Danex 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
16of 100
How to read this: the company is ahead of 3 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 23,184 of 23,906 · What are Morning company classes?
Place in the whole sector: 29,236 of 30,136 · Eiendom
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 7 and resilience 33 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Danex AS is 34 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 23,900 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −16.3% (median 47.7%) and equity ratio 14.5% (median 27.9%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 6 MNOK | 2 MNOK |
| Operating margin | −16.3% | 47.7% |
| Profit margin | −36.4% | 24.4% |
| Return on assets | −4.1% | 7.8% |
| Equity ratio | 14.5% | 27.9% |
| Debt-to-equity | 5.91 | 2.10 |
| Current ratio | 1.47 | 1.40 |
| Revenue growth | −10.5% | 3.3% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 16, Danex AS does better than 3% of companies in the Morning class Micro in the same sector (23,906 companies) in 2025.
Score 2023–2025
- Danex AS
- Median: companies in the Morning class Micro 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. |
39 days | 40 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 | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
– | −12.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
– | 54.9% | |
| 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. |
−0.8 | 1.8 | |
| 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. |
5.9% | 5.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
97.9% | 87.8% | |
The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.
Of the financial costs of 1.1 MNOK, 1.1 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro 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.
Danex AS has a score of 16 for 2025, rank 29,236 of 30,136 in the sector.
Strongest: Liquidity: percentile 51 against peers, current ratio 1.47 against a median of 1.40.
Weakest: Profitability: percentile 7 against peers, operating margin −16.3% against a median of 47.7%. Growth: percentile 8 against peers, revenue growth −10.5% against a median of 3.3%.
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) −0.8 (median 1.8); financial costs as a share of debt 5.9% (median 5.0%).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −36.4% (median 24.4%).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −16.3% (median 47.7%).
- 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 Danex AS fell by 87.4 percentage points. Comparable companies rose by a median 0.8 points. So the company did 88.1 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Danex AS moved the same way as comparable companies 0 times. About 2% 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 | 71.1% | 46.9% | −2.3 percentage points | +0.9 percentage points | −3.2 percentage points |
| 2025 | −16.3% | 47.7% | −87.4 percentage points | +0.8 percentage points | −88.1 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 Danex 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 Danex AS fell 87.4 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 | – | – | 73.4% | 71.1% | −16.3% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Danex AS fell 87.4 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 | – | – | 73.4% | 71.1% | −16.3% | – |
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 Danex AS fell 87.4 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 | – | – | 73.4% | 71.1% | −16.3% | – |
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 Danex AS fell 87.4 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 | – | – | 73.4% | 71.1% | −16.3% | – |
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 Danex AS fell 87.4 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 | – | – | 73.4% | 71.1% | −16.3% | – |
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
Danex AS had an operating margin of −16.3% and an equity ratio of 14.5% in 2025, and ranks 29,236 of 30,136 in Eiendom.
From 2024 to 2025: the operating margin fell from 71.1% to −16.3% and went from a profit to a loss before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 13 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 9 MNOK |
| EV/EBIT | 19.2 | 13 MNOK |
| P/B | 0.7 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 51 MNOK |
| Enterprise value after the size adjustment | 31 MNOK |
| Less net debt (rough figure) | 18 MNOK |
| Equity value | 13 MNOK |
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 59% 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 (68.2): 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
- 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) −0.8 (median 1.8); Financial costs as a share of debt 5.9% (median 5.0%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −36.4% (median 24.4%).
- 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 −16.3% (median 47.7%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.9% 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 15.2%. 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 | 7 | weight 40% |
|---|---|---|
| Solidity | 30 | weight 20% |
| Liquidity | 51 | weight 5% |
| Growth | 8 | weight 25% |
| Consistency | 29 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 46 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Danex AS?
The operating margin was −16.3% in 2025, against a median of 47.7% among companies in the Morning class Micro in the same sector. Return on assets was −4.1%. The company made a loss before tax.
How solid is Danex AS?
The equity ratio was 14.5% in 2025 (median 27.9%). Debt-to-equity was 5.91 (median 2.10).
What is the liquidity of Danex AS like?
The current ratio was 1.47 in 2025 (median 1.40).
How does Danex AS compare in Eiendom?
Danex AS ranks 29,236 of 30,136 in Eiendom for 2025. Among companies in the Morning class Micro it is number 23,184 of 23,906. Revenue changed by −10.5% 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 |
|---|---|---|---|---|
| Grimstad Eiendomsselskap AS |  Cheetah |
6 MNOK | 72.4% | 53 |
| Slynga 2 Eiendom AS | Cheetah |
6 MNOK | 77.0% | 57 |
| Stormyra Eigedom AS · same municipality |  Lion |
6 MNOK | 51.0% | 61 |
| Casander AS · same municipality |  Elephant |
6 MNOK | 10.3% | 39 |
| Danex AS (this company) |  Beaver |
6 MNOK | −16.3% | 16 |
| Monge Eiendom AS | Lion |
6 MNOK | 56.1% | 67 |
| Hanlar AS | Cheetah |
6 MNOK | 59.6% | 58 |
| Hegstadmoen 3 AS | Cheetah |
6 MNOK | 51.6% | 46 |
| Mlv15-17 AS | Lion |
6 MNOK | 42.1% | 61 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group accounts
The company is registered as part of a group, but we have no group accounts for it. Group accounts are filed by the parent company, and open data does not say which company that is.
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
232 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 100% of the shares in Ragde Eiendom AS. Persons are not shown by name.
Group accounts. Ragde Eiendom AS for 2025: index 50 of 100, number 42 of 79 groups. See the group accounts
The group in figures
- Sectors
- Eiendom (225 companies), Overnatting og servering (3 companies), Bygg og anlegg (2 companies), Kultur og fritid (1 company), Teknisk tjenesteyting og forskning (1 company) 232 of 232 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
- 142 in all. Ullensaker 95, Oslo 47 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 11 companies: Waldemar Thranes Gate 84 B, 86 og 98 AS, Kvantum Kjøpesenter AS, Jnp Eiendom 2 AS, Semsvegen 46 AS, Furene Eiendom AS, Skurdalsvegen 26 Geilo AS …
- Loss
- 43 companies: Gardermoen Airport Hotel AS, Varnaveien Handelspark AS, Sinsengarasjer AS, Ragde Charge AS, Sannergata 2 AS, Kvantum Kjøpesenter AS …
- Changed 2024–2025
- 13 companies joined the group, among them: Halvdan Svartes Gate 11B AS, Furene Eiendom AS, M62 Holding AS, Semsvegen 46 AS, Konowsgate 1 Næring AS, Postal Logistics Denmark AS. 12 companies left, among them: Koppholen 20 AS, Kvithyll Eiendom AS, Maria Dehlis Vei 40 AS, Pottemakerveien 8 AS, Taberna Holding AS, Nordic Padel Partners 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.
-
Ragde Eiendom AS
- Danex AS you are here
- Brobekkveien 80 AS
- Revierstredet 2 AS
- Thv Meyersgt 7-9-11 AS
- Gardermoen Airport Hotel AS
- Gladengveien 2 AS
- Dyno Eiendom Lillestrøm AS
- R Næringseiendommer AS
- Ragde Hotell Møllergata 26 AS
- Kvithyll Eierselskap AS
- Hotell 33 AS
- Linden Park AS
- Slemdalsveien 70 AS
- Varnaveien Handelspark AS
- Fnc Kiellands Hus AS
- and 169 more companies
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.
From the Central Coordinating Register
- Org. no.
- 888237372
- Legal form
- AS · part of a group
- Sector
- Eiendom (68.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 18 May 2005 21 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Sannergata 2, 0557 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Audit
- Audit opted out from 18 October 2023
- Latest accounts filed
- 2025
- Website
- www.ragde.no
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 2 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: Ragde Eiendom AS (100%)
Ultimate owner: private person
- Ragde Eiendom AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 2 departed owners). The majority owner changed.
New owners (companies): Ragde Eiendom AS
Departed (companies): Bjerke Holding AS, Solhøy Holding AS
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 | 65 | 57 | 16 | |
| Rank | 6,416 | 9,910 | 29,236 | |
| Operating margin | 73.4% | 71.1% | −16.3% | |
| Return on assets | 21.5% | 21.2% | −4.1% | |
| Equity ratio | 22.1% | 22.9% | 14.5% | |
| Current ratio | 0.08 | 0.11 | 1.47 | |
| Revenue growth | – | 1.6% | −10.5% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 6.1 MNOK | 6.2 MNOK | 5.5 MNOK |
| Operating profit | 4.5 MNOK | 4.4 MNOK | −0.9 MNOK |
| Profit before tax | 3.8 MNOK | 3.6 MNOK | −2.0 MNOK |
| Tax expense | 0.8 MNOK | 0.8 MNOK | −0.4 MNOK |
| Net profit | 3.0 MNOK | 2.8 MNOK | −1.6 MNOK |
| Financial expenses | 0.6 MNOK | 0.8 MNOK | 1.1 MNOK |
| Total assets | 20.7 MNOK | 20.7 MNOK | 22.0 MNOK |
| Current assets | 0.4 MNOK | 0.5 MNOK | 0.6 MNOK |
| Equity | 4.6 MNOK | 4.8 MNOK | 3.2 MNOK |
| Retained earnings | 4.0 MNOK | 4.2 MNOK | 2.6 MNOK |
| Total liabilities | 16.2 MNOK | 16.0 MNOK | 18.8 MNOK |
| Current liabilities | 5.0 MNOK | 4.4 MNOK | 0.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6794106.
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