olivLaw · European equity research
Multiconsult ASA MULTI.OL
Norway · Euronext Oslo Børs · ISIN NO0010734338 · Vertical: Listed companies from Norway
Multiconsult ASA is a Scandinavian group specialised in engineering and architecture consultancy, with roots dating back to 1908, active in infrastructure, energy, industry, urban development and mobility. The group closed 2025 with an adjusted EBITA margin of 7.6 per cent, below its own expectations, and launched a strategy to expand beyond Norway, which makes the trend in margins an important topic for investors.
At the close of 06 Nov 2026, Multiconsult ASA (MULTI.OL) stock was 130.80 NOK (+1.55% on the day), with market capitalisation 3.6 bn NOK, P/E 14.2 on diluted EPS of 9.22 NOK over the last 12 months, dividend yield 7.65%, beta 0.08, 52-week range 128.20–180.50 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)
- 42.9
- weak (30–45)
- Bollinger (20, 2)
- 127.12 – 139.46
- in the lower half of the band · %B 0.30 · band width 9.3%
- SMA 50 / 200
- 139.86 / 152.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -2.21 / -2.11
- 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 | +0.3% | −0.6% | +1.0 pp | — |
| 3 months | −13.9% | −4.2% | −9.8 pp | — |
| 6 months | −18.6% | +4.3% | −22.9 pp | — |
| Year to date | −26.1% | +7.5% | −33.6 pp | — |
| 1 year | −20.7% | +9.9% | −30.6 pp | −4.7% |
| 3 years | +6.8% | +49.8% | −43.1 pp | +12.7% |
| 5 years | −13.4% | +42.8% | −56.2 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 50 percentile of its own 2-quarter history (min 13.2, median 16.2, max 19.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 6.3 bn | 6.6 bn |
| Revenue YoY | unavailable | +4.3% |
| Net income | 416.5 m | 253.0 m |
| Net income YoY | unavailable | −39.3% |
| Diluted EPS | 15.11 | 9.22 |
| Diluted EPS YoY | unavailable | −39.0% |
| net % | 6.6% | 3.8% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 113.5 m NOK
- Financial debt
- 946.4 m NOK
- Net debt
- 832.9 m NOK
- Equity
- 1.2 bn NOK
- Total assets
- 4.3 bn NOK
- Debt / equity
- 0.77x
- Current ratio
- 1.11x
- ROE
- 20.2%
- ROA
- 6.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 6.3 bn | 6.6 bn | esef· 21 Oct 2026verified |
| Operating income | 516.6 m | 389.8 m | esef· 21 Oct 2026verified |
| Interest expense | 92.4 m | 93.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | 514.3 m | 328.4 m | esef· 21 Oct 2026verified |
| Income tax | 100.9 m | 75.8 m | esef· 21 Oct 2026verified |
| Net income | 416.5 m | 253.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 15.11 | 9.22 | esef· 21 Oct 2026verified |
| Dividend per share | 8.00 | 10.00 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 164.5 m | 113.5 m | esef· 21 Oct 2026verified |
| Receivables | 1.4 bn | 1.8 bn | esef· 21 Oct 2026verified |
| Current assets | 1.6 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 178.6 m | 172.5 m | esef· 21 Oct 2026verified |
| Goodwill | 1.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 39.9 m | 68.6 m | esef· 21 Oct 2026verified |
| Total assets | 3.8 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Short-term debt | 34.9 m | 76.9 m | esef· 21 Oct 2026verified |
| Long-term debt | 250.0 m | 869.5 m | esef· 21 Oct 2026verified |
| Current liabilities | 1.6 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Total liabilities | 2.5 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Equity | 1.3 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 27.6 m | 27.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 671.8 m | 251.3 m | esef· 21 Oct 2026verified |
| Investing cash flow | -155.2 m | -399.8 m | esef· 21 Oct 2026verified |
| Financing cash flow | -632.3 m | 19.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 221.1 m | 277.0 m | esef· 21 Oct 2026verified |
| Share repurchases | 59.1 m | 173.0 m | esef· 21 Oct 2026verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 3.6 bn NOK
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.3% | 82 (vs peers) | 24% |
| Net margin · Quality | 3.8% | 53 (vs peers) | 14% |
| 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 | 4.2x | 41 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.1x | 26 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.2x | 60 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 12.5% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial60/100 · 1/3 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
Multiconsult ASA (MULTI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.6 bn NOK in 2025; YoY growth 4.3%; net margin 3.8%; ROE 20.9%.
The estimated value range is 91.26–206.23 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 145.30 NOK, the price of 130.80 NOK leaves a potential of 11.1% (value / price − 1) and a margin of safety of 10.0% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.3%
- Shareholder yield (distributions): 12.5%
What contradicts it
- Current ratio: 1.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| MULTI.OLMulticonsult ASA | 3.6 bn | 14.2 | 20.9% | 3.8% | +4.3% | −20% / +11% |
| 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 MULTI.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 | 77.19 Total return -35% · Per year -35% | 136.48 Total return 12% · Per year 12% | 205.59 Total return 66% · Per year 66% |
| 3 years | 74.67 Total return -27% · Per year -10% | 148.58 Total return 37% · Per year 11% | 245.78 Total return 117% · Per year 29% |
| 5 years | 72.24 Total return -18% · Per year -4% | 161.76 Total return 64% · Per year 10% | 293.84 Total return 178% · Per year 23% |
- Exit P/E± 37.14
- Net margin± 26.00
- Annual revenue growth± 21.38
- Annual dilution± 2.18
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
Multiconsult ASA is a Scandinavian group specialised in engineering and architecture consultancy, with roots dating back to 1908, active in infrastructure, energy, industry, urban development and mobility. The group closed 2025 with an adjusted EBITA margin of 7.6 per cent 1, below its own expectations, and launched a strategy to expand beyond Norway, which makes the trend in margins an important topic for investors 1.
SWOT
Strengths
- The group holds a solid position in healthcare in Scandinavia, in renewable energy and in geotechnical consulting, supported by long-term stable clients 1.
- A diversified business model across several business areas and markets provides robustness against changes in individual markets 1.
- Norwegian students have voted the group the most attractive employer in its industry, which helps attract talent 1.
Weaknesses
- The adjusted EBITA margin in 2025 was below management's expectations, pointing to weakness in operational efficiency 1.
- Heavy reliance on Norway for a large share of revenues makes the group sensitive to developments in its home market 1.
- Use of sub-consultants in some projects can reduce control over quality and costs 1.
Opportunities
- Expansion in Poland and the wider Nordics could bring growth if the geographic expansion strategy succeeds 1.
- The energy transition and investment in defence-related and resilience infrastructure could generate new demand for the group's services 1.
- Acquisitions of companies with strategic fit could strengthen the group's position in mobility and other areas 1.
Threats
- Intensified competition in the industry could press prices and margins on future projects 1.
- Rapid geopolitical and economic change could affect investment plans of public and private clients 1.
- Integration risks for acquired companies could weigh on results if expected synergies do not materialise 1.
Risks
- Margins below targethigh
The adjusted EBITA margin for 2025 is below management's target, and recovery measures could take longer to deliver results 1.
- Geographic concentrationmedium
The large weight of Norway in revenues exposes the group to economic and market developments at home 1.
- Acquisition integrationmedium
Integrating ViaNova and other acquired companies could bring unexpected costs and operational difficulties 1.
- Subcontracting chainmedium
Reliance on sub-consultants and suppliers in countries with weaker labour protection creates reputational and compliance risks 1.
- Leadership transitionlow
The departure of the current CEO and the handover to a new leader could affect continuity of the strategy 1.
Investment thesis
What would need to be true (bull case)
- If the growth strategy in Poland and the Nordics delivers, the group could recover its margin and reach its long-term profitability target 1.
- A position in the energy transition and critical infrastructure could bring sustained demand over several years 1.
- The diversified model and long-standing clients provide a stable base that could cushion shocks in particular markets 1.
What would break the thesis
- If the margin stays below the 10 per cent target, the group could struggle to fund its growth through acquisitions 1.
- Intensified competition could force price reductions and limit the ability to restore profitability 1.
- If integration of acquired companies is delayed, the promised synergies might not appear in the expected period 1.
What to watch
- Development of the adjusted EBITA margin against the profitability target2026
- Results of the ViaNova integration and its impact on the mobility segment2026
- Executive leadership handover and continuity of the Think Beyond strategy2026
- Progress of expansion in Poland and the wider Nordics2027
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
Multiconsult ASA is an engineering and architecture consultancy offering services that range from sustainable design to innovative architecture, with a portfolio covering infrastructure, energy, industry, urban development and mobility 1. The group has more than 80 offices in Norway and abroad and had 4160 employees as of 31 December 2025 1. Its business model is mainly based on consultancy fee revenues generated by its employees, and projects vary widely in duration and scope 1.
The group reports through three segments, Norway, Architecture and International, and organises its operations into four business areas: Building & Properties, Mobility & Transportation, Energy & Industry, and Water & Environment 1. Multiconsult is listed on Oslo Børs and has subsidiaries in Norway, Sweden, Denmark, Poland, the United Kingdom, Serbia and Portugal 1.
The current strategy, introduced at the end of 2024, rests on three pillars: accelerating change in the industry, expanding beyond Norway, and enhancing competitiveness by combining engineering and architectural services 1. Acquisitions are part of the growth strategy, and the integration of ViaNova, completed in December 2025, added mobility and transport expertise 1.
Segments
Norway
The Norway segment includes the group's main engineering activities through Multiconsult Norge AS, which represents about 70 per cent of group employees and 77.4 per cent of operating revenues in 2025 1.
Architecture
The Architecture segment brings together firms such as A-lab and LINK Arkitektur, active across Scandinavia and designing green urban spaces and user-centred buildings, and is led by a dedicated executive team 1.
International
The International segment covers activities in Sweden, Poland, Denmark, the United Kingdom, Serbia and Portugal, as well as branch offices in Zambia, Kenya and Mozambique, and is the focus of the group's geographic growth strategy 1.
Market context
Multiconsult operates in Scandinavia, Poland and other countries, where clients are both public and private, and demand is supported by the energy transition, infrastructure and security needs 1. The group sees Norway as its main market but considers a larger position outside the country strategically reasonable for reaching its growth ambitions 1.
According to management, competition in the industry intensified in 2025, which could affect margins if price pressure persists 1. Growth through acquisitions remains an important part of the strategy, but integrating acquired companies can weigh on short-term results 1.
Trends
- Energy transitiontailwind
The group positions itself as a preferred partner in the energy transition and supports clients in energy and industry moving toward renewable energy, which could support long-term demand 1.
- Security and resiliencetailwind
The Norwegian government has declared 2026 the year of total defence, and Multiconsult works with armed forces in several countries and designs critical infrastructure, which could open new opportunities 1.
- Digitalisation and AImixed
In 2025 the group invested in a common digital platform and AI tools, including digitisation of historical geotechnical data, which could improve efficiency and competitiveness 1.
- Pressure on marginsheadwind
Intensified competition and an adjusted margin below expectations in 2025 show that sustaining profitability is a challenge, and recovery measures could take longer than anticipated 1.
Competitive position
Multiconsult competes with other engineering and consultancy firms in Scandinavia and Europe, and competition intensified in 2025, particularly in energy and infrastructure projects 1. Diversification across business areas and markets offers some protection but does not remove price pressure 1.
The group's position rests on market leadership in healthcare in Scandinavia, expertise in global renewable energy and integrated geotechnical advice, and these niches could sustain its competitive edge if maintained 1. The source does not identify competitors with US-listed tickers 1.
- Other Nordic engineering and consultancy firms
The source does not name specific competitors; competition is described as intensifying in the Norwegian and Scandinavian consultancy industry 1.
- Scandinavian architecture firms
The architecture segment competes with firms across Scandinavia, which the source does not identify 1.
- Construction and project management consultants
Sitepartner advises developers and contractors, an area where the source does not detail competition 1.
- Mobility and transport consultants
Through the ViaNova integration the group expanded into mobility, a field with several regional players the source does not name 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 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Multiconsult 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.