Stock VEI VEIDEKKE ASA
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Financials Veidekke ASA

Equities

VEI

NO0005806802

Construction & Engineering

Real-time Oslo Bors
Other stock markets
 10:09:21 2024-05-13 am EDT 		5-day change 1st Jan Change
117.6 NOK +2.08% Intraday chart for Veidekke ASA +1.73% +15.07%
11:53am Veidekke Lands NOK208 Million Contract for Residential Project in Norway MT
May. 09 China confirms its awakening Our Logo

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 16,097 14,921 17,705 13,043 13,779 15,537 - -
Enterprise Value (EV) 1 18,750 11,843 13,996 10,207 11,003 13,852 13,898 13,875
P/E ratio 26 x 7.1 x 18.6 x 12 x 12.9 x 12.5 x 11.8 x 11.5 x
Yield - 25.5% 5.29% 8.01% 7.73% 6.94% 7.38% 7.81%
Capitalization / Revenue 0.42 x 0.39 x 0.47 x 0.34 x 0.32 x 0.37 x 0.35 x 0.34 x
EV / Revenue 0.48 x 0.31 x 0.37 x 0.26 x 0.26 x 0.33 x 0.32 x 0.31 x
EV / EBITDA 12.7 x 5.58 x 6.13 x 4.17 x 4.48 x 5.36 x 5.11 x 4.97 x
EV / FCF -31.1 x 7.1 x 8.13 x 10.4 x 12 x 10.3 x 13.4 x 11.9 x
FCF Yield -3.22% 14.1% 12.3% 9.6% 8.36% 9.72% 7.44% 8.43%
Price to Book 4.05 x 5.24 x 6.24 x 4.36 x - 4.76 x 4.44 x -
Nbr of stocks (in thousands) 134,704 134,668 133,726 134,746 134,825 134,869 - -
Reference price 2 119.5 110.8 132.4 96.80 102.2 115.2 115.2 115.2
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 42,515 44,080 45,273
EBITDA 1 1,482 2,122 2,282 2,446 2,454 2,583 2,718 2,791
EBIT 1 595 1,213 1,364 1,508 1,409 1,514 1,596 1,637
Operating Margin 1.53% 3.18% 3.63% 3.9% 3.27% 3.56% 3.62% 3.62%
Earnings before Tax (EBT) 1 596 1,100 1,342 1,467 1,444 1,614 1,699 1,743
Net income 1 619 2,108 1,100 1,226 1,069 1,239 1,315 1,350
Net margin 1.6% 5.53% 2.93% 3.17% 2.48% 2.91% 2.98% 2.98%
EPS 2 4.600 15.60 7.100 8.100 7.900 9.179 9.745 10.00
Free Cash Flow 1 -603 1,668 1,721 980 920 1,347 1,034 1,170
FCF margin -1.55% 4.37% 4.58% 2.54% 2.13% 3.17% 2.35% 2.58%
FCF Conversion (EBITDA) - 78.61% 75.42% 40.07% 37.49% 52.15% 38.04% 41.92%
FCF Conversion (Net income) - 79.13% 156.45% 79.93% 86.06% 108.73% 78.62% 86.67%
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 11,118 10,194 11,725 9,699 11,448
EBITDA 1 655 197 609 792 848 84 646 862 861 259 721 810 793 187 771
EBIT 1 405 -24 388 566 578 -54 389 603 580 - 427 561 526 -50 430
Operating Margin 3.98% -0.29% 3.92% 5.93% 5.33% -0.57% 3.48% 5.81% 4.78% - 3.84% 5.5% 4.49% -0.52% 3.76%
Earnings before Tax (EBT) 1 393 -55 355 545 622 -147 387 601 603 25 448 587 555 -21 455
Net income 1 290 -54 251 404 518 -120 275 441 474 9 347 454 430 -17 352
Net margin 2.85% -0.65% 2.53% 4.23% 4.78% -1.27% 2.46% 4.25% 3.91% 0.09% 3.12% 4.45% 3.67% -0.18% 3.07%
EPS 2 2.200 -0.4000 1.900 3.000 3.600 -0.9000 2.000 3.300 3.500 0.1000 2.570 3.360 3.180 -0.1200 2.610
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 1,685 1,639 1,662
Leverage (Debt/EBITDA) 1.79 x - - - - - - -
Free Cash Flow 1 -603 1,668 1,721 980 920 1,347 1,034 1,170
ROE (net income / shareholders' equity) 15.6% 53% 38% 43% 35.1% 38.8% 38.6% 37.3%
ROA (Net income/ Total Assets) 3.01% - 6.31% 7.01% 5.96% 6.9% 7.3% 7.3%
Assets 1 20,565 - 17,427 17,480 17,928 17,954 18,015 18,493
Book Value Per Share 2 29.50 21.10 21.20 22.20 - 24.20 25.90 -
Cash Flow per Share - - - - - - - -
Capex 1 537 682 473 429 2,019 1,000 1,094 1,134
Capex / Sales 1.38% 1.79% 1.26% 1.11% 4.68% 2.35% 2.48% 2.5%
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
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
115.2 NOK
Average target price
125 NOK
Spread / Average Target
+8.51%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

1st Jan change Capi.
VEIDEKKE ASA Stock Veidekke ASA
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