olivLaw · European equity research
Smartoptics Group ASA SMOP.OL
Norway · Euronext Oslo Børs · ISIN NO0011012502 · Vertical: Listed companies from Norway
Smartoptics Group ASA develops optical networking solutions based on IP over DWDM for telecom operators, cloud providers and data centres. Demand for bandwidth linked to artificial intelligence infrastructure could expand a market the company estimates at USD 16.5 billion in 2025.
At the close of 06 Nov 2026, Smartoptics Group ASA (SMOP.OL) stock was 50.20 NOK (−1.18% on the day), with beta 0.91, 52-week range 25.60–64.00 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)
- 48.2
- neutral
- Bollinger (20, 2)
- 43.66 – 58.30
- in the lower half of the band · %B 0.45 · band width 28.7%
- SMA 50 / 200
- 49.27 / 46.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.16 / 1.07
- 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% | −0.6% | −0.5 pp | — |
| 3 months | +8.4% | −4.2% | +12.6 pp | — |
| 6 months | +3.7% | +4.3% | −0.6 pp | — |
| Year to date | +70.2% | +7.5% | +62.7 pp | — |
| 1 year | +79.9% | +9.9% | +70.0 pp | −4.7% |
| 3 years | +173.6% | +49.8% | +123.7 pp | +12.7% |
| 5 years | +392.3% | +42.8% | +349.4 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 | 2024 | 2025 |
|---|---|---|
| Revenue | 55.4 m | 75.3 m |
| Revenue YoY | unavailable | +35.9% |
| Net income | 4.0 m | 4.7 m |
| Net income YoY | unavailable | +15.9% |
| Diluted EPS | 0.04 | 0.05 |
| Diluted EPS YoY | unavailable | +17.1% |
| net % | 7.3% | 6.2% |
| Free cash flow | 4.7 m | 7.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.3 m USD
- Financial debt
- 0 USD
- Net debt
- -7.3 m USD
- Equity
- 30.3 m USD
- Total assets
- 56.1 m USD
- Debt / equity
- 0.00x
- Current ratio
- 2.35x
- ROE
- 16.0%
- ROA
- 8.9%
- FCF margin
- 9.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 55.4 m | 75.3 m | esef· 21 Oct 2026verified |
| Cost of revenue | 28.8 m | 39.3 m | esef· 21 Oct 2026verified |
| Gross profit | 26.6 m ≈ | 36.0 m ≈ | esef· 21 Oct 2026derived |
| Operating income | 3.3 m | 6.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 2.3 m | 2.9 m | esef· 21 Oct 2026verified |
| EBITDA | 5.6 m ≈ | 9.7 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 310.0 k | 123.0 k | esef· 21 Oct 2026verified |
| Pre-tax income | 5.4 m | 6.0 m | esef· 21 Oct 2026verified |
| Income tax | 1.3 m | 1.3 m | esef· 21 Oct 2026verified |
| Net income | 4.0 m | 4.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.04 | 0.05 | esef· 21 Oct 2026verified |
| Dividend per share | 0.05 | 0.06 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 8.0 m | 7.3 m | esef· 21 Oct 2026verified |
| Inventories | 12.6 m | 18.7 m | esef· 21 Oct 2026verified |
| Current assets | 41.8 m | 47.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.0 m | 3.7 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.9 m | 2.9 m | esef· 21 Oct 2026verified |
| Total assets | 48.9 m | 56.1 m | esef· 21 Oct 2026verified |
| Long-term debt | 277.0 k | 0 | esef· 21 Oct 2026verified |
| Current liabilities | 14.7 m | 20.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 20.5 m | 25.9 m | esef· 21 Oct 2026verified |
| Equity | 28.5 m | 30.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 98.6 m | 97.6 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 6.4 m | 8.5 m | esef· 21 Oct 2026verified |
| Capex | 1.7 m | 1.5 m | esef· 21 Oct 2026verified |
| Free cash flow | 4.7 m ≈ | 7.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -2.8 m | -2.7 m | esef· 21 Oct 2026verified |
| Financing cash flow | -3.9 m | -7.3 m | esef· 21 Oct 2026verified |
| Dividends paid | 4.4 m | 5.7 m | esef· 21 Oct 2026verified |
≈ 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 weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
48% · 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: 0.44 – 1.52 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/EBITDA0.88 – 1.08 (Mid 0.97)5 companies used · median multiple 9.0x · quartiles 8.1x – 10.1xAKVA.OL, ATEA.OL, B2I.OL, BONHR.OL, ELMRA.OL
- Peers: P/E0.44 – 1.52 (Mid 0.95)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)0.76 – 1.03 (Mid 0.87)
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: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.3% | 82 (vs peers) | 22% |
| Net margin · Quality | 6.2% | 58 (vs peers) | 13% |
| FCF conversion · Quality | 150.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.8x | 80 (vs peers) | 22% |
| Interest coverage · Balance sheet | 55.2x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 9% |
| 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 | 80.3% | 57 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet90/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns· partial57/100 · 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
Smartoptics Group ASA (SMOP.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 75.3 m USD in 2025; YoY growth 35.9%; net margin 6.2%; ROE 16.0%; net debt/EBITDA -0.8x.
The estimated value range is 0.76–1.08 USD per share (median of 3 methods, agreement: high); 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 (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.3%
- FCF conversion: 150.4%
- Net debt / EBITDA: -0.8x
- Interest coverage: 55.2x
- Current ratio: 2.4x
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, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 SMOP.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
Smartoptics Group ASA develops optical networking solutions based on IP over DWDM for telecom operators, cloud providers and data centres. Demand for bandwidth linked to artificial intelligence infrastructure could expand a market the company estimates at USD 16.5 billion in 2025 1.
SWOT
Strengths
- Open DCP platform with a flexible architecture and support for pluggable transceivers, which reduces costs and simplifies network management.
- SoSmart software suite offers open APIs and integration with multi-vendor systems, an advantage in mixed environments.
- Revenue and profit grew in 2025, with a customer base including operators, cloud providers and governments.
Weaknesses
- Dependence on projects of varying size and on customers' investment cycles can make revenue uneven from year to year.
- Large inventories and receivables relative to business scale could pressure cash flow during slowdowns.
- The company's market share is estimated on a narrow geographic and technical reference area, which limits visibility of its overall position.
Opportunities
- Optical transport demand linked to AI infrastructure could expand the company's addressable market in cloud and data centres.
- Operators moving to IP over DWDM with open systems could bring new contracts for regional and access networks.
- The target of two to three times higher market share in 2026-2030 could be supported if large projects materialise.
Threats
- Established optical vendors and new open-solution providers could reduce the company's pricing advantage or differentiation.
- A decline in infrastructure spending due to macroeconomic conditions could slow demand from key customers.
- Supply chain disruptions could delay component deliveries and affect project timelines.
Risks
- Concentration on a few large customersmedium
Projects with operators and cloud providers may account for a significant share of revenue. Losing or delaying a large contract could affect results.
- Customer investment cyclesmedium
Customers may postpone network investment when economic conditions weaken. This could slow revenue growth in the following years.
- Competitive pressurehigh
Traditional vendors and new entrants in open systems could reduce the DCP platform's price and performance advantage.
- Currency riskmedium
Reporting is in US dollars, but the company operates in several currencies. Exchange differences produced a net loss in 2025 that could recur.
- Supply chain and inventorymedium
Inventories rose significantly in 2025. If demand falls or components are delayed, tied-up capital and write-down risk could increase.
Investment thesis
What would need to be true (bull case)
- Demand for high-capacity optical transport could grow with AI infrastructure, and the company's open architecture is well placed for this shift.
- Revenue and profit growth in 2025 shows the business model can generate positive results at a larger scale.
- If the 2026-2030 margin and market share targets are met, the company could achieve durable improvement in profitability.
What would break the thesis
- Revenue depends on large projects and customers' investment cycles, which makes results harder to anticipate from one year to the next.
- Competition from established vendors and new entrants could limit the company's ability to sustain its targeted margins.
- High inventories and receivables could weigh on cash flow if demand cools or deliveries are delayed.
What to watch
- Revenue and operating margin trend against the 13-16 percent target2026
- Level of inventories and trade receivables relative to revenueQ1 2027
- New contracts with operators and cloud providers linked to AI infrastructure2027
- Updates to market estimates for optical transport and the metro WDM sharenext 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
Smartoptics designs and delivers equipment and software for high-capacity optical transport over fibre using dense wavelength division multiplexing. The portfolio includes the Dynamic Connectivity Platform (DCP), transponders and muxponders, and the SoSmart software suite for network management. The company says its open architecture reduces costs and simplifies operation compared with traditional optical systems. Revenue from contracts with customers was 75.269 million USD in 2025 1, against 55.394 million USD in 2024 1.
Products are built for IP over DWDM architectures, where pluggable transceivers sit directly in routers and switches and open line systems carry traffic over longer distances. This lets customers mix components from several vendors and use common SDN controllers. The company states its solutions suit both large operator networks and smaller enterprise and government projects 1.
In 2025 the company reported a profit for the year of 4.684 million USD and an operating profit of 6.785 million USD 1. Its stated target for 2026-2030 is to increase market share two to three times and reach an operating margin of 13 to 16 percent, subject to uncertainty around market conditions, supply chains and macroeconomic developments 1.
Segments
Communication service providers (CSPs)
This is the company's largest addressable segment. Cable and telecom operators use its products for regional, metro and access networks, including 5G backhaul and rural connectivity. The shift toward IP over DWDM with open line systems favours its solutions.
Content providers, internet exchanges and enterprises
Content providers, internet exchanges, enterprises and government agencies use the solutions to interconnect data centres. Projects are typically smaller than operator projects but can produce recurring revenue over several years as network utilisation grows.
Market context
The total optical transport market was estimated at 16.5 billion USD in 2025 and could reach 23.7 billion USD by 2029, according to data cited by the company 1. The expected growth was revised upward, mainly due to investment in artificial intelligence infrastructure 1. The metro WDM market, which the company uses as a reference in North America and EMEA, represents about 39 percent of the total and could grow about 6.3 percent a year through 2029 1.
The company defines its market share on this regional reference segment, although it also operates in other technical and geographic areas. Share figures are therefore sensitive to the estimation method used by the external source the company cites.
Trends
- Rising bandwidth demandtailwind
Traffic in communication networks keeps growing while the cost per bit falls, which encourages more bandwidth-intensive applications. This dynamic supports demand for high-capacity optical solutions.
- Investment linked to artificial intelligencetailwind
Spending on AI infrastructure has raised estimates for the optical transport market. If this trend persists, it could support demand for the company's products from cloud providers and data centres.
- Shift to IP over DWDM architecturesmixed
Operators and data centres are moving from monolithic optical systems to open systems with pluggable optics. This favours the company's solutions but could also attract new competitors offering similar architectures.
- Macroeconomic uncertainty and supply chainsheadwind
The company notes its outlook depends on market conditions, supply chain factors and macroeconomic developments. Inventories rose in 2025, which could pressure cash flow if demand slows.
Competitive position
The optical transport market is dominated by traditional equipment vendors offering monolithic systems, while the company positions itself on open and disaggregated architectures. Competition comes both from established optical equipment makers and from newer open-solution providers. The source does not give a full market share breakdown for each competitor.
The company's stated advantage lies in the price and performance of the DCP platform and in simplified management through SoSmart. If the market shifts strongly toward open architectures, differentiation through software and APIs could become decisive.
- Traditional optical transport equipment vendors
Companies named in the report as operators of long-distance networks, such as Ciena, Infinera and Nokia, represent monolithic optical system suppliers; the company differentiates through open architectures.
- Router and switch makers with embedded optics
Router vendors with integrated transceivers compete indirectly, since they can remove the need for separate optical systems in some IP over DWDM designs.
- Open line system providers
Newer companies offering open and disaggregated line systems compete directly in the company's IP over DWDM segment.
- Network integrators and local vendors
Regional integrators can deliver customised solutions for rural operators and enterprises, offering an alternative to the company's direct products.
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 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Smartoptics Group 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.