olivLaw · European equity research
StrongPoint ASA STRO.OL
Norway · Euronext Oslo Børs · ISIN NO0010098247 · Vertical: Listed companies from Norway
StrongPoint ASA is a Nordic provider of retail technology solutions, focused on grocery e-commerce, in-store productivity and payment and checkout systems. The company operates in several European countries, and its position at the crossroads of online sales and in-store cost reduction makes it relevant in a market under pressure from inflation and interest rates, according to its 2025 annual report.
At the close of 06 Nov 2026, StrongPoint ASA (STRO.OL) stock was 10.35 NOK (+0.00% on the day), with market capitalisation 467.7 m NOK, dividend yield 0.00%, beta 0.25, 52-week range 9.22–11.05 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)
- 61.2
- strong (55–70)
- Bollinger (20, 2)
- 9.66 – 10.45
- in the upper half of the band · %B 0.88 · band width 7.9%
- SMA 50 / 200
- 9.85 / 10.21
- mixed trend
- MACD (12, 26, 9)
- 0.13 / 0.10
- 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 | +5.2% | −0.6% | +5.8 pp | — |
| 3 months | +2.5% | −4.2% | +6.6 pp | — |
| 6 months | +2.0% | +4.3% | −2.4 pp | — |
| Year to date | +3.0% | +7.5% | −4.5 pp | — |
| 1 year | +5.6% | +9.9% | −4.3 pp | −4.7% |
| 3 years | −22.8% | +49.8% | −72.6 pp | +12.7% |
| 5 years | −59.4% | +42.8% | −102.2 pp | — |
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.4 bn |
| Revenue YoY | unavailable | −2.5% | +3.8% |
| Net income | -34.2 m | -31.9 m | -5.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.72 | -0.66 | -0.10 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.5% | -2.4% | -0.4% |
| Free cash flow | unavailable | 84.5 m | 45.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 98.5 m NOK
- Financial debt
- 100.0 m NOK
- Net debt
- 1.5 m NOK
- Equity
- 477.6 m NOK
- Total assets
- 1.0 bn NOK
- Debt / equity
- 0.21x
- Current ratio
- 1.33x
- ROE
- -1.1%
- ROA
- -0.5%
- FCF margin
- 3.3%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.3 bn | 1.3 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 805.3 m | 779.1 m | 773.6 m | esef· 21 Oct 2026verified |
| Gross profit | 537.1 m ≈ | 530.0 m ≈ | 585.3 m ≈ | esef· 21 Oct 2026derived |
| Operating income | -39.4 m | -39.5 m | -16.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 38.2 m | 41.5 m | 43.2 m | esef· 21 Oct 2026verified |
| EBITDA | -1.3 m ≈ | 2.0 m ≈ | 26.5 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 17.6 m | 22.6 m | 35.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | -45.3 m | -46.8 m | -15.3 m | esef· 21 Oct 2026verified |
| Income tax | -11.1 m | -14.9 m | -10.3 m | esef· 21 Oct 2026verified |
| Net income | -34.2 m | -31.9 m | -5.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.72 | -0.66 | -0.10 | esef· 21 Oct 2026verified |
| Dividend per share | 0.90 | 0.00 | — | esef· 08 May 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 39.3 m | 82.5 m | 98.5 m | esef· 21 Oct 2026verified |
| Inventories | 230.4 m | 173.2 m | 154.6 m | esef· 21 Oct 2026verified |
| Current assets | 547.5 m | 517.5 m | 483.5 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 30.4 m | 29.7 m | 27.4 m | esef· 21 Oct 2026verified |
| Goodwill | 174.3 m | 179.9 m | 186.5 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 125.3 m | 152.3 m | 172.4 m | esef· 21 Oct 2026verified |
| Total assets | 1.0 bn | 1.0 bn | 1.0 bn | esef· 21 Oct 2026verified |
| Long-term debt | 5.0 m | 1.3 m | 100.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 431.2 m | 475.4 m | 364.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 539.6 m | 562.5 m | 530.5 m | esef· 21 Oct 2026verified |
| Equity | 474.9 m | 465.2 m | 477.6 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 44.4 m | 44.3 m | 45.2 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 25.2 m | 93.1 m | 53.5 m | esef· 21 Oct 2026verified |
| Capex | — | 8.6 m | 8.6 m | esef· 21 Oct 2026verified |
| Free cash flow | — | 84.5 m ≈ | 45.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -41.1 m | -35.6 m | -920.0 k | esef· 21 Oct 2026verified |
| Financing cash flow | 4.4 m | -16.3 m | -36.8 m | esef· 21 Oct 2026verified |
| Dividends paid | 39.9 m | 0 | — | esef· 08 May 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: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 467.7 m NOK
Key indicators
Coverage and freshness
Score by group
- Quality21
- Balance sheet44
- Valuation52
- Returns40
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 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.3% | 14 (vs peers) | 16% |
| Net margin · Quality | -0.4% | 34 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.1x | 70 (vs peers) | 16% |
| Interest coverage · Balance sheet | -0.5x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 17.7x | 14 (vs peers) | 16% |
| FCF yield · Valuation | 9.6% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet44/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality21/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation52/100 · 2/3 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
STRONGPOINT ASA (STRO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn NOK in 2025; YoY growth 3.8%; net margin -0.4%; ROE -1.1%; net debt/EBITDA 0.1x.
The estimated value range is 11.18–15.16 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 12.84 NOK, the price of 10.35 NOK leaves a potential of 24.0% (value / price − 1) and a margin of safety of 19.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, 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. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 0.1x
- FCF yield: 9.6%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- ROIC: -3.3%
- Interest coverage: -0.5x
- EV/EBITDA: 17.7x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM).
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% |
| STRO.OLStrongpoint Asa | 467.7 m | — | -1.1% | -0.4% | +3.8% | +9% / −22% |
| 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% |
1- and 3-year price returns: for STRO.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
StrongPoint ASA is a Nordic provider of retail technology solutions, focused on grocery e-commerce, in-store productivity and payment and checkout systems. The company operates in several European countries, and its position at the crossroads of online sales and in-store cost reduction makes it relevant in a market under pressure from inflation and interest rates, according to its 2025 annual report 1.
SWOT
Strengths
- The company holds a one-stop-shop position in grocery retail in Northern Europe, supported by its own sales, service and support organisation 1.
- The portfolio covers both e-commerce and in-store efficiency, which allows it to sell complete solutions 1.
- The Nordics segment improved its EBITDA margin in 2025, indicating a relatively solid operational base in its home region 1.
Weaknesses
- The international segment had near-zero EBITDA in 2025, and the loss before tax remained significant 1.
- Exposure to currency movements had a negative effect on Scandinavian operations, and price adjustments lag behind 1.
- Results can vary considerably between quarters, because the time from pilot to roll-out is hard to predict 1.
Opportunities
- Extending the proprietary range, such as grocery e-commerce, self-checkout and cash management, into countries beyond the key markets 1.
- Using the market access platform for global technology providers could open new revenue if partnerships turn into contracts with large retailers 1.
- Demand for in-store and logistics efficiency could grow if retailers seek to cut costs and resource use 1.
Threats
- A fall in retail customer spending due to inflation and high interest rates could delay investment projects 1.
- Supply chain disruption and component shortages could affect deliveries and financial performance 1.
- Macroeconomic and geopolitical instability could change the growth pace the company is pursuing 1.
Risks
- Macroeconomic conditionshigh
Retailer investment could decline if inflation and interest rates stay high, which would reduce demand for the company's solutions 1.
- Supply chainmedium
Component shortages and delivery delays could affect the ability to fulfil orders, and the company manages this risk through close dialogue with key suppliers 1.
- Currency exposuremedium
The gap between currency changes and price adjustments to customers could affect margins, especially in Scandinavia 1.
- Quarterly variabilitymedium
The time between pilot and scale-up for new solutions is hard to predict, which can lead to uneven results between quarters 1.
- Liquidity and creditlow
Liquidity risk is managed by monitoring expected operating cash flow and available credit facilities, and a deterioration in these could limit financial flexibility 1.
Investment thesis
What would need to be true (bull case)
- If pilots in e-commerce turn into large-scale contracts, the profitability of the international segment could move closer to the Nordics margin 1.
- The one-stop-shop position and access to global technology providers could allow growth without depending on a single market 1.
- If inflation pressure eases, retailers' spending on efficiency could recover, supporting the company's sales 1.
What would break the thesis
- The loss before tax in the international segment could persist if investments in products and sales do not generate enough revenue 1.
- If inflation and interest rates stay high, retailers could postpone projects and demand for the company's solutions could decline 1.
- Currency effects and delayed price adjustments could reduce margins in Scandinavia, especially if exchange rates stay volatile 1.
What to watch
- Development of International incl. Product segment EBITDA from its near-neutral 2025 levelQ1 2027
- Pace at which pilots for new solutions are converted into large-scale roll-outs2027
- Effect of inflation and interest rates on retail customers' investment spendingnext 10-K
- Impact of currency movements on margins in Scandinavia2027
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
StrongPoint ASA is the holding company of the group, listed on the Oslo Stock Exchange under the ticker 'STRO', and the group operates through its own legal entities 1. The company concentrates on solutions for commerce, especially grocery retail in Northern Europe, and plans to combine organic growth, M&A and cost control 1. The group reports two segments, Nordics and International incl. Product, which generated revenue of 581.4 MNOK and 777.5 MNOK in 2025 respectively 1.
In 2025 the international segment had a near-neutral EBITDA of -1.6 MNOK, while the Nordics segment reported 61.7 MNOK, showing a significant gap in profitability between the two areas 1. Management noted that the time from pilot to roll-out and scale-up for new solutions is hard to predict and can lead to notable variations between quarters 1.
At the end of 2025 the group had 500 employees, and sick leave was 1.2% 1. The company presents itself as a partner that helps retailers reduce resource use and emissions by making in-store and logistics operations more efficient 1.
Segments
Market context
The group's key markets are considered robust and stable, because investment in the grocery retail sector has not been significantly affected by financial and macroeconomic changes 1. In 2025, however, rising inflation and interest rates reduced customer spending, and market conditions remain under pressure, although they have eased somewhat since the peak 1.
Demand for e-commerce and in-store efficiency solutions is supported by retailers' need to combine online sales with lower in-store costs 1. The company expects growth not to be linear, and investments in products and sales resources could influence EBITDA in coming periods 1.
Trends
- Inflation and interest rate pressureheadwind
Rising inflation and interest rates reduced customer spending in retail in 2025, although the effect has eased slightly since the peak 1. If the pressure persists, retailers could keep postponing investments.
- Grocery e-commercetailwind
Growing online sales and the need to cut in-store costs place the company in a favourable position, according to its description of e-commerce and efficiency solutions 1.
- Currency risk in Scandinaviaheadwind
Currency movements had a negative impact on Scandinavian operations in 2025, and price adjustments to customers lag the currency change 1.
- Operational sustainabilitymixed
The company aims to reduce resource use, emissions and waste across its customers' value chain, through more efficient labour, energy and transport 1. This could become a selling point if demand for efficiency increases.
Competitive position
The sources analysed do not name the company's competitors, so the competitive landscape cannot be detailed from the document. The report does describe a strategy involving global retail technology providers, which suggests competition with technology platforms and local integrators 1.
The company's stated advantage is its one-stop-shop position and access to a market platform for global technology providers, which lets it offer complete solutions to retailers in its key markets 1. Differentiation depends on combining these solutions with local sales and support 1.
- Global retail technology providers
Strategic partners whose technology is integrated into the company's market access platform; the source does not name them 1.
- Local retail systems integrators
Regional providers competing for the same retailers in the Nordic and Baltic markets, without nominal identification in the report 1.
- Payment and checkout solution providers
Companies offering payment and self-checkout systems, an area where the company has proprietary products 1.
- Shop fitting providers
Competitors in shop fitting and cash management solutions, categories included in the company's portfolio 1.
News & filings
In the press
- IN BRIEF: Russian army completes encirclement of Ukraine’s strongpoint in DobropolyeTASS (RU, EN) · 22 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / StrongPoint 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.