olivLaw · European equity research
Saga Pure ASA SAGA.OL
Norway · Euronext Oslo Børs · ISIN NO0010572589 · Vertical: Listed companies from Norway
Saga Pure ASA is a Norwegian company engaged in investment, management and services within industry, energy and similar businesses, with a financial position its management describes as sound. The 2025 annual report shows consolidated equity of NOK 1129.5 million and a net book equity ratio of 99.2 percent, making its strategy and risks relevant as the Iran conflict continues.
At the close of 06 Nov 2026, Saga Pure ASA (SAGA.OL) stock was 1.49 NOK (−0.67% on the day), with market capitalisation 728.6 m NOK, P/E 149.0 on diluted EPS of 0.01 NOK over the last 12 months, beta 0.10, 52-week range 1.33–1.70 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)
- 44.2
- weak (30–45)
- Bollinger (20, 2)
- 1.48 – 1.57
- in the lower half of the band · %B 0.15 · band width 6.1%
- SMA 50 / 200
- 1.54 / 1.53
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −1.7% | −0.6% | −1.0 pp | — |
| 3 months | −6.3% | −4.2% | −2.1 pp | — |
| 6 months | +1.4% | +4.3% | −3.0 pp | — |
| Year to date | −1.3% | +7.5% | −8.8 pp | — |
| 1 year | +9.6% | +9.9% | −0.4 pp | −5.7% |
| 3 years | +8.6% | +49.8% | −41.2 pp | +15.0% |
| 5 years | −49.1% | +42.8% | −92.0 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 124.5, median 137.8, max 151.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -136.9 m | 3.0 m | 8.3 m |
| Net income YoY | unavailable | unavailable | +178.2% |
| Diluted EPS | -0.28 | 0.01 | 0.01 |
| Diluted EPS YoY | unavailable | unavailable | 0.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 288.3 m NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 1.1 bn NOK
- Total assets
- 1.1 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 0.8%
- ROA
- 0.8%
- 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 | -157.1 m | -32.4 m | 6.8 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | — | 0 | 1.0 m | esef· 21 Oct 2026verified |
| EBITDA | — | -32.4 m ≈ | 7.8 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | -136.9 m | 3.0 m | 8.2 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | -43.0 k | esef· 21 Oct 2026verified |
| Net income | -136.9 m | 3.0 m | 8.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.28 | 0.01 | 0.01 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 696.0 m | 644.1 m | 288.3 m | esef· 21 Oct 2026verified |
| Receivables | 43.0 k | 0 | — | esef· 08 May 2025verified |
| Current assets | 836.2 m | 872.1 m | — | esef· 08 May 2025verified |
| Total assets | 871.4 m | 872.1 m | 1.1 bn | esef· 21 Oct 2026verified |
| Accounts payable | 420.0 k | 451.0 k | — | esef· 08 May 2025verified |
| Current liabilities | 5.7 m | 3.4 m | — | esef· 08 May 2025verified |
| Total liabilities | 5.7 m | 3.4 m | 9.2 m | esef· 21 Oct 2026verified |
| Equity | 865.7 m | 868.7 m | 1.1 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 489.0 m | — | — | esef· 08 May 2025derived |
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: 1 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 728.6 m NOK
Key indicators
Coverage and freshness
Score by group
10% · 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: 1 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 149.0x | 0 (vs peers) | 100% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| 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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
SAGA PURE ASA (SAGA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 0.8%.
The estimated value range is 0.09–0.32 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.20 NOK, the price of 1.49 NOK leaves a potential of -86.7% (value / price − 1) and a margin of safety of -654.1% (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: 1 of at least 6; score weight coverage: 10.4% 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
- P/E (TTM): 149.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 SAGA.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
Saga Pure ASA is a Norwegian company engaged in investment, management and services within industry, energy and similar businesses, with a financial position its management describes as sound. The 2025 annual report shows consolidated equity of NOK 1129.5 million and a net book equity ratio of 99.2 percent, making its strategy and risks relevant as the Iran conflict continues 1.
SWOT
Strengths
- Solid financial structure with a high equity-to-assets ratio and available cash, according to management 1.
- Declared experience of the board and management in mergers, acquisitions, transactions and listings 1.
- A broad business clause that allows diversification into industry, energy and similar businesses 1.
Weaknesses
- The dividend policy is not clearly set out and the board has made no dividend suggestion 1.
- Authorizations for share issues and buybacks run longer than until the next general meeting, which are deviations from the code 1.
- A former board member's related management services arrangement constituted a deviation until its termination 1.
Opportunities
Risks
- Market risk from the Iran conflicthigh
Continuation or escalation of the war could affect asset prices worldwide and, indirectly, the company's earnings 1.
- Shareholder dilutionmedium
The capital increase authorization allows share issues with pre-emptive rights deviated from, which could dilute existing shareholders 1.
- Governance deviationsmedium
Authorizations longer than until the next general meeting and the lack of detailed dividend justification could affect confidence 1.
- Unclear dividend policylow
The absence of a dividend suggestion makes near-term income expectations for shareholders harder to estimate 1.
- Reliance on investment strategymedium
Results could depend on the success of acquisitions and investments in industry and energy, which the report does not detail 1.
Investment thesis
What would need to be true (bull case)
- A solid capital structure with a high equity-to-assets ratio could offer stability if markets become more volatile 1.
- Authorizations for investments and mergers could let the company pursue growth opportunities 1.
- Declared management experience in transactions and listings could support business development 1.
What would break the thesis
What to watch
- Development of the Iran conflict and its effect on asset prices2026
- General meeting decision on renewing share issue and buyback authorizations2026
- Dividend policy and any dividend suggestion from the boardnext annual report
- Announced investments or acquisitions in industry and energy2026
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
According to the articles of association, the company's business activities are investment, management, operation, consultancy and other services within industry, energy and similar business activities, including through ownership and investments in other businesses 1. The company has no direct operations or investments in Iran 1. The group is structured as a holding company, and its financial position at 31 December 2025 includes consolidated equity of NOK 1129.5 million and cash of NOK 288.3 million 1. The stated goal is a competitive return on invested capital, achieved primarily through share price increases and dividends 1.
The board and management are described as having substantial experience in general business and financial tasks, such as M&A, transactions, business development and IPOs 1. The consolidated accounts follow IFRS as adopted by the EU, while the parent company follows Norwegian GAAP 1.
No dividend suggestion is currently made by the board of directors 1. The board confirms that the annual accounts are based on the going concern assumption 1.
Segments
Investments and holding
The annual report does not break out separate business segments, but describes the company as an investor and operator in industry, energy and similar businesses, through holdings in other businesses 1. Expansion could depend on access to capital, and the board has authorizations for share issues linked to investments and mergers 1.
Market context
The annual report highlights that the continuation or escalation of the war could affect equity and asset prices worldwide, which in turn could affect the company's earnings and financial position 1. The company has no direct operations in Iran, but indirect market effects could become material if tensions intensify 1. Management points to consolidated equity of NOK 1129.5 million and a net book equity ratio of 99.2 percent as a sound base for such scenarios 1.
The capital increase authorization allows issuing up to 7.3 percent of the share capital, which management justifies by financial flexibility for investments and mergers, indicating that growth through acquisitions remains a strategic option 1.
Trends
- Geopolitical tension and volatilityheadwind
The Iran war could generate volatility in capital markets, which may affect the value of the company's assets if the situation worsens 1. The company has no direct exposure, but indirect effects remain a variable to monitor 1.
- Financial soliditytailwind
The net book equity ratio of 99.2 percent and available liquidity create a safety margin that could support flexibility in uncertain periods 1.
- Growth through acquisitionsmixed
Board authorizations for share issues and investments suggest an intention to grow through acquisitions and partnerships, if suitable opportunities arise 1.
- Corporate governance compliancemixed
The company follows the Norwegian Code of Practice from August 2025 but reports deviations on the duration of authorizations and the lack of a detailed justification for the dividend authorization 1. This points to higher transparency expectations 1.
Competitive position
The reviewed sources do not explicitly identify the company's competitors, and the annual report offers no comparison with other players in industry, energy or investment 1. A complete analysis would require information from external sources outside this profile.
The holding structure and diversification into industry and energy could place the company in competition with other investment companies, but the available sources do not support this assessment 1.
- Not identified in source
The annual report does not name direct competitors, so no source-based comparison can be made.
- Other industrial investors not named
Investment and management activity could compete with other holding companies, though the sources do not name them.
- Energy services companies not named
The energy field in the business clause could attract competitors, but none appear in the report.
- Consultancy firms not named
The consultancy services in the business clause could compete with specialist firms, without identification in the sources.
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 / Saga Pure 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.