olivLaw · European equity research
Zaptec ASA ZAP.OL
Norway · Euronext Oslo Børs · ISIN NO0010713936 · Vertical: Listed companies from Norway
Zaptec ASA designs and sells smart charging solutions for electric vehicles, aimed mainly at B2B customers across Europe, with hardware, software and cloud services developed in-house. The company ties its model to the electric mobility transition, and the 684173 MWh of energy consumption reported for 2025 shows the scale of its operations.
At the close of 06 Nov 2026, Zaptec ASA (ZAP.OL) stock was 55.50 NOK (+2.59% on the day), with market capitalisation 4.9 bn NOK, P/E 91.0 on diluted EPS of 0.61 NOK over the last 12 months, beta 0.92, 52-week range 22.15–65.50 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)
- 42.6
- weak (30–45)
- Bollinger (20, 2)
- 52.91 – 63.34
- in the lower half of the band · %B 0.25 · band width 18.0%
- SMA 50 / 200
- 58.33 / 43.72
- mixed trend
- MACD (12, 26, 9)
- -0.41 / 0.15
- 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 | −10.2% | −0.6% | −9.5 pp | — |
| 3 months | +19.1% | −4.2% | +23.3 pp | — |
| 6 months | +31.1% | +4.3% | +26.7 pp | — |
| Year to date | +122.4% | +7.5% | +114.9 pp | — |
| 1 year | +102.6% | +9.9% | +92.6 pp | −4.7% |
| 3 years | +202.8% | +49.8% | +152.9 pp | +12.7% |
| 5 years | −4.8% | +42.8% | −47.6 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 2-quarter history (min 40.9, median 63.0, max 85.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.5 bn |
| Revenue YoY | unavailable | −9.7% | +20.9% |
| Net income | 22.2 m | -3.2 m | 53.9 m |
| Net income YoY | unavailable | −114.6% | unavailable |
| Diluted EPS | 0.26 | -0.04 | 0.61 |
| Diluted EPS YoY | unavailable | −114.5% | unavailable |
| net % | 1.6% | -0.3% | 3.5% |
| Free cash flow | -284.4 m | -40.3 m | 437.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 435.5 m NOK
- Financial debt
- 0 NOK
- Net debt
- -435.5 m NOK
- Equity
- 758.7 m NOK
- Total assets
- 1.2 bn NOK
- Debt / equity
- 0.00x
- Current ratio
- 2.78x
- ROE
- 7.5%
- ROA
- 4.5%
- FCF margin
- 28.6%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.3 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 891.3 m | 775.7 m | 918.0 m | esef· 21 Oct 2026verified |
| Gross profit | 511.1 m ≈ | 491.2 m ≈ | 614.0 m ≈ | esef· 21 Oct 2026derived |
| Operating income | 13.2 m | 21.3 m | 85.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 29.9 m | 34.0 m | 37.7 m | esef· 21 Oct 2026verified |
| EBITDA | 43.1 m ≈ | 55.3 m ≈ | 123.5 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 3.1 m | 26.9 m | 20.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | 24.0 m | -2.8 m | 69.7 m | esef· 21 Oct 2026verified |
| Income tax | 1.8 m | 468.0 k | 15.8 m | esef· 21 Oct 2026verified |
| Net income | 22.2 m | -3.2 m | 53.9 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.26 | -0.04 | 0.61 | esef· 21 Oct 2026verified |
≈ 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 | 141.6 m | 177.7 m | 435.5 m | esef· 21 Oct 2026verified |
| Inventories | 447.3 m | 491.8 m | 221.8 m | esef· 21 Oct 2026verified |
| Current assets | 897.1 m | 935.4 m | 881.3 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 15.1 m | 14.5 m | 10.6 m | esef· 21 Oct 2026verified |
| Goodwill | 79.2 m | 81.7 m | 82.9 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 80.3 m | 101.9 m | 118.5 m | esef· 21 Oct 2026verified |
| Total assets | 1.2 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Short-term debt | 0 | 160.0 m | 0 | esef· 21 Oct 2026verified |
| Current liabilities | 368.7 m | 431.6 m | 317.1 m | esef· 21 Oct 2026verified |
| Total liabilities | 494.7 m | 533.7 m | 425.9 m | esef· 21 Oct 2026verified |
| Equity | 664.8 m | 678.6 m | 758.7 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 85.8 m | 87.5 m | 87.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -219.7 m | -35.3 m | 439.6 m | esef· 21 Oct 2026verified |
| Capex | 64.8 m | 5.0 m | 2.0 m | esef· 21 Oct 2026verified |
| Free cash flow | -284.4 m ≈ | -40.3 m ≈ | 437.6 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -35.0 m | -67.2 m | -10.2 m | esef· 21 Oct 2026verified |
| Financing cash flow | 293.4 m | 138.6 m | -171.6 m | esef· 21 Oct 2026verified |
| Share repurchases | 2.2 m | 0 | 1.5 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: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 4.9 bn NOK
Key indicators
Coverage and freshness
Score by group
- Quality75
- Returns0
- Balance sheet83
- Valuation30
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 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.5% | 73 (vs peers) | 13% |
| Net margin · Quality | 3.5% | 53 (vs peers) | 8% |
| FCF conversion · Quality | 812.0% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -3.5x | 100 (vs peers) | 13% |
| Interest coverage · Balance sheet | 4.2x | 42 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 91.0x | 5 (vs peers) | 13% |
| EV/EBITDA · Valuation | 35.8x | 0 (vs peers) | 13% |
| FCF yield · Valuation | 9.0% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet83/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation30/100 · 3/3 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
ZAPTEC ASA (ZAP.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 bn NOK in 2025; YoY growth 20.9%; net margin 3.5%; ROE 7.5%; net debt/EBITDA -3.5x.
The estimated value range is 16.40–19.27 NOK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 17.64 NOK, the price of 55.50 NOK leaves a potential of -68.2% (value / price − 1) and a margin of safety of -214.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, 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, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.5%
- FCF conversion: 812.0%
- Net debt / EBITDA: -3.5x
- Current ratio: 2.8x
- FCF yield: 9.0%
What contradicts it
- P/E (TTM): 91.0x
- EV/EBITDA: 35.8x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| ZAP.OLZaptec Asa | 4.9 bn | 91.0 | 7.5% | 3.5% | +20.9% | +129% / +240% |
| 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 ZAP.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 | 36.62 Total return -34% · Per year -34% | 64.45 Total return 16% · Per year 16% | 96.68 Total return 74% · Per year 74% |
| 3 years | 43.44 Total return -22% · Per year -8% | 85.24 Total return 54% · Per year 15% | 139.22 Total return 151% · Per year 36% |
| 5 years | 51.53 Total return -7% · Per year -1% | 112.73 Total return 103% · Per year 15% | 200.47 Total return 261% · Per year 29% |
- Exit P/E± 21.31
- Net margin± 14.92
- Annual revenue growth± 11.13
- Annual dilution± 1.25
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
Zaptec ASA designs and sells smart charging solutions for electric vehicles, aimed mainly at B2B customers across Europe, with hardware, software and cloud services developed in-house. The company ties its model to the electric mobility transition, and the 684173 MWh of energy consumption reported for 2025 shows the scale of its operations.
SWOT
Strengths
- In-house development of hardware, software and cloud services gives the company control over its products and customer experience.
- Third-party verified product environmental declarations and the sustainability score obtained support positioning in corporate procurement.
- A network of wholesalers and certified installers across Europe provides access to B2B customers without a large in-house sales force.
Weaknesses
- Manufacturing is outsourced to two contractors, which reduces control over costs and delivery timing.
- Most of the carbon footprint comes from the use of sold products, and the company has not yet set emissions reduction targets.
- Dependence on indirect channels such as wholesalers may limit visibility into final demand and into the relationship with end users.
Opportunities
- Growth of the electric vehicle fleet in Europe could expand the charger market for B2B customers.
- Developing connected services and energy management software could create more recurring revenue.
- Setting emissions reduction targets aligned with SBTi could strengthen the position in markets that demand climate transparency.
Threats
- Competitive pressure from manufacturers and charging operators could reduce prices and margins.
- Grid limitations could delay installations at large customers, and those delays would affect revenue.
- Changes in sustainability regulation or compliance requirements could increase operating costs.
Risks
- Dependence on contract manufacturershigh
Production relies on two external partners, and a disruption at either could affect deliveries and the sales timetable.
- Dependence on distribution channelsmedium
Sales pass through wholesalers and installers, so commercial performance depends on relationships with these partners.
- Price competitionmedium
The charger market is competitive, and pressure on prices could reduce margins if demand grows more slowly than supply.
- Distribution grid limitationsmedium
Insufficient grid capacity in some areas could slow installations and postpone revenue.
- Reporting and compliance requirementslow
Growing sustainability reporting requirements could increase administrative costs and expose the company to reporting errors.
Investment thesis
What would need to be true (bull case)
- If electric vehicle adoption in Europe continues, demand for smart chargers could grow steadily, and the existing product portfolio could benefit directly.
- If connected services reach a larger share of revenue, the company could build a more recurring and predictable revenue base.
- Sustainability documentation already verified by third parties could become a competitive advantage in public and corporate procurement that demands climate transparency.
What would break the thesis
- If manufacturing stays outsourced, the company could struggle to control costs and quality during periods of high demand.
- If competitive pressure on prices intensifies, margins could fall faster than sales volumes.
- If delays in the electricity grid persist, revenue could be postponed and growth plans could slow.
What to watch
- Publication of emissions reduction targets and the climate transition plan2026/2027
- Stability of relationships with contract manufacturers and any capacity changes2026
- Development of market share in the main European sales countriesQ1 2027
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
Zaptec designs and sells smart charging solutions for electric vehicles, for both residential and commercial use. Its core product portfolio includes Zaptec Pro, Zaptec Go, Zaptec Go2 and Zaptec Sense P1, and the company says it develops its hardware, software and cloud services internally. Manufacturing is outsourced to two contract manufacturers, Westcontrol AS and Sanmina Corporation, and sales go through electrical wholesalers, certified installers and, in Norway, a webshop.
The business model combines product sales with connected services and long-term support, which, according to the company, creates recurring value for customers. Customers include electrical wholesalers, property developers, facility managers, fleet operators and charging point operators. End users are commercial property owners, residential building associations, workplace charging operators and, in some cases, individual EV owners.
The company presents its products as directly linked to replacing combustion vehicles with electric ones, and the energy efficiency of smart charging is a central element of its strategy. Its sustainability reporting emphasises environmental product declarations, end-of-life programmes and management of value-chain emissions, where most of the climate impact sits.
Segments
Residential and commercial charging
The Zaptec Go and Zaptec Pro products cover both residential and commercial use, from office buildings and car parks to home charging. Sales typically pass through wholesalers and certified installers, which makes the distribution network an important driver of commercial volume.
Connected services and software
The company develops its own software and cloud services, which add to hardware sales and are presented as a source of recurring revenue. Zaptec Sense P1 and energy management solutions are examples of products aimed at optimising consumption and charging on the grid.
Market context
The company operates mainly in B2B markets across Europe, with sales organisations in Norway, Sweden, Denmark, the UK, France, Germany, Switzerland, the Netherlands and Italy. Products are sold across Europe and, selectively, in countries outside Europe, and the US subsidiary is registered as a separate entity in the annual report.
The EV charging market depends on the pace of electric vehicle adoption and grid development, and these two trends can differ significantly between the countries where the company is present. A stable regulatory framework for charging infrastructure could support long-term demand.
Trends
- Electric vehicle adoptiontailwind
Each product sold supports the replacement of a combustion vehicle with an electric one, so growth in the electric car segment is a direct driver of charger demand.
- Grid capacitymixed
Distribution grid limitations can slow installations, especially in commercial buildings and high-consumption areas, and the company presents smart charging as a response to this constraint.
- Sustainability and reporting requirementsmixed
Pressure for product environmental declarations and supply chain transparency could favour companies that already hold such documents, such as Zaptec, but it also raises compliance costs.
- Component and manufacturing costsheadwind
Reliance on external contractors for manufacturing and component suppliers exposes the company to swings in raw material and logistics prices, which could affect margins.
Competitive position
The EV charger market is competitive, with many manufacturers and distribution chains trying to reach the same installer and wholesaler channels. The source texts do not name direct competitors, so characterising the company's comparative position requires additional sources.
Zaptec's stated advantage lies in developing its hardware, software and cloud services in-house, combined with a distribution partner network across Europe. Whether this integration translates into larger market share depends on future commercial performance.
- European EV charger manufacturers
Companies selling chargers to B2B and residential customers through the same distribution channels; the source texts do not name them.
- Charging network operators
Providers of public and private charging services that may compete for the same contracts with fleet operators and building owners.
- Energy management solution providers
Companies offering load balancing and consumption optimisation software, a segment where Zaptec has its own products.
- Electrical equipment distributors
Wholesalers that could develop their own charger lines or favour particular manufacturers in their relationships with installers.
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 / Zaptec 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.