olivLaw · European equity research
Sýn hf. SYN.IC
Iceland · Nasdaq Iceland · ISIN IS0000020485 · Vertical: Listed companies from Iceland
Sýn hf. is an Icelandic telecommunications and media operator offering services under the SÝN, Vísir, Bylgjan and FM957 brands, within an international partnership with Vodafone Group. In 2025 the company reported revenue of 21981 mn ISK but a net loss of 634 mn ISK, which keeps its operating and financial trajectory under scrutiny.
At the close of 05 Nov 2026, Sýn hf. (SYN.IC) stock was 20.00 ISK (−1.96% on the day), with market capitalisation 4.9 bn ISK, dividend yield 0.00%, beta 0.17, 52-week range 16.90–22.20 ISK.
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)
- 48.6
- neutral
- Bollinger (20, 2)
- 19.65 – 20.35
- in the lower half of the band · %B 0.50 · band width 3.5%
- SMA 50 / 200
- 20.24 / 20.97
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.04
- 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 | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | +10.5% | +7.5% | +3.0 pp | — |
| 1 year | +9.3% | +9.9% | −0.6 pp | −7.8% |
| 3 years | −54.1% | +49.8% | −104.0 pp | +13.1% |
| 5 years | −66.7% | +42.8% | −109.5 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 2.1 bn | -1.5 bn | -634.0 m |
| Net income YoY | unavailable | −172.0% | unavailable |
| Diluted EPS | 8.40 | -6.10 | -2.60 |
| Diluted EPS YoY | unavailable | −172.6% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 2.5 bn | 3.5 bn | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 107.0 m ISK
- Financial debt
- 6.8 bn ISK
- Net debt
- 6.7 bn ISK
- Equity
- 8.1 bn ISK
- Total assets
- 30.9 bn ISK
- Debt / equity
- 0.84x
- Current ratio
- 1.05x
- ROE
- -7.6%
- ROA
- -2.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (ISK)
Income statement · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 14.3 bn | 8.7 bn | 8.9 bn | esef· 10 Mar 2026verified |
| Gross profit | 7.4 bn | 7.3 bn | — | esef· 25 Feb 2025verified |
| Operating income | 3.4 bn | -657.0 m | 312.0 m | esef· 10 Mar 2026verified |
| Depreciation & amortisation | — | 4.1 bn | 4.4 bn | esef· 10 Mar 2026verified |
| EBITDA | — | 3.5 bn ≈ | 4.7 bn ≈ | esef· 10 Mar 2026derived |
| Interest expense | 1.2 bn | 1.4 bn | 1.3 bn | esef· 10 Mar 2026verified |
| Pre-tax income | 2.3 bn | -1.9 bn | -895.0 m | esef· 10 Mar 2026verified |
| Income tax | 283.0 m | -261.0 m | -262.0 m | esef· 10 Mar 2026verified |
| Net income | 2.1 bn | -1.5 bn | -634.0 m | esef· 10 Mar 2026verified |
| Diluted EPS | 8.40 | -6.10 | -2.60 | esef· 10 Mar 2026verified |
| Dividend per share | 1.12 | 0.00 | — | esef· 25 Feb 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 624.0 m | 264.0 m | 107.0 m | esef· 10 Mar 2026verified |
| Receivables | 5.6 bn | 3.6 bn | 4.7 bn | esef· 10 Mar 2026verified |
| Inventories | 628.0 m | 347.0 m | 363.0 m | esef· 10 Mar 2026verified |
| Current assets | 8.8 bn | 6.7 bn | 7.6 bn | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 3.3 bn | 3.3 bn | 1.6 bn | esef· 10 Mar 2026verified |
| Goodwill | 9.1 bn | 7.8 bn | 7.8 bn | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 5.0 bn | 5.3 bn | 4.6 bn | esef· 10 Mar 2026verified |
| Total assets | 34.9 bn | 31.1 bn | 30.9 bn | esef· 10 Mar 2026verified |
| Accounts payable | 5.3 bn | 3.8 bn | 3.6 bn | esef· 10 Mar 2026verified |
| Short-term debt | 1.8 bn | 2.3 bn | 3.0 bn | esef· 10 Mar 2026verified |
| Long-term debt | 4.5 bn | 4.1 bn | 3.8 bn | esef· 10 Mar 2026verified |
| Current liabilities | 8.1 bn | 6.7 bn | 7.2 bn | esef· 10 Mar 2026verified |
| Total liabilities | 24.6 bn | 22.4 bn | 22.8 bn | esef· 10 Mar 2026verified |
| Equity | 10.3 bn | 8.7 bn | 8.1 bn | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 251.1 m | 248.9 m | 243.8 m | esef· 10 Mar 2026derived |
Cash flow · ISK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.9 bn | 4.2 bn | 3.2 bn | esef· 10 Mar 2026verified |
| Capex | 1.4 bn | 714.0 m | — | esef· 25 Feb 2025verified |
| Free cash flow | 2.5 bn ≈ | 3.5 bn ≈ | — | esef· 25 Feb 2025derived |
| Investing cash flow | -4.5 bn | -3.9 bn | -3.2 bn | esef· 10 Mar 2026verified |
| Financing cash flow | -828.0 m | -628.0 m | -234.0 m | esef· 10 Mar 2026verified |
| Dividends paid | 281.0 m | 0 | — | esef· 25 Feb 2025verified |
| Share repurchases | 1.0 bn | 76.0 m | 0 | esef· 10 Mar 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
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.9 bn ISK
Key indicators
Coverage and freshness
Score by group
60% · 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: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.8% | 13 (vs peers) | 17% |
| 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 | 1.4x | 74 (on a fixed band) | 17% |
| Interest coverage · Balance sheet | 0.2x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.1x | 21 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 2.5x | 100 (on a fixed band) | 17% |
| FCF yield · Valuation | 51.7% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet41/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation100/100 · 2/3 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
Sýn hf. (SYN.IC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -7.6%; net debt/EBITDA 1.4x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 1.4x
- EV/EBITDA: 2.5x
- FCF yield: 51.7%
- Payout ratio (FCF): 0.0%
What contradicts it
- ROIC: 1.8%
- Interest coverage: 0.2x
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Listed companies from Iceland · same country · compared with 11 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HAGA.ICHagar hf. | 133.6 bn | 20.5 | 18.2% | 3.8% | +9.3% | +8% / +83% |
| FESTI.ICFesti hf. | 90.9 bn | 22.8 | 10.1% | 2.6% | +13.4% | −8% / +67% |
| HEIMAR.ICHeimar hf. | 61.3 bn | 7.5 | 13.5% | 55.5% | +7.7% | −6% / +49% |
| BERA.ICÖlgerðin Egill Skallagríms hf. | 37.1 bn | 17.3 | 13.7% | 5.9% | +7.7% | −24% / +0% |
| NOVA.ICNova Klúbburinn hf | 12.0 bn | 14.8 | 8.5% | 6.1% | +2.8% | −26% / −16% |
| ALVO.ICAlvotech | — | — | — | 9.0% | +43.4% | −14% / −58% |
| ASAR.ICSíminn hf. | — | 17.4 | — | — | +3.0% | −19% / +27% |
| BRIM.ICBrim hf. | — | — | 11.9% | 14.6% | +5.2% | +19% / +13% |
| EIK.ICEik Fasteignafélag Hf. | — | — | 10.2% | 43.6% | +9.5% | +1% / +23% |
| EIM.ICEimskipafélag Íslands hf. | — | — | 3.2% | 1.2% | −4.7% | +6% / −35% |
| HAMP.ICHampiðjan hf | — | — | 1.7% | 1.2% | +15.7% | −26% / −37% |
1- and 3-year price returns: for SYN.IC 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
Sýn hf. is an Icelandic telecommunications and media operator offering services under the SÝN, Vísir, Bylgjan and FM957 brands, within an international partnership with Vodafone Group. In 2025 the company reported revenue of 21981 mn ISK but a net loss of 634 mn ISK, which keeps its operating and financial trajectory under scrutiny.
SWOT
Strengths
- Integrated telecommunications and media portfolio with well-known brands in the Icelandic market.
- International partnership with a large telecommunications group.
- Generation of operating cash flow, reflected in positive EBITDA.
Weaknesses
- Net loss in 2025, influenced by financial costs and depreciation.
- High share of goodwill in total assets, with impairment risk.
- Small domestic market that limits organic growth potential.
Opportunities
- Growth in demand for sports and digital content could support media segment revenue.
- Savings from the legal and operational reorganisation could improve margins.
- Expanding bundled service packages could increase customer retention.
Threats
- Intense competition in telecommunications and media could compress prices.
- High financing costs could weigh on the net result if interest rates stay elevated.
- International streaming platforms could draw audiences and advertising budgets.
Risks
- Goodwill impairmenthigh
The carrying amount of goodwill makes up most of the asset base, and an unfavourable impairment test could significantly reduce equity.
- Persistent net losshigh
If the net loss persists in coming years, equity could be eroded gradually and financial flexibility would decline.
- Interest rate exposuremedium
Floating-rate debt and financing costs could affect the net result if the monetary environment deteriorates.
- Sports content costsmedium
Broadcasting rights could become more expensive, which could compress margins in the media segment.
- Dependence on the international partnershiplow
Changes in the relationship with Vodafone Group could affect access to technology and purchasing terms.
Investment thesis
What would need to be true (bull case)
- If EBITDA consolidates and financial costs decline, the net result could return to positive territory, and the integrated portfolio could support growth.
- The 2025 legal reorganisation could generate savings and a simpler reporting structure, helping convert EBITDA into profit.
- Affiliation with an international telecommunications group could accelerate investment in networks and digital services.
What would break the thesis
- The 2025 net loss shows that profitability after financial costs and depreciation remains fragile, and the pressure could intensify.
- The high goodwill balance exposes the company to impairment risk that could sharply affect equity.
- A small domestic market and strong competition could limit long-term revenue growth.
What to watch
- Rezultatul testului de depreciere a goodwill-ului2026
- Marjele EBITDAaL ale segmentului Fjölmiðlun2026
- Trajectory of the net loss and financial costsnext annual report
- Outcome of the goodwill impairment test2026
- EBITDAaL margins of the Fjölmiðlun segment2026
- Effects of the legal reorganisation on operating costs2027
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
Sýn hf. is an Icelandic public limited company headquartered on Suðurlandsbraut in Reykjavík. According to its 2025 annual report 1, it provides telecommunications and media services to individuals, businesses and public bodies through the brands SÝN, SÝN+, SÝN Sport, Vísir, Bylgjuna, FM957, X977 and Jó. The company is part of an extensive international partnership with Vodafone Group 1.
Operations are organised in two reported segments, Fjarskipti (telecommunications) and Fjölmiðlun (media), and consolidated revenue is the aggregate of both after intersegment eliminations 1. The year 2025 included a restructuring in which subsidiaries merged into the parent, which also changed the comparative figures 1.
Operating profitability was supported by EBITDA of 4707 mn ISK, while the net result remained negative, mainly due to financial costs and depreciation 1. The asset structure is dominated by goodwill, which represents a significant share of total assets 1.
Segments
Fjarskipti (telecommunications)
The telecommunications segment generated revenue of 9568 mn ISK in 2025 and EBITDAaL of 2110 mn ISK 1. It covers mobile, internet and television services for end customers and businesses 1.
Fjölmiðlun (media)
The media segment reported revenue of 13499 mn ISK and EBITDAaL of 1296 mn ISK in 2025 1. It includes the Vísir, Bylgjan and FM957 channels as well as sports content from SÝN Sport 1.
Corporate and eliminations
Intersegment eliminations reduced consolidated revenue, and central items were reported separately in the segment table 1. These adjustments mean the segments do not sum exactly to the consolidated total.
Market context
Sýn operates in the Icelandic telecommunications and media market, a small market with a limited number of operators and relatively stable demand for connectivity and audiovisual content 1. Consolidated revenue of 21981 mn ISK in 2025 reflects its position in this market 1.
The Icelandic media sector is shaped by digital consumption and competition for audiences and sports rights, factors that affect the margins of the Fjölmiðlun segment 1. Pricing pressure and content costs may shape results over the medium term.
Trends
- Consolidation and internal reorganisationmixed
The merger of subsidiaries into the parent in 2025 simplified the legal structure and changed comparability with 2024 1. The effect on operating efficiency could become visible if cost savings materialise.
- Pressure from financial costsheadwind
Financing costs and interest-bearing debt contributed to the 2025 net loss, and the path of interest rates could influence the net result in coming periods 1.
- Digitalisation of media consumptionmixed
The shift of audiences to digital platforms and subscription services may create opportunities for the company's sports and audio content, but also pressure traditional advertising 1.
- Partnership with Vodafonetailwind
Affiliation with Vodafone Group provides access to technology, know-how and international scale, which can support investment in networks and services 1.
Competitive position
Sýn competes with other telecommunications operators and media providers in Iceland for customers, subscriptions and broadcasting rights, and competitive pressure is felt in the margins of each segment 1. The annual report does not detail all competitors by name.
The competitive edge rests on an integrated telecommunications and media portfolio, established brands and a link to an international group, elements that can support customer retention 1.
- Local Icelandic telecommunications operators
Direct competitors in telephony and internet; not listed on a US exchange.
- Local Icelandic media and streaming providers
Compete for audiences, advertising and sports rights.
- International streaming platforms
Indirect pressure on demand for local sports and audiovisual content.
- Cable operators and fixed-line connectivity providers
Competition in fixed connectivity and bundled packages.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202425 Feb 2025
- Annual report 202325 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sýn hf. · 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.