Company Valuation: Appear ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2025 2026 2027 2028
Market Cap 1 3,399 1,344 - -
Change - -60.47% - -
Enterprise Value (EV) 1 2,953 886.7 815.2 715.2
Change - -69.97% -8.06% -12.27%
P/E 24.5x 13x 9.57x 6.74x
PBR 5.33x 1.92x 1.6x 1.29x
PEG - -0.5x 0.3x 0.2x
Capitalization / Revenue 4.24x 1.63x 1.36x 1.12x
EV / Revenue 3.69x 1.08x 0.82x 0.6x
EV / EBITDA 15.6x 5.16x 3.44x 2.19x
EV / EBIT 17.3x 6.85x 4.54x 2.82x
EV / FCF 21.2x 887x 13.1x 10.2x
FCF Yield 4.72% 0.11% 7.61% 9.79%
Dividend per Share 2 - - - -
Rate of return - - - -
EPS 2 3.4 2.545 3.46 4.91
Distribution rate - - - -
Net sales 1 800.9 822 991 1,197
EBITDA 1 189.1 172 237 327
EBIT 1 170.7 129.5 179.5 254
Net income 1 129.2 100 138.5 197
Net Debt 1 -445.6 -457 -528.5 -628.5
Reference price 2 83.32 33.10 33.10 33.10
Nbr of stocks (in thousands) 40,793 40,596 - -
Announcement Date 12/02/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.01x1.08x5.16x - 14Cr
26x5.83x15.09x1.6% 42TCr
47.49x16.8x33.69x-.--% 23TCr
16.06x0.65x11.67x2.82% 14TCr
20.96x6.55x15.81x0.58% 11TCr
33.54x6.53x18.91x1.04% 7.67TCr
37.97x11.44x25.3x-.--% 7.45TCr
28.72x6.56x21.65x1.43% 5.6TCr
38.94x2.04x13x1.86% 5.12TCr
58.96x7.63x33.75x-.--% 4.85TCr
Average 32.16x 6.51x 19.40x 1.04% 12.15TCr
Weighted average by Cap. 31.58x 7.68x 20.07x 1.15%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Appear ASA

Historical PBR trend

Valuation ratios - PBR - Appear ASA

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Appear ASA

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Appear ASA

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