Rankings Software, cloud & internet Techstep
Techstep
34
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Funding and liquidity−10
- Dilution−10
Strengths
- Shareholder support+2
- Cost programme+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 1
- Price
- 2.51 DKK
- Market value
- DKK 87m
- Cash runway
- 1 months
- Cash / debt
- 4.6 / 105.0m NOK
- Dilution, 12 months
- +263%
Bull case
The cost program lowers the cost base to NOK 218m, the net gross margin returns toward 30%+, and the healthcare rollout gets going, so EBITDA reaches NOK 60-80m. After the issue (about 127m shares) and at EV/EBITDA 5 the stock could reach NOK 2.5-3.5, i.e. 1.5-2x the theoretical post-issue price of about NOK 1.7 - but hardly above today's NOK 3.65.
Bear case
The issue at NOK 1.00 pushes the price toward 1–1.7 NOK, the proceeds go to paying down debt, and the company continues to burn about NOK 18m per quarter. The strategic review may end in delisting or a sale to the major shareholders at a low price.
Catalysts
- 8 Oct 2026Extraordinary general meeting votes on a rights issue of at least NOK 83.3m at NOK 1.00 per sharebinary webull.com
- 11 Nov 2026Q3 2026 report: effect of the cost programme (target 218m NOK annualised cost base) and liquidity after the issuebinary stockanalysis.com
- Q4 2026–2027Strategic review after the issue, which may lead to delisting or structural changesbinary inderes.fi
Risk of going to zerohigh – cash is almost empty, the issue is 73% below the market price, proceeds go to debt, and delisting has been mentioned as an option. Bankruptcy is less likely because of the guarantors, but for a buyer at NOK 3.65 the risk of a very large loss is high.
Next financingAlready under way: a fully underwritten rights issue of at least NOK 83.3m at NOK 1.00 (general meeting 8/10-2026, completion October 2026). The proceeds go to repay the bridge loan of NOK 40m and the shareholder loan of NOK 35m, leaving only about NOK 8m before costs – less than half a quarter's FCF burn (about NOK 18.6m per quarter in H1 2026). Another financing in 2027 is likely unless the cost programme works quickly.
Warrants & convertiblesNo warrants or convertibles found. Rights issue of at least 83.3m shares at NOK 1.00 plus underwriting commission of 10% (approx. 8.3m shares) awaits the general meeting on 8/10-2026. The board is also asking for a new general authorization to increase capital. Dilution 6.4% over the last 12 months; 263% is incl. the upcoming issue.
Insiders, last 12 monthsNo open-market buys found. The major shareholders Datum AS, Karbon Invest AS, Valset Invest AS, Arisona Holding AS and Specter Invest AS have provided shareholder loans of NOK 35m, guarantee the bridge loan of NOK 40m and the entire rights issue (against a 10% commission in shares).
Largest ownersNot fully investigated. The underwriting syndicate Datum AS, Karbon Invest AS, Valset Invest AS, Arisona Holding AS and Specter Invest AS; insiders own about 26% according to stockanalysis.
Circio check(1) Small market cap: yes – approx. DKK 90–110m. (2) Hot theme: no – IT services and mobility solutions. (3) Upcoming milestones: partial – general meeting and Q3 report, but they are about survival, not breakthroughs. (4) Major partner: partial – Ice partnership (from earlier) and Danske Bank as lender, no major validating partner. (5) Funding for 2+ years: no – the issue mainly covers debt. (6) Price near the bottom: no – −71% in a year, but the issue price of NOK 1.00 is far below today's price.
Why this asymmetryBuying at NOK 3.65 when a fully underwritten issue at NOK 1.00 is coming gives a poor risk/reward: the theoretical price after the issue is about NOK 1.7, and the proceeds go to debt. If you want to speculate at all, it is via the subscription rights/the issue, not the current share.
How the score is built
From 100 to 34, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 19 Oct 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.51 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −87%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −10MarginOperating loss every year since 2021 (−NOK 29 to −93m) and −NOK 112m TTM, operating margin −11.7%. Net gross margin fell in Q2 2026 to 22.7% from 33.8% and adjusted EBITA became −NOK 12.9m.
- −6Quality of growthRevenue has fallen from NOK 1,305m (2021) to 953m TTM (-27%), and gross profit from 460 to 364m NOK. The reported growth in Q2 2026 came with falling net gross profit (-25% to NOK 52m).
- −6Capital allocationRepeated issues (share count +20% in 2022, +37% in 2023, +11% in 2025), shareholder loans of 35 m NOK and higher-than-expected integration and ERP costs; the market cap has fallen from 765 m NOK (2021) to about 130 m.
- −4MoatThe business is largely resale and operation of mobile devices (mobility-as-a-service) in competition with far larger IT partners and telecom companies; negative tangible equity (goodwill-heavy balance sheet) and falling margins show weak pricing power.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −3Multiples vs own historyP/S 0.14 and P/B 0.34 look cheap vs 0.26–0.59 and 0.5–1.4 in 2021–2025, but book equity is primarily goodwill (P/TBV not meaningful), and EV/EBITDA 5.2 rests on an EBITDA lifted by capitalisation (depreciation 149m vs capex 75m NOK).
- −5FCF yieldFree cash flow −23 m NOK TTM and about −18 m NOK in both Q1 and Q2 2026; negative FCF yield.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−29 of −35
- −10Funding and liquidityCash of NOK 4.6m at 30/6-2026, current ratio 0.45 and working capital −NOK 221m. The company lives on a 4-month bridge financing of NOK 40m from Danske Bank guaranteed by five major shareholders, and the issue proceeds go mainly to repay the bridge loan and NOK 35m of shareholder loans.
- −10DilutionRights issue of at least 83.3 m NOK at 1.00 NOK per share – 73% below the share price of 3.65 NOK – plus 10% guarantee commission in shares: about 92 m new shares vs about 35 m existing (about +260%).
- −5Strategic uncertaintyAfter the issue the board will conduct a strategic review that may include delisting or structural changes.
- −4ExecutionThe rollout in healthcare is taking longer than expected, sales cycles at European partners have lengthened, and the ERP platform has cost more than planned (trading update 17/7-2026).
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Shareholder supportFive major shareholders (Datum, Karbon Invest, Valset Invest, Arisona Holding and Specter Invest) guarantee the entire issue and provide a guarantee for the bridge loan; they have also provided 35 m NOK in shareholder loans.
- +1Cost programmeTechstep Improvement Program: annualised cost base of NOK 218m by the end of 2026 and full effect from April 2027.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under 3 kr). The price is 3.65 NOK, but approx. 2.51 DKK. Market cap checked: 34.87m shares × 3.65 NOK = 127m NOK ≈ 87m DKK, lower than Nordnet's 112m DKK; the share count should be checked. IMPORTANT: a fully underwritten rights issue of at least 83.3m NOK at 1.00 NOK per share (plus 10% underwriting commission in shares) must be approved at the general meeting on 8/10-2026. That gives approx. 92m new shares vs approx. 35m today, and the theoretical post-issue price is approx. 1.6–1.7 NOK if the current price holds. The Q2 report PDF has not been read; figures are from stockanalysis, Inderes and Investing.com. The debt decline from 182 to 92m NOK in Q1 2026 is unexplained (possibly reclassification). No stockanalysis forecast page (404 = no analysts). IT services and mobility solutions do not fit the list perfectly; chose 'Software, cloud & internet'.
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