Rankings Grid & electrical equipment Zaptec
Zaptec
76
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−8
- Margin−4
- Quality of cash flow−3
Strengths
- Order intake and record quarter+3
- Net cash+2
- Operating leverage+1
How the score is built
From 100 to 76, 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
- 61.90 NOK
- Median analyst target
- 65.00 NOK
- Upside to median
- +5.0%
- Analysts
- 3
- Target range
- 62.00 – 70.00 NOK
- 52-week change
- +109%
- P/E (trailing)
- 49.2
- Forward P/E
- 27.7
- 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−10 of −30
- −4MarginOperating margin 8.4% and net margin 6.3% (TTM) despite a 41% gross margin; the result has swung from −DKK 45.6m in operating profit (2022) to +DKK 148m, with net losses in 2022 and 2024.
- −3Quality of cash flowFCF of DKK 470m (TTM) vs net result of DKK 111m is due to inventory run-down (+DKK 244m TTM, +270m in 2025) after an inventory build-up of DKK 357m in 2023; analysts expect only DKK 57m in FCF in 2026.
- −3MoatAC charging boxes are a hardware product with a flat gross margin: 36–44% in 2021–2025 and 40.9% expected in 2026 – no sign of rising pricing power despite record volume.
Price
Today's multiples against the company's own history and its peers. · 3 findings−13 of −35
- −8Multiples vs own historyP/B 8.8 vs 1.4–5.1 in 2022–2025, EV/Sales 3.0 vs 0.84–1.99, forward P/E 29.6 vs 15–23 and EV/EBITDA 32 vs 20 in 2025 – the highest valuation since the bubble in 2021.
- −2
- −3
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−5 of −35
- −3Demand fluctuationsRevenue fell 9.7% in 2024 after an inventory build of DKK 357m in 2023, and the company posted a net loss - demand from installers and distributors can turn quickly.
- −1Capacity expansionNew production in Hungary must start in Q3 2026 at the same time as the order book has doubled - risk of start-up problems and delivery delays.
- −1Low insider ownershipInsiders own only 1.9% of the shares, and institutions 7.0%; the stock is largely owned by private investors.
Plus
Only documented strengths. · 3 findings+6 of +15
- +3Order intake and record quarterQ2 2026: revenue 506m kr (+32%), order intake 894m kr (+94%) and order book 1,119m kr (+97%).
- +2
- +1Operating leverageEBITDA margin rose to 14% in Q2 from 11%, and operating costs fell to 27% of revenue from 29%.
Caveats
What the score does not capture, or where the data is weak.
The Oslo listing (ZAP). Only 3 analysts. The revenue split by country (dependence on the saturated Norwegian market) and competition from Easee, Wallbox and Asian producers are not quantified; EU subsidies for charging infrastructure not investigated. TTM FCF (NOK 470m) is inflated by inventory run-down. The stock has risen approx. 100% in a year. Q3 report 4 Nov 2026.
Also in Grid & electrical equipment
The highest scores in the same industry.
