olivLaw · European equity research
Nekkar ASA NKR.OL
Norway · Euronext Oslo Børs · ISIN NO0003049405 · Vertical: Listed companies from Norway
Nekkar ASA is a Norwegian industrial group headquartered in Kristiansand that supplies lifting, automation and digital services to shipyards, offshore energy, aquaculture and maritime operators. The group ended 2025 with revenue of NOK 571 million, down 8%, while targeting more than NOK 2 billion in revenue by 2027.
At the close of 06 Nov 2026, Nekkar ASA (NKR.OL) stock was 18.60 NOK (+1.09% on the day), with market capitalisation 2.2 bn NOK, dividend yield 0.28%, beta 0.30, 52-week range 11.10–18.60 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)
- 74.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 13.67 – 18.16
- above the upper band · %B 1.10 · band width 28.2%
- SMA 50 / 200
- 15.09 / 14.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.75 / 0.46
- 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 | +25.3% | −0.6% | +25.9 pp | — |
| 3 months | +26.1% | −4.2% | +30.3 pp | — |
| 6 months | +22.4% | +4.3% | +18.0 pp | — |
| Year to date | +45.3% | +7.5% | +37.8 pp | — |
| 1 year | +44.2% | +9.9% | +34.3 pp | −4.7% |
| 3 years | +128.2% | +49.8% | +78.4 pp | +12.7% |
| 5 years | +91.4% | +42.8% | +48.5 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 575.1 m | 623.5 m | 571.1 m |
| Revenue YoY | unavailable | +8.4% | −8.4% |
| Net income | 81.2 m | 82.7 m | -40.9 m |
| Net income YoY | unavailable | +1.8% | −149.5% |
| Diluted EPS | 0.78 | 0.82 | -0.34 |
| Diluted EPS YoY | unavailable | +5.1% | −141.5% |
| net % | 14.1% | 13.3% | -7.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 149.6 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 367.8 m NOK
- Total assets
- 744.6 m NOK
- Debt / equity
- unavailable
- Current ratio
- 1.57x
- ROE
- -9.6%
- ROA
- -5.2%
- 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 | 575.1 m | 623.5 m | 571.1 m | esef· 21 Oct 2026verified |
| Operating income | 101.1 m | 80.6 m | -30.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 7.7 m | 11.6 m | 18.5 m | esef· 21 Oct 2026verified |
| EBITDA | 108.8 m ≈ | 92.2 m ≈ | -12.2 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 8.8 m | 42.6 m | 17.9 m | esef· 21 Oct 2026verified |
| Pre-tax income | 109.3 m | 99.8 m | -37.4 m | esef· 21 Oct 2026verified |
| Income tax | 26.0 m | 13.9 m | -2.8 m | esef· 21 Oct 2026verified |
| Net income | 81.2 m | 82.7 m | -40.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.78 | 0.82 | -0.34 | esef· 21 Oct 2026verified |
| Dividend per share | — | 0.00 | 0.05 | 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 | 194.2 m | 204.9 m | 149.6 m | esef· 21 Oct 2026verified |
| Inventories | 11.9 m | 18.0 m | 20.6 m | esef· 21 Oct 2026verified |
| Current assets | 461.8 m | 507.3 m | 455.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 9.2 m | 10.1 m | 14.2 m | esef· 21 Oct 2026verified |
| Goodwill | 17.1 m | 106.1 m | 106.1 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 50.2 m | 96.2 m | 85.3 m | esef· 21 Oct 2026verified |
| Total assets | 600.7 m | 818.6 m | 744.6 m | esef· 21 Oct 2026verified |
| Current liabilities | 146.8 m | 250.1 m | 290.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 173.8 m | 330.0 m | 376.9 m | esef· 21 Oct 2026verified |
| Equity | 426.9 m | 488.6 m | 367.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 104.2 m | 100.8 m | 120.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 75.2 m | 141.6 m | 35.6 m | esef· 21 Oct 2026verified |
| Investing cash flow | -50.7 m | -81.4 m | -19.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | -11.5 m | -49.4 m | -71.8 m | esef· 21 Oct 2026verified |
| Dividends paid | — | 0 | 6.4 m | esef· 21 Oct 2026verified |
| Share repurchases | 11.0 m | 48.8 m | 64.3 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
- indicators available: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 2.2 bn NOK
Key indicators
Coverage and freshness
Score by group
23% · 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: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -7.2% | 24 (vs peers) | 27% |
| 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 | -1.7x | 0 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 1.6x | 64 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.2% | 45 (on a fixed band) | 27% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet26/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partial45/100 · 1/2 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
NEKKAR ASA (NKR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 571.1 m NOK in 2025; YoY growth -8.4%; net margin -7.2%; ROE -11.5%.
The estimated value range is 0.52–0.64 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.57 NOK, the price of 18.60 NOK leaves a potential of -96.9% (value / price − 1) and a margin of safety of -3,136.9% (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 (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
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
- Net margin: -7.2%
- Interest coverage: -1.7x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| NKR.OLNekkar Asa | 2.2 bn | — | -11.5% | -7.2% | −8.4% | +65% / +135% |
| 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 NKR.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Nekkar ASA is a Norwegian industrial group headquartered in Kristiansand that supplies lifting, automation and digital services to shipyards, offshore energy, aquaculture and maritime operators. The group ended 2025 with revenue of NOK 571 million, down 8%, while targeting more than NOK 2 billion in revenue by 2027 1.
SWOT
Strengths
- Syncrolift is the global leader in shiplifts with a solid record of naval projects and a large installed base that generates service revenue 1.
- The group has no interest-bearing debt, an undrawn credit facility and an equity ratio close to half of total assets 1.
- Intellilift and Globetech earn high margins and recurring revenue, balancing the project-based businesses 1.
Weaknesses
- Techano Oceanlift posted negative EBITDA margins in 2025 and is still described as being in a build-up phase 1.
- Net result was negative in 2025 and revenue declined, showing dependence on execution of individual projects 1.
- Syncrolift entered the year with a relatively low new-build backlog after delayed order intake in earlier periods 1.
Opportunities
- Higher defence spending and naval base modernisation could open new contracts for Syncrolift 1.
- Expanding the Globetech fleet through organic growth and acquisitions could increase recurring revenue 1.
- Demand for closed containment aquaculture, supported by new incentives, could bring orders to FiiZK, where Nekkar holds an option to buy the remaining shares 1.
Threats
- Cyclical oil and gas investment could reduce Intellilift orders if offshore spending falls 1.
- Geopolitical tensions and trade policy could delay contract awards and affect margins on fixed-price projects 1.
- Pricing pressure in the crane market could compress margins if not offset by efficiency gains 1.
Risks
- Dependence on order timinghigh
Revenue depends on when contracts are awarded and on client investment cycles, which makes results hard to predict 1.
- Techano project executionhigh
The company incurred losses on its first projects and plans to complete two and execute two more, which could affect margins if delayed 1.
- Geopolitical and trade riskmedium
The war in Ukraine, instability in the Middle East and trade restrictions could disrupt supply chains and investment timing 1.
- Regulatory riskmedium
Changes in aquaculture regulation and export controls on dual-use technology could limit some contracts or require compliance spending 1.
- Cyber and technology risklow
Cyberattacks and fast technological change could affect data and competitive position, particularly for Globetech and Intellilift 1.
Investment thesis
What would need to be true (bull case)
- If rising defence spending converts into naval contracts, Syncrolift could return to a higher revenue level 1.
- Growing recurring revenue at Globetech and Syncrolift service could stabilise group results 1.
- A debt-free balance sheet and an undrawn credit line give flexibility for growth or acquisitions 1.
What would break the thesis
- If Techano Oceanlift does not complete its projects as planned, losses could continue and weigh on group results 1.
- The decline in revenue and negative net result show exposure to order timing that could persist 1.
- If offshore oil and gas investment declines, Intellilift orders could suffer and the 2027 revenue ambition could prove hard to reach 1.
What to watch
- New Syncrolift order intake and conversion of its pipeline into signed contracts2026
- Execution of Techano Oceanlift projects and recovery of its EBITDA margin2026
- Progress toward the target of more than NOK 2 billion in revenue2027
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
Nekkar ASA is the holding company of the Nekkar group, headquartered in Kristiansand, Norway and listed on the Oslo Stock Exchange under ticker NKR. The group consists of four operating companies, Syncrolift, Intellilift, Techano Oceanlift and Globetech, plus an associated company, FiiZK, in which it holds 39% 1. In fiscal 2025 the group reported revenue of NOK 571 million and EBITDA of only NOK 2 million, versus NOK 92 million in 2024, mainly due to weak performance at Techano Oceanlift and a negative share of profit from FiiZK 1.
The business model combines long-cycle industrial projects, delivered against orders with milestone prepayments, with recurring revenue from service, subscriptions and software licences. Nekkar aims to move from concentrated revenue in five companies to six to eight platform companies of comparable size with a focus on profitability 1. Globetech and Intellilift illustrate the higher-margin, recurring part of the portfolio 1.
The balance sheet is strong: at 31 December 2025 the group had no interest-bearing debt and an undrawn NOK 200 million revolving credit facility 1. The company also held over 9 million treasury shares after a buyback programme, which reduced cash during the year 1.
Segments
Syncrolift
Syncrolift, headquartered in Vestby, is the group's main revenue and cash-generating business and the global market leader for shiplifts and transfer systems for repair and newbuilding yards and navy bases 1. Revenue fell to NOK 315 million in 2025 from NOK 492 million, with an EBITDA margin of 13% 1. New-build order intake was weak at the start of the year, while service and upgrade revenue from the installed base continues to grow 1.
Intellilift
Intellilift develops industrial software and automation for drilling and offshore load handling, and Nekkar holds a 51% majority stake 1. Revenue rose to NOK 72 million in 2025 and the EBITDA margin reached 25%, reflecting its software-driven nature 1. The company also operates through the InteliWell joint venture with Transocean and Intelie 1.
Techano Oceanlift and Globetech
Techano Oceanlift, acquired in March 2023, makes cranes and load-handling systems for renewables, subsea and aquaculture, but booked losses on its first build projects, with revenue of NOK 115 million and a negative EBITDA margin 1. Globetech, of which Nekkar acquired a majority in 2024, provides maritime IT and digital services to about 215 vessels, with a 22% EBITDA margin and recurring revenue 1.
Market context
The group's key end markets are shipyards and defence, maritime applications and offshore energy, and the company points to rising defence spending as support for naval demand 1. In aquaculture, where FiiZK supplies closed containment systems, pressure to improve fish welfare and new government incentives in some areas are cited as demand drivers 1.
Market risks include the cyclical nature of oil and gas investment, pricing pressure in the AHC crane market and competition from larger IT service providers, while geopolitical tensions and trade policy could delay contract awards 1.
Trends
- Rising defence spendingtailwind
Higher investment in defence and naval infrastructure could support Syncrolift orders, particularly for naval bases and submarine-related projects 1.
- Maritime digitalisationtailwind
Demand for digital services and cybersecurity in shipping could support Globetech if the trend persists 1.
- Oil and gas investment cyclesheadwind
Cyclical offshore investment and the long-term risk of declining upstream activity could limit Intellilift and Techano Oceanlift sales 1.
- Energy transition and regulationmixed
Climate pressure and changing regulation could accelerate or delay technology adoption, with mixed effects across business lines 1.
Competitive position
Syncrolift is the global leader in shipyard lifting, but competes with specialist crane and docking system suppliers, while Globetech faces larger IT service providers in maritime IT 1. The company describes the AHC crane market as competitive and marked by pricing pressure 1.
Intellilift and Globetech compete on technology, where rapid product advances and new entrants require continuous investment to maintain differentiation 1. The source does not identify US-listed competitors, so no tickers are given.
- AHC offshore crane suppliers
Direct competitors of Techano Oceanlift in offshore and renewables cranes, where the company reports pricing pressure 1.
- Shipyard docking and lifting system suppliers
Competitors of Syncrolift in shiplifts and transfer systems, a segment where the company is the global market leader 1.
- Larger maritime IT service providers
Bigger IT firms that could compete with Globetech for vessel owner and operator customers 1.
- Drilling automation suppliers
Competitors of Intellilift in drilling automation, where customers have growing access to alternative offerings 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 / Nekkar 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.