Upl Hamar AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Key facts
Is the company run well?
Five key figures against companies in the Morning class Small in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 16.9% Weaker than the industry Industry: 40.6%
- Returns · return on assets 3.0% Weaker than the industry Industry: 7.8%
- Solidity · equity ratio 70.5% Better than the industry Industry: 27.3%
- Liquidity · current ratio 9.87 Better than the industry Industry: 1.27
- Growth · revenue growth −16.1% Weaker than the industry Industry: 4.1%
The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology
Score · fiscal year 2025
40of 100
How to read this: the company is ahead of 25 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 3,821 of 5,128 · What are Morning company classes?
Place in the whole sector: 21,952 of 30,132 · Eiendom
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 27 and resilience 69 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Upl Hamar AS is 10 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 5,127 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 16.9% (median 40.6%) and equity ratio 70.5% (median 27.3%).
How it has gone · 2023–2025
Revenue rose by 10 % from 2023 to 2025, to 13.1 MNOK. The operating margin rose from −42.2% in 2023 to 16.9% in 2025. The equity ratio rose from 36.3% in 2023 to 70.5% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 11.9 MNOK | 15.6 MNOK | 13.1 MNOK |
| Operating profit | −5.0 MNOK | 3.1 MNOK | 2.2 MNOK |
| Net profit | −5.5 MNOK | −2.3 MNOK | −3.2 MNOK |
| Total assets | 156.5 MNOK | 179.0 MNOK | 106.4 MNOK |
| Equity | 56.8 MNOK | 51.7 MNOK | 75.1 MNOK |
| Total liabilities | 99.7 MNOK | 127.3 MNOK | 31.3 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 823480342
- Legal form
- AS
- Sector
- Eiendom (68.120)
- Purpose
- Forvalte og utvikle fast eiendom, og drive virksomhet som naturlig knytter seg til disse formål.
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 10 September 2019 7 years in operation
- Share capital
- 2.00 MNOK
- Business address
- Vangsvegen 111, 2318 HAMAR
- Municipality
- Hamar rank 1–5 of 13 in KOSTRA group 10
- Latest accounts filed
- 2025
- VAT registered
- Yes
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Upl Hamar AS has a score of 40 for 2025, rank 21,952 of 30,132 in the sector.
Strongest: Liquidity: percentile 90 against peers, current ratio 9.87 against a median of 1.27. Solidity: percentile 83 against peers, equity ratio 70.5% against a median of 27.3%.
Weakest: Growth: percentile 20 against peers, revenue growth −16.1% against a median of 4.1%. Profitability: percentile 27 against peers, operating margin 16.9% against a median of 40.6%.
Worth a closer look
- The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say? Based on: interest coverage (times) 0.3 (median 2.0); financial costs as a share of debt 23.3% (median 4.7%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −31.4% (median 19.3%).
- Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group? Based on: receivable days 103 days (median 50 days).
- What lies behind weak growth, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
Worth a closer look
- critical
The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?
Based on: Interest coverage (times) 0.3 (median 2.0); Financial costs as a share of debt 23.3% (median 4.7%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −31.4% (median 19.3%).
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 103 days (median 50 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 23.3% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 15.0%. Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 27 | weight 40% |
|---|---|---|
| Solidity | 83 | weight 20% |
| Liquidity | 90 | weight 5% |
| Growth | 20 | weight 25% |
| Consistency | 32 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 40 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 13 MNOK | 17 MNOK |
| Operating margin | 16.9% | 40.6% |
| Profit margin | −31.4% | 19.3% |
| Return on assets | 3.0% | 7.8% |
| Equity ratio | 70.5% | 27.3% |
| Debt-to-equity | 0.42 | 2.34 |
| Current ratio | 9.87 | 1.27 |
| Revenue growth | −16.1% | 4.1% |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 40, Upl Hamar AS does better than 25% of companies in the Morning class Small in the same sector (5,128 companies) in 2025.
Score 2023–2025
- Upl Hamar AS
- Median: companies in the Morning class Small in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
103 days | 50 days | |
| Inventory and other current assets, days Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue. |
0 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
18.0% | −6.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
72.1% | 30.5% | |
| Debt and interest burden | |||
| Interest coverage (times) Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt. |
0.3 | 2.0 | |
| Financial costs as a share of debt All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate. |
23.3% | 4.7% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
95.7% | 83.5% | |
Net working capital (current assets less bank deposits less current liabilities): 2.4 MNOK.
Of the financial costs of 7.3 MNOK, 7.3 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.
The industry or the company: what drove the result?
In 2025 the operating margin of Upl Hamar AS fell by 2.9 percentage points. Comparable companies rose by a median 0.2 points. So the company did 3.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Upl Hamar AS moved the same way as comparable companies 1 times. About 5% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 19.8% | 40.5% | +62.1 percentage points | +3.1 percentage points | +59.0 percentage points |
| 2025 | 16.9% | 40.6% | −2.9 percentage points | +0.2 percentage points | −3.1 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Upl Hamar AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Upl Hamar AS fell 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | −42.2% | 19.8% | 16.9% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Upl Hamar AS fell 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | −42.2% | 19.8% | 16.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Upl Hamar AS fell 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.7 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.9% |
| The company's operating margin | – | – | −42.2% | 19.8% | 16.9% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Upl Hamar AS fell 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 103.0 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +3.0% |
| The company's operating margin | – | – | −42.2% | 19.8% | 16.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Upl Hamar AS fell 2.9 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | −42.2% | 19.8% | 16.9% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Upl Hamar AS had an operating margin of 16.9% and an equity ratio of 70.5% in 2025, and ranks 21,952 of 30,132 in Eiendom.
From 2024 to 2025: the equity ratio rose from 28.9% to 70.5% and revenue fell by 16%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 42 MNOK
The mean of the 1 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 64.59 NOK per share, on 650,246 shares in the shareholder register.
One method gives a figure: 42 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 11.3 | not meaningful |
| EV/EBIT | 16.6 | debt above value |
| P/B | 0.9 | 42 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 2 MNOK |
| Enterprise value after the size adjustment | 1 MNOK |
| Less net debt (rough figure) | 20 MNOK |
| Equity value | debt above value |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is 2,091% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The multiples are from the listed industry that matches the NACE code (68.1): Real Estate (Development).
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Figures you will not find in any register
We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate
- Equity paid out or paid in
- 28.5 MNOK left equity beyond the result in 2025.
Capital left in a year with a loss.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair is under 60.
- The managing director is under 60.
- 0 of 3 on the board are 60 or older.
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Questions and answers
How profitable is Upl Hamar AS?
The operating margin was 16.9% in 2025, against a median of 40.6% among companies in the Morning class Small in the same sector. Return on assets was 3.0%. The company made a loss before tax.
How solid is Upl Hamar AS?
The equity ratio was 70.5% in 2025 (median 27.3%). Debt-to-equity was 0.42 (median 2.34).
What is the liquidity of Upl Hamar AS like?
The current ratio was 9.87 in 2025 (median 1.27).
How does Upl Hamar AS compare in Eiendom?
Upl Hamar AS ranks 21,952 of 30,132 in Eiendom for 2025. Among companies in the Morning class Small it is number 3,821 of 5,128. Revenue changed by −16.1% from the year before.
Competitors
The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.
Each bubble is a company: this company and its closest competitors in the same line of business and size, the same ones the competitor analysis uses. Placement is 0–100 against the whole sector and Morning company class: further right is more robust, higher up is more profitable. Bubble size is revenue. The light bubble and arrow show where the company stood the year before. Pick a profile to see fewer at a time.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Veslefrikk Eiendom AS |  Beaver |
13 MNOK | −46.2% | 38 |
| Heimdal Bolig AS |  Elephant |
13 MNOK | −138.8% | 49 |
| Ksn Eiendom AS | Beaver |
13 MNOK | −36.6% | 33 |
| Entreprenørbygg Eiendom AS |  Cheetah |
13 MNOK | 72.1% | 54 |
| Tindlund Park AS | Cheetah |
13 MNOK | 29.7% | 49 |
| Vangsvegen 33 AS | Elephant |
13 MNOK | 3.7% | 46 |
| Upl Hamar AS (this company) | Elephant |
13 MNOK | 16.9% | 40 |
| Levanger Brygge Utbygging AS | Elephant |
13 MNOK | 20.9% | 49 |
| Follohus Eiendomsforvaltning AS | Elephant |
13 MNOK | −9.8% | 36 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
39 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 95% of the shares in Haugans Hus Holding AS. Persons are not shown by name.
Haugans Hus Holding AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Eiendom (38 companies), Finans og forsikring (1 company) 39 of 39 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 22 in all. Hamar 22 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 8 companies: Upl Hamar AS, Torggt 22 AS, Vangsvegen 75 AS, Storhamargata 61 AS, Sverdrups Gate 44 AS, Rena Park AS …
- Changed 2024–2025
- 9 companies joined the group, among them: Nygata Eiendom 1 AS, Håkons Gate 12 AS, Ringgata 65 AS, Storhamargata 61 AS, Seminargata 3 AS, Haugans Energi AS. 1 company left: Seterløkka Boliger AS.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Haugans Hus Holding AS
-
Haugans Hus Invest AS
-
Utstillingsplassen Eiendom AS
- Upl Hamar AS you are here
- Vangsvegen 119 AS
- Vangsvegen 71 AS
- Ambassadeur Holding AS
- Vangsvegen 73 AS
- Løvstadvegen 7 AS
- Storhove Innovasjonsbygg AS
- Storhamargata 44 AS
- Vangsvegen 91 AS
- Vangsvegen 121 AS
- Midtbyen Park AS
- Peer Gynt Kjøpesenter AS
- Kongsvinger Kompetanse - og Næringssenter AS
- Vinstra Veipark AS
- and 14 more companies
- Haugans Energi AS
-
- Haugans Hus Markedsinvest AS
-
The tree shows up to 4 levels below the top. Large groups have more companies than shown.
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Utstillingsplassen Eiendom AS (100%)
Ultimate owner: private person
- Utstillingsplassen Eiendom AS · 100.0%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Is this your company? Suggest changes or add information
Figures last fetched 30 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 32 | 50 | 40 | |
| Rank | 21,823 | 14,765 | 21,952 | |
| Operating margin | −42.2% | 19.8% | 16.9% | |
| Return on assets | −2.9% | 2.0% | 3.0% | |
| Equity ratio | 36.3% | 28.9% | 70.5% | |
| Current ratio | 1.60 | 8.71 | 9.87 | |
| Revenue growth | – | 31.4% | −16.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 11.9 MNOK | 15.6 MNOK | 13.1 MNOK |
| Operating profit | −5.0 MNOK | 3.1 MNOK | 2.2 MNOK |
| Profit before tax | −7.0 MNOK | −3.0 MNOK | −4.1 MNOK |
| Tax expense | −1.5 MNOK | −0.7 MNOK | −0.9 MNOK |
| Net profit | −5.5 MNOK | −2.3 MNOK | −3.2 MNOK |
| Financial expenses | 2.5 MNOK | 6.6 MNOK | 7.3 MNOK |
| Total assets | 156.5 MNOK | 179.0 MNOK | 106.4 MNOK |
| Current assets | 23.9 MNOK | 37.7 MNOK | 13.3 MNOK |
| Equity | 56.8 MNOK | 51.7 MNOK | 75.1 MNOK |
| Retained earnings | 33.9 MNOK | 28.8 MNOK | −2.9 MNOK |
| Total liabilities | 99.7 MNOK | 127.3 MNOK | 31.3 MNOK |
| Current liabilities | 14.9 MNOK | 4.3 MNOK | 1.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6873434.
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