olivLaw · European equity research
Veidekke ASA VEI.OL
Norway · Euronext Oslo Børs · ISIN NO0005806802 · Vertical: Listed companies from Norway
Veidekke ASA is a Nordic construction and infrastructure group active in Norway, Sweden and Denmark. The company closed 2025 with revenue of 43.1 bn NOK and a growing order backlog, while management describes market prospects as gradually improving but still uncertain on geopolitical grounds.
At the close of 06 Nov 2026, Veidekke ASA (VEI.OL) stock was 215.00 NOK (+0.94% on the day), with market capitalisation 29.0 bn NOK, P/E 18.7 on diluted EPS of 11.50 NOK over the last 12 months, dividend yield 4.19%, beta 0.38, 52-week range 160.20–218.00 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)
- 59.5
- strong (55–70)
- Bollinger (20, 2)
- 199.65 – 217.63
- in the upper half of the band · %B 0.85 · band width 8.6%
- SMA 50 / 200
- 210.15 / 192.62
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.62 / 0.94
- 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 | +1.4% | −0.6% | +2.1 pp | — |
| 3 months | +14.0% | −4.2% | +18.2 pp | — |
| 6 months | +20.8% | +4.3% | +16.5 pp | — |
| Year to date | +20.4% | +7.5% | +12.9 pp | — |
| 1 year | +32.7% | +9.9% | +22.8 pp | −4.7% |
| 3 years | +123.7% | +49.8% | +73.9 pp | +12.7% |
| 5 years | +72.0% | +42.8% | +29.2 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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.9, median 15.3, max 15.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 43.1 bn | 41.4 bn | 43.1 bn |
| Revenue YoY | unavailable | −4.0% | +4.2% |
| Net income | 1.1 bn | 1.3 bn | 1.6 bn |
| Net income YoY | unavailable | +18.0% | +23.2% |
| Diluted EPS | 7.90 | 9.30 | 11.50 |
| Diluted EPS YoY | unavailable | +17.7% | +23.7% |
| net % | 2.5% | 3.0% | 3.6% |
| Free cash flow | 2.1 bn | 1.5 bn | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.6 bn NOK
- Financial debt
- 131.0 m NOK
- Net debt
- -2.5 bn NOK
- Equity
- 3.8 bn NOK
- Total assets
- 19.6 bn NOK
- Debt / equity
- 0.03x
- Current ratio
- 0.84x
- ROE
- 43.6%
- ROA
- 8.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 43.1 bn | 41.4 bn | 43.1 bn | esef· 21 Oct 2026verified |
| Operating income | 1.4 bn | 1.6 bn | 2.0 bn | esef· 21 Oct 2026verified |
| Interest expense | 109.0 m | 94.0 m | 88.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 1.4 bn | 1.7 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Income tax | 293.0 m | 331.0 m | 430.0 m | esef· 21 Oct 2026verified |
| Net income | 1.1 bn | 1.3 bn | 1.6 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 7.90 | 9.30 | 11.50 | esef· 21 Oct 2026verified |
| Dividend per share | — | 7.90 | 9.00 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.1 bn | 2.4 bn | 2.6 bn | esef· 21 Oct 2026verified |
| Inventories | 740.0 m | 873.0 m | 707.0 m | esef· 21 Oct 2026verified |
| Current assets | 10.9 bn | 10.3 bn | 11.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | — | 2.5 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Goodwill | 2.1 bn | 2.3 bn | 2.4 bn | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 200.0 m | 222.0 m | 207.0 m | esef· 21 Oct 2026verified |
| Total assets | 18.2 bn | 18.8 bn | 19.6 bn | esef· 21 Oct 2026verified |
| Short-term debt | 2.0 m | 44.0 m | 131.0 m | esef· 21 Oct 2026verified |
| Current liabilities | 12.7 bn | 12.6 bn | 13.3 bn | esef· 21 Oct 2026verified |
| Equity | 3.1 bn | 3.4 bn | 3.8 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 135.3 m | 135.6 m | 135.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.9 bn | 2.2 bn | 3.3 bn | esef· 21 Oct 2026verified |
| Capex | 844.0 m | 695.0 m | — | esef· 08 May 2025verified |
| Free cash flow | 2.1 bn ≈ | 1.5 bn ≈ | — | esef· 08 May 2025derived |
| Investing cash flow | -2.0 bn | -316.0 m | -1.0 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -1.8 bn | -1.7 bn | -2.1 bn | 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: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 29.0 bn NOK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
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
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 133.4% | 100 (vs peers) | 20% |
| Net margin · Quality | 3.6% | 53 (vs peers) | 12% |
| FCF conversion · Quality | 167.1% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 22.2x | 100 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.8x | 3 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 18.7x | 55 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.9% | 100 (on a fixed band) | 16% |
| 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 sheet61/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation75/100 · 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
Veidekke ASA (VEI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 43.1 bn NOK in 2025; YoY growth 4.2%; net margin 3.6%; ROE 43.6%.
The estimated value range is 105.31–275.98 NOK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 227.22 NOK, the price of 215.00 NOK leaves a potential of 5.7% (value / price − 1) and a margin of safety of 5.4% (1 − price / value). 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: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 133.4%
- FCF conversion: 167.1%
- Interest coverage: 22.2x
- FCF yield: 8.9%
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| VEI.OLVeidekke ASA | 29.0 bn | 18.7 | 43.6% | 3.6% | +4.2% | +27% / +107% |
| 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% |
1- and 3-year price returns: for VEI.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 | 126.70 Total return -38% · Per year -38% | 224.04 Total return 9% · Per year 9% | 337.50 Total return 62% · Per year 62% |
| 3 years | 122.23 Total return -33% · Per year -13% | 243.26 Total return 27% · Per year 8% | 402.48 Total return 104% · Per year 27% |
| 5 years | 117.92 Total return -29% · Per year -7% | 264.14 Total return 47% · Per year 8% | 479.97 Total return 155% · Per year 21% |
- Exit P/E± 60.82
- Net margin± 42.57
- Annual revenue growth± 35.04
- Annual dilution± 3.58
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
Veidekke ASA is a Nordic construction and infrastructure group active in Norway, Sweden and Denmark. The company closed 2025 with revenue of 43.1 bn NOK and a growing order backlog, while management describes market prospects as gradually improving but still uncertain on geopolitical grounds.
SWOT
Strengths
- A presence in three Nordic countries and a decentralised model based on employee involvement.
- Order intake rose in 2025, and the book to bill ratio points to demand that is holding up.
- A solid financial structure, with a net cash position and higher operating cash flow.
Weaknesses
- Profit margins remain modest, leaving little room for execution errors in projects.
- Building construction in Sweden performed weakly in 2025.
- Reliance on subcontractors for a significant share of the workforce can create operational vulnerabilities.
Opportunities
- A gradual recovery in the housing market could increase building volumes.
- Public infrastructure investment offers long-term visibility for projects.
- Acquisitions such as the one in Sweden can expand capacity and the range of infrastructure services.
Threats
- Geopolitical tensions could indirectly affect demand in Scandinavian markets.
- High interest rates can reduce client activity and demand for new projects.
- Rising material and labour costs could erode margins if they cannot be passed on to clients.
Risks
- Market and interest rate riskmedium
The value of liquidity placed in interest and bond funds could fall if rates rise, and demand in some segments could weaken.
- Client credit riskmedium
Veidekke is exposed to late payments and uncollected receivables from clients, which can affect cash flow.
- Project execution riskhigh
Large projects with unusual content and risk can generate cost overruns, and management must assess them through dedicated approval processes.
- Geopolitical riskmedium
Conflicts in the region can create economic uncertainty and indirectly affect the Scandinavian construction market.
- Safety and workforce riskhigh
The industry is exposed to accidents, and reliance on subcontractors and skilled labour can affect operational continuity.
Investment thesis
What would need to be true (bull case)
- If interest rates keep falling, demand for housing and buildings could recover, and the company's work volume could grow across several segments.
- Order intake and the book to bill ratio suggest a more predictable revenue base for the coming year.
- Public infrastructure investment provides a steady source of demand that could offset weaknesses in other markets.
What would break the thesis
- If geopolitical tensions widen, demand in Scandinavian markets could fall more than currently anticipated.
- Profit margins remain modest, and any rise in costs could reduce results if it cannot be passed on to clients.
- Building activity in Sweden has not recovered, and developments could stay weak if interest rates do not fall far enough.
What to watch
- Development of order intake and the book to bill ratio2026
- Profit before tax margin and project execution capacityQ1 2026
- Signs of a housing market recovery in Norway and Sweden2026
- Impact of geopolitical tensions on demand and costsnext 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
Veidekke carries out construction and infrastructure work in Norway, Sweden and Denmark, with a decentralised organisation built on trust and involvement. The business model rests on projects with an average execution time below two years, which gives flexibility in the face of change. Revenue for 2025 was 43.1 bn NOK, up 4 percent 1. The group had 7,763 permanent employees at year end, and more than 15,000 people worked for the company at any time, including subcontractors 1.
Segments
Bygg (building construction)
The building construction segment operates in all three countries and recorded a rise in order intake in 2025, with the largest contribution to the backlog growth. In Sweden, building activity declined slightly during the year 1.
Market context
Management expects the Scandinavian construction market to improve gradually, helped by lower interest rates and a more stable household economy, and residential construction could grow clearly 1. However, geopolitical tensions, including the recent conflict in the Middle East, could add uncertainty and indirectly affect demand in the region 1.
Trends
- Lower interest ratestailwind
Lower rates and more normal inflation could support more activity in several construction segments, especially housing and buildings 1.
- Public infrastructure investmenttailwind
Investment plans already adopted and long-term public priorities support infrastructure demand, which the company considers robust 1.
- Geopolitical uncertaintyheadwind
Conflicts in the Middle East could create uncertainty and indirectly reduce demand in Scandinavian construction markets 1.
- Financing costs and market risk on liquiditymixed
Higher interest rates could reduce the value of liquidity placements and weaken demand in some segments, making rate developments a factor with mixed effects 1.
Competitive position
The sources we analysed do not explicitly name the company's competitors. The Scandinavian construction and infrastructure market is, however, contested by several regional and international players, and a comparative analysis would require additional sources.
- Unnamed regional competitors
The analysed source does not name competitors, so no confirmed list can be given.
- Other Scandinavian contractors
Data for these companies do not appear in the documents analysed and are not included.
- International infrastructure players
The source contains no information on these competitors, so they are not assessed.
- Local asphalt and materials suppliers
The source provides no details on this category of competitors.
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 / Veidekke 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.