Company Valuation: Appear ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2025 2026 2027 2028
Market Cap 1 3,399 1,384 - -
Change - -59.27% - -
Enterprise Value (EV) 1 2,953 927.3 855.8 755.8
Change - -68.6% -7.71% -11.68%
P/E 24.5x 13.4x 9.86x 6.95x
PBR 5.33x 1.98x 1.65x 1.33x
PEG - -0.5x 0.3x 0.2x
Capitalization / Revenue 4.24x 1.68x 1.4x 1.16x
EV / Revenue 3.69x 1.13x 0.86x 0.63x
EV / EBITDA 15.6x 5.39x 3.61x 2.31x
EV / EBIT 17.3x 7.16x 4.77x 2.98x
EV / FCF 21.2x 927x 13.8x 10.8x
FCF Yield 4.72% 0.11% 7.24% 9.26%
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 34.10 34.10 34.10
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.($)
13.4x1.13x5.39x - 148M
27.13x6.08x15.74x1.53% 439B
49.02x17.38x34.84x-.--% 236B
15.12x0.61x10.97x2.99% 137B
18.67x5.8x14x0.66% 102B
34.99x6.78x19.66x1% 80.03B
40.08x12.02x26.82x-.--% 78.46B
28.62x6.54x21.57x1.43% 55.8B
45.67x2.05x12.94x1.89% 50.69B
16.9x2.69x11.22x4.21% 47.07B
Average 28.96x 6.11x 17.32x 1.52% 122.54B
Weighted average by Cap. 31.09x 7.77x 19.68x 1.31%

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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