olivLaw · European equity research
Itera ASA ITERA.OL
Norway · Euronext Oslo Børs · ISIN NO0010001118 · Vertical: Listed companies from Norway
Itera is an international technology company headquartered in Oslo that helps organisations in the Nordics and Central and Eastern Europe with digital transformation. In 2025 revenue was stable while margins were compressed by soft demand and pricing pressure, and the company is pursuing an Operational Improvement Programme to restore profitability. Operating revenue was NOK 844.3 million.
At the close of 06 Nov 2026, Itera ASA (ITERA.OL) stock was 5.62 NOK (−5.07% on the day), with market capitalisation 4.6 m NOK, P/E 0.2 on diluted EPS of 28.00 NOK over the last 12 months, beta 0.21, 52-week range 5.62–8.60 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 5.50 – 6.20
- in the lower half of the band · %B 0.18 · band width 12.0%
- SMA 50 / 200
- 5.93 / 6.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −7.6% | −0.6% | −6.9 pp | — |
| 3 months | −12.7% | −4.2% | −8.6 pp | — |
| 6 months | −15.6% | +4.3% | −20.0 pp | — |
| Year to date | −34.5% | +7.5% | −42.0 pp | — |
| 1 year | −23.4% | +9.9% | −33.4 pp | −4.7% |
| 3 years | −49.1% | +49.8% | −99.0 pp | +12.7% |
| 5 years | −64.9% | +42.8% | −107.7 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 33 percentile of its own 3-quarter history (min 0.2, median 0.2, max 0.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 871.6 m | 848.8 m | 844.3 m |
| Revenue YoY | unavailable | −2.6% | −0.5% |
| Net income | 56.7 m | 35.0 m | 23.0 m |
| Net income YoY | unavailable | −38.3% | −34.3% |
| Diluted EPS | 70.00 | 43.00 | 28.00 |
| Diluted EPS YoY | unavailable | −38.6% | −34.9% |
| net % | 6.5% | 4.1% | 2.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 58.4 m NOK
- Financial debt
- 2.8 m NOK
- Net debt
- -55.7 m NOK
- Equity
- 45.3 m NOK
- Total assets
- 271.1 m NOK
- Debt / equity
- 0.06x
- Current ratio
- 0.96x
- ROE
- 49.9%
- ROA
- 8.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 871.6 m | 848.8 m | 844.3 m | esef· 21 Oct 2026verified |
| Operating income | 78.4 m | 48.0 m | 36.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 32.3 m | 33.0 m | 32.1 m | esef· 21 Oct 2026verified |
| EBITDA | 110.7 m ≈ | 81.0 m ≈ | 68.9 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 1.0 m | 269.0 k | 712.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | 75.4 m | 45.2 m | 30.3 m | esef· 21 Oct 2026verified |
| Income tax | 18.7 m | 10.3 m | 7.4 m | esef· 21 Oct 2026verified |
| Net income | 56.7 m | 35.0 m | 23.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 70.00 | 43.00 | 28.00 | esef· 21 Oct 2026verified |
≈ 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 | 49.2 m | 52.6 m | 58.4 m | esef· 21 Oct 2026verified |
| Current assets | 173.6 m | 168.9 m | 174.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 16.2 m | 12.2 m | 10.0 m | esef· 21 Oct 2026verified |
| Goodwill | 0 | 5.2 m | 5.2 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 31.1 m | 27.5 m | 25.0 m | esef· 21 Oct 2026verified |
| Total assets | 299.2 m | 278.7 m | 271.1 m | esef· 21 Oct 2026verified |
| Short-term debt | 1.0 m | 1.0 m | 1.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 3.8 m | 2.8 m | 1.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 182.2 m | 178.5 m | 181.7 m | esef· 21 Oct 2026verified |
| Total liabilities | 251.3 m | 232.0 m | 225.8 m | esef· 21 Oct 2026verified |
| Equity | 47.9 m | 46.7 m | 45.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 809.9 k | 813.6 k | 820.5 k | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 m NOK
Key indicators
Coverage and freshness
Score by group
54% · 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: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.7% | 47 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.8x | 80 (vs peers) | 19% |
| Interest coverage · Balance sheet | 51.7x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.0x | 13 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 0.2x | 95 (vs peers) | 19% |
| EV/EBITDA · Valuation | -0.7x | 86 (vs peers) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 104.9% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial47/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation90/100 · 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
ITERA ASA (ITERA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 844.3 m NOK in 2025; YoY growth -0.5%; net margin 2.7%; ROE 49.9%; net debt/EBITDA -0.8x.
The estimated value range is 501.91–898.55 NOK per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 687.07 NOK, the price of 5.62 NOK leaves a potential of 12,125.5% (value / price − 1) and a margin of safety of 99.2% (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: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.8x
- Interest coverage: 51.7x
- P/E (TTM): 0.2x
- EV/EBITDA: -0.7x
- Shareholder yield (distributions): 104.9%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, 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 | 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% |
| ITERA.OLItera Asa | 4.6 m | 0.2 | 49.9% | 2.7% | −0.5% | −31% / −51% |
1- and 3-year price returns: for ITERA.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 | 3.15 Total return -44% · Per year -44% | 5.59 Total return -1% · Per year -1% | 8.44 Total return 50% · Per year 50% |
| 3 years | 2.76 Total return -51% · Per year -21% | 5.53 Total return -2% · Per year -1% | 9.21 Total return 64% · Per year 18% |
| 5 years | 2.41 Total return -57% · Per year -16% | 5.47 Total return -3% · Per year -1% | 10.05 Total return 79% · Per year 12% |
- Exit P/E± 1.38
- Net margin± 0.97
- Annual revenue growth± 0.83
- Annual dilution± 0.08
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
Itera is an international technology company headquartered in Oslo that helps organisations in the Nordics and Central and Eastern Europe with digital transformation. In 2025 revenue was stable while margins were compressed by soft demand and pricing pressure, and the company is pursuing an Operational Improvement Programme to restore profitability 1. Operating revenue was NOK 844.3 million 1.
SWOT
Strengths
- The company has a diversified customer base with growth in newer segments and strong cash generation, with high conversion of EBITDA into cash 1.
- The distributed delivery model and regional presence across several countries provide flexibility and access to specialised skills 1.
- Its SaaS businesses, Cicero Consulting and Compendia, bring recurring revenue that reduces volatility 1.
Weaknesses
Opportunities
Risks
- Geopolitical risk in Ukrainehigh
Operations in Ukraine and the wider geopolitical environment can affect clients and market conditions, and the company financially supports employees drafted into military service 1.
- Pressure on utilisation and pricinghigh
Soft demand and competition can reduce margins and capacity utilisation, which the report lists as a principal risk 1.
- AI disruptionmedium
Shifts in customer buying behaviour and delivery economics require continual adaptation, and AI can change the business model 1.
- Talent riskmedium
Attracting and developing critical skills, including AI-related competence, remains essential to execution 1.
- Cybersecurity and data protectionmedium
Threat levels are rising, so controls and resilience must be strengthened continually 1.
Investment thesis
What would need to be true (bull case)
- If demand for cloud and AI recovers, the company could benefit from a second wave of digital transformation investment 1.
- The Operational Improvement Programme could lift margins if utilisation and cost discipline improve 1.
- Customer diversification and growth in CAS could reduce dependence on large clients and support growth 1.
What would break the thesis
- If AI-driven price pressure intensifies, margins could stay weak even after demand recovers 1.
- Geopolitical tensions and the Ukraine risk could continue to limit activity and affect client decisions 1.
- Margin recovery depends on executing a restructuring programme, and results could lag if measures do not deliver as planned 1.
What to watch
- Development of EBIT margin and capacity utilisation versus the 2025 levelQ1 2027
- Share of revenue from CAS and subscriptions as a sign of revenue quality2027
- Share of revenue from new customers and from the top 30 customersnext 10-K
- Proposed ordinary dividend and any supplementary dividend, depending on financial position2027
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
Itera provides digital strategy and consulting, customer experience services, software engineering, cloud operations, and project and product management, testing and QA. It delivers these through multidisciplinary teams and a distributed delivery model 1. It also owns two niche SaaS companies, Cicero Consulting for the banking and finance sector and Compendia for HR, quality and management, whose revenues are largely recurring subscriptions 1.
The group operates across eight countries with 14 regional offices and is headquartered in Oslo. Norway is organised into four regions, while Sweden, Denmark and Iceland are single-region markets. The Hybrid Business Unit covers Ukraine, Slovakia, the Czech Republic and Poland 1.
The company prioritises four core sectors: financial and insurance services, energy and industry, the public sector, and defence and protection of critical infrastructure 1. Named customers include Gjensidige, Santander Consumer Bank, Vattenfall and Mastercard 1.
Segments
Own services
Revenue from own services fell 1% to NOK 692.4 million in 2025, forming the core of Itera's activity 1.
Subscriptions
Subscription revenue rose 3% to NOK 81.8 million in 2025, mainly linked to Cicero Consulting and Compendia 1.
Cloud & Application Services
CAS grew 19% in 2025 and is increasing its share of recurring revenue, which management presents as the company's growth engine 1.
Market context
The market remained uncertain in 2025, with shorter procurement horizons and tighter commercial terms that affected utilisation and pricing 1. Management nevertheless sees structural demand for cloud, data, cybersecurity and AI integration as remaining strong 1.
Itera operates mainly in the Nordics and Central and Eastern Europe. The Board views the near-term market as challenging but fundamentally supportive of the company's value proposition over time 1.
Trends
- AI as a pricing pressureheadwind
AI raises productivity in development and delivery, which can reduce hours needed for traditional scopes and accelerate price pressure in commoditised work 1. If clients push for lower prices for the same work, margins could stay under pressure.
- AI as a modernisation drivertailwind
Management argues AI also expands opportunities by accelerating cloud migration, data governance and secure architectures 1. If the company turns these requests into repeatable contracts, it could support growth.
- Geopolitical and macroeconomic uncertaintymixed
Clients prioritise resilience, security and cost efficiency, and the operating environment in Ukraine affects buying behaviour 1. The effect is mixed: near-term demand is weaker, while interest in security and defence may grow.
- Customer diversificationtailwind
The share of revenue from newly acquired customers increased, reducing concentration on large clients and supporting future growth if client activity normalises 1. This is a positive signal for the revenue mix.
Competitive position
Itera competes in a fragmented market of IT services and consulting, where pricing pressure and capacity utilisation are decisive. The source does not name direct competitors but notes that competitive pressure can affect margins 1. The company's stated advantage is combining local presence with distributed delivery capacity 1.
Itera's differentiation rests on its distributed delivery model, multidisciplinary teams and niche SaaS positions rather than global scale, so performance depends on operational execution and margin recovery 1.
- Nordic and Central European IT and consulting firms
The source does not name specific competitors; competition arises in the same regional markets for comparable digital services 1.
- Global digital transformation service providers
Competition comes from larger firms offering cloud, data and AI at global scale; the source does not identify them 1.
- AI and automation tooling providers for software development
Automation can reduce demand for traditional development work, creating indirect competition 1.
- Offshore service providers in Eastern Europe
Itera's presence in Central and Eastern Europe places it alongside similar delivery centres in the region 1.
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 / Itera 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.