Company Valuation: Appear ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2025 2026 2027 2028
Market Cap 1 3,399 1,348 - -
Change - -60.35% - -
Enterprise Value (EV) 1 2,953 878.8 749.8 621.8
Change - -70.24% -14.68% -17.07%
P/E 24.5x 15.7x 8.08x 5.68x
PBR 5.33x 2.01x 1.52x 1.2x
PEG - -0.4x 0.1x 0.1x
Capitalization / Revenue 4.24x 1.65x 1.2x 0.98x
EV / Revenue 3.69x 1.08x 0.67x 0.45x
EV / EBITDA 15.6x 4.46x 2.79x 1.66x
EV / EBIT 17.3x 7.71x 3.54x 2.07x
EV / FCF 21.2x 11.3x 7.07x 5.31x
FCF Yield 4.72% 8.88% 14.1% 18.8%
Dividend per Share 2 - - - -
Rate of return - - - -
EPS 2 3.4 2.12 4.11 5.85
Distribution rate - - - -
Net sales 1 800.9 816 1,122 1,376
EBITDA 1 189.1 197 268.5 373.5
EBIT 1 170.7 114 212 301
Net income 1 129.2 87 164 233.5
Net Debt 1 -445.6 -469 -598 -726
Reference price 2 83.32 33.20 33.20 33.20
Nbr of stocks (in thousands) 40,793 40,596 - -
Announcement Date 12/02/26 - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.66x1.08x4.46x - 14Cr
26.24x5.88x15.22x1.58% 42TCr
53.39x19.06x38.24x-.--% 26TCr
19.23x0.78x14.05x2.36% 17TCr
26.15x8.29x20.01x0.47% 14TCr
45.82x13.47x30.06x-.--% 8.71TCr
32.27x6.3x18.27x1.08% 7.38TCr
42.05x2.28x14.72x1.68% 5.73TCr
28.64x6.48x21.62x1.44% 5.53TCr
60.66x7.85x34.72x-.--% 4.99TCr
Average 35.01x 7.14x 21.14x 0.96% 13.19TCr
Weighted average by Cap. 34.32x 8.50x 22.20x 1.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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