olivLaw · European equity research
Akastor ASA AKAST.OL
Norway · Euronext Oslo Børs · ISIN NO0010215684 · Vertical: Listed companies from Norway
Akastor ASA is a Norwegian investment company holding industrial stakes, mainly in oilfield services, with a portfolio of total net capital employed of NOK 4.5 billion at year-end 2025. Its relevance now lies in the energy transition and geopolitical volatility, which could affect industrial activity and the timing of portfolio transactions.
At the close of 06 Nov 2026, Akastor ASA (AKAST.OL) stock was 10.80 NOK (−4.76% on the day), with market capitalisation 3.0 bn NOK, dividend yield 6.89%, beta 0.34, 52-week range 10.80–15.90 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 21.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 11.65 – 14.32
- below the lower band · %B -0.32 · band width 20.6%
- SMA 50 / 200
- 13.10 / 13.61
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.33 / -0.10
- MACD below 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 | −16.5% | −0.6% | −15.9 pp | — |
| 3 months | −16.3% | −4.2% | −12.1 pp | — |
| 6 months | −28.0% | +4.3% | −32.3 pp | — |
| Year to date | −2.9% | +7.5% | −10.4 pp | — |
| 1 year | −0.4% | +9.9% | −10.3 pp | −5.7% |
| 3 years | +5.3% | +49.8% | −44.6 pp | +15.0% |
| 5 years | +87.2% | +42.8% | +44.3 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -264.0 m | 1.7 bn | -148.0 m |
| Net income YoY | unavailable | unavailable | −109.0% |
| Diluted EPS | -0.97 | 6.08 | -0.54 |
| Diluted EPS YoY | unavailable | unavailable | −108.9% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -305.0 m | 1.6 bn | 33.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 43.0 m NOK
- Financial debt
- 278.0 m NOK
- Net debt
- 235.0 m NOK
- Equity
- 5.3 bn NOK
- Total assets
- 6.0 bn NOK
- Debt / equity
- 0.05x
- Current ratio
- 2.28x
- ROE
- -2.6%
- ROA
- -2.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -31.0 m | 621.0 m | -16.0 m | esef· 21 Oct 2026verified |
| Interest expense | 209.0 m | 114.0 m | 301.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -384.0 m | 1.6 bn | -157.0 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 3.0 m | 0 | esef· 21 Oct 2026verified |
| Net income | -264.0 m | 1.7 bn | -148.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.97 | 6.08 | -0.54 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.74 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 144.0 m | 47.0 m | 43.0 m | esef· 21 Oct 2026verified |
| Receivables | 601.0 m | 95.0 m | 135.0 m | esef· 21 Oct 2026verified |
| Inventories | 5.0 m | 12.0 m | 5.0 m | esef· 21 Oct 2026verified |
| Current assets | 769.0 m | 835.0 m | 471.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 231.0 m | 390.0 m | 299.0 m | esef· 21 Oct 2026verified |
| Total assets | 6.0 bn | 6.7 bn | 6.0 bn | esef· 21 Oct 2026verified |
| Short-term debt | 1.1 bn | 82.0 m | 63.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 236.0 m | 292.0 m | 215.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 1.5 bn | 277.0 m | 207.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 2.1 bn | 845.0 m | 683.0 m | esef· 21 Oct 2026verified |
| Equity | 4.0 bn | 5.9 bn | 5.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 272.2 m | 271.9 m | 274.1 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -296.0 m | 1.8 bn | 42.0 m | esef· 21 Oct 2026verified |
| Capex | 9.0 m | 149.0 m | 9.0 m | esef· 21 Oct 2026verified |
| Free cash flow | -305.0 m ≈ | 1.6 bn ≈ | 33.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 236.0 m | -761.0 m | 221.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | 85.0 m | -1.1 bn | -274.0 m | esef· 21 Oct 2026verified |
| Dividends paid | — | 0 | 204.0 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: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 bn NOK
Key indicators
Coverage and freshness
Score by group
40% · 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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.2% | 17 (vs peers) | 26% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.1x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.1% | 14 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 6.9% | 98 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 618.2% | 0 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial17/100 · 1/3 factors with a value
- Returns59/100 · 2/2 factors with a value
- Valuation· partial14/100 · 1/3 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
AKASTOR ASA (AKAST.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -2.6%.
The estimated value range is 7.30–9.02 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 8.07 NOK, the price of 10.80 NOK leaves a potential of -25.3% (value / price − 1) and a margin of safety of -33.8% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
- Shareholder yield (distributions): 6.9%
What contradicts it
- ROIC: -0.2%
- Interest coverage: -0.1x
- FCF yield: 1.1%
- Payout ratio (FCF): 618.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for AKAST.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
Scenarios are not available. input data missing
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
Akastor ASA is a Norwegian investment company holding industrial stakes, mainly in oilfield services, with a portfolio of total net capital employed of NOK 4.5 billion at year-end 2025 1. Its relevance now lies in the energy transition and geopolitical volatility, which could affect industrial activity and the timing of portfolio transactions 1.
SWOT
Strengths
- Net cash position at year-end 2025, which reduces reliance on external financing.
- Active ownership model with board representation in portfolio companies and defined governance structures.
Weaknesses
- Concentration in a single sector makes performance dependent on the oilfield services cycle.
- A very small team means retaining a few key professionals is important.
- No regular dividends are planned, which limits near-term cash returns to shareholders.
Opportunities
- Divestments or acquisitions within the portfolio, if market conditions improve.
- Energy transition services offered by portfolio companies, which could support new orders.
- Moderating interest rates, which could lower financing costs for portfolio assets.
Threats
- Geopolitical volatility may reduce industrial activity and delay transactions.
- Credit exposure linked to guarantees and financing within the holdings.
- Climate transition risk for the oil and gas industry in which the investments sit.
Risks
- Oilfield services market riskhigh
The portfolio is concentrated in oilfield services, so a slowdown in the sector could directly affect the value of investments 1.
- M&A transaction riskmedium
As an investor, Akastor is exposed to risks linked to mergers, acquisitions and divestments, which become more pronounced in volatile markets 1.
- Holding-level credit exposuremedium
The primary credit exposure is linked to financing within its holdings, such as DDW Offshore's guarantee exposure and AKOFS Santos financing 1.
- Climate transition riskmedium
The oil and gas industry faces a transition to a lower-emission economy, which could affect the long-term value of portfolio assets 1.
- Key-person dependencelow
With a small team, the loss of key professionals could have a disproportionate impact on operations 1.
Investment thesis
What would need to be true (bull case)
- If industrial activity in the oilfield sector stabilises, portfolio valuations could benefit from easier transactions 1.
- The net cash position could provide flexibility for new investments or for supporting portfolio companies 1.
- The higher stake in AKOFS Offshore could increase control over a portfolio asset 1.
What would break the thesis
- If geopolitical tensions persist, industrial activity and transactions could remain delayed 1.
- Concentration in a single sector could leave the company vulnerable to downturns in the oil cycle 1.
- The absence of regular dividends could make the company less attractive to investors seeking periodic income 1.
What to watch
- Progress of portfolio transactions, including the Maha Capital divestment2026
- Dividend decision, which is to be evaluated on an ongoing basis2026
- Effect of geopolitical tensions on portfolio industrial activity2026
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
Akastor ASA is an investment company based in Fornebu, Norway, with a flexible mandate for active ownership and long-term value creation, aiming to secure shareholder investments and develop the group's assets 1. Its portfolio includes DDW Offshore, a 50 percent stake in HMH, a 66.7 percent stake in AKOFS Offshore, 15 percent in NES Fircroft and 36 percent in Føn Energy Services, along with other holdings 1. The company performed no research and development itself in 2025 or 2024, as such activity is carried out by its portfolio companies 1.
Akastor could reduce its reliance on external financing given its net cash position at year-end 2025, while its main credit exposure is linked to DDW Offshore's guarantee exposure and AKOFS Santos financing 1. The Board stated it does not intend to distribute regular or annual dividends, with distributions evaluated on an ongoing basis considering M&A activity, expected cash flow and financing needs 1.
The company had 9 employees (FTE) at 31 December 2025, and its direct environmental footprint is described as not significant, while its portfolio operates in oil and gas 1. Scope 1 emissions reported mainly by DDW Offshore rose in 2025 because one vessel had not been on contract for half of 2024 1.
Segments
DDW Offshore and AKOFS Offshore
DDW Offshore and AKOFS Offshore are oilfield services holdings in Akastor's portfolio, with the AKOFS Offshore stake increased from 50 to 66.7 percent in 2025 1. The report notes that AKOFS Offshore's emissions rose in 2025 due to the higher ownership 1.
Market context
Akastor invests mainly in the oilfield services sector, managing associated risks through sound management systems rather than broad industry diversification 1. Geopolitical volatility may lead to reduced industrial activity and delays in transactions, which affects the company as an investor exposed to mergers and acquisitions 1.
The report notes a moderation in inflation and interest rates during 2025, but expects geopolitical conflicts to keep affecting markets in 2026 1. For Akastor, this means an environment in which capital flows may be reduced and investor sentiment can shift 1.
Trends
- Energy transitionmixed
Portfolio companies offer services and products that help clients produce conventional energy sources more efficiently with a smaller carbon footprint, which could support demand for their services 1. The main climate risk nonetheless remains linked to the industry's transition towards a lower carbon-intensive economy 1.
- Geopolitical volatilityheadwind
Geopolitical conflicts continue to introduce macroeconomic volatility, which may reduce industrial activity and delay transaction plans 1.
- Moderating inflation and interest ratestailwind
Inflation and interest rates moderated during 2025, which could ease financing conditions and transaction valuations if the trend continues 1.
- M&A in volatile marketsheadwind
Risks related to mergers, acquisitions and divestments become more pronounced in volatile markets, where valuation uncertainty and reduced capital flows make transactions harder to execute 1.
Competitive position
The Akastor annual report does not explicitly name competitors or compare the company with other investors in the sector. As a specialised oilfield services investor, Akastor implicitly competes for transactions and assets in the same field 1.
Because the company manages risks through robust management systems rather than broad diversification, its competitive position depends on the quality of portfolio assets and its ability to create more value than alternative owners 1.
- No competitor named in source
The source does not name direct competitors, so no comparison with other companies can be made from this document.
- Other oilfield services investors
Competition comes from other investors pursuing the same transactions and assets in oilfield services, not identified in the source.
- Alternative portfolio owners
Akastor states it keeps owning portfolio companies only as long as it creates more value than alternative owners, which points to such owners as competitors.
- Active financial investors
Financial investors may compete for acquisitions and divestments, especially when valuations are uncertain.
News & filings
In the press
No news in our archive over the last 180 days.
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 / Akastor 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.