Stock VDEKF VEIDEKKE ASA
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Financials Veidekke ASA OTC Markets

Equities

VDEKF

NO0005806802

Construction & Engineering

Delayed OTC Markets
Other stock markets
 		5-day change 1st Jan Change
- USD -.--% Intraday chart for Veidekke ASA -.--% -.--%
Jul. 10 Veidekke Receives Major Asphalt Contract by AF Gruppen to Produce and Lay Asphalt At the New Mo i Rana Airport CI
Jul. 10 Veidekke Lands NOK160 Million Asphalting Contract for Norwegian Airport MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 16,097 14,921 17,705 13,043 13,779 16,450 - -
Enterprise Value (EV) 1 18,750 11,843 13,996 10,207 11,003 15,484 15,444 15,306
P/E ratio 26 x 7.1 x 18.6 x 12 x 12.9 x 13.1 x 12.1 x 11.8 x
Yield - 25.5% 5.29% 8.01% 7.73% 6.57% 6.98% 7.39%
Capitalization / Revenue 0.42 x 0.39 x 0.47 x 0.34 x 0.32 x 0.38 x 0.36 x 0.35 x
EV / Revenue 0.48 x 0.31 x 0.37 x 0.26 x 0.26 x 0.36 x 0.34 x 0.32 x
EV / EBITDA 12.7 x 5.58 x 6.13 x 4.17 x 4.48 x 5.72 x 5.3 x 5.1 x
EV / FCF -31.1 x 7.1 x 8.13 x 10.4 x 12 x 24.7 x 13.8 x 11.9 x
FCF Yield -3.22% 14.1% 12.3% 9.6% 8.36% 4.06% 7.25% 8.4%
Price to Book 4.05 x 5.24 x 6.24 x 4.36 x - 5.01 x 4.62 x 4.31 x
Nbr of stocks (in thousands) 134,704 134,668 133,726 134,746 134,825 135,061 - -
Reference price 2 119.5 110.8 132.4 96.80 102.2 121.8 121.8 121.8
Announcement Date 2/11/20 2/12/21 2/9/22 2/8/23 2/8/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 38,779 38,140 37,592 38,658 43,146 43,585 45,852 47,223
EBITDA 1 1,482 2,122 2,282 2,446 2,454 2,706 2,913 3,000
EBIT 1 595 1,213 1,364 1,508 1,409 1,616 1,743 1,791
Operating Margin 1.53% 3.18% 3.63% 3.9% 3.27% 3.71% 3.8% 3.79%
Earnings before Tax (EBT) 1 596 1,100 1,342 1,467 1,444 1,720 1,846 1,899
Net income 1 619 2,108 1,100 1,226 1,069 1,257 1,359 1,397
Net margin 1.6% 5.53% 2.93% 3.17% 2.48% 2.88% 2.96% 2.96%
EPS 2 4.600 15.60 7.100 8.100 7.900 9.313 10.07 10.35
Free Cash Flow 1 -603 1,668 1,721 980 920 628 1,120 1,285
FCF margin -1.55% 4.37% 4.58% 2.54% 2.13% 1.44% 2.44% 2.72%
FCF Conversion (EBITDA) - 78.61% 75.42% 40.07% 37.49% 23.21% 38.44% 42.83%
FCF Conversion (Net income) - 79.13% 156.45% 79.93% 86.06% 49.97% 82.43% 92.01%
Dividend per Share 2 - 28.25 7.000 7.750 7.900 8.000 8.500 9.000
Announcement Date 2/11/20 2/12/21 2/9/22 2/8/23 2/8/24 - - -
1NOK in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 10,176 8,369 9,902 9,550 10,837 9,461 11,165 10,387 12,134 9,478 11,215 10,650 12,242 10,053 11,777
EBITDA 1 655 197 609 792 848 84 646 862 861 259 729.3 858.4 858.8 202 812
EBIT 1 405 -24 388 566 578 -54 389 603 580 - 434 601 581 -46 460
Operating Margin 3.98% -0.29% 3.92% 5.93% 5.33% -0.57% 3.48% 5.81% 4.78% - 3.87% 5.64% 4.75% -0.46% 3.91%
Earnings before Tax (EBT) 1 393 -55 355 545 622 -147 387 601 603 25 455.5 629.3 610.5 -17 484
Net income 1 290 -54 251 404 518 -120 275 441 474 9 319.5 466.5 461.8 -14 343
Net margin 2.85% -0.65% 2.53% 4.23% 4.78% -1.27% 2.46% 4.25% 3.91% 0.09% 2.85% 4.38% 3.77% -0.14% 2.91%
EPS 2 2.200 -0.4000 1.900 3.000 3.600 -0.9000 2.000 3.300 3.500 0.1000 2.368 3.457 3.422 -0.1100 2.540
Dividend per Share 7.000 - - - - - - - - - - - - - -
Announcement Date 2/9/22 5/12/22 8/17/22 11/9/22 2/8/23 5/11/23 8/17/23 11/8/23 2/8/24 5/8/24 - - - - -
1NOK in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,653 - - - - - - -
Net Cash position 1 - 3,078 3,709 2,836 2,776 966 1,006 1,144
Leverage (Debt/EBITDA) 1.79 x - - - - - - -
Free Cash Flow 1 -603 1,668 1,721 980 920 628 1,120 1,285
ROE (net income / shareholders' equity) 15.6% 53% 38% 43% 35.1% 39.3% 39.5% 37.7%
ROA (Net income/ Total Assets) 3.01% - 6.31% 7.01% 5.96% 7% 7.5% 7.5%
Assets 1 20,565 - 17,427 17,480 17,928 17,955 18,117 18,621
Book Value Per Share 2 29.50 21.10 21.20 22.20 - 24.30 26.40 28.20
Cash Flow per Share - - - - - - - -
Capex 1 537 682 473 429 2,019 1,508 1,135 1,187
Capex / Sales 1.38% 1.79% 1.26% 1.11% 4.68% 3.46% 2.48% 2.51%
Announcement Date 2/11/20 2/12/21 2/9/22 2/8/23 2/8/24 - - -
1NOK in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Veidekke ASA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
121.8 NOK
Average target price
135 NOK
Spread / Average Target
+10.84%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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