olivLaw · European equity research
Europris ASA EPR.OL
Norway · Euronext Oslo Børs · ISIN NO0010735343 · Vertical: Listed companies from Norway
Europris ASA is a Norwegian discount retailer with stores in Norway and Sweden, selling everyday products at low prices. The company is also focused on reorganising its ÖoB stores in Sweden, a programme that could shape results over the coming years.
At the close of 06 Nov 2026, Europris ASA (EPR.OL) stock was 81.80 NOK (+0.86% on the day), with market capitalisation 13.4 bn NOK, P/E 16.6 on diluted EPS of 4.93 NOK over the last 12 months, dividend yield 4.28%, beta 0.17, 52-week range 79.60–99.80 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)
- 46.0
- neutral
- Bollinger (20, 2)
- 80.00 – 86.49
- in the lower half of the band · %B 0.28 · band width 7.8%
- SMA 50 / 200
- 83.84 / 87.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.52 / -0.32
- 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 | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | −5.9% | −4.2% | −1.7 pp | — |
| 6 months | −11.9% | +4.3% | −16.2 pp | — |
| Year to date | −14.6% | +7.5% | −22.1 pp | — |
| 1 year | −2.0% | +9.9% | −12.0 pp | −4.7% |
| 3 years | +26.4% | +49.8% | −23.4 pp | +12.7% |
| 5 years | +31.1% | +42.8% | −11.7 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 67 percentile of its own 3-quarter history (min 13.6, median 14.1, max 19.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 9.4 bn | 12.6 bn | 14.7 bn |
| Revenue YoY | unavailable | +34.7% | +16.7% |
| Net income | 908.6 m | 837.2 m | 807.1 m |
| Net income YoY | unavailable | −7.9% | −3.6% |
| Diluted EPS | 5.64 | 5.15 | 4.93 |
| Diluted EPS YoY | unavailable | −8.7% | −4.3% |
| net % | 9.7% | 6.6% | 5.5% |
| Free cash flow | 1.6 bn | 1.4 bn | 1.3 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 988.1 m NOK
- Financial debt
- 1.8 bn NOK
- Net debt
- 858.1 m NOK
- Equity
- 4.4 bn NOK
- Total assets
- 12.2 bn NOK
- Debt / equity
- 0.42x
- Current ratio
- 1.17x
- ROE
- 19.1%
- ROA
- 6.8%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 9.4 bn | 12.6 bn | 14.7 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 5.3 bn | 7.4 bn | 8.8 bn | esef· 21 Oct 2026verified |
| Gross profit | 4.1 bn ≈ | 5.2 bn ≈ | 5.9 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 1.3 bn | 1.2 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Interest expense | 191.2 m | 213.3 m | 272.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.2 bn | 1.1 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Income tax | 243.1 m | 230.9 m | 245.2 m | esef· 21 Oct 2026verified |
| Net income | 908.6 m | 837.2 m | 807.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | 5.64 | 5.15 | 4.93 | esef· 21 Oct 2026verified |
| Dividend per share | 3.75 | 3.22 | 3.50 | esef· 21 Oct 2026derived |
≈ 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 | 676.3 m | 603.4 m | 988.1 m | esef· 21 Oct 2026verified |
| Inventories | 2.1 bn | 3.3 bn | 3.6 bn | esef· 21 Oct 2026verified |
| Current assets | 3.2 bn | 4.3 bn | 5.0 bn | esef· 21 Oct 2026verified |
| Goodwill | 2.2 bn | 2.5 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Total assets | 9.3 bn | 11.5 bn | 12.2 bn | esef· 21 Oct 2026verified |
| Short-term debt | 5.0 m | 304.5 m | 849.3 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.0 bn | 1.0 bn | 997.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 2.5 bn | 3.8 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Total liabilities | 5.7 bn | 7.4 bn | 7.9 bn | esef· 21 Oct 2026verified |
| Equity | 3.6 bn | 4.1 bn | 4.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 161.1 m | 162.6 m | 163.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 1.5 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Capex | 120.0 m | 130.2 m | 130.7 m | esef· 21 Oct 2026verified |
| Free cash flow | 1.6 bn ≈ | 1.4 bn ≈ | 1.3 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -358.2 m | -119.4 m | -126.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | -1.2 bn | -1.4 bn | -960.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 603.9 m | 523.6 m | 573.0 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: 72 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 13.4 bn NOK
Key indicators
Coverage and freshness
Score by group
- Quality80
- Balance sheet43
- Valuation75
- Returns77
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
Neutral profile · Score 72/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.2% | 82 (vs peers) | 17% |
| Net margin · Quality | 5.5% | 58 (vs peers) | 10% |
| FCF conversion · Quality | 166.0% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.8x | 51 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 31 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 16.6x | 55 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.3% | 61 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 42.8% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet43/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation75/100 · 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
EUROPRIS ASA (EPR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.7 bn NOK in 2025; YoY growth 16.7%; net margin 5.5%; ROE 19.3%.
The estimated value range is 45.15–155.75 NOK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 97.41 NOK, the price of 81.80 NOK leaves a potential of 19.1% (value / price − 1) and a margin of safety of 16.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 72/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.2%
- FCF conversion: 166.0%
- FCF yield: 10.0%
- Payout ratio (FCF): 42.8%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 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% |
| EPR.OLEuropris Asa | 13.4 bn | 16.6 | 19.3% | 5.5% | +16.7% | −10% / +14% |
| 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% |
1- and 3-year price returns: for EPR.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 | 53.45 Total return -31% · Per year -31% | 94.07 Total return 20% · Per year 20% | 141.10 Total return 78% · Per year 78% |
| 3 years | 63.40 Total return -10% · Per year -4% | 124.41 Total return 69% · Per year 19% | 203.19 Total return 170% · Per year 39% |
| 5 years | 75.21 Total return 14% · Per year 3% | 164.53 Total return 134% · Per year 19% | 292.60 Total return 302% · Per year 32% |
- Exit P/E± 31.10
- Net margin± 21.77
- Annual revenue growth± 16.24
- Annual dilution± 1.83
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
Europris ASA is a Norwegian discount retailer with stores in Norway and Sweden, selling everyday products at low prices. The company is also focused on reorganising its ÖoB stores in Sweden, a programme that could shape results over the coming years 1.
SWOT
Strengths
- A large store network outside shopping centres offers accessibility and reduces the risk of simultaneous disruption.
- A low-cost structure allows sale prices to be kept as low as possible, a core element of the discount model.
- The balance sheet is solid, with high equity and a clearly defined dividend policy.
Weaknesses
- The Swedish ÖoB segment made a loss in 2025, and its recovery depends on a large remodelling programme.
- Activity is concentrated geographically in two markets, which limits diversification.
- The parent company has no direct employees and relies on subsidiaries to run operations.
Opportunities
- Modernising ÖoB stores could attract new customer segments if the pilot results hold at larger scale.
- Rising real wages could stimulate demand for affordable products.
- Online sales and click and collect could extend reach without adding stores.
Threats
- Cyber risk is considered one of the most critical risk factors, and an incident could disrupt operations.
- Geopolitical tension and trade instability could disrupt supply and raise costs.
- Intensified competition could squeeze margins, particularly in Sweden.
Risks
- ÖoB turnaroundhigh
The remodelling programme could take longer or cost more than planned, delaying a return to profitability in the Swedish segment 1.
- Cyber riskhigh
The company treats cyber risk as one of its most critical risk factors, and the effectiveness of preventive measures remains an open question 1.
- Geopolitical instabilitymedium
Geopolitical tension could alter trade flows, costs and consumer demand 1.
- Interest rate exposurelow
Only part of the long-term loan is hedged, so interest rate moves could affect financing costs 1.
- Sustainability regulationmedium
Rising ESG requirements could necessitate costly changes to sourcing and operations 1.
Investment thesis
What would need to be true (bull case)
- If the ÖoB remodelling delivers the expected results, the Swedish segment could contribute meaningfully to profit after 2027.
- A solid balance sheet and a clear dividend policy could support capital returns to shareholders.
- The discount model, with a broad network and competitive prices, could remain attractive in a tougher economic environment.
What would break the thesis
- If the remodelling programme costs more than anticipated, profitability in Sweden could stay below expectations.
- Intensified competition could compress margins in both markets, especially if shoppers become more price-sensitive.
- A cyber incident or supply disruption could quickly affect sales and reputation.
What to watch
- Progress of the ÖoB store remodelling programme2026
- ÖoB operating result compared with the 2025 loss2026
- Final dividend proposal and pay-out ratio approved by the general meeting2026
- Consumer spending trends in Norway and Sweden as real wages rise2027
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 its articles, the business consists of commercial activity in the European wholesale and retail market, including loans and guarantees for group companies 1. Equity totalled NOK 4,357 million at 31 December 2025, an equity ratio of 35.6 per cent 1. The board proposes a dividend of NOK 3.75 per share for 2025 1.
The group states that it integrates sustainability into its strategy, which it says can reduce risk and create long-term growth opportunities 1. The parent company has no direct employees; operations run through the subsidiary Europris AS 1.
Segments
Market context
Europris operates in Norway and Sweden. The annual report notes that inflation and interest rates fell in both countries in 2025, and projections for real wage growth could support consumer demand in 2026 1. Geopolitical uncertainty and an unstable international trade environment may affect product availability, freight costs, tariffs and currencies 1.
Discount retail is sensitive to macroeconomic conditions: shoppers may trade down when incomes fall, or cut spending when uncertainty rises 1. According to the company, a geographically spread store network and a wide price range are advantages in difficult periods 1.
Trends
- Real wage growthtailwind
Projected real wage growth in Norway and Sweden could support demand for everyday goods and discount retail 1.
- Falling inflation and interest ratestailwind
Lower inflation and interest rates seen in 2025 contributed to relatively strong consumer spending and may continue into 2026 1.
- Geopolitical tension and uncertain tradeheadwind
Trade instability could affect supply, transport costs, tariffs and currencies, with effects on margins 1.
- Tighter ESG regulationmixed
Sustainability reporting and ESG requirements could influence sourcing and operations over time, adding adaptation costs but also differentiation 1.
Competitive position
The annual report lists a significant increase in competition as a risk to the business but does not name specific main competitors 1. The discount concept, store network located outside shopping centres and low prices are presented as its main defences 1.
In Sweden, ÖoB is in a turnaround phase, and the company acknowledges that significant investment is needed to attract new customers 1. Cost efficiency and logistics with multiple sourcing points are cited as tools to keep prices competitive 1.
- Norwegian discount and grocery chains
The annual report does not name competitors; competition is described only generically as a market risk.
- Swedish discount retailers
Competitors are not named in the source, though competitive pressure on ÖoB is highlighted.
- Online sellers of everyday goods
The report mentions online shopping and click and collect as alternatives to store visits without naming players.
- Regional non-food retailers
The source does not identify these competitors; the company mentions only an expandable product range.
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 / Europris 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.