olivLaw · European equity research
RomReal Ltd. ROM.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
RomReal Ltd. owns a portfolio of land plots in the Black Sea region, mainly in Constanta County, with a stated aim to exit the Romanian property market by selling its projects, mostly land. The company returned to a profit in 2025 after a loss in 2024, in a context where the investment market contracted.
At the close of 06 Nov 2026, RomReal Ltd. (ROM.OL) stock was 2.48 NOK (+0.00% on the day), with beta 0.03, 52-week range 2.20–2.96 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)
- 41.7
- weak (30–45)
- Bollinger (20, 2)
- 2.39 – 2.80
- in the lower half of the band · %B 0.22 · band width 15.8%
- SMA 50 / 200
- 2.64 / 2.56
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.04
- 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 | −8.1% | −0.6% | −7.5 pp | — |
| 3 months | −13.9% | −4.2% | −9.7 pp | — |
| 6 months | −1.6% | +4.3% | −5.9 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | +8.8% | +9.9% | −1.1 pp | −5.7% |
| 3 years | +40.9% | +49.8% | −8.9 pp | +15.0% |
| 5 years | +46.7% | +42.8% | +3.9 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 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 1.5 m | -635.2 k | -1.7 m | 1.6 m |
| Net income YoY | unavailable | −141.5% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 16.0 m EUR
- Total assets
- 16.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 28.16x
- ROE
- 10.4%
- ROA
- 10.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2021 | 2022 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | — | — | 393.5 k | 976.2 k | esef· 21 Oct 2026verified |
| Operating income | 2.1 m | -494.5 k | -1.8 m | 1.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.6 m | -457.5 k | -1.5 m | 1.7 m | esef· 21 Oct 2026verified |
| Income tax | 61.2 k | 177.7 k | 226.9 k | 113.1 k | esef· 21 Oct 2026verified |
| Net income | 1.5 m | -635.2 k | -1.7 m | 1.6 m | esef· 21 Oct 2026verified |
Balance sheet · EUR
| Line | 2021 | 2022 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 3.8 m | 4.1 m | 3.3 m | 6.0 m | esef· 21 Oct 2026verified |
| Receivables | 880.0 k | 2.4 m | 1.8 m | 301.9 k | esef· 21 Oct 2026verified |
| Inventories | 8.7 m | 5.7 m | 6.7 m | 7.8 m | esef· 21 Oct 2026verified |
| Current assets | — | — | 12.4 m | 14.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 51.6 k | 55.0 k | 45.4 k | 48.8 k | esef· 21 Oct 2026verified |
| Total assets | 18.0 m | 16.7 m | 15.2 m | 16.5 m | esef· 21 Oct 2026verified |
| Accounts payable | — | — | 195.3 k | 88.7 k | esef· 21 Oct 2026verified |
| Current liabilities | 1.0 m | 392.8 k | 403.2 k | 501.2 k | esef· 21 Oct 2026verified |
| Equity | 16.8 m | 16.2 m | 14.7 m | 16.0 m | esef· 21 Oct 2026verified |
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: 1 of at least 6
- score weight coverage: 4.2% 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
4% · 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 · input data missing
- 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: 1 of at least 6; score weight coverage: 4.2% 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 28.2x | 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
RomReal Ltd. (ROM.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 10.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% 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: 28.2x
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 40 companies
Multiples and returns vs the median
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 ROM.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
RomReal Ltd. owns a portfolio of land plots in the Black Sea region, mainly in Constanta County, with a stated aim to exit the Romanian property market by selling its projects, mostly land. The company returned to a profit in 2025 after a loss in 2024, in a context where the investment market contracted.
SWOT
Strengths
- A portfolio of well-located land in the Black Sea region.
- Strong assets and high equity relative to liabilities.
- Internally funded operations without significant debt.
Weaknesses
- Small company size and limited resources.
- Reliance on land sales to generate revenue.
- No dividends and a modest market value.
Opportunities
- Potential demand created by defence projects near the Industrial Park.
- Land value gains from completing infrastructure and utilities.
- More professional sales and improved marketing of projects.
Threats
- A decline in property investment volumes in Romania.
- Delays in permits and local regulatory requirements.
- A minor dispute with road authorities over contractual payments.
Risks
- Dependence on land saleshigh
Revenue depends on the company's ability to sell its existing land, and a slow pace of sales could affect liquidity.
- Going concern basishigh
The financial statements were prepared on a going concern basis, which assumes that financial support and sales will continue.
- Permit delaysmedium
Renewal of the Industrial Park infrastructure permit and other projects could be delayed if administrative processes take longer.
- Investment market conditionsmedium
The drop in transaction volumes in 2025 could prolong the time needed to sell projects.
- Dispute with authoritieslow
A minor dispute over contractual payments with the road authority is ongoing, and the board views its financial impact as limited.
Investment thesis
What would need to be true (bull case)
- If land sales accelerate, the company could convert its assets into steadier profit, particularly in the industrial area supported by defence demand.
- High equity and the absence of significant debt give the company flexibility to complete project infrastructure.
- A recovery in home prices in Constanta could raise the value of the company's residential land.
What would break the thesis
- If the investment market stays weak, land sales could be postponed and revenue could remain volatile.
- Dependence on a limited number of assets and occasional sales makes results hard to predict from year to year.
- The absence of dividends and a modest market capitalisation could limit short-term investor interest.
What to watch
- Sales progress at the Oasis project and completion of common areasQ3 2026
- Renewal of the infrastructure building permit for the Industrial ParkQ2 2026
- Land sales results and progress in negotiations with buyers2026
- Trends in absorption and investment volumes in the Romanian marketnext 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
RomReal Ltd. holds, through its fully owned subsidiary S.C. Westhouse Group SRL, a portfolio of properties in prime locations in the Black Sea region, specifically Constanta and Ovidiu. The plots are suited to residential and commercial development. According to the annual report, the total land bank was 144,811 sqm at the end of 2025.
Consolidated operating income was EUR 1.327 million in 2025, compared with EUR 0.381 million in 2024, mainly from rental income at Balada Market and sales of plots and houses. Consolidated profit after tax was EUR 1.588 million in 2025, versus a loss of EUR 1.694 million in 2024 1.
The directors are not proposing any dividends for the period. The 2026 objectives include land value enhancing activities, more professional sales, infrastructure investments and a cost-efficient organisation, with the aim of shortening the time before an exit is realised 1.
Segments
Oasis (Ovidiu)
The Oasis project, covering 20,407 sqm, includes common areas such as a playground and a small marina, expected to be completed before the end of the third quarter of 2026. So far nine apartments and two plots have been sold 1.
Industrial Park
The Industrial Park, covering 110,116 sqm, is the company's largest plot. Renewal of the infrastructure building permit is expected before the end of the second quarter of 2026, and talks with potential buyers are ongoing 1.
Balada Market
The Balada Market project, in central Constanta, covers 7,188 sqm and is offered for sale. The company has completed work on a new PUZ application, and regular meetings with potential buyers are taking place 1.
Market context
According to Colliers, the Romanian investment market volume was EUR 525 million in 2025, a decrease of about 30% from 2024. In the industrial and logistics market, gross take-up was 990,400 sqm in 2025 versus 618,200 sqm in 2024, and rents stabilised around EUR 5 per sqm in the Bucharest region 1.
Residential supply fell in 2025 to about 58,000 new units, the lowest level since 2017. Average apartment prices in Constanta rose by 1.36% in the fourth quarter of 2025, according to the imobiliare.ro index 1.
Trends
- Slowdown in the investment marketheadwind
Transaction volumes fell sharply in 2025, which could limit how quickly the company sells its land if demand stays weak.
- Defence sector demandtailwind
Expansion of NATO and Romanian defence projects near the Industrial Park could attract buyers for its land.
- Recovery in home pricestailwind
Rising prices in Constanta could support the value of the residential land if the trend continues.
- Environmental regulatory pressuremixed
Permitting and environmental requirements may slow development, which could delay the exit from the investment.
Competitive position
RomReal competes with local property developers and investors holding land in the Constanta and Ovidiu area. The annual report does not explicitly identify competitors listed on US exchanges, and the company focuses on selling existing projects rather than growing its portfolio.
- Local property developers in Constanta
Private companies developing residential and industrial projects in the same region.
- Logistics park investors
Funds and developers competing for buyers of industrial land.
- Bucharest residential developers
Residential projects in another region that attract the same category of buyers.
- Shopping centre operators
Firms owning commercial space that compete for tenants similar to Balada Market.
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 202209 May 2023
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / RomReal Ltd. · 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.