Zaptec AS (ZAP) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Zaptec AS NOK 57.54, price NOK 62.60, upside -8.1%, quality 69 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 8.41 – kr 65.23 · fair‑value band kr 40.28 – kr 74.80 · the kr 62.60 price screens above the kr 57.54 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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Zaptec ASA engages in the development and sale of chargers, charging systems, and services for electric car charging in Norway, Sweden, Switzerland, Denmark, Iceland, rest of Europe, and internationally.
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Zaptec ASA engages in the development and sale of chargers, charging systems, and services for electric car charging in Norway, Sweden, Switzerland, Denmark, Iceland, rest of Europe, and internationally. It offers Zaptec Go and Zaptec Pro alternating current walls charging station for indoor and outdoor use; Zaptec Portal, a cloud platform that monitors, balances, and optimizes the load between charging stations, while displaying real-time power usage; and Zaptec Sense for automatically adjusting the charging speed in the buildings. The company also offers accessories, including covers, charging cables, cable holders, RFID tags, and load balancers. Zaptec ASA was incorporated in 2012 and is headquartered in Stavanger, Norway.
Stock analysis
Zaptec AS (ZAP) currently trades at kr 62.60, while our model-based Fair Value estimate is kr 57.54, implying the stock looks roughly 8.8% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 50.16 per share, and 5 of the 24 models we run sit above the kr 62.60 price.
Bear case: the Asset-Based group reads lowest at kr 5.79, and 19 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 40.28 (bear) to kr 74.80 (bull), the price of kr 62.60 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 69/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Zaptec AS reported revenue of 1.5B NOK in FY2025 versus 489M NOK in FY2021, a compound +33.0%/yr. Reported net income was 53.9M NOK in FY2025, compounding +60.0%/yr from FY2021.
Key figures
Market cap 5.5B NOK (≈ $575M) · P/E ratio 71.1 · P/S ratio 2.50 · EPS (TTM) kr 0.8800 · Dividend yield 0.5% · Net margin 3.5% · Return on equity 11.3% · Return on assets (EBIT) 2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 195% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at −8%, ZAP screens cheaper than that median.
Fair Value models
Bear kr 40.28Fair Value kr 57.54Bull kr 74.80
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.4259 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.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.90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.9%
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.
+26.5%
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.
+47.5%
Start year 2020 (pandemic)
Revenue growth 8 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.
+78.0%
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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.
+21.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.1%
Dividend (yield on the price)0.5%
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.6% → 6%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
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).
+6.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+17.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +4.4% a year for the price and +15.0% for the forecasts.
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.Electrical Equipment & Parts · 552 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−6% · Above median
Profitability
Return on equity (TTM)11% · Above median
Return on assets6% · Top 25%
Net margin (TTM)5% · Below median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth32% · Top 25%
Dividend yield (TTM)0.5% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Electrical Equipment & Parts 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). "Zaptec AS Fair Value". https://www.fairvalue-calculator.com/stock/ZAP
Frequently asked questions
Is Zaptec AS (ZAP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 57.54 versus a price of kr 62.60, about −8% upside (fairly valued).
What is the fair value of ZAP?
Our model-based fair value for Zaptec AS is kr 57.54 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 62.60.
What is the quality score of ZAP?
Zaptec AS has a Quality Score of 69/100. 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 Zaptec AS (ZAP)?
Our model-based price target is the fair value of kr 57.54 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 40.28, optimistic scenario kr 74.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Zaptec AS stock forecast for 2026?
Our models put fair value at kr 57.54, about −8% upside versus a price of kr 62.60 (fairly valued). Cautious scenario kr 40.28, optimistic scenario kr 74.80. The calculation is refreshed regularly with new filings.
What is the revenue of Zaptec AS (ZAP)?
Zaptec AS reported trailing-twelve-month revenue of about 1.6B NOK (latest available figure, as of Sep 24, 2026).
Does Zaptec AS pay a dividend?
Zaptec AS currently shows a dividend yield of about 0.48% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Zaptec AS (ZAP)?
For today's price to be fair in a discounted-cash-flow model, Zaptec AS would have to grow free cash flow by +6.9 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +47.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ZAP use?
Our models discount Zaptec AS at 12.2 %: a base by market capitalisation (small), damped by beta 1.45, 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 Zaptec AS that is +6.9 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Zaptec AS (ZAP) delivered so far?
Over the past 5 years revenue at Zaptec AS grew +47.5 % a year. The price currently implies +6.9 % 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 Zaptec AS (ZAP) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Zaptec AS (+6.9 % 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 Zaptec AS (ZAP)?
The free-cash-flow yield on the price is 7.16 %: that much free cash flow Zaptec AS produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zaptec AS (ZAP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zaptec AS it is kr 57.54 per share (as of Sep 24, 2026), against a price of kr 62.60. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Zaptec AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZAP trades above its calculated fair value: price kr 62.60, fair value kr 57.54, a gap of about −8% (fairly valued). 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 ZAP?
No. The price is what the market pays today (kr 62.60); the fair value is what the company's own numbers justify (kr 57.54). For Zaptec AS the two are kr 5.06 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zaptec AS worth?
The market values Zaptec AS at about 5.5B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 62.60; our models calculate a fair value of kr 57.54 per share.
What do the bullish and bearish scenarios say about ZAP?
Our models span a range for Zaptec AS: cautious scenario kr 40.28, base kr 57.54, optimistic kr 74.80 per share (as of Sep 24, 2026, price kr 62.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZAP?
Zaptec AS trades at a price-to-earnings ratio of 71.1 (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 57.54 is built from several models across several years. Other multiples: P/B 7.2, P/S 3.3, EV/EBITDA 36.7.
How solid is the balance sheet of Zaptec AS (ZAP)?
Balance-sheet figures for Zaptec AS (as of Sep 24, 2026): return on equity 11.3%, debt of 0.01 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is ZAP from its 52-week high?
Zaptec AS trades at kr 62.60, at its 52-week high of kr 62.60 and 195% above the low of kr 21.25 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 57.54 is for.
Which stocks are comparable to Zaptec AS?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Prysmian S.p.A, 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 Zaptec AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 62.60, calculated fair value kr 57.54 (−8%), Quality Score 69/100, 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 ZAP calculated?
We run Zaptec AS 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 57.54, 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. Zaptec AS itself currently trades above fair value. 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 Zaptec AS (ZAP)?
The closing price on Sep 24, 2026 was kr 62.60. Our model-based fair value is kr 57.54, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zaptec AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 40.28 to kr 74.80) leaves room in how you read the outcome.
Key figures of Zaptec AS
How large is the market capitalisation of Zaptec AS (ZAP)?
The market capitalisation of Zaptec AS is 5.5B NOK (≈ $575M). 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 Zaptec AS (ZAP)?
The price-to-sales ratio of Zaptec AS is 2.50 (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 Zaptec AS (ZAP)?
Earnings per share at Zaptec AS are kr 0.8800 (price ÷ EPS = P/E 71.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zaptec AS (ZAP)?
The dividend yield of Zaptec AS is 0.5% (payout 34.1%). 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 Zaptec AS (ZAP)?
The net margin of Zaptec AS is 3.5% (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 Zaptec AS (ZAP)?
The return on equity (ROE) of Zaptec AS is 11.3% (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 Zaptec AS (ZAP)?
On an EBIT basis the return on assets of Zaptec AS is 2.1% (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 Zaptec AS (ZAP)?
The operating margin of Zaptec AS is 9.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zaptec AS (ZAP)?
Revenue at Zaptec AS is growing +31.7% versus a year earlier (3y avg +26.5%). 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 Zaptec AS (ZAP)?
Earnings per share at Zaptec AS are growing +97.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Zaptec AS (ZAP) hold?
Zaptec AS holds more cash than debt, 72.4M NOK net (fiscal year 2021). The company holds more cash than debt, a safety cushion.
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