olivLaw · European equity research
Komplett ASA KOMPL.OL
Norway · Euronext Oslo Børs · ISIN NO0011016040 · Vertical: Listed companies from Norway
Komplett ASA is the leading online-first player in electronics and IT in the Nordic region, operating the NetOnNet, Komplett, Webhallen, Ironstone and Itegra brands. In 2025 it grew revenue and improved gross margin, but the net loss widened because of non-cash goodwill impairments on its Swedish operations, which makes the performance of those operations central to the period ahead. Operating revenue reached NOK 15 775 million, and the loss for the period was NOK 660 million.
At the close of 06 Nov 2026, Komplett ASA (KOMPL.OL) stock was 6.10 NOK (+2.01% on the day), with beta 0.26, 52-week range 5.78–14.45 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)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 5.44 – 7.29
- in the lower half of the band · %B 0.36 · band width 29.1%
- SMA 50 / 200
- 6.71 / 8.23
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -0.22
- 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 | −10.6% | −0.6% | −9.9 pp | — |
| 3 months | −18.2% | −4.2% | −14.1 pp | — |
| 6 months | −18.0% | +4.3% | −22.3 pp | — |
| Year to date | −54.8% | +7.5% | −62.3 pp | — |
| 1 year | −51.2% | +9.9% | −61.1 pp | −5.7% |
| 3 years | −0.7% | +49.8% | −50.5 pp | +15.0% |
| 5 years | −90.4% | +42.8% | −133.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | -1.0 bn | -192.0 m | -660.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 814.0 m NOK
- Financial debt
- 800.0 m NOK
- Net debt
- -14.0 m NOK
- Equity
- 2.1 bn NOK
- Total assets
- 7.7 bn NOK
- Debt / equity
- 0.39x
- Current ratio
- 1.04x
- ROE
- -28.4%
- ROA
- -8.7%
- 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 | -885.0 m | -67.0 m | -556.0 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 335.0 m | 384.0 m | 408.0 m | esef· 21 Oct 2026verified |
| EBITDA | -550.0 m ≈ | 317.0 m ≈ | -148.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 176.0 m | 185.0 m | 192.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -1.1 bn | -236.0 m | -725.0 m | esef· 21 Oct 2026verified |
| Income tax | -11.0 m | -44.0 m | -65.0 m | esef· 21 Oct 2026verified |
| Net income | -1.0 bn | -192.0 m | -660.0 m | 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 | 230.0 m | 726.0 m | 814.0 m | esef· 21 Oct 2026verified |
| Receivables | 984.0 m | 889.0 m | 1.1 bn | esef· 21 Oct 2026verified |
| Inventories | 2.2 bn | 2.0 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Current assets | 3.4 bn | 3.7 bn | 4.2 bn | esef· 21 Oct 2026verified |
| Goodwill | 1.3 bn | 1.4 bn | 856.0 m | esef· 21 Oct 2026verified |
| Total assets | 7.3 bn | 7.5 bn | 7.7 bn | esef· 21 Oct 2026verified |
| Short-term debt | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Long-term debt | 800.0 m | 800.0 m | 800.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 3.0 bn | 3.2 bn | 4.1 bn | esef· 21 Oct 2026verified |
| Total liabilities | 4.6 bn | 5.0 bn | 5.6 bn | esef· 21 Oct 2026verified |
| Equity | 2.7 bn | 2.6 bn | 2.1 bn | esef· 21 Oct 2026verified |
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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -19.9% | 9 (vs peers) | 50% |
| 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 | -2.9x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 1.0x | 20 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet8/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial9/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
KOMPLETT ASA (KOMPL.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -28.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: -19.9%
- Interest coverage: -2.9x
- Current ratio: 1.0x
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, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
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 KOMPL.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
Komplett ASA is the leading online-first player in electronics and IT in the Nordic region, operating the NetOnNet, Komplett, Webhallen, Ironstone and Itegra brands. In 2025 it grew revenue and improved gross margin, but the net loss widened because of non-cash goodwill impairments on its Swedish operations, which makes the performance of those operations central to the period ahead. Operating revenue reached NOK 15 775 million, and the loss for the period was NOK 660 million.
SWOT
Strengths
- Leading online-first position in the Nordic region, with differentiated brands for distinct customer segments.
- Improved gross margin and supplier terms, supported by a central commercial team.
- Solid liquidity at year-end 2025 and a leverage ratio below the group's reference threshold.
Weaknesses
- Net loss in 2025, deepened by goodwill impairments linked to the Swedish entities.
- Dependence on the performance of the Swedish operations, where growth was weak and profitability low.
- Lower equity and equity ratio following the impairments in the year.
Opportunities
- Continued migration of electronics and IT purchases to online channels in the Nordic region.
- Expansion of the range in gaming, private label and domestic appliances, where progress was already seen.
- Scale benefits from the shared sourcing and technology platform, if cost reduction continues.
Threats
- Supply constraints on components such as memory chips, which could affect prices and volumes.
- Intense competition that could pressure margins and force aggressive campaigns.
- Tariff, geopolitical and regulatory uncertainty that could influence international trade.
Risks
- Market and competitive conditionsmedium
Changes in consumer sentiment, competition and the economy could affect demand and pricing.
- Digital developmentmedium
Delayed adaptation to new business models or to technologies such as AI could weaken the market position.
- Global supplyhigh
Sanctions, conflicts and raw material shortages could affect component availability and delivery capacity.
- Financial positionmedium
Liquidity, credit and currency risks could influence access to financing and supplier credit terms.
- Cyber securityhigh
External cyber-attacks and fraud could lead to business disruption and loss of sensitive data.
Investment thesis
What would need to be true (bull case)
- If margins keep improving and costs fall, the group could convert revenue growth into better operating profit more efficiently.
- Its leading online-first position in the Nordic region and differentiated brands could support market share as online migration continues.
- Solid liquidity and a moderate leverage ratio could provide flexibility for investment and for managing seasonal cycles.
What would break the thesis
- The net loss and goodwill impairments show that the recovery in Sweden is slower than hoped, which could limit profitability.
- Supply constraints and intense competition could pressure margins and volumes, especially if the effect of new launches fades.
- Lower equity and equity ratio could limit financial flexibility if results stay below expectations.
What to watch
- Quarterly results and gross margin development in SwedenQ1 2026
- Demand trends in gaming and domestic appliances amid memory chip availability2026
- Effectiveness of cost reduction measures and the impact on the underlying cost base2026
- Net debt level and covenant compliance, including the 3.5x threshold for Q1Q1 2026
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
Komplett Group, headquartered in Sandefjord, Norway, runs an online-first model combined with selected omnichannel concepts. Its activity is organised into three segments: B2C (Komplett B2C, NetOnNet and Webhallen), B2B (Komplett B2B and Ironstone, which provides cloud-based IT services) and Distribution (Itegra, which handles large distribution contracts for resellers and major entities). The group is present in Norway, Sweden and Denmark and had 1 459 employees at the end of 2025. The annual report states that the group does not perform research and development beyond technical development connected to its web stores.
The strategy rests on independent, differentiated brands targeting distinct customer segments, combined with shared functions: a central commercial team, a shared supply chain network and a unified technology, analytics and data platform. The report says the group improved supplier terms and expanded its range in gaming, private label and domestic appliances.
Liquidity remained solid, with a liquidity reserve of NOK 1 714 million at the end of 2025 and a leverage ratio of 1.4x. However, equity fell and the equity ratio declined from the prior year, reflecting the impairments.
Segments
B2C
The B2C segment, which includes NetOnNet, Komplett and Webhallen, represented 72.5% of group revenues in 2025, with operating revenues of NOK 11 435 million, up 5.1% from 2024. Segment gross margin rose to 16.0% and EBIT was NOK 62 million. The report notes that Norway grew in local currency while Sweden declined.
B2B
The B2B segment, comprising Komplett Bedrift, Komplett Företag and Ironstone, accounted for 9.8% of group revenues in 2025. It focuses on corporate customers, and Ironstone provides cloud-based IT services and solutions. This excerpt of the annual report does not break out B2B profitability figures.
Distribution
The Distribution segment operates under the Itegra brand and specialises in large-scale distribution contracts for resellers and major entities in Norway and Sweden. This excerpt of the annual report does not give separate figures for this segment.
Market context
The group operates in the Nordic electronics and IT products market, which the report describes as large and structurally growing, benefiting from continued online migration. The aggregated Nordic market share is estimated at around 10%, with the strongest position in B2C. Management says demand in 2026 could be supported by consumer sentiment and replacement cycles, though visibility varies across categories.
Market risks include constraints in the supply of memory chips, which may affect availability, pricing and volumes across several consumer electronics categories. The impact of new product launches is expected to moderate in 2026, and tariff, geopolitical and regulatory changes may influence international trade.
Trends
- Shift to onlinetailwind
Continued growth of online purchasing in electronics and IT supports the group's online-first model, which is positioned as the regional e-commerce leader.
- Gaming product launchesmixed
New launches, particularly in gaming-related categories, supported demand in 2025, but their impact is expected to moderate in 2026.
- Memory chip supply constraintsheadwind
Shortages of components such as memory chips could affect product availability and prices, potentially changing demand patterns.
- Difficulties in Swedenheadwind
Performance of the Swedish operations remained challenging, and the delayed recovery led to the 2025 goodwill impairments; if recovery accelerates, the impact on profitability could be eased.
Competitive position
The annual report describes competition as intense in a global e-commerce arena. The group argues it maintains a solid market position through differentiated brands and high customer satisfaction, but this excerpt does not name its direct competitors.
Competitive pressure led the group to prioritise margin quality over volume, particularly in Sweden, which limited sales growth there. The source excerpt does not identify other specific players in the Nordic market.
- Competitors not named in the source
The annual report does not name direct competitors, so no names or tickers are proposed here.
News & filings
In the press
- Komplett városrészek rokkanhatnak bele, ha újabb „szent teheneket” vágnak le BudapestenIndex.hu English (HU) · 29 Oct 2026 · EN
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 / Komplett 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.