webstep ASA (WSTEP) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Webstep ASA (-23.1 % 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 Webstep ASA (WSTEP)?
The free-cash-flow yield on the price is 28.81 %: that much free cash flow Webstep ASA produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Webstep ASA (WSTEP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Webstep ASA it is kr 38.25 per share (as of Sep 24, 2026), against a price of kr 12.75. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Webstep ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WSTEP trades below its calculated fair value: price kr 12.75, fair value kr 38.25, a gap of about +200% (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 WSTEP?
No. The price is what the market pays today (kr 12.75); the fair value is what the company's own numbers justify (kr 38.25). For Webstep ASA the two are kr 25.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Webstep ASA worth?
The market values Webstep ASA at about 386M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 12.75; our models calculate a fair value of kr 38.25 per share.
What do the bullish and bearish scenarios say about WSTEP?
Our models span a range for Webstep ASA: cautious scenario kr 28.69, base kr 38.25, optimistic kr 47.82 per share (as of Sep 24, 2026, price kr 12.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WSTEP?
Webstep ASA trades at a price-to-earnings ratio of 9.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 38.25 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.5, EV/EBITDA 5.2.
How solid is the balance sheet of Webstep ASA (WSTEP)?
Balance-sheet figures for Webstep ASA (as of Sep 24, 2026): return on equity 10.4%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is WSTEP from its 52-week high?
Webstep ASA trades at kr 12.75, about 37% below its 52-week high of kr 20.34 and at the low of kr 12.70 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 38.25 is for.
Which stocks are comparable to Webstep ASA?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys 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 Webstep ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 12.75, calculated fair value kr 38.25 (+200%), Quality Score 73/100, from 24 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 WSTEP calculated?
We run Webstep ASA through 24 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 38.25, 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 14.0 % above its aggregate fair value. Webstep ASA currently trades 200 % 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 Webstep ASA (WSTEP)?
The closing price on Sep 24, 2026 was kr 12.75. Our model-based fair value is kr 38.25, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Webstep ASA right 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 28.69). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Webstep ASA
How large is the market capitalisation of Webstep ASA (WSTEP)?
The market capitalisation of Webstep ASA is 386M NOK (≈ $40.5M). 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 Webstep ASA (WSTEP)?
The price-to-sales ratio of Webstep ASA is 0.44 (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 Webstep ASA (WSTEP)?
Earnings per share at Webstep ASA are kr 1.41 (price ÷ EPS = P/E 9.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Webstep ASA (WSTEP)?
The dividend yield of Webstep ASA is 11.7% (payout 106%). 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 Webstep ASA (WSTEP)?
The net margin of Webstep ASA is 4.8% (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 Webstep ASA (WSTEP)?
The return on equity (ROE) of Webstep ASA is 10.4% (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 Webstep ASA (WSTEP)?
On an EBIT basis the return on assets of Webstep ASA is 8.1% (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 Webstep ASA (WSTEP)?
The operating margin of Webstep ASA is 7.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Webstep ASA (WSTEP)?
Revenue at Webstep ASA is growing −11.3% versus a year earlier (3y avg −2.0%). 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 Webstep ASA (WSTEP)?
Earnings per share at Webstep ASA are growing −31.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Webstep ASA (WSTEP) carry?
The net debt of Webstep ASA is 7.7M 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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