olivLaw · European equity research
Moreld ASA MORLD.OL
Norway · Euronext Oslo Børs · ISIN NO0013325506 · Vertical: Listed companies from Norway
Moreld ASA is a multi-disciplinary engineering group delivering full-scope services across the offshore energy, marine and industrial sectors, headquartered in Stavanger with offices in 17 countries. The company listed on Euronext Oslo in 2025, and a large part of its activity remains tied to investment cycles in the North Sea, while diversification into offshore wind and onshore industry could ease volatility.
At the close of 06 Nov 2026, Moreld ASA (MORLD.OL) stock was 26.50 NOK (+4.33% on the day), with market capitalisation 4.7 bn NOK, P/E 16.7 on diluted EPS of 1.59 NOK over the last 12 months, beta 0.33, 52-week range 15.64–26.50 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)
- 69.2
- strong (55–70)
- Bollinger (20, 2)
- 22.18 – 25.57
- above the upper band · %B 1.27 · band width 14.2%
- SMA 50 / 200
- 23.94 / 20.14
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.45 / 0.17
- 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 | +14.5% | −0.6% | +15.1 pp | — |
| 3 months | +27.4% | −4.2% | +31.6 pp | — |
| 6 months | +36.5% | +4.3% | +32.1 pp | — |
| Year to date | +41.1% | +7.5% | +33.6 pp | — |
| 1 year | +51.8% | +9.9% | +41.9 pp | −4.7% |
| 3 years | unavailable | +49.8% | unavailable | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 1-quarter history (min 11.8, median 11.8, max 11.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 7.1 bn | 9.8 bn |
| Revenue YoY | unavailable | +38.0% |
| Net income | -711.3 m | 284.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -4.05 | 1.59 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -10.0% | 2.9% |
| Free cash flow | 1.3 bn | 1.4 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.1 bn NOK
- Financial debt
- 1.3 bn NOK
- Net debt
- 189.9 m NOK
- Equity
- 790.5 m NOK
- Total assets
- 5.8 bn NOK
- Debt / equity
- 1.62x
- Current ratio
- 0.98x
- ROE
- 38.2%
- ROA
- 4.4%
- FCF margin
- 14.2%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 7.1 bn | 9.8 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 3.1 bn | 4.7 bn | esef· 21 Oct 2026verified |
| Gross profit | 4.0 bn ≈ | 5.1 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 446.6 m | 810.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | -945.6 m | 377.3 m | esef· 21 Oct 2026verified |
| Income tax | -70.6 m | 92.6 m | esef· 21 Oct 2026verified |
| Net income | -711.3 m | 284.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | -4.05 | 1.59 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.5 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Receivables | 1.1 bn | 929.1 m | esef· 21 Oct 2026verified |
| Inventories | 39.9 m | 49.8 m | esef· 21 Oct 2026verified |
| Current assets | 3.3 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 195.7 m | 162.8 m | esef· 21 Oct 2026verified |
| Goodwill | 885.1 m | 885.1 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 483.4 m | 379.3 m | esef· 21 Oct 2026verified |
| Total assets | 7.2 bn | 5.8 bn | esef· 21 Oct 2026verified |
| Accounts payable | 755.0 m | 610.7 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.5 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Current liabilities | 3.5 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Total liabilities | 6.5 bn | 5.0 bn | esef· 21 Oct 2026verified |
| Equity | 697.9 m | 790.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 175.6 m | 179.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 1.4 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Capex | 28.8 m | 19.4 m | esef· 21 Oct 2026verified |
| Free cash flow | 1.3 bn ≈ | 1.4 bn ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -299.4 m | -91.7 m | esef· 21 Oct 2026verified |
| Financing cash flow | 221.6 m | -1.7 bn | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 37.4 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 bn NOK
Key indicators
Coverage and freshness
Score by group
52% · 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: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 71.7% | 100 (vs peers) | 20% |
| Net margin · Quality | 2.9% | 50 (vs peers) | 12% |
| FCF conversion · Quality | 489.7% | 100 (on a fixed band) | 12% |
| 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 | 1.0x | 15 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 16.7x | 55 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 29.4% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (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 sheet· partial15/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns· partial11/100 · 1/2 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
Moreld AS (MORLD.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.8 bn NOK in 2025; YoY growth 38.0%; net margin 2.9%; ROE 38.2%.
The estimated value range is 14.56–50.23 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 31.42 NOK, the price of 26.50 NOK leaves a potential of 18.5% (value / price − 1) and a margin of safety of 15.6% (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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 71.7%
- FCF conversion: 489.7%
- FCF yield: 29.4%
What contradicts it
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.8%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% |
| MORLD.OLMoreld AS | 4.7 bn | 16.7 | 38.2% | 2.9% | +38.0% | +46% / unavailable |
| 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 MORLD.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 | 17.32 Total return -35% · Per year -35% | 30.47 Total return 15% · Per year 15% | 45.71 Total return 72% · Per year 72% |
| 3 years | 20.54 Total return -22% · Per year -8% | 40.30 Total return 52% · Per year 15% | 65.83 Total return 148% · Per year 35% |
| 5 years | 24.36 Total return -8% · Per year -2% | 53.30 Total return 101% · Per year 15% | 94.79 Total return 258% · Per year 29% |
- Exit P/E± 10.08
- Net margin± 7.05
- Annual revenue growth± 5.26
- Annual dilution± 0.59
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
Moreld ASA is a multi-disciplinary engineering group delivering full-scope services across the offshore energy, marine and industrial sectors, headquartered in Stavanger with offices in 17 countries 1. The company listed on Euronext Oslo in 2025, and a large part of its activity remains tied to investment cycles in the North Sea, while diversification into offshore wind and onshore industry could ease volatility.
SWOT
Strengths
- Wide geographic presence with offices in several countries and experience in complex offshore projects, including a flagship development completed after years of work.
- Flexible balance sheet with substantial liquidity and low net debt, which gives stability in difficult market periods.
- Key offshore construction vessels, with charters extended through options, secure critical capacity for future projects.
Weaknesses
- High dependence on the Norwegian market means results depend heavily on the investment activity and regulation of a single country.
- Large and complex contracts can generate penalties and compensation claims if execution is delayed or technically deficient.
- Exposure to the Norwegian krone remains partly unhedged, and part of the cash flow is generated in other currencies.
Opportunities
- Diversification into offshore wind, CCS and onshore industry could widen the addressable market and reduce dependence on the oil cycle.
- Tie-back of new fields to existing infrastructure could generate long-term subsea and modification work.
- International markets such as West Africa and Brazil could offer additional contracts if local presence expands.
Threats
- A prolonged decline in oil and gas prices could reduce operators' capital spending and delay projects.
- Unstable trade policies and geopolitical developments could generate volatility and affect project planning.
- Competition in offshore tenders could pressure margins, particularly in standardised service segments.
Risks
- Oil market riskhigh
The group's activity depends on investment by oil and gas operators, and a significant fall in prices could reduce demand for services.
- Contract riskhigh
Delays or technical deviations in large projects can lead to compensation and financial exposure if obligations are not covered back to back.
- Currency riskmedium
The difference between the Norwegian krone and other currencies could affect net results, since a significant share of cash flow is not hedged.
- Refinancing and liquidity riskmedium
The high fixed-rate bond and any short-term floating-rate facilities could influence financing costs if market conditions change.
- Customer credit risklow
Exposure to subcontractors and clients could lead to losses if a partner's financial position deteriorates, although key clients are considered strong.
Investment thesis
What would need to be true (bull case)
- If tie-back work on the Norwegian Continental Shelf continues and the order portfolio converts into revenue, the company could enjoy high visibility on future activity.
- Diversification into offshore wind and onshore industry could reduce dependence on the oil cycle and create new revenue streams.
- A balance sheet with low net debt and the dividend policy could offer shareholders a predictable return if profitability holds.
What would break the thesis
- A fall in energy prices could reduce operator spending and delay projects that underpin revenue.
- High dependence on Norway and on large, complex projects could expose results to delays, penalties and margin swings.
- Diversification into new markets could require investment and time, and competition in those segments could be more intense than in the core business.
What to watch
- Development of the order backlog and the conversion rate of the 77 per cent scheduled for 20262026
- Decision on raising the quarterly dividend, linked to the distribution scheduled for the first quarterQ1 2026
- Pace at which diversification into offshore wind and onshore industry converts into revenuenext 10-K
- Development of currency exposure and any hedging of the fixed-rate bond2026
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
Moreld ASA operates through subsidiaries including Moreld Apply, Ocean Installer and Global Maritime, covering subsea projects, maintenance and modification (M&M), marine warranty and marine services 1. Its operational centre is in Norway, which generated 74 per cent of revenue in 2025 1. The strategy aims to build revenue visibility through long-term contracts and to expand in international offshore markets.
The financial structure is solid: at year-end 2025 the company held cash of NOK 1.09 billion and net interest-bearing debt of NOK 219 million 1. The fixed-rate bond reduces exposure to interest rate movements, and the dividend policy targets a payout of 40-60 per cent of adjusted net income 1.
Segments
Subsea and installation
The subsea segment was dominated in 2025 by the Johan Castberg development for Equinor in the Barents Sea, completed after seven years of work, and key offshore construction vessels had their charters extended through options 1.
Moreld Apply
Moreld Apply provides maintenance and modification services in Norway under long-term framework agreements and has contributed marine consultancy, engineering and assurance services to offshore and maritime clients 1.
Market context
Activity in offshore oil and gas remained high in the near term, and over the long term the company sees opportunities in decarbonisation, offshore wind, CCS and aquaculture if government policies keep moving in these directions 1. Norway's share of revenue shows a high geographic dependence, while West Africa is the second-largest market.
Operators are focusing investment on tying new satellite fields into existing platforms and subsea infrastructure on the Norwegian Continental Shelf, supporting demand for subsea work and modifications, but a significant fall in oil prices could reduce clients' capital spending 1.
Trends
- Tie-back of existing fieldstailwind
Operators on the Norwegian Continental Shelf are prioritising connecting satellite fields to existing platforms and subsea infrastructure, which requires subsea installation and major modifications, activities where Moreld has strong positions 1.
- Energy price volatilityheadwind
Geopolitical and trade factors, inflation and decisions by oil-producing nations introduced volatility in energy prices in 2025, and a prolonged decline could delay projects and reduce demand for the company's services 1.
- Decarbonisation and offshore windmixed
Policies increasingly focused on decarbonisation could open markets for offshore wind, CCS and onshore industry, where the group's engineering skills are transferable, although the pace of these markets remains uncertain 1.
- Capital discipline at clientsmixed
Operators are placing more emphasis on efficiency and capital discipline, which could cause a short period of lower activity but also favours the cost-efficient solutions Moreld offers 1.
Competitive position
The analysed sources do not identify direct competitors, so no comparison can be made from the available documents. Moreld describes its position as a leading global player in the energy markets, but this claim is not verified with market data in the materials reviewed 1.
Diversification into onshore industry, offshore wind and aquaculture, along with the ability to execute projects in several regions, are the means by which the company could protect its position against other offshore service providers 1.
- Subsea and installation service providers
The sources do not name competitors; the group operates in the same offshore markets, but direct comparisons cannot be verified from the available documents.
- Offshore maintenance and modification providers
The M&M segment in Norway is contested by local service firms that are not identified in the sources.
- Marine consultancy and marine warranty firms
Marine warranty and consultancy activity has other participants in the market, not named in the documents analysed.
- Offshore wind engineering companies
As the group diversifies into wind, it meets specialised engineering firms in that sector, not identified in the sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Moreld 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.