olivLaw · European equity research
Otello Corporation ASA OTEC.OL
Norway · Euronext Oslo Børs · ISIN NO0010040611 · Vertical: Listed companies from Norway
Otello Corporation ASA is a holding company whose main activity is its stake of around 38% in Bemobi, a payment solutions provider, following the business model pivot toward this segment. The company currently has minimal operations of its own, so its value depends largely on the Bemobi investment and its share buyback policy, with equity of 132460 thousand USD at the end of 2025.
At the close of 06 Nov 2026, Otello Corporation ASA (OTEC.OL) stock was 17.52 NOK (+2.34% on the day), with beta 0.27, 52-week range 15.35–22.55 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)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 15.39 – 23.69
- in the lower half of the band · %B 0.26 · band width 42.5%
- SMA 50 / 200
- 19.06 / 18.14
- mixed trend
- MACD (12, 26, 9)
- -0.69 / -0.33
- 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 | −12.4% | −0.6% | −11.8 pp | — |
| 3 months | +1.0% | −4.2% | +5.2 pp | — |
| 6 months | −9.2% | +4.3% | −13.6 pp | — |
| Year to date | −3.5% | +7.5% | −11.0 pp | — |
| 1 year | +13.8% | +9.9% | +3.8 pp | −4.7% |
| 3 years | +129.9% | +49.8% | +80.1 pp | +12.7% |
| 5 years | −34.9% | +42.8% | −77.7 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 | 7.6 m | -26.6 m | 64.4 m |
| Net income YoY | unavailable | −452.1% | unavailable |
| Diluted EPS | unavailable | -0.19 | 0.69 |
| 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
- 15.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 132.5 m USD
- Total assets
- 134.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 35.20x
- ROE
- 59.9%
- ROA
- 59.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | — | esef· 08 May 2025verified |
| Operating income | 1.1 m | -3.5 m | -106.0 k | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 408.0 k | 109.0 k | 0 | esef· 21 Oct 2026verified |
| EBITDA | 1.5 m ≈ | -3.4 m ≈ | -106.0 k ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 7.6 m | -15.5 m | 53.9 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 489.0 k | 532.0 k | esef· 21 Oct 2026verified |
| Net income | 7.6 m | -26.6 m | 64.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | — | -0.19 | 0.69 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.6 m | 10.5 m | 15.9 m | esef· 21 Oct 2026verified |
| Current assets | 18.1 m | 14.0 m | 16.6 m | esef· 21 Oct 2026verified |
| Total assets | 113.4 m | 83.7 m | 134.5 m | esef· 21 Oct 2026verified |
| Current liabilities | 1.2 m | 391.0 k | 473.0 k | esef· 21 Oct 2026verified |
| Total liabilities | 1.2 m | 1.3 m | 2.1 m | esef· 21 Oct 2026verified |
| Equity | 112.2 m | 82.4 m | 132.5 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | — | 140.2 m | 93.3 m | esef· 21 Oct 2026derived |
Cash flow · USD
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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
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
4% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.32 – 21.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
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/E6.32 – 21.80 (Mid 13.63)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 35.2x | 100 (on a fixed band) | 100% |
| 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 sheet· partial100/100 · 1/3 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
OTELLO CORPORATION ASA (OTEC.OL). Latest full fiscal year: 2024; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 USD in 2024; ROE 59.9%.
The estimated value range is 6.32–21.80 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 35.2x
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): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 OTEC.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
Otello Corporation ASA is a holding company whose main activity is its stake of around 38% in Bemobi, a payment solutions provider, following the business model pivot toward this segment. The company currently has minimal operations of its own, so its value depends largely on the Bemobi investment and its share buyback policy, with equity of 132460 thousand USD at the end of 2025 1.
SWOT
Strengths
- Almost entirely equity funding with no interest-bearing debt, giving a large margin of financial safety 1.
- Position as largest shareholder in Bemobi, giving influence over the strategy of a key asset 1.
- Simple operating structure with low costs and no consolidated operations that would complicate reporting 1.
Weaknesses
Opportunities
- If the Bemobi pivot toward payments succeeds, the value of the stake and distributions to shareholders could increase 1.
- Continued share buybacks could support value per share for remaining shareholders 1.
- Dividends from subsidiaries and gains on asset sales could provide additional resources for shareholders 1.
Threats
Risks
- Concentration on a single stakehigh
Company value depends almost entirely on Bemobi, so any difficulty at this issuer would pass directly to Otello's results 1.
- Currency riskhigh
The Bemobi stake is denominated in Brazilian reais and the company did not use forward contracts for hedging, so currency fluctuations can affect profit and the balance sheet 1.
- Uncertainty about Bemobi's outlookmedium
Management acknowledges that evaluations of future developments are inherently associated with significant uncertainty, and the success of the pivot toward payments cannot be assured 1.
- Dependence on subsidiary dividendsmedium
The parent company's result in the prior period was driven largely by dividends and group contributions, which could make profit volatile from year to year 1.
Investment thesis
What would need to be true (bull case)
- A near debt-free balance sheet and high equity could provide a solid base if the value of the Bemobi stake rises 1.
- If the pivot toward payment solutions produces results, Otello's value could benefit directly from Bemobi's growth 1.
- Share buyback programs and dividends received could continue to support value distribution to shareholders 1.
What would break the thesis
- Dependence on a single stake and the lack of its own operating activity could limit the company's growth potential 1.
- Unhedged exposure to the Brazilian real could produce significant accounting volatility from one year to the next 1.
- If Bemobi's results do not improve, the value of the stake and distributions to shareholders could be lower than expected 1.
What to watch
- Progress of the Bemobi pivot toward payment solutions and its financial results2026
- Level of treasury share buybacks and available cashQ1 2027
- Movement of the Brazilian real against the US dollar2026
- Dividends and group contributions received from subsidiariesnext 10-K
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
Otello Corporation ASA is the parent company of the Otello group, and the parent company's stated purpose is to serve the group through functions such as the CEO office, board, corporate finance and accounting, legal, HR and IT 1. Operational activity at the group has been minimal in recent years, and the main asset is the stake in Bemobi, where the company remains the largest shareholder 1. The board's stated policy is to maximize shareholder value by continuing buy-back programs and strengthening its engagement with Bemobi in order to maximize cash returns to shareholders 1.
The group balance sheet is dominated by the investment in Bemobi, recorded as investments in associated companies, and indebtedness is very low, with no interest-bearing debt at the end of 2025 1. Cash and cash equivalents stood at 15881 thousand USD on 31 December 2025, and the group had no outstanding loans payable 1.
The company notes that it has no operations consolidated into its profit and loss, so operational risk is limited to corporate functions and management of the Bemobi ownership 1. Financial exposure is also considered very limited by management, since there are no consolidated operations and no interest-bearing debt 1.
Segments
Bemobi stake
The stake of around 38% in Bemobi is the group's main asset, and Bemobi's pivot toward payment solutions could change the risk and value profile of the investment 1. The investment is denominated in Brazilian reais, so exchange rate movements against the US dollar can affect both reported profit and the carrying value of the stake 1.
Parent company corporate functions
The parent company provides central functions to the group and had an average of 3.60 full-time employees in 2025, down from the prior year 1. Lower operating costs and gains on sold patents reduced the operating loss, which nevertheless remained negative in the period 1.
Treasury share buybacks
Buybacks of own shares are an important channel for using the company's cash, financed mainly by dividends received from subsidiaries and by exchange rate gains 1. For a company with minimal operations, the buyback policy is a central element of its value distribution strategy 1.
Market context
Otello operates as a holding structure with limited operational activity, and its market value depends largely on perceptions of the Bemobi stake and on the group's ability to convert this asset into cash for shareholders 1. The balance sheet structure, with almost entirely equity funding and no interest-bearing debt, means financial performance is tied mainly to Bemobi's results and the dividends received 1.
The relevant market context includes digital payments in Brazil and Norway, where Bemobi and Otello conduct their activities and where exchange rates influence reported results 1. Dependence on a single asset makes the evolution of the payments sector an important factor for the group's outlook 1.
Trends
- Bemobi pivot toward payment solutionsmixed
Management considers that the pivot of Bemobi toward payment solutions improves the prospects and fundamentals of the business, which could support the value of the Otello stake if the strategy materializes 1. The outcome, however, depends on executing this change, which is not assured 1.
- Share buybackstailwind
Continuing buy-back programs supports value distribution to shareholders and can reduce shares outstanding if current cash levels are maintained 1. If available cash declines, the capacity to continue these programs could be limited 1.
- Brazilian real exchange rateheadwind
The Bemobi investment is expressed in Brazilian reais, so a depreciation of the real against the US dollar could reduce the reported value of the stake and accounting profit 1. The company did not use forward contracts to hedge this risk in 2025 1.
- Lower operating costsmixed
Cost control and a smaller headcount reduced the operating expenses of the parent company, supporting results at a minimal activity level 1. The positive effect over the longer term depends on maintaining this discipline 1.
Competitive position
Otello does not describe its direct competitors as a holding company, but Bemobi is active in the payment solutions market, where several providers of digital financial services operate 1. The competitive position of the stake depends on Bemobi's ability to expand its offering in this segment 1.
The source does not identify listed competitors, so comparison with other players remains limited to the context of the payments sector 1. A competitive analysis of the stake would need to be done separately, based on information about Bemobi 1.
- Bemobi
Brazil-based company in which Otello holds its main stake, pivoted toward payment solutions; not US-listed.
- Digital payment solution providers
The competitive group of Bemobi includes payment service providers active in the same markets; the source does not name them.
- Payment processors in Brazil
Local players offering comparable services, relevant to Bemobi's positioning; not named in the source.
- Financial technology companies
Fintech players competing for the same customer segments; not identified in the analysed source.
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 / Otello Corporation 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.