olivLaw · European equity research
Nordic Financials ASA NOFIN.OL
Norway · Euronext Oslo Børs · ISIN NO0013683409 · Vertical: Listed companies from Norway
Nordic Financials ASA is an investment company listed on Euronext Expand in Oslo, aiming to give non-professional investors access to investment opportunities in the Nordic region. In 2025 it raised new capital through two rights issues and fully repaid its debt, while its net loss stayed at tNOK 11915.
At the close of 06 Nov 2026, Nordic Financials ASA (NOFIN.OL) stock was 1.27 NOK (−8.63% on the day), with beta 2.32, 52-week range 1.24–2.06 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)
- 45.5
- neutral
- Bollinger (20, 2)
- 1.19 – 1.40
- in the lower half of the band · %B 0.37 · band width 15.7%
- SMA 50 / 200
- 1.36 / 1.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- 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 | −5.9% | −0.6% | −5.3 pp | — |
| 3 months | −20.6% | −4.2% | −16.5 pp | — |
| 6 months | −31.7% | +4.3% | −36.1 pp | — |
| Year to date | −27.8% | +7.5% | −35.4 pp | — |
| 1 year | −33.5% | +9.9% | −43.4 pp | −4.7% |
| 3 years | −84.4% | +49.8% | −134.2 pp | +12.7% |
| 5 years | −95.2% | +42.8% | −138.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 0 | 0 | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.9 m | -19.2 m | -11.9 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -81.00 | -1.00 |
| 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
- 16.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 28.8 m EUR
- Total assets
- 29.7 m EUR
- Debt / equity
- unavailable
- Current ratio
- 18.86x
- ROE
- -82.1%
- ROA
- -67.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | — | esef· 08 May 2025verified |
| Operating income | -652.3 k | -15.5 m | -9.1 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| EBITDA | -652.3 k ≈ | -15.5 m ≈ | -9.1 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 981.2 k | 1.5 m | 3.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -1.6 m | -17.9 m | -11.9 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | -1.9 m | -19.2 m | -11.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | — | -81.00 | -1.00 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.0 m | 656.0 k | 16.6 m | esef· 21 Oct 2026verified |
| Receivables | 1.6 m | 0 | — | esef· 08 May 2025verified |
| Current assets | 4.7 m | 4.4 m | 17.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 10.6 m | 0 | — | esef· 08 May 2025verified |
| Total assets | 20.6 m | 5.5 m | 29.7 m | esef· 21 Oct 2026verified |
| Accounts payable | 906.7 k | 4.3 m | 905.0 k | esef· 21 Oct 2026verified |
| Short-term debt | 800.2 k | 0 | — | esef· 08 May 2025verified |
| Long-term debt | 4.4 m | 0 | — | esef· 08 May 2025verified |
| Current liabilities | 2.3 m | 5.3 m | 905.0 k | esef· 21 Oct 2026verified |
| Total liabilities | 13.9 m | 5.3 m | 905.0 k | esef· 21 Oct 2026verified |
| Equity | 49.4 m | 175.0 k | 28.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 236.9 k | 11.9 m | esef· 21 Oct 2026derived |
Cash flow · EUR
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: 2 of at least 6
- score weight coverage: 10.4% 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
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | -3.0x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 18.9x | 100 (on a fixed band) | 40% |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
NORDIC FINANCIALS ASA (NOFIN.OL). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2024; ROE -82.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
- Current ratio: 18.9x
What contradicts it
- Interest coverage: -3.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 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 |
| 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 NOFIN.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
Nordic Financials ASA is an investment company listed on Euronext Expand in Oslo, aiming to give non-professional investors access to investment opportunities in the Nordic region. In 2025 it raised new capital through two rights issues and fully repaid its debt, while its net loss stayed at tNOK 11915 1.
SWOT
Strengths
- The capital structure was consolidated through rights issues, and debt was fully repaid.
- The company has a clear aim to serve non-professional investors and a formal governance framework.
- The business has a single segment, which keeps its operations easy to follow.
Weaknesses
- The company has reported net losses in recent years and has no significant operating revenue.
- It has no employees of its own, and resources are hired from partners.
- The small balance sheet limits the capacity to finance large investments.
Opportunities
- If investor interest in solar energy stays high, the company could attract new capital.
- The reorganised corporate structure could make new investments in the Nordic region easier.
- Continued work with legal partners could simplify future operations.
Threats
- Value declines in the shares and bonds held could reduce equity.
- If capital markets close, funding through share issues could become more costly.
- Exchange rules and reporting requirements could raise compliance costs.
Risks
- Recurring losseshigh
The company reported net losses in both 2024 and 2025, which could weaken its ability to self-fund.
- Portfolio riskhigh
The value of shares and bonds can fluctuate, and this directly affects results.
- Dependence on fundingmedium
If new capital cannot be raised, investment plans could be postponed.
- Sector concentrationmedium
Focus on solar energy exposes the company to risks specific to that sector.
- Reliance on external partnerslow
Without employees of its own, the company depends on outside suppliers for resources and services.
Investment thesis
What would need to be true (bull case)
- If recent issues are followed by well-chosen investments, the consolidated capital could support growth in portfolio value.
- With all debt repaid, the company could have more flexibility in investment decisions.
- A formal governance framework and regular market communication could strengthen investor confidence.
What would break the thesis
- Repeated losses could indicate that the revenue model does not yet cover operating costs.
- If portfolio value falls, equity could decline further.
- The lack of own employees and reliance on partners could limit control over execution.
What to watch
- Development of net result and equity2026
- How capital raised through share issues is deployed2026
- Value of the portfolio of shares and bondsnext 10-K
- Impact of IFRS 18 on the presentation of financial statements2027
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
Nordic Financials ASA is an investment company incorporated and domiciled in Norway and listed on Euronext Expand. According to its articles, its activity consists of investing in and owning companies in the solar energy industry, as well as financial instruments, mainly shares, equity certificates and derivatives 1. The company had no employees as of 31 December 2025, its resources being hired from partners 1.
In 2025 the main activity was raising new capital through rights issues, repaying all debt and refining the corporate structure with legal partners 1. The share of investments in shares and bonds on the balance sheet increased compared with the prior year 1.
Equity stood at tNOK 28833 at the end of 2025 and share capital at tNOK 34465 after the two rights issues, according to the company 1. The group changed its presentation currency from EUR to NOK from fiscal 2025 1.
Segments
Financial investments
The only reported segment is the investment business, and the company does not publish separate segment reporting 1. The portfolio includes shares and bonds, and net income from them was positive in 2025 1.
Capital raising
Rights issues, conversion of a convertible loan and repayment of debt were the main financing operations in 2025 1.
Market context
The company operates in the Nordic markets and describes its investments as focused on the solar energy sector, with emphasis on non-professional investors 1. The small balance sheet, with total assets of tNOK 29738, places it in a low-capital investment niche 1.
The Euronext Expand listing and Oslo Stock Exchange rules define the framework in which the company reports and operates 1.
Trends
- Access to capital through rights issuestailwind
The 2025 rights issues supported the company's financial position, which could ease funding pressure if markets remain open.
- Dependence on portfolio valueheadwind
Results depend on how shares and bonds in the portfolio perform, and value declines could weigh on earnings if markets weaken.
- New accounting standardsmixed
IFRS 18, applicable from 2027, changes presentation structure, and management is evaluating the impact but does not expect material changes.
- Interest in solar energymixed
The focus on solar energy could benefit from demand for renewable power, but it also brings sector-specific risks.
Competitive position
The analysed sources do not describe direct competitors of the company. A comparison would require information from the reports of other listed investment companies in the Nordic region.
Positioning against other funds and investment companies depends on access to opportunities and available capital, which the annual report does not detail.
- Listed investment companies in the Nordic region
The source does not name competitors; the comparison remains open.
- Solar energy investment funds
Competitors in the solar energy sector are not named in the source.
- Trading platforms serving non-professional investors
The company aims to attract this segment, and competition for it is not detailed.
- Other companies listed on Euronext Expand
The comparison group includes companies with a similar small market capitalisation profile.
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 / Nordic Financials 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.