olivLaw · European equity research
Arendals Fossekompani ASA AFK.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
Arendals Fossekompani ASA is a Norwegian holding company with majority stakes in three industrial and technology businesses: ENRX (induction heating), NSSLGlobal (secure satellite communications) and Tekna (advanced metal powders). The group went through a difficult 2025, largely due to ENRX's Charge division, which it has partly sold.
At the close of 04 Nov 2026, Arendals Fossekompani ASA (AFK.OL) stock was 186.50 NOK (+0.00% on the day), with market capitalisation 10.3 bn NOK, dividend yield 1.07%, beta 0.25, 52-week range 130.00–201.00 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)
- 54.1
- neutral
- Bollinger (20, 2)
- 175.81 – 190.69
- in the upper half of the band · %B 0.72 · band width 8.1%
- SMA 50 / 200
- 184.03 / 176.56
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.32 / -0.11
- 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 | +0.5% | −1.5% | +2.0 pp | — |
| 3 months | +2.2% | −5.3% | +7.5 pp | — |
| 6 months | −1.1% | +4.7% | −5.7 pp | — |
| Year to date | +38.1% | +6.0% | +32.1 pp | — |
| 1 year | +40.2% | +8.2% | +32.0 pp | −5.7% |
| 3 years | +41.5% | +47.2% | −5.7 pp | +15.4% |
| 5 years | −53.1% | +41.8% | −94.9 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 | 3.9 bn | 4.4 bn | 3.7 bn |
| Revenue YoY | unavailable | +11.9% | −14.9% |
| Net income | 32.6 m | 2.2 bn | -114.4 m |
| Net income YoY | unavailable | +6,765.8% | −105.1% |
| Diluted EPS | 0.59 | 40.72 | -2.08 |
| Diluted EPS YoY | unavailable | +6,801.7% | −105.1% |
| net % | 0.8% | 51.3% | -3.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn NOK
- Financial debt
- 798.0 m NOK
- Net debt
- -715.2 m NOK
- Equity
- 5.1 bn NOK
- Total assets
- 8.3 bn NOK
- Debt / equity
- 0.16x
- Current ratio
- 1.48x
- ROE
- -2.2%
- ROA
- -1.3%
- 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 | 3.9 bn | 4.4 bn | 3.7 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 1.5 bn | 1.9 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Gross profit | 2.4 bn ≈ | 2.5 bn ≈ | 2.2 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 443.7 m | 393.8 m | -18.9 m | esef· 21 Oct 2026verified |
| Interest expense | 124.3 m | 248.1 m | 164.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 455.8 m | 227.3 m | 60.6 m | esef· 21 Oct 2026verified |
| Income tax | 394.5 m | 269.7 m | 212.3 m | esef· 21 Oct 2026verified |
| Net income | 32.6 m | 2.2 bn | -114.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.59 | 40.72 | -2.08 | esef· 21 Oct 2026verified |
| Dividend per share | 4.55 | 4.56 | 2.00 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.9 bn | 1.8 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Inventories | 1.3 bn | 803.3 m | 656.0 m | esef· 21 Oct 2026verified |
| Current assets | 4.8 bn | 3.7 bn | 3.1 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Total assets | 9.1 bn | 8.9 bn | 8.3 bn | esef· 21 Oct 2026verified |
| Short-term debt | 234.7 m | 110.0 m | 497.1 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.7 bn | 776.5 m | 300.9 m | esef· 21 Oct 2026verified |
| Current liabilities | 2.8 bn | 1.8 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Equity | 3.6 bn | 5.4 bn | 5.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 55.2 m | 55.0 m | 55.0 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -398.4 m | 743.5 m | 253.4 m | esef· 21 Oct 2026verified |
| Investing cash flow | -1.0 bn | 327.2 m | -248.9 m | esef· 21 Oct 2026verified |
| Financing cash flow | 1.0 bn | -1.3 bn | -245.7 m | esef· 21 Oct 2026verified |
| Dividends paid | 251.2 m | 250.3 m | 135.4 m | esef· 21 Oct 2026verified |
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.3 bn NOK
Key indicators
Coverage and freshness
Score by group
33% · 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: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.4% | 14 (vs peers) | 31% |
| Net margin · Quality | -3.1% | 29 (vs peers) | 19% |
| 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 | -0.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet23/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality19/100 · 2/3 factors with a value
- Returns· partial19/100 · 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
ARENDALS FOSSEKOMPANI ASA (AFK.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.7 bn NOK in 2025; YoY growth -14.9%; net margin -3.1%; ROE -2.3%.
The estimated value range is 19.62–24.24 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 21.68 NOK, the price of 186.50 NOK leaves a potential of -88.4% (value / price − 1) and a margin of safety of -760.1% (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 (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- ROIC: -0.4%
- Net margin: -3.1%
- Interest coverage: -0.1x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, 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 | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for AFK.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
Arendals Fossekompani ASA is a Norwegian holding company with majority stakes in three industrial and technology businesses: ENRX (induction heating), NSSLGlobal (secure satellite communications) and Tekna (advanced metal powders). The group went through a difficult 2025, largely due to ENRX's Charge division, which it has partly sold.
SWOT
Strengths
- Diversified portfolio of industrial and technology holdings with established customer bases.
- NSSLGlobal has long-term contracts with governmental institutions and a strong order backlog.
- ENRX has maintained its market share in Heat despite lower revenue.
Weaknesses
- ENRX reported a large operating loss in 2025, mainly linked to the Charge division.
- Tekna continues to report operating losses.
- ENRX was in breach of the equity ratio covenant in its facility agreement at year end 2025.
Opportunities
- A recovery in Heat demand could support ENRX profitability if markets stabilise.
- NSSLGlobal is entering new markets, including critical infrastructure for utilities.
- The energy transition could create demand for efficient industrial equipment.
Threats
- Geopolitical tensions and tariff instability could keep customer investments on hold.
- LEO constellations could keep reducing margins in satellite communications.
- Automotive overcapacity could prolong weak demand for hardening equipment.
Risks
- Covenant breachhigh
ENRX was in breach of the equity ratio covenant at 31 December 2025, and related borrowings were classified as current. The breach was remedied on 16 March 2026.
- Charge impairmentshigh
Impairments and provisions linked to the Charge sale weigh on results and could affect capital.
- Weak industrial demandmedium
ENRX customers have delayed investments and sales cycles have lengthened.
- Satellite margin pressuremedium
The shift toward higher value-added services could structurally lower NSSLGlobal margins.
- Reliance on government contractslow
NSSLGlobal revenue depends largely on government and defence budgets, which could change.
Investment thesis
What would need to be true (bull case)
- If Heat demand returns to 2024 levels, ENRX could return to profitability.
- NSSLGlobal order backlog provides visibility into 2026 and 2027.
- The partial sale of Charge could reduce exposure to uncertain early-phase markets.
What would break the thesis
- If tariff tensions persist, the ENRX recovery could be delayed.
- LEO constellations could continue to compress NSSLGlobal margins.
- The breached covenant points to pressure on ENRX capital structure.
What to watch
- ENRX Heat order intake and backlog development2026
- Confirmation that the ENRX covenant remedy holds2026
- NSSLGlobal operating margins as the business mix shifts to services2026
- Completion of the remaining Charge stake sale and its capital impactnext 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
Arendals Fossekompani ASA manages a portfolio of majority holdings in industrial and technology companies. ENRX, 98% owned, is a global leader in induction heating systems, with operating revenue of 1,657 MNOK in 2025 1. NSSLGlobal, 80% owned, provides satellite communications and secure IT support, with revenue and other income of 1,293 MNOK 1. Tekna, 72% owned, produces high-purity metal powders and plasma systems, with operating revenue of 264 MNOK 1.
Segments
ENRX (Heat)
The Heat division accounts for over 95% of ENRX revenue and serves automotive, tube and pipe, renewable energy and HVAC customers in 20 countries 1.
NSSLGlobal
The Government & Defence sector generated 64% of revenue in 2025, and the company holds long-term contracts with governmental institutions in the UK and Germany 1.
Tekna
Tekna supplies metal powders for additive manufacturing in aerospace and defence, medical and consumer electronics 1.
Market context
The heating equipment market stayed difficult in 2025, with customers postponing investments due to geopolitical tensions and unstable tariff regimes. ENRX expects a gradual recovery, but management says decision cycles will remain longer than normal over the coming 12-18 months 1. In satellite communications, the arrival of LEO constellations keeps pressure on airtime margins 1.
Trends
- Automotive overcapacityheadwind
Global overcapacity in the automotive sector has weighed on demand for hardening machines, an important ENRX Heat product category 1.
- Geopolitical tensions and tariffsheadwind
Customers have postponed investment decisions due to geopolitical tensions and unstable tariff regimes 1.
- Energy transitionmixed
Underlying demand for ENRX heating products remains, and renewable energy is one of its served industries 1.
- LEO satellite constellationsheadwind
LEO constellations offer lower-cost alternatives to GEO-based solutions, putting sustained pressure on NSSLGlobal airtime margins 1.
Competitive position
Each holding competes with specialised players. ENRX relies on its long experience and on maintaining its Heat market share despite lower revenue 1. NSSLGlobal competes with satellite communication providers in maritime and government markets 1.
- Induction heating system suppliers
Regional and global competitors of ENRX Heat, not named in the source.
- GEO VSAT providers and LEO operators
Satellite communications competition, including LEO constellation operators that pressure margins.
- Metal powder producers for additive manufacturing
Competitors of Tekna in advanced materials for aerospace and medical uses.
- Government IT service providers
Competitors of NSSLGlobal in defence and government contracts.
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 / Arendals Fossekompani 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.