olivLaw · European equity research
LINK Mobility Group Holding ASA LINK.OL
Norway · Euronext Oslo Børs · ISIN NO0010894231 · Vertical: Listed companies from Norway
LINK Mobility is a European provider of digital messaging, with local presence in several countries and operations in Latin America and Africa. In 2025 its pro forma adjusted EBITDA grew 48%, helped by acquisitions and a more modest organic growth rate, which makes the company relevant to investors following conversational communication.
At the close of 06 Nov 2026, LINK Mobility Group Holding ASA (LINK.OL) stock was 25.12 NOK (−3.90% on the day), with market capitalisation 7.6 bn NOK, P/E 89.7 on diluted EPS of 0.28 NOK over the last 12 months, beta 0.65, 52-week range 20.20–35.25 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.6
- neutral
- Bollinger (20, 2)
- 23.42 – 26.10
- in the upper half of the band · %B 0.63 · band width 10.8%
- SMA 50 / 200
- 24.31 / 24.68
- mixed trend
- MACD (12, 26, 9)
- 0.36 / 0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.2% | −0.6% | +2.8 pp | — |
| 3 months | −3.8% | −4.2% | +0.3 pp | — |
| 6 months | −0.6% | +4.3% | −4.9 pp | — |
| Year to date | −25.9% | +7.5% | −33.4 pp | — |
| 1 year | −15.0% | +9.9% | −24.9 pp | −4.7% |
| 3 years | +60.8% | +49.8% | +11.0 pp | +12.7% |
| 5 years | +14.7% | +42.8% | −28.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 27.7, median 82.5, max 121.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.3 bn | 7.0 bn | 7.1 bn |
| Revenue YoY | unavailable | +11.3% | +1.3% |
| Net income | 67.3 m | 255.6 m | 84.6 m |
| Net income YoY | unavailable | +279.8% | −66.9% |
| Diluted EPS | 0.22 | 0.83 | 0.28 |
| Diluted EPS YoY | unavailable | +277.3% | −66.3% |
| net % | 1.1% | 3.7% | 1.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn NOK
- Financial debt
- 2.7 bn NOK
- Net debt
- 1.6 bn NOK
- Equity
- 5.7 bn NOK
- Total assets
- 11.0 bn NOK
- Debt / equity
- 0.46x
- Current ratio
- 1.27x
- ROE
- 1.5%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.3 bn | 7.0 bn | 7.1 bn | esef· 21 Oct 2026verified |
| Operating income | 140.3 m | 264.6 m | 317.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 337.5 m | 334.1 m | 400.4 m | esef· 21 Oct 2026verified |
| EBITDA | 477.9 m ≈ | 598.7 m ≈ | 718.2 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 51.0 m | 221.2 m | 131.0 m | esef· 21 Oct 2026verified |
| Income tax | 12.6 m | 49.6 m | 43.9 m | esef· 21 Oct 2026verified |
| Net income | 67.3 m | 255.6 m | 84.6 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.22 | 0.83 | 0.28 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 2.5 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Receivables | 1.4 bn | 1.6 bn | 1.6 bn | esef· 21 Oct 2026verified |
| Current assets | 5.3 bn | 4.1 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 20.4 m | 22.3 m | 23.5 m | esef· 21 Oct 2026verified |
| Goodwill | 4.4 bn | 4.7 bn | 5.4 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.8 bn | 1.8 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Total assets | 11.7 bn | 10.7 bn | 11.0 bn | esef· 21 Oct 2026verified |
| Accounts payable | 1.5 bn | 1.5 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Short-term debt | 2.7 m | 2.0 bn | 14.2 m | esef· 21 Oct 2026verified |
| Long-term debt | 4.0 bn | 1.5 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Current liabilities | 1.8 bn | 3.6 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Total liabilities | 6.2 bn | 5.3 bn | 5.2 bn | esef· 21 Oct 2026verified |
| Equity | 5.5 bn | 5.4 bn | 5.7 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 292.5 m | 297.2 m | 302.3 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Capex | 5.9 m | 9.1 m | 7.6 m | esef· 21 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 7.6 bn NOK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.1% | 32 (vs peers) | 20% |
| Net margin · Quality | 1.2% | 39 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.3x | 30 (vs peers) | 20% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 89.7x | 5 (vs peers) | 20% |
| EV/EBITDA · Valuation | 12.8x | 14 (vs peers) | 20% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality35/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation10/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LINK MOBILITY GROUP HOLDING ASA (LINK.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.1 bn NOK in 2025; YoY growth 1.3%; net margin 1.2%; ROE 1.5%; net debt/EBITDA 2.3x.
The estimated value range is 8.22–13.69 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 10.74 NOK, the price of 25.12 NOK leaves a potential of -57.2% (value / price − 1) and a margin of safety of -133.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net debt / EBITDA: 2.3x
- P/E (TTM): 89.7x
- EV/EBITDA: 12.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| LINK.OLLink Mobility Group Holding Asa | 7.6 bn | 89.7 | 1.5% | 1.2% | +1.3% | −17% / +59% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for LINK.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.37 Total return -43% · Per year -43% | 25.44 Total return 1% · Per year 1% | 38.38 Total return 53% · Per year 53% |
| 3 years | 13.05 Total return -48% · Per year -20% | 26.09 Total return 4% · Per year 1% | 43.35 Total return 73% · Per year 20% |
| 5 years | 11.86 Total return -53% · Per year -14% | 26.76 Total return 7% · Per year 1% | 48.96 Total return 95% · Per year 14% |
- Exit P/E± 6.52
- Net margin± 4.57
- Annual revenue growth± 3.87
- Annual dilution± 0.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LINK Mobility is a European provider of digital messaging, with local presence in several countries and operations in Latin America and Africa. In 2025 its pro forma adjusted EBITDA grew 48%, helped by acquisitions and a more modest organic growth rate, which makes the company relevant to investors following conversational communication 1.
SWOT
Strengths
- The company holds a leading European position in digital messaging, with strong local presence and solid relationships with telecom operators 1.
- The business model is recurring, built on notification and authentication services with low churn 1.
- Cash generation is strong, and debt remains within the company's stated financial policy range 1.
Weaknesses
- Organic growth fell below the stated targets, and several large clients reduced consumption late in the year 1.
- The acquisition strategy depends on successful integration of acquired companies, which carries the risk of insufficient value creation 1.
- Currency exposure arises from euro-denominated bonds and from reporting in Norwegian kroner 1.
Opportunities
- Expansion into rich messaging, RCS and AI-driven solutions could increase average customer value 1.
- Complementary acquisitions in Europe and in existing regions could add capabilities and customers 1.
- Growth in interaction volumes generated by AI agents could increase demand for the company's infrastructure 1.
Threats
- OTT channels and telecom operators could change pricing pressure on simple services 1.
- Information security risks and compliance requirements, including the NIS2 directive, could cause costs or losses 1.
- Regulation on data privacy and the use of artificial intelligence could impose additional controls 1.
Risks
- Commercial riskhigh
Changes in customer requirements, operator prices and the pace of adoption of new channels could affect revenue and margins 1.
- Acquisition riskmedium
If synergies are not realized or the company overpays, value destruction could follow 1.
- Currency and financing riskmedium
Euro-denominated bonds and translation into Norwegian kroner could influence reported figures 1.
- Information security riskmedium
Cyber incidents or non-compliance with regulatory requirements could lead to financial and reputational losses 1.
- HR risklow
A shortage of personnel with key competencies could limit operational capacity and growth 1.
Investment thesis
What would need to be true (bull case)
- If organic growth returns in line with the company's expectations, combined with strong cash generation, profit growth could continue 1.
- Adoption of conversational communication and AI agents could increase interaction volumes on the company's platform 1.
- Its position between operators and customers could protect the company from pressure from centralized competitors 1.
What would break the thesis
What to watch
- Return of organic gross profit growth, guided for 20262026
- Consumption trends at large clients after the fourth quarterQ1 2026
- Integration of SMSPortal and its contribution to cash flow2026
- Shareholder distribution policy and debt levelnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
LINK Mobility is Europe's leading provider of digital messaging, helping businesses communicate with customers through SMS, RCS, email and OTT channels. The business model is largely recurring, as customers use the services for notifications, authentication and operational messages 1. The company combines local presence with a scalable platform and long-standing relationships with telecom operators 1.
Segments
Notifications
Notifications account for approximately 70% of revenue and include alerts, reminders and operational updates for sectors such as healthcare, utilities and logistics. The segment is considered resilient and offers predictable demand 1.
Mobile marketing
Mobile marketing accounts for approximately 20% of revenue and has historically been driven by large retailers. Adoption of richer channels such as RCS and OTT could increase engagement, but the segment is more sensitive to consumer demand 1.
Customer service
Customer service, including CCaaS and chatbot solutions, accounts for approximately 8% of revenue, and the company sees growth opportunities in automation and AI-powered services 1.
Market context
Customer communication is shifting from one-way messages towards two-way, data-driven and AI-enabled interactions, which increases demand for platforms that manage several channels 1. The company operates in Europe, with additional presence in Latin America and Africa, and the acquisition of SMSPortal in South Africa extended its geographic footprint 1.
Trends
- Shift to rich and conversational messagingtailwind
Adoption of RCS, OTT channels such as WhatsApp and chatbots could expand the volume and value of interactions on the company's platform 1.
- Pressure on simple servicesheadwind
Simple use cases such as one-time passwords and two-factor authentication face margin pressure, and the growth of OTT channels competing with operators could affect pricing 1.
- Artificial intelligence as an amplifiertailwind
AI agents could generate a structurally higher volume of interactions that rely on the company's delivery and compliance infrastructure 1.
- Slower organic growth pacemixed
Organic gross profit growth was 5% in 2025, below the company's targets, and a softer fourth quarter reflected reduced consumption by a handful of clients 1.
Competitive position
LINK positions itself between global centralized providers and smaller local players, offering broader reach than the former and more advanced capabilities than the latter 1. Relationships with telecom operators and local presence are treated as barriers to entry for new competitors 1.
- Global centralized CPaaS providers
The company describes them as less close to local customers, while LINK could win through regional presence and more sophisticated solutions 1.
- Smaller local providers
They have limited regional reach, and LINK aims to outperform them through more complex solutions and greater scale 1.
- Marketing and CRM platforms
The company does not compete with them directly and aims to strengthen its position in the interaction layer between reliable delivery and intelligent communication 1.
- OTT channels such as WhatsApp
They can influence pricing and compete with telecom operators, though the company considers its channel-agnostic approach could be an advantage 1.
News & filings
In the press
- Greece Green-Lights Cyprus Power Link PermitsModern Diplomacy · 06 Nov 2026 · EN
- Athens Issues NAVTEX for Resumption of Greece-Cyprus Power Link SurveysTo Vima International (GR, EN) · 06 Nov 2026 · EN
- D-Link warns of multiple zero-days in DGS-3130 Series switchesBleepingComputer · 06 Nov 2026 · EN
- One nap doesn't fit all: How childcare's link to napping flips with ageMedical Xpress · 06 Nov 2026 · EN
- COP31 summit offers opportunity to link climate intelligence with preparedness: Head of meteorological groupAnadolu Agency (TR, EN) · 05 Nov 2026 · EN
- Sarah Jukaku: First Muslim U.S. senator’s wife has a Karnataka linkThe Hindu — International · 05 Nov 2026 · EN
- Centuries-old cemetery helps scientists link climate shocks to Industrial Revolution diseasePhys.org · 05 Nov 2026 · EN
- Opposing microbiome-mediated axes link modifiable lifestyles to health and chronic diseasesNature Medicine · 05 Nov 2026 · EN
- Feejee Mermaid on display in Colorado may shock and intrigue—but no longer considered a 'missing link'Phys.org · 04 Nov 2026 · EN
- Babcock launches digital platform to link warship construction and fleet supportDefense News (US, EN) · 04 Nov 2026 · EN
- Greece-Cyprus Power Link Could Save Consumers €138 MillionTo Vima International (GR, EN) · 04 Nov 2026 · EN
- Greece-Germany Power Link Advances With Feasibility StudyTo Vima International (GR, EN) · 03 Nov 2026 · EN
- CubeSat achieves challenging laser link to groundPhys.org · 02 Nov 2026 · EN
- Diffusion-Gating Enabled Ternary C2H4 Purification and Inverse C2H2/CO2 Separation in an Adaptive Hopf-Link Metal–Organic FrameworkJournal of the American Chemical Society · 02 Nov 2026 · EN
- Swedish dietary surveys link higher ultraprocessed food intake to poorer nutritionMedical Xpress · 02 Nov 2026 · EN
- COP31’s missing link: Economics of zero wasteDaily Sabah — Economy (TR, EN) · 01 Nov 2026 · EN
- Four superconducting cables link two large quantum processors into onePhys.org · 31 Oct 2026 · EN
- A Shared ChatGPT Link Could Run Attacker Code in Your Session and Read Private ChatsThe Hacker News · 31 Oct 2026 · EN
- Blockchain intelligence firms link North Korea to $6.3B hack on BinanceNPR News · 30 Oct 2026 · EN
- Azure's Weakest Link – Five Full Cross-Tenant CompromisesHacker News · 30 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LINK Mobility Group Holding ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.