Report Date: 2026-02-07
Ticker: NORBT.OL (Oslo Stock Exchange)
Data Source: yfinance (Finnhub does not support Oslo Stock Exchange)
Norbit ASA is a Norwegian technology company specializing in scientific and technical instruments, with focus on multibeam sonar systems, maritime security solutions, and intelligent traffic systems.
Current Stock Price: 190.80 NOK
Market Cap: 12.18B NOK
52-Week Performance: +91.23%
Oceans: Multibeam sonar systems, underwater detection solutions
Connectivity: Intelligent Traffic Systems (ITS)
Product Innovation and Realization: Custom solutions for maritime and vehicle monitoring
The stock has shown strong performance over the past year, more than doubling in value. Recent price action shows consolidation around 180-190 NOK range with bullish technical setup above all major moving averages.
| Metric | Value | Assessment |
|---|---|---|
| Market Cap | 12.18B NOK | Mid-cap |
| Enterprise Value | 12.64B NOK | |
| Trailing P/E | 32.07 | Premium valuation |
| Forward P/E | 23.41 | Growth expectations |
| Price/Sales | 5.37 | High |
| Price/Book | 9.71 | Premium |
| EV/Revenue | 5.58 | |
| EV/EBITDA | 22.20 | Moderate |
Valuation Commentary: The stock trades at premium valuations reflecting strong growth trajectory and profitability improvements. Forward P/E of 23.4x suggests market expects continued earnings growth.
| Metric | Value |
|---|---|
| Revenue | 2.27B NOK |
| Gross Profit | 1.33B NOK |
| EBITDA | 570M NOK |
| Net Income | 379M NOK |
| Trailing EPS | 5.95 NOK |
| Forward EPS | 8.15 NOK |
| Margin Type | Percentage |
|---|---|
| Gross Margin | 58.86% |
| Operating Margin | 14.94% |
| EBITDA Margin | 25.12% |
| Net Profit Margin | 16.70% |
Performance Commentary: Excellent profitability profile with gross margins near 60%, indicating strong pricing power and/or operational efficiency. Net margin of 16.7% is healthy for the industry.
| Metric | Growth Rate |
|---|---|
| Revenue Growth (YoY) | +35.90% |
| Earnings Growth (YoY) | +47.30% |
| Earnings Growth (Quarterly) | +47.60% |
Growth Commentary: Outstanding growth trajectory with revenue nearly doubling from 2021 to 2024. Net income has grown even faster (5x in 3 years), demonstrating operating leverage.
| Quarter | Revenue | Net Income | Notes |
|---|---|---|---|
| Q3 2025 | 505M NOK | 52M NOK | Softer quarter |
| Q2 2025 | 684M NOK | 131M NOK | Strong performance |
| Q1 2025 | 522M NOK | 90M NOK | Solid start |
| Q4 2024 | 556M NOK | 106M NOK | Strong finish |
Quarterly Trend: Q2 2025 was exceptionally strong, while Q3 showed some normalization. Overall trajectory remains positive.
| Quarter | Actual EPS | Estimate EPS | Surprise | Surprise % |
|---|---|---|---|---|
| Q4 2024 | 1.69 | 1.72 | -0.03 | -1.5% |
| Q1 2025 | 1.40 | 1.09 | +0.31 | +28.9% |
| Q2 2025 | 2.06 | 2.07 | -0.01 | -0.7% |
| Q3 2025 | 0.81 | 1.08 | -0.27 | -25.1% |
Earnings Commentary: Mixed results vs. estimates. Q1 2025 significantly beat expectations, while Q3 2025 missed. This suggests some business volatility, possibly project-based revenue timing.
| Metric | Value |
|---|---|
| Return on Assets (ROA) | 14.49% |
| Return on Equity (ROE) | 33.01% |
Returns Commentary: Exceptional ROE of 33% indicates highly efficient capital allocation and strong profitability relative to shareholder equity.
| Metric | Value |
|---|---|
| Total Cash | 144M NOK |
| Cash per Share | 2.26 NOK |
| Total Debt | 614M NOK |
| Debt/Equity | 48.97 |
| Book Value/Share | 19.65 NOK |
| Ratio | Value | Assessment |
|---|---|---|
| Current Ratio | 1.79 | Healthy |
| Quick Ratio | 0.75 | Adequate |
| Metric | Value |
|---|---|
| Operating Cash Flow | 429M NOK |
| Free Cash Flow | 151M NOK |
Financial Health Commentary: Solid balance sheet with manageable debt levels (D/E of 49%). Strong cash generation with operating cash flow of 429M NOK. Current ratio of 1.79 indicates good short-term liquidity.
| Metric | Value |
|---|---|
| Dividend Rate | 2.00 NOK |
| Dividend Yield | 1.05% |
| Payout Ratio | 33.56% |
| Last Dividend | 3.00 NOK |
| Ex-Dividend Date | 2025-11-18 |
Dividend Commentary: Modest dividend yield of 1.05% with conservative payout ratio of 33.6%, leaving room for both growth reinvestment and dividend increases.
| Metric | Value |
|---|---|
| Volume (Recent) | 352,389 |
| Average Volume | 157,638 |
| Beta | 0.30 |
| Shares Outstanding | 63.8M |
| Float | 35.4M |
Trading Commentary: Low beta of 0.30 suggests the stock is less volatile than the broader market. Recent volume spike (352k vs avg 158k) may indicate renewed interest.
Analyst Commentary: Limited analyst coverage (only 2 analysts) with mixed views. Consensus leans toward BUY with average price target of 207.50 NOK suggesting ~9% upside potential.
✓ Exceptional Growth: 36% revenue growth, 47% earnings growth
✓ High Profitability: 59% gross margin, 17% net margin, 33% ROE
✓ Strong Cash Generation: 429M NOK operating cash flow
✓ Diversified Business: Three segments (Oceans, Connectivity, PIR)
✓ Technical Position: Price above all major moving averages
✓ Defensive Beta: Low beta of 0.30
✗ Premium Valuation: P/E of 32x leaves limited margin of safety
✗ Earnings Volatility: Quarterly results show inconsistency
✗ Limited Coverage: Only 2 analysts tracking the stock
✗ Small Float: Liquidity concerns with 35M float
Bull Case:
Bear Case:
Neutral Considerations:
Norbit ASA presents as a high-quality growth company trading at premium valuations. The company has demonstrated exceptional financial performance with revenue nearly doubling since 2021 while significantly expanding profitability (ROE of 33%). The business operates in specialized technology niches with attractive characteristics.
Current Price: 190.80 NOK
Fair Value Estimate (Analyst Consensus): 207.50 NOK
Upside Potential: ~9%
For Current Shareholders: Hold position. The company's fundamentals remain strong despite Q3 earnings miss. Continue to monitor quarterly results for evidence of sustainable growth trajectory.
For Prospective Investors: Wait for better entry point. While the long-term story is compelling, the premium valuation (32x P/E) and recent earnings volatility suggest patience may be rewarded. Consider initiating position on pullback toward 175-180 NOK range (analyst low target).
Key Metrics to Monitor:
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. All data is sourced from publicly available information via yfinance. Investors should conduct their own due diligence and consult with financial advisors before making investment decisions.