olivLaw · European equity research
ABG Sundal Collier Holding ASA ABG.OL
Norway · Euronext Oslo Børs · ISIN NO0003021909 · Vertical: Listed companies from Norway
ABG Sundal Collier Holding ASA is a Nordic investment house offering corporate finance, mergers and acquisitions, advisory, brokerage and research services. Its 2025 annual report says the M&A contribution was particularly strong, and the company enters 2026 with a solid capital position, according to.
At the close of 04 Nov 2026, ABG Sundal Collier Holding ASA (ABG.OL) stock was 7.20 NOK (+1.12% on the day), with market capitalisation 3.7 bn NOK, P/E 10.9 on diluted EPS of 0.66 NOK over the last 12 months, dividend yield 7.17%, beta 0.25, 52-week range 6.95–8.35 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)
- 49.9
- neutral
- Bollinger (20, 2)
- 7.09 – 7.26
- in the upper half of the band · %B 0.66 · band width 2.4%
- SMA 50 / 200
- 7.27 / 7.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.04
- 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 | −2.0% | +0.4% | −2.4 pp | — |
| 3 months | −2.0% | −3.3% | +1.2 pp | — |
| 6 months | +1.8% | +4.0% | −2.1 pp | — |
| Year to date | −12.5% | +8.1% | −20.6 pp | — |
| 1 year | +1.8% | +10.7% | −8.9 pp | −5.3% |
| 3 years | +33.8% | +50.1% | −16.3 pp | +15.4% |
| 5 years | −24.8% | +43.6% | −68.4 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 0 percentile of its own 3-quarter history (min 12.5, median 12.6, max 15.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.7 bn | 1.9 bn | 2.2 bn |
| Revenue YoY | unavailable | +13.2% | +12.4% |
| Net income | 236.3 m | 307.7 m | 364.4 m |
| Net income YoY | unavailable | +30.2% | +18.4% |
| Diluted EPS | 0.44 | 0.56 | 0.66 |
| Diluted EPS YoY | unavailable | +27.3% | +17.9% |
| net % | 13.8% | 15.9% | 16.8% |
| Free cash flow | unavailable | 565.5 m | 233.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 721.6 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 1.1 bn NOK
- Total assets
- 5.7 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- 34.6%
- ROA
- 6.5%
- FCF margin
- 10.8%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.7 bn | 1.9 bn | 2.2 bn | esef· 21 Oct 2026verified |
| Operating income | 325.4 m | 407.4 m | 490.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 83.9 m | 88.6 m | 88.3 m | esef· 21 Oct 2026verified |
| EBITDA | 409.3 m ≈ | 496.0 m ≈ | 579.1 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 319.9 m | 413.6 m | 501.0 m | esef· 21 Oct 2026verified |
| Income tax | 82.5 m | 106.6 m | 129.6 m | esef· 21 Oct 2026verified |
| Net income | 236.3 m | 307.7 m | 364.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.44 | 0.56 | 0.66 | esef· 21 Oct 2026verified |
| Dividend per share | 0.52 | 0.51 | 0.52 | esef· 21 Oct 2026derived |
≈ 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 | 525.7 m | 787.8 m | 721.6 m | esef· 21 Oct 2026verified |
| Receivables | 2.7 bn | 4.1 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Current assets | 3.2 bn | 4.9 bn | 5.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 489.6 m | 432.9 m | 369.6 m | esef· 21 Oct 2026verified |
| Goodwill | 93.3 m | 93.3 m | 93.3 m | esef· 21 Oct 2026verified |
| Total assets | 3.9 bn | 5.6 bn | 5.7 bn | esef· 21 Oct 2026verified |
| Current liabilities | 2.5 bn | 4.1 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Total liabilities | 3.0 bn | 4.5 bn | 4.6 bn | esef· 21 Oct 2026verified |
| Equity | 971.4 m | 1.1 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 482.3 m | 512.9 m | 513.2 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 143.3 m | 573.0 m | 240.4 m | esef· 21 Oct 2026verified |
| Capex | — | 7.5 m | 6.9 m | esef· 21 Oct 2026verified |
| Free cash flow | — | 565.5 m ≈ | 233.6 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -8.5 m | -13.6 m | -14.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | -441.0 m | -308.4 m | -300.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 248.7 m | 260.3 m | 264.8 m | esef· 21 Oct 2026verified |
| Share repurchases | 57.7 m | 6.8 m | 128.7 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn NOK
Key indicators
Coverage and freshness
Score by group
46% · 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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.8% | 87 (vs peers) | 14% |
| FCF conversion · Quality | 64.1% | 49 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 10.9x | 74 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.3% | 79 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 10.6% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 113.4% | 9 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation76/100 · 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
ABG SUNDAL COLLIER HOLDING ASA (ABG.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.2 bn NOK in 2025; YoY growth 12.4%; net margin 16.8%; ROE 34.9%.
The estimated value range is 5.38–13.63 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 9.68 NOK, the price of 7.20 NOK leaves a potential of 34.4% (value / price − 1) and a margin of safety of 25.6% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.8%
- P/E (TTM): 10.9x
- FCF yield: 6.3%
- Shareholder yield (distributions): 10.6%
What contradicts it
- Payout ratio (FCF): 113.4%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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 | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for ABG.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 | 4.94 Total return -25% · Per year -25% | 8.70 Total return 30% · Per year 30% | 13.07 Total return 92% · Per year 92% |
| 3 years | 5.58 Total return -1% · Per year -1% | 10.99 Total return 82% · Per year 22% | 18.01 Total return 187% · Per year 42% |
| 5 years | 6.31 Total return 25% · Per year 5% | 13.88 Total return 148% · Per year 20% | 24.81 Total return 318% · Per year 33% |
- Exit P/E± 2.75
- Net margin± 1.92
- Annual revenue growth± 1.47
- Annual dilution± 0.16
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
ABG Sundal Collier Holding ASA is a Nordic investment house offering corporate finance, mergers and acquisitions, advisory, brokerage and research services. Its 2025 annual report says the M&A contribution was particularly strong, and the company enters 2026 with a solid capital position, according to 1.
SWOT
Strengths
- Solid capital position and liquidity, according to the report 1, giving flexibility to support client activity.
- Strong M&A advisory competence, with this segment making an important contribution to group revenue.
- Integrated Nordic platform and durable client relationships, which the company highlights as competitive advantages.
Weaknesses
- Revenue concentration in corporate finance and M&A advisory makes the company sensitive to transaction cycles.
- Trading and brokerage activity carries market, credit and liquidity exposures that the report describes as material.
- The company has no employees of its own, so it relies on its management structure and contracts with the partnership ABGSC.
Opportunities
- Integrating the FIH Partners acquisition could strengthen the Nordic M&A franchise and widen the client base in Denmark.
- Growth in private banking and alternative funds could diversify earnings, according to the report 1.
- A continued recovery in IPO activity could support corporate finance revenues if the 2025 trend persists.
Threats
- Inflation, interest rates and geopolitical risk, cited in the report, could reduce transaction volumes.
- If capital markets become unstable, issuance and trading activity could fall quickly.
- The planned change of auditor for financial year 2027 could bring operational and reporting transitions.
Risks
- Dependence on transaction volumeshigh
Revenues depend largely on M&A mandates and corporate finance, so a decline in activity could affect results.
- Market and credit risksmedium
The report 1 describes market, credit, liquidity, operational and currency risks as material, managed through limits approved by the Board.
- Reliance on the brokerage IT systemmedium
Accounting for brokerage transactions depends on a standardized, partly outsourced IT system, which could create operational risk if controls fail.
- Recognition of performance feesmedium
Recognising performance fee revenue requires management judgement, which could lead to adjustments to results, as the auditor 1 highlights.
- Uncertain macroeconomic backdroplow
Inflation, interest rates and geopolitical uncertainty could quickly change investor appetite and client activity.
Investment thesis
What would need to be true (bull case)
- If the transaction pipeline converts into closed mandates, the solid capital position could support higher advisory revenues.
- The FIH Partners acquisition and growth in private banking could diversify revenues and reduce dependence on a single segment.
- The policy of returning capital to shareholders through payments and buybacks could remain supported if profit holds up.
What would break the thesis
- If geopolitical tensions or high interest rates weigh on markets, transaction activity could fall more than expected.
- Concentration in M&A and corporate finance makes revenues cyclical, which could affect the stability of results.
- Market and credit risks in trading could produce losses if approved limits are breached or liquidity tightens.
What to watch
- Development of the M&A pipeline and closed mandatesQ1 2027
- Integration of the FIH Partners acquisition and its effect on Danish revenues2027
- Renewal of the share buyback mandate, valid until the end of June 20262026
- Scheduled auditor transition, as stated in the reportfinancial year 2027
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
According to the 2025 annual report 1, the group operates mainly through corporate finance, mergers and acquisitions and advisory services, as well as brokerage and research. Revenue is dominated by corporate finance and M&A and advisory, which account for approximately 72% of operating revenues. The company has no employees of its own, and the group includes several subsidiaries in Norway and Sweden.
Segments
Corporate finance and M&A advisory
This segment, the largest revenue contributor, covers transaction advisory and corporate financing. The report 1 notes that M&A activity was particularly strong in 2025, and the FIH Partners acquisition strengthens the Nordic M&A franchise and expands the Danish client base.
Brokerage and research
Secondary brokerage and research advisory services delivered a stable performance in 2025, according to 1. The segment adds to revenue diversification, with trading activity kept at a low level of overnight exposure.
Private banking and alternative investments
Development of private banking and alternative investment fund operations contributes, according to 1, to further diversification of the earnings base. The report does not give separate figures for this activity.
Market context
The report 1 describes Nordic capital markets as constructive, with volatility supporting transaction activity, while the external environment remains uncertain. Activity in the high-yield bond market was solid, and IPO activity showed signs of improvement in 2025. Maintaining current activity levels depends on continued stability in capital markets.
The company describes its competitive position as anchored in advisory competence, client relationships and an integrated Nordic platform. According to 1, the transaction pipeline entering 2026 is stronger than at the same point a year earlier.
Trends
- Sustained transaction activitytailwind
The report 1 indicates a transaction pipeline stronger than a year earlier, aligned with prevailing market conditions. If M&A activity holds up, advisory revenues could remain solid.
- Macroeconomic and geopolitical uncertaintyheadwind
Inflation, interest rates and geopolitical risk remain key themes entering 2026, according to 1. A more uncertain environment could reduce transaction and capital-raising activity.
- Recovery in IPO activitytailwind
The report 1 notes that IPO activity showed signs of improvement during 2025. A continuation of this trend could support the corporate finance segment.
- Market volatility and brokerage activitymixed
Volatility has supported transaction activity according to 1, but brokerage and trading depend on market intensity. The net effect depends on how volatility and capital market stability evolve.
Competitive position
The report 1 does not explicitly name competitors. The company bases its edge on advisory competence, client relationships and an integrated Nordic platform. Regional competition includes other investment houses active in corporate finance and M&A.
Entry into the Danish market through the FIH Partners acquisition and development of private banking can be seen as differentiation efforts against competitors, according to 1. Concrete results of these efforts cannot yet be assessed from the report.
- Nordic investment houses
Regional competitors in Norway and Sweden offering similar advisory and brokerage services; the report 1 does not name them.
- International investment banks with Nordic presence
Firms competing for large M&A mandates in the region; not named in source 1.
- Independent brokerage and research firms
Providers of research and secondary brokerage competing in the brokerage segment described in source 1.
- Asset managers and alternative investment funds
Players competing in private banking and alternative investments, an area the group has expanded according to 1.
News & filings
In the press
- ABG Sundal Collier and Nordnet form private banking joint ventureYahoo Finance — News · 16 Sept 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 / ABG Sundal Collier 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.