olivLaw · European equity research
Appear ASA APR.OL
Norway · Euronext Oslo Børs · ISIN NO0013683821 · Vertical: Listed companies from Norway
Appear ASA is a Norwegian technology company that develops platforms for processing, transporting and delivering live video to the broadcast, media and sports industries. It listed on Euronext Oslo in November 2025, and revenue grew 32.3 percent in fiscal 2025 to NOK 800.9 million.
At the close of 04 Nov 2026, Appear ASA (APR.OL) stock was 37.10 NOK (+0.27% on the day), with market capitalisation 1.4 bn NOK, P/E 10.9 on diluted EPS of 3.40 NOK over the last 12 months, beta 0.93, 52-week range 30.20–88.21 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)
- 58.8
- strong (55–70)
- Bollinger (20, 2)
- 30.47 – 37.70
- in the upper half of the band · %B 0.92 · band width 21.2%
- SMA 50 / 200
- 35.46 / 56.88
- mixed trend
- MACD (12, 26, 9)
- 0.27 / -0.38
- 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 | +10.4% | −1.5% | +11.9 pp | — |
| 3 months | −17.7% | −5.3% | −12.5 pp | — |
| 6 months | −52.8% | +4.7% | −57.5 pp | — |
| Year to date | −55.5% | +6.0% | −61.5 pp | — |
| 1 year | unavailable | +8.2% | unavailable | −5.3% |
| 3 years | unavailable | +47.2% | unavailable | +15.7% |
| 5 years | unavailable | +41.8% | unavailable | — |
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 1-quarter history (min 24.5, median 24.5, max 24.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 605.6 m | 800.9 m |
| Revenue YoY | unavailable | +32.3% |
| Net income | 69.5 m | 129.2 m |
| Net income YoY | unavailable | +85.8% |
| Diluted EPS | 1.86 | 3.40 |
| Diluted EPS YoY | unavailable | +82.8% |
| net % | 11.5% | 16.1% |
| Free cash flow | 66.7 m | 139.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.5 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 589.5 m NOK
- Total assets
- 858.0 m NOK
- Debt / equity
- unavailable
- Current ratio
- 3.59x
- ROE
- 30.1%
- ROA
- 19.6%
- FCF margin
- 17.4%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 605.6 m | 800.9 m | esef· 21 Oct 2026verified |
| Operating income | 73.1 m | 170.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 14.1 m | 18.4 m | esef· 21 Oct 2026verified |
| EBITDA | 87.3 m ≈ | 189.1 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 91.3 m | 169.5 m | esef· 21 Oct 2026verified |
| Income tax | 21.8 m | 40.3 m | esef· 21 Oct 2026verified |
| Net income | 69.5 m | 129.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.86 | 3.40 | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 37.5 k | 38.0 k | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 96.8 m | 60.5 m | esef· 21 Oct 2026verified |
| Inventories | 44.0 m | 46.6 m | esef· 21 Oct 2026verified |
| Current assets | 394.6 m | 699.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 14.3 m | 30.8 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 871.0 k | 66.0 m | esef· 21 Oct 2026verified |
| Total assets | 458.5 m | 858.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 141.3 m | 195.2 m | esef· 21 Oct 2026verified |
| Total liabilities | 190.8 m | 268.4 m | esef· 21 Oct 2026verified |
| Equity | 267.7 m | 589.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 37.4 m | 38.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 76.8 m | 163.2 m | esef· 21 Oct 2026verified |
| Capex | 10.2 m | 23.9 m | esef· 21 Oct 2026verified |
| Free cash flow | 66.7 m ≈ | 139.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -45.5 m | -382.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -7.8 m | 184.4 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
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.4 bn NOK
Key indicators
Coverage and freshness
Score by group
35% · 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: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 16.1% | 82 (vs peers) | 18% |
| FCF conversion · Quality | 107.9% | 100 (on a fixed band) | 18% |
| 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 | 3.6x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 10.9x | 68 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.9% | 100 (on a fixed band) | 24% |
| 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 sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality91/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation82/100 · 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
APPEAR ASA (APR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 800.9 m NOK in 2025; YoY growth 32.3%; net margin 16.1%; ROE 30.1%.
The estimated value range is 29.39–108.23 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 70.88 NOK, the price of 37.10 NOK leaves a potential of 91.0% (value / price − 1) and a margin of safety of 47.7% (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 (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 16.1%
- FCF conversion: 107.9%
- Current ratio: 3.6x
- FCF yield: 9.9%
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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 | 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 APR.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 | 24.24 Total return -35% · Per year -35% | 42.66 Total return 15% · Per year 15% | 64.00 Total return 72% · Per year 72% |
| 3 years | 28.76 Total return -22% · Per year -8% | 56.42 Total return 52% · Per year 15% | 92.16 Total return 148% · Per year 35% |
| 5 years | 34.11 Total return -8% · Per year -2% | 74.62 Total return 101% · Per year 15% | 132.71 Total return 258% · Per year 29% |
- Exit P/E± 14.11
- Net margin± 9.87
- Annual revenue growth± 7.36
- Annual dilution± 0.83
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
Appear ASA is a Norwegian technology company that develops platforms for processing, transporting and delivering live video to the broadcast, media and sports industries. It listed on Euronext Oslo in November 2025, and revenue grew 32.3 percent in fiscal 2025 to NOK 800.9 million 1.
SWOT
Strengths
- A direct sales model with a high share of revenue, and long-standing relationships with major media customers.
- A balance sheet with no interest-bearing debt and substantial liquidity at year-end.
- More than two decades of accumulated engineering know-how that competitors could find hard to replicate.
Weaknesses
- Dependence on a few large customers, each of which accounted for more than ten percent of revenue.
- Currency exposure, as revenue is largely in US dollars while many costs are in Norwegian kroner and pounds sterling.
- Reliance on an external contract manufacturer for hardware production.
Opportunities
- Growth in software and services, which could raise the share of recurring revenue over time.
- Expansion in Asia Pacific, where revenue grew rapidly in 2025.
- Infrastructure refresh cycles at broadcasters, which could generate new orders.
Threats
- Competitive pressure that could displace existing products with cheaper or newer alternatives.
- Broadcaster investment cycles that could reduce orders during a spending downturn.
- Geopolitical uncertainty and trade restrictions that could disrupt supply chains.
Risks
- Customer concentrationhigh
Two customers each exceeded ten percent of revenue, and losing one of them could materially affect results.
- Currency riskhigh
Revenue is mainly in US dollars while costs are in kroner and pounds, so exchange-rate moves could affect reported results.
- Supply chainmedium
Components, especially semiconductors, come from global markets, and disruptions could delay deliveries.
- Pace of technological changemedium
The market shifts quickly, and if products fall behind, market share could decline.
- Trade policy and regulationlow
Changes in trade policy in certain markets could limit access or raise costs.
Investment thesis
What would need to be true (bull case)
- Revenue growth above 30 percent and rising operating profit suggest the business model could scale if demand for broadcast infrastructure stays strong.
- A debt-free balance sheet and high liquidity give flexibility for investment in new products and international expansion.
- Guidance for 2026 points to continued growth, and a larger share of software could improve revenue visibility.
What would break the thesis
- Reliance on a few large customers means results depend on their investment decisions, which could produce volatility.
- Dollar-based revenue and costs in other currencies could compress margins if exchange rates move unfavourably.
- Capitalising development spend is an accounting choice that could mask the true cost of innovation if projects do not turn into revenue.
What to watch
- Delivery against the 2026 revenue guidance2026
- Change in the share of revenue from large customersnext 10-K
- Development of software and services revenue2026
- Growth in Asia Pacific and the AmericasQ1 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
Appear ASA is the parent of the Appear group, headquartered in Oslo, supplying high-capacity solutions for live production and broadcast distribution. Its principal product, the X Platform, is a hardware platform for video compression and transport; the X5 Platform for smaller productions was launched in 2025, and the VX Media Gateway, a cloud-native software platform, continued in development 1. The products span the live broadcast value chain across acquisition, processing and consumption segments 1.
The sales model is direct: in 2025, 86 percent of revenue came from direct sales, and the group has commercial operations in the Americas, EMEA, the UK and Asia Pacific 1. The company established an entity in Stockholm and one in Singapore to support sales and logistics in those regions 1.
The balance sheet is solid: at 31 December 2025 the group had no interest-bearing debt, and operating cash flow was positive 1. The customer base is concentrated, with two customers each above 10 percent of revenue in 2025 1.
Segments
Operations (single segment)
Management treats the group as one segment, Solutions for live production and broadcast distribution technology, with sales broken down by product class and by geography 1.
Media processing and delivery platforms
Revenue comes from sales of media processing and delivery platforms, from additional software and licence sales, and from support and consulting services 1.
Market context
According to the company, the market for live production and video processing technology is driven by rising demand for capacity, efficiency and flexibility in media production infrastructure 1. The United States was the largest sales market, at 351.2 million NOK in 2025, followed by the United Kingdom 1.
Management says that IP migration, permanent remote production, elevated media rights values and infrastructure refresh cycles support medium-term demand 1.
Trends
- IP migrationtailwind
The shift of broadcast infrastructure to IP transport supports, according to the company, demand for new video processing and transport platforms 1.
- Remote productiontailwind
Management considers remote production to be permanent, which could increase demand for cloud-connected processing solutions 1.
- Broadcaster investment cyclesmixed
Broadcaster capital spending moves in cycles, and the company warns that a pullback in capex could affect orders 1.
- Artificial intelligence in productionmixed
The company uses AI for analytics and workflow optimisation, applied pragmatically rather than as a marketing centrepiece 1.
Competitive position
The reviewed sources do not name any competitors. The company only states that it operates in a competitive and technologically dynamic environment where competitive displacement is an inherent risk 1.
The stated advantage rests on more than 20 years of engineering expertise, long-standing relationships with broadcasters and telecom operators, and brand reputation within industry standards bodies 1.
- Competitors not named in the source
The annual report does not name competitors, so the competitive analysis remains open.
- Broadcast equipment manufacturers
Companies in this category compete for the same broadcast customers, though the source does not name them.
- Cloud production solution providers
Providers of cloud-based processing could compete with the company's software platform, though the source does not name them.
- Telecom and media service companies
Telecom operators are customers of the company but could also become suppliers of competing video transport services.
News & filings
In the press
- Shin Min-a, Lee Jin-uk to appear in upcoming romance dramaYonhap News (KR, EN) · 05 Nov 2026 · EN
- Young voters appear to move away from Republicans: SurveyThe Hill · 04 Nov 2026 · EN
- Cold without consequences? Short-term climate fluctuations appear to have had less impact on early farmersPhys.org · 03 Nov 2026 · EN
- First Asian hornet nest in Poland eliminated but experts warn more to appear next yearNotes from Poland (PL, EN) · 02 Nov 2026 · EN
- US cancels G20 ‘family photo’ after Australia, UK and others refuse to appear with RussiaThe Guardian World · 31 Oct 2026 · EN
- Stevens to appear alongside El-Sayed for first time in months, but expects apologyThe Hill · 30 Oct 2026 · EN
- Three Suspects in Fatal Athens Explosion to Appear MondayTo Vima International (GR, EN) · 30 Oct 2026 · EN
- 'Putin's paranoia' — New air defenses appear around Russian president's Valdai residence, analysis showsKyiv Independent (UA, EN) · 25 Oct 2026 · EN
- Stellar collision may explain why Orion Nebula's planet-forming disks appear younger than its starsPhys.org · 23 Oct 2026 · EN
- Burnham to become first PM to appear on Gogglebox in episode filmed at No 10The Guardian World · 22 Oct 2026 · EN
- Mosquito bites are more complicated than they appear—getting a closer look might lead to better disease preventionPhys.org · 22 Oct 2026 · EN
- Romania Cabinet Under Prime Minister Luca Niculescu : Official Group Photo – Nine O Clock – first exclusively daily publication to appear in English language in RomaniaSurge — GDELT DOC · 21 Oct 2026 · RO
- Some on DOJ's 20,000 "likely" noncitizen list in Calif. appear to be U.S.-bornNPR News · 21 Oct 2026 · EN
- Trump and Zelensky appear at loggerheads despite Oslo optimismBBC World News · 20 Oct 2026 · EN
- Energy storage systems to appear in Crimea, Moscow Region — Energy MinistryTASS (RU, EN) · 19 Oct 2026 · EN
- Neha Bora released ; Dipke to appear before Delhi courtSurge — GDELT DOC · 17 Oct 2026 · RO
- Amazon’s new Kindles appear to have a light leak problemThe Verge · 09 Oct 2026 · EN
- Watch this invisible tattoo appear under UV lightNature · 09 Oct 2026 · EN
- Plating matters: How sauce placement can make a dish appear healthierPhys.org · 08 Oct 2026 · EN
- Houthi forces appear to make slow advance in south-west YemenThe Guardian World · 07 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Appear 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.