Ganesar Eiendom 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
34of 100
How to read this: the company is ahead of 18 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 6,824 of 8,332 · What are Morning company classes?
Place in the whole sector: 9,214 of 11,168 · Eiendom
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 40 and resilience 15 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Ganesar Eiendom AS is 16 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 8,329 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 39.8% (median 45.6%) and equity ratio −1.3% (median 25.1%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 3 MNOK |
| Operating margin | 39.8% | 45.6% |
| Profit margin | 7.5% | 20.2% |
| Return on assets | 5.2% | 7.5% |
| Equity ratio | −1.3% | 25.1% |
| Debt-to-equity | – | 2.35 |
| Current ratio | 0.28 | 1.37 |
| Revenue growth | 11.8% | 3.1% |
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 34, Ganesar Eiendom AS does better than 18% of companies in the Morning class Micro in the same sector (8,332 companies) in 2025.
Score 2023–2025
- Ganesar Eiendom AS
- Median: companies in the Morning class Micro in the same sector
Ganesar Eiendom AS has a score of 34 for 2025, rank 9,214 of 11,168 in the sector.
Strongest: Growth: percentile 51 against peers, revenue growth 11.8% against a median of 3.1%.
Weakest: Solidity: percentile 0 against peers, equity ratio −1.3% against a median of 25.1%. Liquidity: percentile 17 against peers, current ratio 0.28 against a median of 1.37.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −1.3% (median 25.1%).
- Consider strengthening liquidity: current liabilities are 3.5 times current assets. Based on: current ratio 0.28 (median 1.37).
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 4.9 percentage points weaker than for comparable companies: the company −3.6, the industry +1.3 points. That is the company's own, not something that hit the whole industry.
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 Ganesar Eiendom AS fell by 3.6 percentage points. Comparable companies rose by a median 1.3 points. So the company did 4.9 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Ganesar Eiendom AS moved the same way as comparable companies 0 times. About 24% 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 | 43.4% | 44.3% | −0.8 percentage points | +0.7 percentage points | −1.5 percentage points |
| 2025 | 39.8% | 45.6% | −3.6 percentage points | +1.3 percentage points | −4.9 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 Ganesar Eiendom 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 Ganesar Eiendom AS fell 3.6 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 | – | – | 44.2% | 43.4% | 39.8% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ganesar Eiendom AS fell 3.6 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 | – | – | 44.2% | 43.4% | 39.8% | – |
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 Ganesar Eiendom AS fell 3.6 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 | – | – | 44.2% | 43.4% | 39.8% | – |
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 Ganesar Eiendom AS fell 3.6 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 | – | – | 44.2% | 43.4% | 39.8% | – |
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 Ganesar Eiendom AS fell 3.6 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 | – | – | 44.2% | 43.4% | 39.8% | – |
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
Ganesar Eiendom AS had an operating margin of 39.8% and an equity ratio of −1.3% in 2025, and ranks 9,214 of 11,168 in Eiendom.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin fell from 43.4% to 39.8%.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | not meaningful |
| EV/EBIT | 19.2 | debt above value |
| P/B | 0.7 | not meaningful |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 15 MNOK |
| Enterprise value after the size adjustment | 9 MNOK |
| Less net debt (rough figure) | 14 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 156% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
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
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −1.3% (median 25.1%).
- critical
Consider strengthening liquidity: current liabilities are 3.5 times current assets.
Based on: Current ratio 0.28 (median 1.37).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 4.2% 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
- critical Negative equity
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 | 40 | weight 40% |
|---|---|---|
| Solidity | 0 | weight 20% |
| Liquidity | 17 | weight 5% |
| Growth | 51 | weight 25% |
| Consistency | 43 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 30 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Ganesar Eiendom AS?
The operating margin was 39.8% in 2025, against a median of 45.6% among companies in the Morning class Micro in the same sector. Return on assets was 5.2%.
How solid is Ganesar Eiendom AS?
The equity ratio was −1.3% in 2025 (median 25.1%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Ganesar Eiendom AS like?
The current ratio was 0.28 in 2025 (median 1.37). Current assets did not cover current liabilities.
How does Ganesar Eiendom AS compare in Eiendom?
Ganesar Eiendom AS ranks 9,214 of 11,168 in Eiendom for 2025. Among companies in the Morning class Micro it is number 6,824 of 8,332. Revenue changed by 11.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 898078272
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 24 February 2012 14 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Nordskogenveien 4A, 1407 VINTERBRO (ÅS)
- Municipality
- Ås rank 2–8 of 27 in KOSTRA group 9
- Audit
- Audit opted out from 26 March 2012
- Latest accounts filed
- 2025
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
- 2
- Largest owner
- 50.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
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 | 29 | 27 | 34 | |
| Rank | 8,926 | 9,760 | 9,214 | |
| Operating margin | 44.2% | 43.4% | 39.8% | |
| Return on assets | 5.5% | 5.1% | 5.2% | |
| Equity ratio | −1.5% | −2.3% | −1.3% | |
| Current ratio | 0.40 | 0.21 | 0.28 | |
| Revenue growth | – | −5.0% | 11.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.8 MNOK | 1.7 MNOK | 1.9 MNOK |
| Operating profit | 0.8 MNOK | 0.8 MNOK | 0.8 MNOK |
| Profit before tax | −0.1 MNOK | −0.1 MNOK | 0.1 MNOK |
| Tax expense | 0.0 MNOK | – | 0.0 MNOK |
| Net profit | −0.1 MNOK | −0.1 MNOK | 0.1 MNOK |
| Financial expenses | 0.9 MNOK | 0.9 MNOK | 0.6 MNOK |
| Total assets | 14.7 MNOK | 14.7 MNOK | 14.7 MNOK |
| Current assets | 0.2 MNOK | 0.1 MNOK | 0.1 MNOK |
| Equity | −0.2 MNOK | −0.3 MNOK | −0.2 MNOK |
| Retained earnings | −0.3 MNOK | −0.4 MNOK | −0.2 MNOK |
| Total liabilities | 14.9 MNOK | 15.0 MNOK | 14.9 MNOK |
| Current liabilities | 0.4 MNOK | 0.4 MNOK | 0.5 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6907226.
Further
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