olivLaw · European equity research
ENTRA ASA ENTRA.OL
Norway · Euronext Oslo Børs · ISIN NO0010716418 · Vertical: Listed companies from Norway
ENTRA ASA is a Norwegian office property owner active mainly in Oslo and Bergen, aiming to be the preferred landlord for office space. For fiscal 2025 it reported a profit after tax of 1 266 million NOK, while rental income eased slightly and occupancy fell to 93.8 per cent.
At the close of 06 Nov 2026, ENTRA ASA (ENTRA.OL) stock was 99.60 NOK (−0.20% on the day), with market capitalisation 18.2 bn NOK, P/E 15.8 on diluted EPS of 6.32 NOK over the last 12 months, dividend yield 1.10%, beta 0.28, 52-week range 90.20–116.20 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 66.5
- strong (55–70)
- Bollinger (20, 2)
- 89.53 – 99.98
- in the upper half of the band · %B 0.96 · band width 11.0%
- SMA 50 / 200
- 97.47 / 104.99
- mixed trend
- MACD (12, 26, 9)
- 0.66 / -0.33
- 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 | +7.7% | −0.6% | +8.3 pp | — |
| 3 months | −6.2% | −4.2% | −2.0 pp | — |
| 6 months | −4.6% | +4.3% | −8.9 pp | — |
| Year to date | −13.8% | +7.5% | −21.4 pp | — |
| 1 year | −10.6% | +9.9% | −20.5 pp | −5.7% |
| 3 years | +6.0% | +49.8% | −43.9 pp | +15.0% |
| 5 years | −52.6% | +42.8% | −95.4 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 0 percentile of its own 2-quarter history (min 18.3, median 453.8, max 889.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -5.4 bn | 13.0 m | 1.2 bn |
| Net income YoY | unavailable | unavailable | +8,761.5% |
| Diluted EPS | -29.95 | 0.13 | 6.32 |
| Diluted EPS YoY | unavailable | unavailable | +4,761.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 261.0 m NOK
- Financial debt
- 27.3 bn NOK
- Net debt
- 27.1 bn NOK
- Equity
- 26.5 bn NOK
- Total assets
- 65.3 bn NOK
- Debt / equity
- 1.03x
- Current ratio
- 0.27x
- ROE
- 4.4%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 977.0 m | 1.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Pre-tax income | -6.9 bn | -534.0 m | 1.6 bn | esef· 21 Oct 2026verified |
| Income tax | 13.0 m | 13.0 m | 16.0 m | esef· 21 Oct 2026verified |
| Net income | -5.4 bn | 13.0 m | 1.2 bn | esef· 21 Oct 2026verified |
| Diluted EPS | -29.95 | 0.13 | 6.32 | esef· 21 Oct 2026verified |
| Dividend per share | 2.50 | 0.00 | 1.10 | esef· 21 Oct 2026derived |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 171.0 m | 264.0 m | 261.0 m | esef· 21 Oct 2026verified |
| Inventories | 481.0 m | 495.0 m | 508.0 m | esef· 21 Oct 2026verified |
| Current assets | 1.7 bn | 1.6 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Total assets | 73.3 bn | 64.5 bn | 65.3 bn | esef· 21 Oct 2026verified |
| Long-term debt | 38.2 bn | 23.4 bn | 27.3 bn | esef· 21 Oct 2026verified |
| Current liabilities | 1.8 bn | 8.6 bn | 4.2 bn | esef· 21 Oct 2026verified |
| Total liabilities | 47.8 bn | 38.9 bn | 38.7 bn | esef· 21 Oct 2026verified |
| Equity | 25.6 bn | 25.6 bn | 26.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 181.9 m | 100.0 m | 182.3 m | esef· 21 Oct 2026derived |
Cash flow · NOK
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 18.2 bn NOK
Key indicators
Coverage and freshness
Score by group
31% · 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.7% | 26 (vs peers) | 33% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 15.8x | 55 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.1% | 16 (on a fixed band) | 20% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partial16/100 · 1/2 factors with a value
- Valuation· partial55/100 · 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
ENTRA ASA (ENTRA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.7%.
The estimated value range is 57.88–199.66 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 124.87 NOK, the price of 99.60 NOK leaves a potential of 25.4% (value / price − 1) and a margin of safety of 20.2% (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: 4 of at least 6; score weight coverage: 31.2% 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: 2.7%
- Current ratio: 0.3x
- Shareholder yield (distributions): 1.1%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for ENTRA.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
Scenarios are not available. input data missing
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
ENTRA ASA is a Norwegian office property owner active mainly in Oslo and Bergen, aiming to be the preferred landlord for office space. For fiscal 2025 it reported a profit after tax of 1 266 million NOK, while rental income eased slightly and occupancy fell to 93.8 per cent.
SWOT
Strengths
- Well-connected locations in Oslo and Bergen and a portfolio anchored by high-quality public and private tenants.
- High tenant satisfaction and long-standing relationships that support lease renewal rates.
- Experience with green buildings and certifications, which may facilitate access to favourable financing.
Weaknesses
- Occupancy fell in 2025, especially in Oslo, reducing rental income compared with the prior year.
- Significant financial debt, exposing the company to changes in financing costs.
- Volatile results from development and sales projects, which can affect net income from year to year.
Opportunities
- Growing demand for modern, flexible and sustainable space could support letting of vacant areas.
- Lower operating and energy costs through a more efficient and climate-resilient portfolio.
- Use of inventory land for residential development, if zoning and sales proceed as planned.
Threats
- The office market could remain under pressure if demand for traditional space keeps declining.
- Changes in long-term interest rates may affect property valuations and financial instruments.
- Competition from other owners and flexible space operators could reduce rents or occupancy.
Risks
- Portfolio vacancyhigh
Rising vacancy, especially in Oslo, can reduce rental income if space is not re-let.
- Indebtedness and financing costhigh
Large financial debt makes net income sensitive to changes in the cost of financing.
- Property valuationsmedium
Changes in long-term interest rates can influence the value of investment properties and financial instruments.
- Development project resultsmedium
Revenues and costs from development projects can vary significantly, making profit harder to forecast.
- Changing tenant requirementslow
If demand for traditional offices keeps falling, the company could need additional investment to adapt its spaces.
Investment thesis
What would need to be true (bull case)
- The company could benefit if occupancy recovers, given the estimated market rent of vacant space and CPI-indexed leases.
- High tenant satisfaction and a solid WAULT may support long-term revenue stability.
- If financing costs continue to fall, profit from property management could rise again.
What would break the thesis
- If vacancy in Oslo persists, rental income could remain below earlier levels.
- High debt makes results vulnerable to higher financing costs or further interest rate changes.
What to watch
- Development of occupancy and vacancy in the managed Oslo portfolioQ1 2027
- Effect of the 3.0 per cent CPI adjustment applied from January 2026 on rental income2026
- Development of the all-in net financing cost and debt refinancingnext 10-K
- Results of development projects and sales of inventory properties2027
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
ENTRA ASA aims to be the first choice for office space in Norway, relying on well-connected locations in Oslo and Bergen, close tenant relationships and a modern offering of flexible spaces 1. Property management is carried out by the company's own employees, supported by a dedicated customer service centre 1. Rental income for 2025 was 3 098 million NOK and net income from property management 1 424 million NOK 1.
The portfolio is anchored by public-sector and high-quality private tenants, with a WAULT of 6.0 years at the end of 2025 1. The company applies sustainability strategies, including emissions reduction targets validated by SBTi, and pursues BREEAM certification of its buildings 1. These features support access to green financing on the terms the company describes 1.
Activity also includes completed projects in Oslo and Bergen and the sale of the Trondheim portfolio in 2024, treated as a discontinued operation 1. The company keeps inventory properties intended for residential development at Bryn in Oslo 1.
Segments
Market context
The office market in Oslo and Bergen is characterised by changing tenant requirements, with growing demand for flexible, collaborative spaces with added amenities 1. Indexation of leases to CPI, a 2.4 per cent adjustment from January 2025 and CPI of 3.0 per cent for 2025 applied from January 2026, support rent levels 1.
The estimated market rent of vacant space is 211 million NOK annualised at 31 December 2025, indicating the letting potential of the portfolio if occupancy recovers 1. Pressure on demand for traditional offices remains a point of attention for the market 1.
Trends
- Rent indexation to inflationtailwind
Nearly all lease contracts are indexed to CPI, which can support revenues if inflation stays elevated 1.
- Demand for flexible and collaborative spacetailwind
Tenants increasingly seek modern offices with collaboration areas and support services, which could favour landlords with adapted products 1.
- Higher vacancy in Osloheadwind
Rising vacancy in the managed Oslo portfolio reduced occupancy, and if the trend continues revenues could be affected 1.
- Financing costs and demand for sustainabilitymixed
The all-in net financing cost fell, but green financing with terms linked to sustainability performance could lower costs if standards are maintained 1.
Competitive position
The supplied sources do not detail the company's direct competitors. ENTRA describes its position as the preferred landlord in its core market, supported by locations, service quality and tenant satisfaction scores 1.
The tenant satisfaction score, an area-weighted 86, is above the industry benchmark of 80, indicating a service advantage over the market 1. Competition could intensify if other owners offer similar flexible spaces.
- Other office owners in Oslo
Local competitors not named in the source, targeting the same public and private tenants.
- Office owners in Bergen
Regional competitors in the company's second core market, not detailed in the source.
- Flexible workspace operators
Operators offering flexible workspaces that could compete for tenants with changing needs.
- Green building owners
Competitors that may contest tenants interested in certified and energy-efficient buildings.
News & filings
In the press
- Microsoft urges Entra ID admins to migrate users to passkeysBleepingComputer · 28 Oct 2026 · EN
- Microsoft to block Entra ID script injection attacks starting OctoberBleepingComputer · 30 Sept 2026 · EN
- Cuánto costará la suscripción de Amazon Prime tras el aumento de precio en México que entra en vigor a partir de octubre para los usuarios actuales según la modalidad de pago contratada y su fecha de corteSurge — GDELT DOC · 23 Sept 2026 · RO
- A partir del 3 de noviembre entra en vigor regulación del uso de celulares en escuelas : Claudia SheinbaumSurge — GDELT DOC · 22 Sept 2026 · RO
- Microsoft reminds admins to migrate Entra ID users to passkeysBleepingComputer · 21 Sept 2026 · EN
- A Beginner's Deep Dive Guide to Entra PasskeysHacker News · 02 Sept 2026 · EN
- Microsoft warns of max severity Entra ID flaw exploited in attacksBleepingComputer · 21 Aug 2026 · EN
- Microsoft sounds alarm over perfect-10 Entra ID flawThe Register · 21 Aug 2026 · EN
- Microsoft sounds alarm as perfect-10 Entra ID flaw comes under attackThe Register · 21 Aug 2026 · EN
- Microsoft Entra ID Flaw (CVSS 10.0) Exploited in Wild, Allows Remote Code ExecutionThe Hacker News · 21 Aug 2026 · EN
- Malware Can Abuse Windows Hello for Business Keys for Persistent Entra ID AccessThe Hacker News · 07 Aug 2026 · RO
- Microsoft Entra ID gets passkeys default authentication starting SeptemberBleepingComputer · 14 Jul 2026 · RO
- OAuth Client ID Spoofing Lets Attackers Validate Stolen Microsoft Entra CredentialsThe Hacker News · 14 Jul 2026 · RO
- Breach at the Beach: Play the Ultimate Entra ID CTFBleepingComputer · 13 Jul 2026 · RO
- Hackers Use Fake Microsoft Entra Passkey Enrollment to Gain Microsoft 365 AccessThe Hacker News · 10 Jul 2026 · RO
- Entra passkey enrollment vishing targets Microsoft 365 usersBleepingComputer · 08 Jul 2026 · RO
- Messi supera los US$1.000M y entra al club de multimillonariosBloomberg Markets · 22 May 2026 · EN
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 / ENTRA 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.