VEIDEKKE ASA (VEI.OL) Stock Fundamental Analysis

Europe • Euronext Oslo • OSL:VEI • NO0005806802

178 NOK
-0.8 (-0.45%)
Last: Feb 5, 2026, 04:19 PM
Fundamental Rating

6

Overall VEI gets a fundamental rating of 6 out of 10. We evaluated VEI against 42 industry peers in the Construction & Engineering industry. While VEI has a great profitability rating, there are some minor concerns on its financial health. VEI is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year VEI was profitable.
  • In the past year VEI had a positive cash flow from operations.
  • VEI had positive earnings in each of the past 5 years.
  • Each year in the past 5 years VEI had a positive operating cash flow.
VEI.OL Yearly Net Income VS EBIT VS OCF VS FCFVEI.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B 5B

1.2 Ratios

  • VEI's Return On Assets of 7.11% is fine compared to the rest of the industry. VEI outperforms 76.19% of its industry peers.
  • Looking at the Return On Equity, with a value of 44.79%, VEI belongs to the top of the industry, outperforming 83.33% of the companies in the same industry.
  • VEI's Return On Invested Capital of 23.53% is amongst the best of the industry. VEI outperforms 90.48% of its industry peers.
  • VEI had an Average Return On Invested Capital over the past 3 years of 20.02%. This is significantly above the industry average of 11.33%.
  • The 3 year average ROIC (20.02%) for VEI is below the current ROIC(23.53%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.11%
ROE 44.79%
ROIC 23.53%
ROA(3y)6.25%
ROA(5y)7.26%
ROE(3y)36.63%
ROE(5y)43.49%
ROIC(3y)20.02%
ROIC(5y)18.85%
VEI.OL Yearly ROA, ROE, ROICVEI.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

1.3 Margins

  • Looking at the Profit Margin, with a value of 3.18%, VEI is in line with its industry, outperforming 40.48% of the companies in the same industry.
  • In the last couple of years the Profit Margin of VEI has grown nicely.
  • With a Operating Margin value of 3.92%, VEI is not doing good in the industry: 71.43% of the companies in the same industry are doing better.
  • VEI's Operating Margin has improved in the last couple of years.
  • VEI has a Gross Margin of 37.19%. This is comparable to the rest of the industry: VEI outperforms 45.24% of its industry peers.
  • In the last couple of years the Gross Margin of VEI has remained more or less at the same level.
Industry RankSector Rank
OM 3.92%
PM (TTM) 3.18%
GM 37.19%
OM growth 3Y-1.78%
OM growth 5Y14.32%
PM growth 3Y6.26%
PM growth 5Y4.12%
GM growth 3Y2.65%
GM growth 5Y1.43%
VEI.OL Yearly Profit, Operating, Gross MarginsVEI.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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6

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), VEI is creating value.
  • Compared to 1 year ago, VEI has about the same amount of shares outstanding.
  • VEI has about the same amout of shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, VEI has a worse debt to assets ratio.
VEI.OL Yearly Shares OutstandingVEI.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
VEI.OL Yearly Total Debt VS Total AssetsVEI.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

2.2 Solvency

  • VEI has an Altman-Z score of 3.30. This indicates that VEI is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of VEI (3.30) is better than 85.71% of its industry peers.
  • VEI has a debt to FCF ratio of 0.10. This is a very positive value and a sign of high solvency as it would only need 0.10 years to pay back of all of its debts.
  • VEI's Debt to FCF ratio of 0.10 is amongst the best of the industry. VEI outperforms 100.00% of its industry peers.
  • A Debt/Equity ratio of 0.08 indicates that VEI is not too dependend on debt financing.
  • With an excellent Debt to Equity ratio value of 0.08, VEI belongs to the best of the industry, outperforming 90.48% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.1
Altman-Z 3.3
ROIC/WACC2.82
WACC8.34%
VEI.OL Yearly LT Debt VS Equity VS FCFVEI.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B

2.3 Liquidity

  • A Current Ratio of 0.80 indicates that VEI may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.80, VEI is doing worse than 92.86% of the companies in the same industry.
  • VEI has a Quick Ratio of 0.80. This is a bad value and indicates that VEI is not financially healthy enough and could expect problems in meeting its short term obligations.
  • The Quick ratio of VEI (0.74) is worse than 90.48% of its industry peers.
Industry RankSector Rank
Current Ratio 0.8
Quick Ratio 0.74
VEI.OL Yearly Current Assets VS Current LiabilitesVEI.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

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4

3. Growth

3.1 Past

  • The Earnings Per Share has been growing slightly by 0.89% over the past year.
  • VEI shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 6.43% yearly.
  • The Revenue has been growing slightly by 1.09% in the past year.
  • VEI shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 2.43% yearly.
EPS 1Y (TTM)0.89%
EPS 3Y9.54%
EPS 5Y6.43%
EPS Q2Q%17.65%
Revenue 1Y (TTM)1.09%
Revenue growth 3Y3.13%
Revenue growth 5Y2.43%
Sales Q2Q%10.35%

3.2 Future

  • Based on estimates for the next years, VEI will show a small growth in Earnings Per Share. The EPS will grow by 7.45% on average per year.
  • Based on estimates for the next years, VEI will show a small growth in Revenue. The Revenue will grow by 5.69% on average per year.
EPS Next Y11.34%
EPS Next 2Y9.8%
EPS Next 3Y8.02%
EPS Next 5Y7.45%
Revenue Next Year3.79%
Revenue Next 2Y5.15%
Revenue Next 3Y4.65%
Revenue Next 5Y5.69%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
VEI.OL Yearly Revenue VS EstimatesVEI.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 10B 20B 30B 40B 50B
VEI.OL Yearly EPS VS EstimatesVEI.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 5 10 15

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4

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 17.98, which indicates a rather expensive current valuation of VEI.
  • The rest of the industry has a similar Price/Earnings ratio as VEI.
  • The average S&P500 Price/Earnings ratio is at 28.25. VEI is valued slightly cheaper when compared to this.
  • Based on the Price/Forward Earnings ratio of 15.94, the valuation of VEI can be described as correct.
  • 69.05% of the companies in the same industry are cheaper than VEI, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of VEI to the average of the S&P500 Index (27.50), we can say VEI is valued slightly cheaper.
Industry RankSector Rank
PE 17.98
Fwd PE 15.94
VEI.OL Price Earnings VS Forward Price EarningsVEI.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as VEI.
  • VEI's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. VEI is cheaper than 64.29% of the companies in the same industry.
Industry RankSector Rank
P/FCF 10.35
EV/EBITDA 7.47
VEI.OL Per share dataVEI.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 100 200 300

4.3 Compensation for Growth

  • The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
  • The decent profitability rating of VEI may justify a higher PE ratio.
PEG (NY)1.59
PEG (5Y)2.8
EPS Next 2Y9.8%
EPS Next 3Y8.02%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • VEI has a Yearly Dividend Yield of 5.10%, which is a nice return.
  • VEI's Dividend Yield is rather good when compared to the industry average which is at 2.49. VEI pays more dividend than 90.48% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, VEI pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.1%

5.2 History

  • The dividend of VEI is nicely growing with an annual growth rate of 9.66%!
Dividend Growth(5Y)9.66%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 90.00% of the earnings are spent on dividend by VEI. This is not a sustainable payout ratio.
  • VEI's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP90%
EPS Next 2Y9.8%
EPS Next 3Y8.02%
VEI.OL Yearly Income VS Free CF VS DividendVEI.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B
VEI.OL Dividend Payout.VEI.OL Dividend Payout, showing the Payout Ratio.VEI.OL Dividend Payout.PayoutRetained Earnings

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VEIDEKKE ASA

OSL:VEI (2/5/2026, 4:19:52 PM)

178

-0.8 (-0.45%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryConstruction & Engineering
Earnings (Last)11-06
Earnings (Next)02-12
Inst Owners37.71%
Inst Owner ChangeN/A
Ins Owners0.07%
Ins Owner ChangeN/A
Market Cap24.02B
Revenue(TTM)42.51B
Net Income(TTM)1.35B
Analysts48
Price Target181.82 (2.15%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.1%
Yearly Dividend7.9
Dividend Growth(5Y)9.66%
DP90%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.13%
Min EPS beat(2)3.16%
Max EPS beat(2)9.1%
EPS beat(4)3
Avg EPS beat(4)-267.46%
Min EPS beat(4)-1087.88%
Max EPS beat(4)9.1%
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)1.92%
Min Revenue beat(2)0.6%
Max Revenue beat(2)3.24%
Revenue beat(4)2
Avg Revenue beat(4)-0.25%
Min Revenue beat(4)-4.59%
Max Revenue beat(4)3.24%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)7.06%
PT rev (3m)7.54%
EPS NQ rev (1m)2.94%
EPS NQ rev (3m)-1.55%
EPS NY rev (1m)2.38%
EPS NY rev (3m)3.05%
Revenue NQ rev (1m)-0.45%
Revenue NQ rev (3m)-0.38%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.21%
Valuation
Industry RankSector Rank
PE 17.98
Fwd PE 15.94
P/S 0.57
P/FCF 10.35
P/OCF 8.06
P/B 7.97
P/tB 57.2
EV/EBITDA 7.47
EPS(TTM)9.9
EY5.56%
EPS(NY)11.17
Fwd EY6.27%
FCF(TTM)17.21
FCFY9.67%
OCF(TTM)22.07
OCFY12.4%
SpS314.96
BVpS22.33
TBVpS3.11
PEG (NY)1.59
PEG (5Y)2.8
Graham Number70.53
Profitability
Industry RankSector Rank
ROA 7.11%
ROE 44.79%
ROCE 29.41%
ROIC 23.53%
ROICexc 44.54%
ROICexgc 334.12%
OM 3.92%
PM (TTM) 3.18%
GM 37.19%
FCFM 5.46%
ROA(3y)6.25%
ROA(5y)7.26%
ROE(3y)36.63%
ROE(5y)43.49%
ROIC(3y)20.02%
ROIC(5y)18.85%
ROICexc(3y)44.25%
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)25.02%
ROCE(5y)23.56%
ROICexgc growth 3YN/A
ROICexgc growth 5Y100.05%
ROICexc growth 3YN/A
ROICexc growth 5Y50.39%
OM growth 3Y-1.78%
OM growth 5Y14.32%
PM growth 3Y6.26%
PM growth 5Y4.12%
GM growth 3Y2.65%
GM growth 5Y1.43%
F-Score5
Asset Turnover2.24
Health
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.1
Debt/EBITDA 0.08
Cap/Depr 56.88%
Cap/Sales 1.55%
Interest Coverage 250
Cash Conversion 105.6%
Profit Quality 172%
Current Ratio 0.8
Quick Ratio 0.74
Altman-Z 3.3
F-Score5
WACC8.34%
ROIC/WACC2.82
Cap/Depr(3y)86.37%
Cap/Depr(5y)89.78%
Cap/Sales(3y)2.15%
Cap/Sales(5y)2.21%
Profit Quality(3y)115.69%
Profit Quality(5y)141.1%
High Growth Momentum
Growth
EPS 1Y (TTM)0.89%
EPS 3Y9.54%
EPS 5Y6.43%
EPS Q2Q%17.65%
EPS Next Y11.34%
EPS Next 2Y9.8%
EPS Next 3Y8.02%
EPS Next 5Y7.45%
Revenue 1Y (TTM)1.09%
Revenue growth 3Y3.13%
Revenue growth 5Y2.43%
Sales Q2Q%10.35%
Revenue Next Year3.79%
Revenue Next 2Y5.15%
Revenue Next 3Y4.65%
Revenue Next 5Y5.69%
EBIT growth 1Y3.93%
EBIT growth 3Y1.29%
EBIT growth 5Y17.1%
EBIT Next Year82.79%
EBIT Next 3Y27.3%
EBIT Next 5Y21.16%
FCF growth 1Y118.85%
FCF growth 3Y3.8%
FCF growth 5Y17.06%
OCF growth 1Y49.4%
OCF growth 3Y0.47%
OCF growth 5Y9.79%

VEIDEKKE ASA / VEI.OL FAQ

Can you provide the ChartMill fundamental rating for VEIDEKKE ASA?

ChartMill assigns a fundamental rating of 6 / 10 to VEI.OL.


Can you provide the valuation status for VEIDEKKE ASA?

ChartMill assigns a valuation rating of 4 / 10 to VEIDEKKE ASA (VEI.OL). This can be considered as Fairly Valued.


How profitable is VEIDEKKE ASA (VEI.OL) stock?

VEIDEKKE ASA (VEI.OL) has a profitability rating of 7 / 10.


What is the financial health of VEIDEKKE ASA (VEI.OL) stock?

The financial health rating of VEIDEKKE ASA (VEI.OL) is 6 / 10.


Can you provide the expected EPS growth for VEI stock?

The Earnings per Share (EPS) of VEIDEKKE ASA (VEI.OL) is expected to grow by 11.34% in the next year.