Multiconsult (Hold, TP: NOK225.00) - Time for a breather
Our Q4e EBITA and EPS are broadly in line with consensus, as we cut our Q4e billing ratio on Christmas 2025 calendar effects. We estimate a potential DPS of NOK9, up 12% YOY (in line with consensus). We see upside potential to EPS if the Nordic building markets recover faster than expected and from M&A-driven growth. However, given the share price performance over the past 12 months, we find the valuation fair and have downgraded to HOLD (BUY). We have raised our target price to NOK225 (220) on updated forecasts.Multiconsult ASA is a Norway-based company active in the planning and consulting business. It offers multidisciplinary consultancy, design, planning, project supervision, management, and verification and control, dedicated to various industry sectors. The Company operates in six business areas: Building and Property, offering advice, planning and building management; Industry, comprising consultancy and project design services; Oil and Gas, providing services for the whole value chain, from phase studies to construction follow up; Transport and Infrastructure, including assessment, planning, design and consulting; Energy, including consulting, project design and project management; and Environment and natural resources, offering environmental consultancy, surveying and reporting. Multiconsult ASA operates as a parent of the Multiconsult Group, comprising around 100 subsidiaries in such countries as Poland, the United Kingdom, Singapore and Russia.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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