Norway: Best ideas Q1'26

Growth + M&A potential not discounted

Q4 below expectations on higher costs

EPS to rise ~50% in two years

Plenty more M&A capacity

Quality shines, another accretive acquisition

A higher gear ahead

Going higher

Infrastructure seminar confirms optimism

Quality comes at a price - up to BUY

Strong quarter

Consensus seems high into Q2

Norconsult acquires Aas-Jakobsen Group

Lower billing rate momentum

Billing ratio muted

Norconsult (Hold, TP: NOK48.00) - Q1e EPS risk, but raised 2027e

We see the same risk for Norconsult as its peer Multiconsult; while Q1 officially had 63 working days, we expect revenue output to reflect c61 days, given the two widely taken ‘bridge days’ at the start of January. This, coupled with Norconsult’s more conservative bonus payout schedule (hit Q1 2024 results) point to downside risk of 16% to consensus Q1e, in our view. However, based on updated guidance for the number of workdays in 2027, we have raised our 2027e EPS by c8%, although we reiterate ...

A tad softer

Architects and Building could lift billing ratio

Norconsult (Hold, TP: NOK48.00) - Q4 miss on sum of small deviations

Norconsult proposed a DPS of NOK1.70 for 2024, up from the NOK1.20 for 2023 and above our estimate and consensus. However, the sum of several small deviations led to a slight miss in the underlying Q4 results. After tweaking our 2025–2026e EPS, we reiterate our HOLD and NOK48 target price.

Q4: EBITA adj. -6% below expectations