Rankings Construction & materials Veidekke
Veidekke
71
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−6
- Margin−4
- Moat−3
Strengths
- Net cash+2
- Order book+1
- Dividend below FCF+1
How the score is built
From 100 to 71, 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 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 212.00 NOK
- Median analyst target
- 217.50 NOK
- Upside to median
- +2.6%
- Analysts
- 2
- Target range
- 215.00 – 220.00 NOK
- 52-week change
- +35%
- P/E (trailing)
- 17.0
- Forward P/E
- 17.5
- 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? · 3 findings−9 of −30
- −4MarginPre-tax margin of 5.0% over 12 months and only 3.2% in H1 2026; operating margin 4.7% (TTM) vs 3.2–4.0% in 2021–2024. The margin is a record for Veidekke, but low in absolute terms.
- −2Quality of growthRevenue has only grown from NOK 37.6bn to 44.8bn since 2021 (about 3.5% a year), and Construction Sweden has shrunk from NOK 9.1bn in 2023 to 7.4bn in 2025.
- −3MoatThe contracting industry competes on tenders with little pricing power; the gross margin has been stuck around 35–38%, and ROIC is driven by customer advances rather than a lasting competitive advantage.
Price
Today's multiples against the company's own history and its peers. · 3 findings−8 of −35
- −6Multiples vs own historyP/E about 17.5 on the 2026 estimate vs forward P/E of 11.9–16.2 in 2021–2025 (above the range); EV/EBITDA 8.2 vs 5.2–8.5 (at the top). The share price is up 37% in a year, while EPS is expected only +2.4% in 2027.
- −1PeersForward P/E 17.5 vs AF Gruppen 16.7 and Skanska 15.9; EV/EBITDA of 8.2 is lower than peers (9.7–10.9), though. No discount on P/E.
- −1FCF qualityThe 14% FCF yield (TTM) is lifted by working capital; on 2025 FCF of NOK 2.7bn the yield is about 9%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−5 of −35
- −3Project riskLarge fixed-price projects such as the Oslofjord connection increase concentration in the order book; Veidekke has previously taken losses on disputes (a settlement in Infrastructure Norway at −NOK 110m in 2023).
- −1SafetyThe injury rate (H1) rose to 3.8 lost-time injuries per million hours from 2.4 a year earlier, and there was one serious accident in Q2.
- −1Thin coverageOnly 2 analysts cover the stock, and both targets (NOK 200–220) are below or just above the price of NOK 218.
Plus
Only documented strengths. · 3 findings+4 of +15
- +2Net cashA net interest-bearing receivable of NOK 3.7bn (vs 1.2bn a year earlier), about 12% of market value; almost no debt (NOK 170m).
- +1Order bookRecord order book of NOK 55.3bn (+12% y/y) after order intake of 17.9bn in Q2; 55% is converted within 12 months.
- +1Dividend below FCFThe dividend (NOK 1.5bn) is covered by FCF (FCF payout 36%) and has been raised four years in a row without dilution.
Caveats
What the score does not capture, or where the data is weak.
Accounts and price in NOK; P/E about 17.5 both trailing (EPS 12.49) and on the 2026 estimate (12.46) – no currency error. ROIC above 100% and P/B 11 are meaningless for a capital-light contractor with negative working capital and low equity after dividends. TTM FCF (NOK 4.2bn) is lifted by seasonal working capital; the 2025 level (2.7bn) is used as normal. stockanalysis shows +11.5% in share count quarter on quarter, but only +0.6% year on year and no share issues in the cash flow – probably a data error, not dilution. Only 2 analysts cover the stock.
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