Company Valuation: Appear ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2025 2026 2027 2028
Market Cap 1 3,399 1,689 - -
Change - -50.31% - -
Enterprise Value (EV) 1 2,953 1,131 1,016 871.3
Change - -61.69% -10.21% -14.23%
P/E 24.5x 10.5x 8.46x 6.22x
PBR 5.33x 2.22x 1.76x 1.37x
PEG - 0.6x 0.4x 0.2x
Capitalization / Revenue 4.24x 1.68x 1.39x 1.14x
EV / Revenue 3.69x 1.13x 0.84x 0.59x
EV / EBITDA 15.6x 4.66x 3.35x 2.12x
EV / EBIT 17.3x 5.44x 3.98x 2.52x
EV / FCF 21.2x 14x 8.99x 6.14x
FCF Yield 4.72% 7.16% 11.1% 16.3%
Dividend per Share 2 - - - -
Rate of return - - - -
EPS 2 3.4 3.97 4.92 6.69
Distribution rate - - - -
Net sales 1 800.9 1,002 1,212 1,480
EBITDA 1 189.1 243 303.5 410.5
EBIT 1 170.7 208 255 345.5
Net income 1 129.2 158.5 197.5 268
Net Debt 1 -445.6 -557.5 -673 -817.5
Reference price 2 83.32 41.60 41.60 41.60
Nbr of stocks (in thousands) 40,793 40,596 - -
Announcement Date 2/12/26 A - - -
1NOK in Million2NOK
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.48x1.13x4.66x - 175M
16.48x6.1x-35.11x - 4.57B
21.47x0.89x12.12x3.19% 3.73B
18.85x2.22x10.97x5.14% 865M
8.73x1.22x4.71x4.38% 419M
58x - - - 181M
48.9x - - - 74.23M
Average 26.13x 2.31x -0.53x 4.24% 1.43B
Weighted average by Cap. 19.10x 3.47x -10.55x 3.63%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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