olivLaw · European equity research
Bouvet ASA BOUV.OL
Norway · Euronext Oslo Børs · ISIN NO0010360266 · Vertical: Listed companies from Norway
Bouvet ASA is a Norwegian consultancy delivering integrated services in strategy, design, data and systems, focused on linking technology, business and people. Revenue was broadly flat in 2025 while profitability eased slightly, and security and sustainability requirements have raised demand for such services, provided the firm can keep access to qualified staff.
At the close of 04 Nov 2026, Bouvet ASA (BOUV.OL) stock was 50.00 NOK (−7.24% on the day), with market capitalisation 5.1 bn NOK, P/E 14.5 on diluted EPS of 3.46 NOK over the last 12 months, dividend yield 147.76%, beta 0.20, 52-week range 42.55–64.50 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)
- 50.3
- neutral
- Bollinger (20, 2)
- 45.07 – 54.60
- in the upper half of the band · %B 0.52 · band width 19.1%
- SMA 50 / 200
- 48.82 / 48.75
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.32 / 1.10
- 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 | +6.7% | −1.5% | +8.2 pp | — |
| 3 months | +10.5% | −5.3% | +15.8 pp | — |
| 6 months | −4.6% | +4.7% | −9.3 pp | — |
| Year to date | −18.8% | +6.0% | −24.8 pp | — |
| 1 year | −22.5% | +8.2% | −30.7 pp | −5.3% |
| 3 years | −9.1% | +47.2% | −56.3 pp | +19.1% |
| 5 years | −25.9% | +41.8% | −67.7 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 17.8, median 19.5, max 20.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.5 bn | 3.9 bn | 3.9 bn |
| Revenue YoY | unavailable | +11.2% | −0.2% |
| Net income | 325.4 m | 383.4 m | 358.7 m |
| Net income YoY | unavailable | +17.8% | −6.5% |
| Diluted EPS | 3.13 | 3.69 | 3.46 |
| Diluted EPS YoY | unavailable | +17.9% | −6.2% |
| net % | 9.2% | 9.8% | 9.2% |
| Free cash flow | 477.2 m | 808.6 m | 320.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 672.3 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 424.0 m NOK
- Total assets
- 1.7 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.20x
- ROE
- 80.7%
- ROA
- 20.3%
- FCF margin
- 8.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.5 bn | 3.9 bn | 3.9 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 347.5 m | 325.0 m | 302.1 m | esef· 21 Oct 2026verified |
| Gross profit | 3.2 bn ≈ | 3.6 bn ≈ | 3.6 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 407.0 m | 490.4 m | 473.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | 418.4 m | 491.2 m | 472.5 m | esef· 21 Oct 2026verified |
| Income tax | 93.1 m | 107.7 m | 113.9 m | esef· 21 Oct 2026verified |
| Net income | 325.4 m | 383.4 m | 358.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | 3.13 | 3.69 | 3.46 | esef· 21 Oct 2026verified |
| Dividend per share | 3.06 | 62.73 | 73.88 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 482.0 m | 834.3 m | 672.3 m | esef· 21 Oct 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Goodwill | 53.9 m | 54.0 m | 54.6 m | esef· 21 Oct 2026verified |
| Total assets | 1.7 bn | 1.8 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Current liabilities | 998.3 m | 1.1 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Total liabilities | 1.3 bn | 1.3 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Equity | 458.4 m | 464.8 m | 424.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 103.3 m | 103.1 m | 102.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 506.1 m | 838.3 m | 347.1 m | esef· 21 Oct 2026verified |
| Capex | 28.9 m | 29.8 m | 26.3 m | esef· 21 Oct 2026verified |
| Free cash flow | 477.2 m ≈ | 808.6 m ≈ | 320.9 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -52.7 m | -11.1 m | -4.0 m | esef· 21 Oct 2026verified |
| Financing cash flow | -414.7 m | -475.0 m | -505.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 316.6 m | 370.9 m | 379.9 m | esef· 21 Oct 2026verified |
| Share repurchases | 63.5 m | 50.2 m | 73.9 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: 5.1 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 | 9.2% | 71 (vs peers) | 14% |
| FCF conversion · Quality | 89.5% | 85 (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 | 34 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 14.5x | 58 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.2% | 78 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 8.8% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 118.4% | 2 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns61/100 · 2/2 factors with a value
- Valuation67/100 · 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
BOUVET ASA (BOUV.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.9 bn NOK in 2025; YoY growth -0.2%; net margin 9.2%; ROE 80.7%.
The estimated value range is 377.32–502.69 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 436.57 NOK, the price of 50.00 NOK leaves a potential of 773.1% (value / price − 1) and a margin of safety of 88.5% (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: 9.2%
- FCF conversion: 89.5%
- FCF yield: 6.2%
- Shareholder yield (distributions): 8.8%
- The price is below the estimated value range
What contradicts it
- Payout ratio (FCF): 118.4%
- 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 BOUV.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 | 28.39 Total return -38% · Per year -38% | 50.32 Total return 8% · Per year 8% | 75.96 Total return 60% · Per year 60% |
| 3 years | 25.00 Total return -35% · Per year -13% | 50.08 Total return 21% · Per year 7% | 83.37 Total return 93% · Per year 25% |
| 5 years | 22.01 Total return -33% · Per year -8% | 49.85 Total return 34% · Per year 6% | 91.52 Total return 129% · Per year 18% |
- Exit P/E± 12.52
- Net margin± 8.76
- Annual revenue growth± 7.54
- Annual dilution± 0.74
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
Bouvet ASA is a Norwegian consultancy delivering integrated services in strategy, design, data and systems, focused on linking technology, business and people. Revenue was broadly flat in 2025 while profitability eased slightly, and security and sustainability requirements have raised demand for such services, provided the firm can keep access to qualified staff.
SWOT
Strengths
- A broad service portfolio linking strategy, design and technology, and loyal clients who generate nearly all revenue.
- A balance sheet without interest-bearing debt and significant liquidity.
- Technology partnerships with major providers of data and artificial intelligence platforms.
Weaknesses
- A business model based on billable time, which limits growth when staff cannot be expanded.
- High fixed costs that make profit sensitive to a drop in activity.
- Dependence on a few large clients, which concentrates credit risk.
Opportunities
- Demand for data governance, security and responsible use of artificial intelligence could grow.
- Sustainability requirements may open new projects for verifiable reporting.
- Wider partnerships with cloud providers could bring new clients.
Threats
- A cut in consulting budgets because of economic uncertainty could reduce revenue.
- A shortage of qualified staff could limit delivery capacity.
- Cyber attacks and supply-chain risks could affect clients and reputation.
Risks
- Access to qualified staffhigh
If the labour market stays tight, the company could struggle to deliver projects and maintain quality.
- Client concentrationhigh
A significant part of revenue comes from a few large clients; losing one could affect results.
- Estimate riskmedium
Contracts with fixed prices can generate losses if effort estimates prove wrong.
- Information securitymedium
High cyber threat levels can affect clients and internal systems, and an incident could damage reputation.
- Market cyclemedium
An economic slowdown could reduce demand for consulting and pressure margins because of high fixed costs.
Investment thesis
What would need to be true (bull case)
- If demand for data, security and artificial intelligence keeps growing, the company could benefit from its trusted-partner position and solid balance sheet.
- Loyalty of existing clients and rising hourly prices could support revenue even in a year of stable activity.
- Partnerships with platform providers could bring larger and more durable projects.
What would break the thesis
- If consulting budgets shrink, revenue and profitability could fall, mainly because of high fixed costs.
- A shortage of qualified staff could limit growth and push up the cost of subconsultants.
- Dependence on large clients and a few contracts could make revenue more volatile.
What to watch
- Development of operating revenue and EBIT marginQ1 2026
- Pace of recruitment and use of subconsultants2026
- Client concentration and winning or losing large accounts2026
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
The client base is mainly large, creditworthy companies and organisations, and existing clients accounted for 98,3 percent of operating revenue in 2025 1. The group maintains partnerships with Microsoft and Databricks for analytics, data engineering and artificial intelligence 1.
The financial position is solid: the group has no interest-bearing debt beyond lease liabilities, and at year-end 2025 liquidity stood at 672,3 million NOK 1. However, equity is a modest share of the balance sheet because the company distributes large dividends.
Segments
Consulting and service design
This area covers strategy, change management, service design and user experience. The annual report indicates that demand is high as firms recognise the link between user experience and business results 1.
Data, cloud and artificial intelligence
This area covers data science, cloud platforms and AI solutions, delivered in partnership with Microsoft and Databricks 1. Security and data governance requirements are an integral part of these projects 1.
Systems development
The company also builds software systems for public and private clients, including critical infrastructure, where the focus falls on security and access control 1.
Market context
The reference market is Scandinavian technology consulting, where activity depends on client demand and digitalisation budgets. The annual report notes that geopolitical instability and inflation can affect demand indirectly 1.
Trends
- Demand for security and governancetailwind
Higher requirements on security, data access and responsible use of artificial intelligence are becoming part of projects, which could raise the value of consulting services if the firm keeps its competence.
- Sustainability and reportingtailwind
Regulation and transparency requirements on climate and sustainability increase demand for verifiable solutions, and public procurement places more weight on documentation.
- Shortage of talentheadwind
A tight labour market can make it harder to recruit people with relevant skills, which could limit delivery capacity.
- Economic cyclemixed
If firms cut consulting budgets because of economic uncertainty, service revenue could fall, and high fixed costs amplify swings in activity.
Competitive position
Competition comes from consultancies and systems integrators in Scandinavia and beyond. The annual report does not name specific competitors, so the list below is based on general categories rather than data from the sources.
- Scandinavian systems integrators
Local consultancies and development firms competing for the same digitalisation projects.
- International consultancy firms
Companies with global reach that can offer similar services to large clients.
- Cloud and data platform providers
Partners and at the same time competitors, since some clients work directly with platform providers.
- Specialised software houses
Smaller firms focused on niches such as security or data analytics.
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 / Bouvet 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.