olivLaw · European equity research
Nova Klúbburinn hf. NOVA.IC
Iceland · Nasdaq Iceland · ISIN IS0000031045 · Vertical: Listed companies from Iceland
Nova Klúbburinn hf. is an Icelandic telecommunications group, operating through its subsidiary Nova hf., which provides telephony and internet services. In 2024 the group reported operating revenue of about 13,314.2 mn ISK and a profit of 806.9 mn ISK, while depreciation and financing costs remain important to its financial structure.
At the close of 05 Nov 2026, Nova Klúbburinn hf. (NOVA.IC) stock was 3.26 ISK (−1.81% on the day), with market capitalisation 12.0 bn ISK, P/E 14.8 on diluted EPS of 0.22 ISK over the last 12 months, beta 0.20, 52-week range 3.24–4.63 ISK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 3.23 – 3.36
- in the lower half of the band · %B 0.20 · band width 4.0%
- SMA 50 / 200
- 3.37 / 3.88
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.03
- 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 | −1.2% | +0.4% | −1.6 pp | — |
| 3 months | −14.2% | −3.3% | −10.9 pp | — |
| 6 months | −11.9% | +4.0% | −15.9 pp | — |
| Year to date | −24.5% | +8.1% | −32.6 pp | — |
| 1 year | −25.2% | +10.7% | −35.9 pp | −6.8% |
| 3 years | −16.6% | +50.1% | −66.7 pp | +17.9% |
| 5 years | unavailable | +43.6% | 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 0 percentile of its own 3-quarter history (min 19.7, median 21.1, max 28.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 12.4 bn | 12.8 bn | 13.2 bn |
| Revenue YoY | unavailable | +3.2% | +2.8% |
| Net income | 539.3 m | 728.8 m | 806.9 m |
| Net income YoY | unavailable | +35.1% | +10.7% |
| Diluted EPS | 0.15 | 0.19 | 0.22 |
| Diluted EPS YoY | unavailable | +26.7% | +15.8% |
| net % | 4.3% | 5.7% | 6.1% |
| Free cash flow | 167.7 m | 1.4 bn | 1.7 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.0 bn ISK
- Financial debt
- 1.9 bn ISK
- Net debt
- 858.6 m ISK
- Equity
- 9.7 bn ISK
- Total assets
- 23.8 bn ISK
- Debt / equity
- 0.20x
- Current ratio
- 1.24x
- ROE
- 8.5%
- ROA
- 3.4%
- FCF margin
- 13.0%
Financial statements (source on every figure)
Revenue and net income (ISK)
Margins
Income statement · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.4 bn | 12.8 bn | 13.2 bn | esef· 04 Mar 2025verified |
| Cost of revenue | 6.5 bn | 6.2 bn | 6.1 bn | esef· 04 Mar 2025verified |
| Gross profit | 6.0 bn ≈ | 6.6 bn ≈ | 7.1 bn ≈ | esef· 04 Mar 2025derived |
| Operating income | 1.6 bn | 1.8 bn | 1.9 bn | esef· 04 Mar 2025verified |
| Depreciation & amortisation | 2.0 bn | 2.2 bn | 2.3 bn | esef· 04 Mar 2025verified |
| EBITDA | 3.6 bn ≈ | 4.0 bn ≈ | 4.1 bn ≈ | esef· 04 Mar 2025derived |
| Pre-tax income | 672.3 m | 883.6 m | 1.0 bn | esef· 04 Mar 2025verified |
| Income tax | 133.0 m | 154.7 m | 215.6 m | esef· 04 Mar 2025verified |
| Net income | 539.3 m | 728.8 m | 806.9 m | esef· 04 Mar 2025verified |
| Diluted EPS | 0.15 | 0.19 | 0.22 | esef· 04 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 664.8 m | 497.0 m | 1.0 bn | esef· 04 Mar 2025verified |
| Inventories | 411.0 m | 405.3 m | 409.6 m | esef· 04 Mar 2025verified |
| Current assets | 2.8 bn | 2.7 bn | 3.1 bn | esef· 04 Mar 2025verified |
| Property, plant & equipment, net | 3.9 bn | 4.0 bn | 3.9 bn | esef· 04 Mar 2025verified |
| Goodwill | 10.0 bn | 10.0 bn | 10.1 bn | esef· 04 Mar 2025verified |
| Intangibles (excl. goodwill) | 1.6 bn | 1.6 bn | 1.4 bn | esef· 04 Mar 2025verified |
| Total assets | 22.8 bn | 23.2 bn | 23.8 bn | esef· 04 Mar 2025verified |
| Long-term debt | 2.3 bn | 2.0 bn | 1.9 bn | esef· 04 Mar 2025verified |
| Current liabilities | 2.6 bn | 2.6 bn | 2.5 bn | esef· 04 Mar 2025verified |
| Total liabilities | 13.7 bn | 13.9 bn | 14.2 bn | esef· 04 Mar 2025verified |
| Equity | 9.1 bn | 9.3 bn | 9.7 bn | esef· 04 Mar 2025verified |
| Shares outstanding at year end | 3.6 bn | 3.8 bn | 3.7 bn | esef· 04 Mar 2025derived |
Cash flow · ISK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.7 bn | 3.0 bn | 3.1 bn | esef· 04 Mar 2025verified |
| Capex | 1.6 bn | 1.6 bn | 1.4 bn | esef· 04 Mar 2025verified |
| Free cash flow | 167.7 m ≈ | 1.4 bn ≈ | 1.7 bn ≈ | esef· 04 Mar 2025derived |
| Investing cash flow | -1.9 bn | -2.1 bn | -1.7 bn | esef· 04 Mar 2025verified |
| Financing cash flow | -1.4 bn | -1.1 bn | -834.0 m | esef· 04 Mar 2025verified |
≈ 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: 86 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 12.0 bn ISK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet82
- Valuation93
- Quality81
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
Neutral profile · Score 86/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.8% | 86 (vs peers) | 16% |
| Net margin · Quality | 6.1% | 56 (vs peers) | 9% |
| FCF conversion · Quality | 211.9% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.2x | 100 (on a fixed band) | 16% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 14.8x | 80 (vs peers) | 16% |
| EV/EBITDA · Valuation | 3.1x | 100 (on a fixed band) | 16% |
| FCF yield · Valuation | 14.3% | 100 (on a fixed band) | 13% |
| 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 sheet82/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation93/100 · 3/3 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
Nova Klúbburinn hf (NOVA.IC). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 13.2 bn ISK in 2024; YoY growth 2.8%; net margin 6.1%; ROE 8.5%; net debt/EBITDA 0.2x.
The estimated value range is 3.82–4.64 ISK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.17 ISK, the price of 3.26 ISK leaves a potential of 28.0% (value / price − 1) and a margin of safety of 21.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 86/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.8%
- FCF conversion: 211.9%
- Net debt / EBITDA: 0.2x
- P/E (TTM): 14.8x
- EV/EBITDA: 3.1x
- FCF yield: 14.3%
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Iceland · same country · compared with 10 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 | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for NOVA.IC 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 (ISK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.89 Total return -42% · Per year -42% | 3.35 Total return 3% · Per year 3% | 5.05 Total return 55% · Per year 55% |
| 3 years | 1.78 Total return -45% · Per year -18% | 3.55 Total return 9% · Per year 3% | 5.88 Total return 80% · Per year 22% |
| 5 years | 1.67 Total return -49% · Per year -13% | 3.75 Total return 15% · Per year 3% | 6.83 Total return 110% · Per year 16% |
- Exit P/E± 0.89
- Net margin± 0.62
- Annual revenue growth± 0.52
- Annual dilution± 0.05
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
Nova Klúbburinn hf. is an Icelandic telecommunications group, operating through its subsidiary Nova hf., which provides telephony and internet services. In 2024 the group reported operating revenue of about 13,314.2 mn ISK 1 and a profit of 806.9 mn ISK 1, while depreciation and financing costs remain important to its financial structure.
SWOT
Strengths
- The group generates stable revenue and a solid EBITDA, which supports investment and the payment of financial obligations 1.
- The capital structure includes considerable equity and an active policy of share repurchases 1.
- Activity is concentrated in a single segment, which simplifies the management of operations 1.
Weaknesses
Opportunities
Threats
- Competitive pressure in a small market could reduce tariffs and margins if new operators enter.
- Rising interest rates could increase the refinancing costs of existing debt 1.
- Regulatory changes in telecommunications could affect the business model and cost structure.
Risks
- Indebtedness and financing costshigh
Loans and lease obligations generate high interest charges, which could limit profit if rates remain elevated 1.
- Concentration in a small marketmedium
Activity depends on the Icelandic market, and growth may be limited by the number of available customers.
- Capital investmentmedium
Spending on equipment and intangible assets consumes cash and could affect free cash flow if revenue declines 1.
- Share repurchaseslow
Buybacks of own shares reduce available cash and could limit financial flexibility.
- Regulation and competitionmedium
Regulatory changes or the entry of new competitors could put pressure on tariffs and revenue.
Investment thesis
What would need to be true (bull case)
- Rising revenue and EBITDA suggest a solid business model that can support investment and shareholder distributions 1.
- If financing costs decline, net profit could rise considerably given the current level of EBITDA 1.
- The group's position in the local telecommunications market may offer stability, especially if demand for data services stays strong.
What would break the thesis
- Interest expenses remain large relative to profit, which could limit the group's ability to raise net returns 1.
- The Icelandic market is narrow, and organic growth could be slow if the subscriber base stabilises.
- Infrastructure investment and share repurchases consume cash, which could reduce the financial safety margin 1.
What to watch
- Trend in interest expenses and debt refinancing2025
- Development of subscription revenue and subscriber numbersQ1 2025
- Level of infrastructure investment and free cash flow2025
- Policy on repurchases of own sharesnext annual report
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
The Nova Klúbburinn hf. group includes the parent company, Nova hf., an integrally owned Icelandic telecommunications company, and NL9 ehf., which holds two shares in Nova hf. The main activity is the provision of telecommunications services and related activities 1. Revenue from subscriptions is recognised over the subscription period, and revenue from usage when the usage occurs 1.
Accounting-wise, the consolidated financial statements are prepared under IFRS, in ISK, on a historical cost basis, except for leased assets and liabilities measured at the present value of future payments under IFRS 16 1. Leases cover office premises, vehicles and facility contracts for telecommunications equipment 1.
The capital structure includes long-term interest-bearing loans, lease liabilities and reserves, and the company repurchased its own shares in 2024 1. Total equity was reported at 9,663,659 thousand ISK at the end of 2024 1.
Segments
Telecommunications (Nova hf.)
The main segment, operated through Nova hf., includes mobile telephony, internet and television services, generating nearly all of the group's turnover 1.
Holding and ancillary activities (NL9 ehf.)
NL9 ehf. plays a limited role, holding only the stake in Nova hf., with no significant operational activity of its own 1.
Market context
The group operates in the Icelandic telecommunications market, where sales revenue rose from 12,837,538 thousand ISK to 13,201,925 thousand ISK 1. The market is small and concentrated, and growth depends on subscribers and tariffs.
Interest expenses remained high, at 929,949 thousand ISK in 2024, which affects net profitability even when EBITDA grows 1.
Trends
- Sales growthtailwind
Sales increased in 2024 compared with 2023, suggesting steady demand for telecommunications services 1.
- Financing costsheadwind
Interest expenses remain high relative to profit, and if interest rates do not fall, pressure on net profit could persist 1.
- Infrastructure investmentmixed
Acquisitions of property, plant and equipment and intangible assets were significant in 2024, which may support network quality but consumes cash 1.
- Share repurchasesmixed
The company bought back its own shares in 2024, reducing shares in circulation and possibly supporting shareholder returns 1.
Competitive position
The supplied sources describe only Nova hf. and its activity in the Icelandic market, without explicitly identifying competitors. Direct comparisons with other operators cannot be presented from the material available.
Competition remains a relevant factor in a small telecommunications market, and price pressure could affect margins if new operators enter the market.
- Icelandic mobile operators
Direct local competitors are not named in the analysed sources; verifying them would require other documents.
- Fixed internet providers
The sources do not identify competitors in the fixed internet segment; the analysis remains limited.
- Television providers
No list of television competitors appears in the sources; the situation cannot be confirmed.
- International operators
The sources do not mention international competitors in the Icelandic market; they cannot be assessed.
News & filings
In the press
- Fundația Americano-Italiană pentru Cancer îl onorează pe John Elkann pentru sprijinul său în cercetarea cancerului. - Agenzia NovaSurge — Google News · 05 Nov 2026 · RO
- Germania: Viceprim-ministrul bavarez Aiwanger a fost găsit mort într-un hotel din Berlin - Agenzia NovaSurge — Google News · 05 Nov 2026 · RO
- Wall Street Journal: Alegerile de la jumătatea mandatului semnalează pierderea influenței politice a lui Elon Musk - Agenzia NovaSurge — Google News · 05 Nov 2026 · RO
- El Sayed, Talarico și Hinojosa: Noile fețe ale democraților americani după alegeri - Agenzia NovaSurge — Google News · 04 Nov 2026 · RO
- Septimiu Costea, CEO Nova Power & Gas: Un furnizor care îşi acoperă o parte tot mai mare din portofoliu din producţie şi stocare proprii este mai puţin expus volatilităţii. Aceasta este logica după care ne dezvoltămZiarul Financiar · 03 Nov 2026 · RO
- NOVA Power & Gas, AJ Brand și Adrem între liderii sectoare energetic: Investiții masive și creșteri exponențiale - www.goldring.roSurge — Google News · 03 Nov 2026 · RO
- Apa Nova pregătește investiții majore pentru modernizarea rețelei de apă și canalizare din București. Cu cât ar putea crește facturileAntena 3 CNN · 03 Nov 2026 · RO
- Intel Compute Runtime Continues Prepping For GPU D Series, OpenCL LEO for Nova Lake PPhoronix · 03 Nov 2026 · EN
- Alegerile de la jumătatea mandatului: Democrații Ossoff și Warner câștigă realegerea în Senat - Agenzia NovaSurge — Google News · 03 Nov 2026 · RO
- Zborul Wizz Air Londra-Sofia a fost deviat către Budapesta din cauza unei amenințări cu bombă, escortat de un avion de vânătoare. - Agenzia NovaSurge — Google News · 02 Nov 2026 · RO
- Yotova, prima femeie aleasă președinte al Bulgariei, întărește poziția lui Radev față de Rusia și Ucraina. - Agenzia NovaSurge — Google News · 02 Nov 2026 · RO
- Compania Nova Power & Gas a primit distincția „Energy for people” la Gala Antena 3 CNN „Winners of the Future Awards 2026”Antena 3 CNN · 31 Oct 2026 · RO
- Sudan: Conflictul se extinde, mai multe orașe cufundate în întuneric după atacurile cu drone - Agenzia NovaSurge — Google News · 30 Oct 2026 · RO
- L'alto ufficiale licenziato da Heghseth aveva dato informazioni riservate su Iran e Ucraina a due giornalisti - Agenzia NovaSurge — Google News · 30 Oct 2026 · RO
- Securitate cibernetică: Presupus atac cibernetic Binance, criptomonede în valoare de 3 miliarde de dolari blocate - Agenzia NovaSurge — Google News · 30 Oct 2026 · RO
- Proprietarii de Hello Kitty își cer scuze Chinei și anulează parteneriatul cu serialul TV „Vivant” - Agenzia NovaSurge — Google News · 29 Oct 2026 · RO
- Rusia, consilier prezidențial: „Acorduri de cooperare militară cu 30 de țări africane” - Agenzia NovaSurge — Google News · 29 Oct 2026 · RO
- Noua centrală pe gaze cu stocare a Nova Power&Gas de la Câmpia Turzii intră în probeProfit.ro · 29 Oct 2026 · RO
- Hegseth îl demite pe șeful strategiei militare a Pentagonului: motivele sunt necunoscute - Agenzia NovaSurge — Google News · 29 Oct 2026 · RO
- Healey prezintă primul buget al guvernului Burnham, care include ajutoare pentru familii și noi taxe pentru bănci. - Agenzia NovaSurge — Google News · 28 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202404 Mar 2025
- Annual report 202305 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Nova Klúbburinn hf. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.