olivLaw · European equity research
Magnora ASA MGN.OL
Norway · Euronext Oslo Børs · ISIN NO0010187032 · Vertical: Listed companies from Norway
Magnora is a Norwegian renewable energy project developer that expanded in 2025 into data centers for artificial intelligence. Its project portfolio reached 9.9 GW by the end of 2025, and the company describes its transition away from oil and gas as complete.
At the close of 06 Nov 2026, Magnora ASA (MGN.OL) stock was 19.98 NOK (+0.50% on the day), with market capitalisation 1.3 bn NOK, P/E 66.6 on diluted EPS of 0.30 NOK over the last 12 months, dividend yield 2.77%, beta 0.39, 52-week range 18.86–33.50 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)
- 46.6
- neutral
- Bollinger (20, 2)
- 18.36 – 21.76
- in the lower half of the band · %B 0.48 · band width 16.9%
- SMA 50 / 200
- 21.06 / 23.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.36 / -0.48
- 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 | −10.8% | −0.6% | −10.2 pp | — |
| 3 months | −14.6% | −4.2% | −10.4 pp | — |
| 6 months | −33.4% | +4.3% | −37.7 pp | — |
| Year to date | +1.8% | +7.5% | −5.7 pp | — |
| 1 year | −0.3% | +9.9% | −10.3 pp | −4.7% |
| 3 years | −37.2% | +49.8% | −87.0 pp | +12.7% |
| 5 years | +7.4% | +42.8% | −35.4 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 100 percentile of its own 3-quarter history (min 3.1, median 11.5, max 65.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 12.1 m | 2.3 m | 97.7 m |
| Revenue YoY | unavailable | −81.0% | +4,147.8% |
| Net income | 192.5 m | 593.6 m | 20.1 m |
| Net income YoY | unavailable | +208.4% | −96.6% |
| Diluted EPS | 2.86 | 8.90 | 0.30 |
| Diluted EPS YoY | unavailable | +211.2% | −96.6% |
| net % | 1,590.9% | 25,808.7% | 20.6% |
| Free cash flow | -2.5 m | 104.8 m | 9.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 166.4 m NOK
- Financial debt
- 3.4 m NOK
- Net debt
- -163.0 m NOK
- Equity
- 369.4 m NOK
- Total assets
- 446.7 m NOK
- Debt / equity
- 0.01x
- Current ratio
- 2.70x
- ROE
- 5.2%
- ROA
- 3.9%
- FCF margin
- 10.0%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.1 m | 2.3 m | 97.7 m | esef· 21 Oct 2026verified |
| Operating income | 171.2 m | 281.5 m | -3.0 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 1.9 m | 1.1 m | 1.5 m | esef· 21 Oct 2026verified |
| EBITDA | 173.1 m ≈ | 282.6 m ≈ | -1.5 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 13.5 m | 13.5 m | 9.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | 173.6 m | 269.2 m | 12.2 m | esef· 21 Oct 2026verified |
| Income tax | -100.0 k | 5.5 m | 2.7 m | esef· 21 Oct 2026verified |
| Net income | 192.5 m | 593.6 m | 20.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | 2.86 | 8.90 | 0.30 | esef· 21 Oct 2026verified |
| Dividend per share | 0.37 | 4.55 | 0.55 | esef· 21 Oct 2026derived |
≈ 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 | 347.6 m | 254.1 m | 166.4 m | esef· 21 Oct 2026verified |
| Receivables | 7.3 m | 9.0 m | 7.8 m | esef· 21 Oct 2026verified |
| Current assets | 380.3 m | 283.0 m | 190.9 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 300.0 k | 500.0 k | 5.0 m | esef· 21 Oct 2026verified |
| Goodwill | 8.4 m | 8.4 m | 8.6 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 135.2 m | 148.5 m | 141.8 m | esef· 21 Oct 2026verified |
| Total assets | 604.6 m | 575.3 m | 446.7 m | esef· 21 Oct 2026verified |
| Accounts payable | 6.3 m | 4.7 m | 11.7 m | esef· 21 Oct 2026verified |
| Long-term debt | — | 0 | 3.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 51.0 m | 172.6 m | 70.6 m | esef· 21 Oct 2026verified |
| Total liabilities | 52.3 m | 173.1 m | 77.3 m | esef· 21 Oct 2026verified |
| Equity | 552.3 m | 402.2 m | 369.4 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 66.8 m | 66.0 m | 64.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.0 m | 104.9 m | 10.0 m | esef· 21 Oct 2026verified |
| Capex | 5.5 m | 100.0 k | 200.0 k | esef· 21 Oct 2026verified |
| Free cash flow | -2.5 m ≈ | 104.8 m ≈ | 9.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | 304.9 m | 352.1 m | 52.6 m | esef· 21 Oct 2026verified |
| Financing cash flow | -132.2 m | -340.2 m | -130.5 m | esef· 21 Oct 2026verified |
| Dividends paid | 24.6 m | 299.8 m | 35.9 m | esef· 21 Oct 2026verified |
| Share repurchases | 32.2 m | 42.7 m | 4.8 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: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn NOK
Key indicators
Coverage and freshness
Score by group
- Returns27
- Balance sheet40
- Valuation7
- Quality38
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
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.3% | 14 (vs peers) | 17% |
| Net margin · Quality | 20.6% | 89 (vs peers) | 10% |
| FCF conversion · Quality | 48.8% | 27 (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 | -0.3x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 66.6x | 5 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.8% | 9 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.1% | 45 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 366.3% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality38/100 · 3/3 factors with a value
- Returns27/100 · 2/2 factors with a value
- Valuation7/100 · 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
MAGNORA ASA (MGN.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 97.7 m NOK in 2025; YoY growth 4,147.8%; net margin 20.6%; ROE 5.2%.
The estimated value range is 5.43–6.90 NOK per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 6.00 NOK, the price of 19.98 NOK leaves a potential of -70.0% (value / price − 1) and a margin of safety of -232.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive 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
- Net margin: 20.6%
- Current ratio: 2.7x
What contradicts it
- ROIC: -1.3%
- FCF conversion: 48.8%
- Interest coverage: -0.3x
- P/E (TTM): 66.6x
- FCF yield: 0.8%
- Payout ratio (FCF): 366.3%
- The price is above the estimated value range
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% |
| 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 |
| MGN.OLMagnora Asa | 1.3 bn | 66.6 | 5.2% | 20.6% | +4,147.8% | −2% / −36% |
| 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 MGN.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 | 13.49 Total return -31% · Per year -31% | 23.74 Total return 21% · Per year 21% | 35.61 Total return 80% · Per year 80% |
| 3 years | 16.00 Total return -15% · Per year -5% | 31.40 Total return 63% · Per year 18% | 51.28 Total return 164% · Per year 38% |
| 5 years | 18.98 Total return 3% · Per year 1% | 41.53 Total return 120% · Per year 17% | 73.85 Total return 286% · Per year 31% |
- Exit P/E± 7.85
- Net margin± 5.49
- Annual revenue growth± 4.10
- Annual dilution± 0.46
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
Magnora is a Norwegian renewable energy project developer that expanded in 2025 into data centers for artificial intelligence. Its project portfolio reached 9.9 GW by the end of 2025 1, and the company describes its transition away from oil and gas as complete 1.
SWOT
Strengths
- The company holds a large project portfolio diversified across several countries and technologies, which reduces the risk of any single investment 1.
- Magnora has shown it can bring complex projects to financial close, as the Red Sands project illustrates 1.
- Experience in land, permits and grid access gives it an advantage in developing data center sites 1.
Weaknesses
Opportunities
- Demand for AI-optimized data centers could grow in the Nordics, where the company already has projects 1.
- Caution among traditional developers could open room for acquisitions and faster organic growth 1.
- Co-locating data centers with solar, wind and storage assets could reduce exposure to volatile power prices 1.
Risks
- Project sales markethigh
If sales processes remain slow, development revenue could be delayed, as happened in 2025 1.
- Access to capitalmedium
The company cites liquidity and capital access risk, which could limit investment in new projects 1.
- Regulation and policymedium
Regulatory and policy changes could alter permitting and support conditions for projects 1.
- Project executionmedium
Execution risks could affect timelines and costs, especially for data centers under construction 1.
- Dependence on key personnellow
The company acknowledges that it relies heavily on individual and team efforts of its management, which could become a risk if key people leave 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI data centers and renewable energy keeps growing, the large project portfolio could generate significant sales revenue 1.
- Completing the exit from legacy activities and focusing on renewables and infrastructure could make the company clearer to investors 1.
- Caution among traditional competitors could give the company acquisition opportunities and faster organic growth 1.
What would break the thesis
- If project sales remain slow, revenue and cash flow could stay below expectations 1.
- The recent entry into data centers could carry execution and capital risks, especially before projects become operational 1.
- The asset-light model could remain exposed to policy changes and financing conditions in the markets where the company operates 1.
What to watch
- Pace of project sales and farm-downs in South Africa, the UK, Germany and Italy2026
- Progress of the Magnora Scale Averøya project and the Storespeed AS acquisition2026
- Development of the project portfolio and data center commitmentsnext 10-K
- Status of the Hämeenlinna data center project in Finland and other joint venture agreements2027
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
Magnora ASA is a renewable energy project development company headquartered in Oslo and listed on the Oslo Stock Exchange, with a portfolio of companies in Norway, Sweden, Finland, the United Kingdom, Germany, Italy and South Africa 1. Its projects are mainly in data centers, wind, solar and battery energy storage. The company concentrates on early-phase development and sells projects at or before the ready-to-build stage, an asset-light model 1. In 2025 it completed its exit from legacy oil and gas activities by selling its remaining stake in Hermana Holding ASA 1.
The strategy rests on diversification to reduce sensitivity to the performance of any single investment 1. Magnora says that combining electricity production with data center consumption could reduce exposure to power price volatility, and that data centers can be colocated with solar, storage and wind assets 1.
The company strengthened its capabilities by acquiring 75 percent of Storespeed AS, a Norwegian data center operator, and by establishing Magnora Data Center AB in Sweden 1. These are new elements for a group that until recently focused on other sectors, and their success depends on execution and grid access 1.
Segments
Renewable energy and storage
The solar, wind and battery storage pipeline stood at 6,400 MW in South Africa, 920 MW in Italy and 800 MW in Germany at the end of 2025 1. The 153 MW Red Sands project reached financial close in July 2025 and triggered the final milestone payment to Magnora 1.
Market context
The renewable energy and AI data center market is described by the company as having growing demand, driven by decarbonization and digitalization 1. The company observes that traditional developers and utilities are becoming more cautious, which it sees as an opportunity for organic growth and acquisitions 1. Interest from energy companies, infrastructure funds and private equity in its assets is described as strong 1.
The company stresses that demand for offshore wind depends on long-term clarity and political alignment, so it progresses carefully in that segment 1. Markets that favor speed and execution, such as onshore wind, solar and battery storage, remain central to the strategy 1.
Trends
- Demand for AI data centerstailwind
Growing demand for data centers optimized for artificial intelligence could favor Magnora's new projects in Norway and Sweden 1.
- Decarbonization and digitalizationtailwind
The energy transition could increase demand for renewable energy and storage, which supports the company's project pipeline 1.
- Caution among traditional developersmixed
If traditional developers and utilities keep reducing investment, Magnora could accelerate organic growth or acquisitions 1.
- Slower project salesheadwind
Project sales were slower in 2025, limiting development revenue, and this slowdown could continue if the market remains cautious 1.
Competitive position
Magnora operates in a competitive field where renewable project developers, utilities and data center operators compete for land, permits and grid access 1. The company positions itself as a developer that sells ready-to-build assets rather than a long-term owner of assets 1. The source documents do not name specific competitors.
Magnora's stated advantage is its ability to secure permits, grid access and environmental assessments quickly, along with its experience in acquiring land for data centers 1. If larger competitors can deploy more capital, this position could become harder to sustain 1.
- Renewable project developers
Companies that develop and sell wind, solar and storage projects, competing for the same land and permits, as the company describes 1.
- Energy utilities
Traditional utilities are described as more cautious about investment, which the company sees as an opportunity rather than a direct competitor 1.
- Data center operators
Operators of data centers optimized for artificial intelligence compete for sites and customers in the Nordics, where Magnora recently entered 1.
- Infrastructure and private equity funds
These investors are potential buyers of Magnora's projects, but also possible competitors for assets and capital in the same segment 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 / Magnora 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.