Høvding 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
Score · fiscal year 2025
54of 100
How to read this: the company is ahead of 58 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 979 of 2,306 · What are Morning company classes?
Place in the whole sector: 4,684 of 11,168 · Eiendom
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 34 and resilience 53 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Høvding AS is 3 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 2,306 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −12.3% (median 23.7%) and equity ratio 42.9% (median 26.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 11 MNOK | 18 MNOK |
| Operating margin | −12.3% | 23.7% |
| Profit margin | 269.9% | 13.7% |
| Return on assets | 10.0% | 7.9% |
| Equity ratio | 42.9% | 26.8% |
| Debt-to-equity | 1.33 | 2.43 |
| Current ratio | 0.57 | 1.31 |
| Revenue growth | 41.4% | 4.8% |
| Revenue per employee | 0.78 MNOK | 2.12 MNOK |
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 54, Høvding AS does better than 58% of companies in the Morning class Small in the same sector (2,306 companies) in 2025.
Score 2023–2025
- Høvding AS
- Median: companies in the Morning class Small in the same sector
Høvding AS has a score of 54 for 2025, rank 4,684 of 11,168 in the sector.
Strongest: Growth: percentile 85 against peers, revenue growth 41.4% against a median of 4.8%. Solidity: percentile 67 against peers, equity ratio 42.9% against a median of 26.8%.
Weakest: Liquidity: percentile 22 against peers, current ratio 0.57 against a median of 1.31. Profitability: percentile 34 against peers, operating margin −12.3% against a median of 23.7%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.8 times current assets. Based on: current ratio 0.57 (median 1.31).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −12.3% (median 23.7%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 41.4% (median 4.8%); current ratio 0.57 (median 1.31).
- What lies behind weak profitability, 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
The industry or the company: what drove the result?
In 2025 the operating margin of Høvding AS rose by 19.8 percentage points. Comparable companies fell by a median 20.6 points. So the company did 40.4 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Høvding AS moved the same way as comparable companies 1 times. About 27% 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 | −32.1% | 44.3% | +16.6 percentage points | +0.7 percentage points | +15.9 percentage points |
| 2025 | −12.3% | 23.7% | +19.8 percentage points | −20.6 percentage points | +40.4 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 Høvding 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 Høvding AS rose 19.8 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 | – | – | −48.7% | −32.1% | −12.3% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Høvding AS rose 19.8 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 | – | – | −48.7% | −32.1% | −12.3% | – |
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 Høvding AS rose 19.8 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 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| The company's operating margin | – | – | −48.7% | −32.1% | −12.3% | – |
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 Høvding AS rose 19.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | −48.7% | −32.1% | −12.3% | – |
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 Høvding AS rose 19.8 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 | – | – | −48.7% | −32.1% | −12.3% | – |
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
Høvding AS had an operating margin of −12.3% and an equity ratio of 42.9% in 2025, and ranks 4,684 of 11,168 in Eiendom.
From 2024 to 2025: the operating margin rose from −32.1% to −12.3% and revenue grew by 41%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 75 MNOK and 119 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 119 MNOK |
| EV/EBIT | 19.2 | not meaningful |
| P/B | 0.7 | 75 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% 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 (68.2): R.E.I.T..
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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.8 times current assets.
Based on: Current ratio 0.57 (median 1.31).
- watch
The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?
Based on: Operating margin −12.3% (median 23.7%).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 41.4% (median 4.8%); Current ratio 0.57 (median 1.31).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.6% 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 12.0%. 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 | 34 | weight 40% |
|---|---|---|
| Solidity | 67 | weight 20% |
| Liquidity | 22 | weight 5% |
| Growth | 85 | weight 25% |
| Consistency | 40 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 53 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Høvding AS?
The operating margin was −12.3% in 2025, against a median of 23.7% among companies in the Morning class Small in the same sector. Return on assets was 10.0%.
How solid is Høvding AS?
The equity ratio was 42.9% in 2025 (median 26.8%). Debt-to-equity was 1.33 (median 2.43).
What is the liquidity of Høvding AS like?
The current ratio was 0.57 in 2025 (median 1.31). Current assets did not cover current liabilities.
How does Høvding AS compare in Eiendom?
Høvding AS ranks 4,684 of 11,168 in Eiendom for 2025. Among companies in the Morning class Small it is number 979 of 2,306. Revenue changed by 41.4% 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.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Brødrene Sæthre AS |  Lion |
11 MNOK | 51.3% | 53 |
| Nordic Residential Properties Spirea Park AS | Lion |
11 MNOK | 54.1% | 55 |
| Austrått Eiendom AS |  Cheetah |
11 MNOK | 14.6% | 57 |
| Prima Eiendom Trondheim AS |  Elephant |
11 MNOK | 5.9% | 54 |
| Høvding AS (this company) | Elephant |
11 MNOK | −12.3% | 54 |
| Nordbø Eiendom AS |  Beaver |
11 MNOK | −92.1% | 37 |
| Hejo Consult AS | Lion |
11 MNOK | 99.5% | 89 |
| Matforsk Eiendom AS | Lion |
11 MNOK | 55.5% | 63 |
| Rådhusgata 9 AS | Beaver |
11 MNOK | 21.9% | 53 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group accounts · 2023
49 of 100
Rank 135 of 258 groups in the Morning class Medium in Eiendom. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 81 MNOK
- Operating profit, group
- 38 MNOK
- Profit before tax, group
- 21 MNOK
- Total assets, group
- 709 MNOK
- Equity, group
- 179 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 46.6% | – |
| Return on assets | 5.8% | – |
| Equity ratio | 25.2% | – |
| Current ratio | 0.17 | – |
| Revenue growth | – | – |
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2023 (open data, NLOD 2.0).
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.
Group structure · 2025
10 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.
No owner holds more than half of the shares in Høvding AS.
Group accounts. Høvding AS for 2023: index 49 of 100, number 135 of 258 groups.
The group in figures
- Sectors
- Eiendom (3 companies) 3 of 10 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
- 14 in all. Molde 14 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Changed 2024–2025
- 3 companies joined the group: Grandfjæra Handelspark AS, Prestegardsvegen 1 AS, Hammervoldbygget AS.
-
Høvding AS you are here
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.
From the Central Coordinating Register
- Org. no.
- 831032472
- Legal form
- AS · part of a group
- Sector
- Eiendom (68.200)
- Morning company class
- Small
- Employees
- 14 registered 10 September 2026
- Founded
- 18 December 1981 44 years in operation
- Share capital
- 1.74 MNOK
- Business address
- Grandfjæra 22C, 6415 MOLDE
- Municipality
- Molde rank 1–8 of 13 in KOSTRA group 10
- Latest accounts filed
- 2025
- LEI
- 894500MUIGGGE6Q7AQ09 renews 11 February 2027
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
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 7
- Largest owner
- 33.0% · top three 85.8%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 98%
- Våg AS · 33.0%
- Nimbus AS · 33.0%
- Axio AS · 19.9%
- Norsk Landbrukskjemi AS · 5.0%
- Måltrost Invest AS · 5.0%
- Rigla AS · 2.5%
- Fjellenden AS · 1.7%
Change 2007–2025:
100% of the shares changed owner (7 new and 2 departed owners). The majority owner changed.
New owners (companies): Axio AS, Fjellenden AS, Måltrost Invest AS, Nimbus AS, Norsk Landbrukskjemi AS
Departed (companies): Bovi AS, Cumulus AS
Majority owner of: Gammelseterlia 7 AS (100%), Motzfeldt AS (100%), Grandfjæra Handelspark AS (100%), Prestegardsvegen 1 AS (100%), Gammelseterlia Eiendom AS (100%), Molde Næringseiendom AS (100%), Hammervoldbygget AS (100%), Fabrikkveien 13 AS (67%)
The portfolio: 3 of the companies it owns shares in have accounts with us, 2 of them as majority owner. The average index is 56. 0 have negative equity and 1 made a loss in the latest year.
Holds shares in: Grand Fiære Utvikling AS (48%), Gammelseterlia 7 AS (100%), Molde Næringseiendom AS (100%), Fabrikkveien 13 AS (67%), Gammelseterlia Eiendom AS (100%), Opptur Mfk AS (2%), Motzfeldt AS (100%), Grandfjæra Handelspark AS (100%)
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 | 48 | 56 | 54 | |
| Rank | 5,603 | 3,867 | 4,684 | |
| Operating margin | −48.7% | −32.1% | −12.3% | |
| Return on assets | 6.8% | 9.1% | 10.0% | |
| Equity ratio | 65.3% | 62.7% | 42.9% | |
| Current ratio | 1.02 | 0.80 | 0.57 | |
| Revenue growth | – | 22.7% | 41.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 6.3 MNOK | 7.7 MNOK | 10.9 MNOK |
| Operating profit | −3.1 MNOK | −2.5 MNOK | −1.3 MNOK |
| Profit before tax | 12.7 MNOK | 19.2 MNOK | 29.5 MNOK |
| Tax expense | 1.1 MNOK | 4.2 MNOK | 6.0 MNOK |
| Net profit | 11.7 MNOK | 15.0 MNOK | 23.4 MNOK |
| Financial expenses | 1.9 MNOK | 1.9 MNOK | 7.5 MNOK |
| Total assets | 215.8 MNOK | 231.8 MNOK | 369.1 MNOK |
| Current assets | 36.4 MNOK | 45.9 MNOK | 52.8 MNOK |
| Equity | 140.9 MNOK | 145.4 MNOK | 158.4 MNOK |
| Retained earnings | 40.1 MNOK | 44.6 MNOK | 57.6 MNOK |
| Total liabilities | 74.9 MNOK | 86.4 MNOK | 210.7 MNOK |
| Current liabilities | 35.6 MNOK | 57.4 MNOK | 92.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6720820.
Further
Similar companies
- Eiendom 2020 AS index 54, rank 4,678 · compare
- Ormåsen Utbygging AS index 54, rank 4,679 · compare
- Vagle Grønn AS index 54, rank 4,680 · compare
- Randabergporten AS index 53, rank 4,685 · compare
- Brynsengveien 10 AS index 53, rank 4,689 · compare