olivLaw · European equity research
ENDÚR ASA ENDUR.OL
Norway · Euronext Oslo Børs · ISIN NO0012555459 · Vertical: Listed companies from Norway
ENDÚR ASA is a Nordic industrial group specialised in infrastructure, aquaculture solutions and maritime services, active mainly in Norway and Sweden. The group expanded through acquisitions in 2025, and its order backlog and high tender activity provide visibility for the coming years.
At the close of 06 Nov 2026, ENDÚR ASA (ENDUR.OL) stock was 126.60 NOK (−2.16% on the day), with market capitalisation 6.0 bn NOK, P/E 46.0 on diluted EPS of 2.75 NOK over the last 12 months, beta 0.48, 52-week range 82.40–130.00 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)
- 62.9
- strong (55–70)
- Bollinger (20, 2)
- 111.44 – 131.52
- in the upper half of the band · %B 0.75 · band width 16.5%
- SMA 50 / 200
- 113.89 / 111.30
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.17 / 3.61
- 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 | +9.9% | −0.6% | +10.5 pp | — |
| 3 months | +6.7% | −4.2% | +10.9 pp | — |
| 6 months | +7.5% | +4.3% | +3.1 pp | — |
| Year to date | +39.6% | +7.5% | +32.1 pp | — |
| 1 year | +50.7% | +9.9% | +40.8 pp | −4.7% |
| 3 years | +188.4% | +49.8% | +138.5 pp | +12.7% |
| 5 years | +230.1% | +42.8% | +187.3 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 50 percentile of its own 2-quarter history (min 33.0, median 46.4, max 59.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.0 bn | 2.8 bn | 6.4 bn |
| Revenue YoY | unavailable | +40.9% | +130.2% |
| Net income | -27.0 m | 43.4 m | 133.8 m |
| Net income YoY | unavailable | unavailable | +208.3% |
| Diluted EPS | -0.84 | 1.16 | 2.75 |
| Diluted EPS YoY | unavailable | unavailable | +137.1% |
| net % | -1.4% | 1.6% | 2.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.3 bn NOK
- Financial debt
- 914.6 m NOK
- Net debt
- -365.8 m NOK
- Equity
- 2.3 bn NOK
- Total assets
- 6.3 bn NOK
- Debt / equity
- 0.39x
- Current ratio
- 1.01x
- ROE
- 7.5%
- ROA
- 2.9%
- 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 | 2.0 bn | 2.8 bn | 6.4 bn | esef· 21 Oct 2026verified |
| Operating income | 86.1 m | 146.7 m | 322.0 m | esef· 21 Oct 2026verified |
| Interest expense | 132.9 m | 97.2 m | 175.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | -33.5 m | 55.1 m | 167.3 m | esef· 21 Oct 2026verified |
| Income tax | -6.4 m | 11.6 m | 32.9 m | esef· 21 Oct 2026verified |
| Net income | -27.0 m | 43.4 m | 133.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.84 | 1.16 | 2.75 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 103.2 m | 192.5 m | 1.3 bn | esef· 21 Oct 2026verified |
| Receivables | 569.8 m | 498.1 m | 1.1 bn | esef· 21 Oct 2026verified |
| Inventories | 41.9 m | 55.5 m | 79.8 m | esef· 21 Oct 2026verified |
| Current assets | 822.0 m | 903.7 m | 2.6 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 466.3 m | 443.5 m | 441.3 m | esef· 21 Oct 2026verified |
| Total assets | 2.9 bn | 3.1 bn | 6.3 bn | esef· 21 Oct 2026verified |
| Accounts payable | 563.3 m | 624.6 m | 1.7 bn | esef· 21 Oct 2026verified |
| Long-term debt | 645.9 m | 541.1 m | 914.6 m | esef· 21 Oct 2026verified |
| Current liabilities | 806.2 m | 918.3 m | 2.6 bn | esef· 21 Oct 2026verified |
| Total liabilities | 1.7 bn | 1.8 bn | 4.0 bn | esef· 21 Oct 2026verified |
| Equity | 1.2 bn | 1.2 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 32.1 m | 36.8 m | 47.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 133.0 m | 493.6 m | 1.0 bn | esef· 21 Oct 2026verified |
| Investing cash flow | -141.7 m | -81.7 m | -324.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | -225.3 m | -313.4 m | 389.4 m | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 11.4 m | 26.0 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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 bn NOK
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.5% | 77 (vs peers) | 24% |
| Net margin · Quality | 2.1% | 45 (vs peers) | 14% |
| 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 | 1.8x | 5 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 46.0x | 10 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet10/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation· partial10/100 · 1/3 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
ENDÚR ASA (ENDUR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.4 bn NOK in 2025; YoY growth 130.2%; net margin 2.1%; ROE 7.5%.
The estimated value range is 25.18–86.88 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 54.34 NOK, the price of 126.60 NOK leaves a potential of -57.1% (value / price − 1) and a margin of safety of -133.0% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.5%
What contradicts it
- Interest coverage: 1.8x
- Current ratio: 1.0x
- P/E (TTM): 46.0x
- Shareholder yield (distributions): 0.4%
- 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, 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 | 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% |
| ENDUR.OLEndúr Asa | 6.0 bn | 46.0 | 7.5% | 2.1% | +130.2% | +48% / +227% |
| 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 ENDUR.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 | 84.23 Total return -33% · Per year -33% | 148.24 Total return 17% · Per year 17% | 222.36 Total return 76% · Per year 76% |
| 3 years | 99.91 Total return -21% · Per year -8% | 196.04 Total return 55% · Per year 16% | 320.19 Total return 153% · Per year 36% |
| 5 years | 118.51 Total return -6% · Per year -1% | 259.27 Total return 105% · Per year 15% | 461.08 Total return 264% · Per year 29% |
- Exit P/E± 49.01
- Net margin± 34.31
- Annual revenue growth± 25.59
- Annual dilution± 2.88
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
ENDÚR ASA is a Nordic industrial group specialised in infrastructure, aquaculture solutions and maritime services, active mainly in Norway and Sweden 1. The group expanded through acquisitions in 2025, and its order backlog and high tender activity provide visibility for the coming years 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Liquidity riskhigh
Revenue depends on projects, and late client payments can affect the group's ability to pay its subcontractors 1.
- Project riskmedium
Execution and counterparty risk may be amplified by adverse liquidity consequences 1.
- Interest rate and currency riskmedium
Financing is largely at floating rates and part of the bank debt is in SEK, exposing the group to market moves 1.
- Climate and environmental riskmedium
The business has high impact on emissions and biodiversity, and extreme weather can affect the timing of work 1.
- Framework contract renewal risklow
Renewal of larger framework contracts is a risk, particularly for the maritime segment 1.
Investment thesis
What would need to be true (bull case)
- If demand for rehabilitation and aquaculture stays strong, the backlog and acquisitions could support growth 1.
- The niche position and technical expertise may offer advantages in the fragmented projects the group pursues 1.
- Diversification across segments and across public and private clients may reduce the impact of a slowdown in one market 1.
What to watch
- Development of the order backlog and pipeline conversion rate2026
- Renewal of framework agreements in the maritime segment2026
- Integration of companies acquired in 2025 and comparability of data2026
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
ENDÚR ASA operates as a specialist niche supplier delivering complex projects to public and private clients in the Nordic market, using its own expertise and trusted partners 1. The group has three segments: Infrastructure, Aquaculture Solutions and Other, which includes maritime services 1. Key inputs are concrete, steel, machinery, energy and labour, with most materials sourced from the Nordics and Northern Europe 1.
Segments
Infrastructure
The segment rehabilitates concrete and steel structures such as bridges, quays, dams and railways, and carries out marine works and renewable energy installations 1. The report says the sector offers growth from public investment and a significant maintenance backlog 1.
Market context
Trends
- Shift towards smaller projects and rehabilitationtailwind
The move from large projects to a fragmented market with rehabilitation work fits the group's niche expertise, if this trend continues 1.
- Defence and real estate demand in Swedentailwind
Defence spending and a favourable real estate market could support demand in Sweden, where performance remains below long-term ambitions 1.
- Stricter climate and reporting requirementsmixed
Regulation and public client expectations on sustainability increase pressure for lower emissions and transparent supply chains 1.
- Dependence on project timingheadwind
Revenue depends on project timing and on converting the pipeline into contracts, which can limit short-term predictability 1.
Competitive position
The markets the group serves are described as fragmented with many niche providers, and competition centres on tenders and execution capacity 1. Specific competitors are not named in the analysed source.
- Regional infrastructure and construction contractors in Norway and Sweden
The source does not name competitors; the group works in fragmented markets with many regional providers 1.
- Land-based aquaculture operators and fish farm equipment suppliers
The source does not name specific competitors but notes growing investment in land-based aquaculture 1.
- Ship maintenance service providers
The maritime segment competes for new contracts after earlier framework agreements ended 1.
- Large construction contractors with a Nordic presence
The source names no firms; the group describes its projects as niche and less complex than large projects 1.
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 / ENDÚR 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.