Constructer 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 4.1% Weaker than the industry Industry: 40.5%
- Returns · return on assets 2.7% Weaker than the industry Industry: 7.6%
- Solidity · equity ratio 45.6% Better than the industry Industry: 27.4%
- Liquidity · current ratio 2.79 Better than the industry Industry: 1.29
- Growth · revenue growth 121.9% Better than the industry Industry: 5.5%
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 2024
51of 100
How to read this: the company is ahead of 51 % of companies in the Morning class Small in the same sector in 2024. What does this mean?
Rank in the Morning class Small: 2,369 of 4,810 · What are Morning company classes?
Place in the whole sector: 13,893 of 28,599 · Eiendom
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 19 and resilience 62 out of 100 among companies in the Morning class Small in the same sector in 2024. Methodology
Against the sector
Constructer AS is at the median for companies in the Morning class Small in the same sector in 2024.
Median score 51 among 4,810 companies.
Against companies in the Morning class Small in the same sector in 2024: operating margin 4.1% (median 40.5%) and equity ratio 45.6% (median 27.4%).
How it has gone · 2023–2025
Revenue fell by 98 % from 2023 to 2025, to 0.1 MNOK. The operating margin fell from −9.2% in 2023 to −1,593.0% in 2025. The equity ratio fell from 29.5% in 2023 to 16.2% 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 | 5.0 MNOK | 11.1 MNOK | 0.1 MNOK |
| Operating profit | −0.5 MNOK | 0.5 MNOK | −1.3 MNOK |
| Net profit | −1.3 MNOK | −0.2 MNOK | −5.4 MNOK |
| Total assets | 26.6 MNOK | 16.8 MNOK | 14.2 MNOK |
| Equity | 7.9 MNOK | 7.7 MNOK | 2.3 MNOK |
| Total liabilities | 18.8 MNOK | 9.1 MNOK | 11.9 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.
- 911939223
- Legal form
- AS
- Sector
- Eiendom (68.120)
- Purpose
- Utvikling og bygging av eiendomsprosjekter, herunder deltagelse i andre selskaper med økonomisk gevinst som formål.
- Morning company class
- Small
- Employees
- 0–4 (not registered)
- Founded
- 26 April 2013 13 years in operation
- Share capital
- 6.77 MNOK
- Business address
- Høddvollvegen 45, 6065 ULSTEINVIK
- Municipality
- Ulstein rank 6 of 40 in KOSTRA group 1
- Audit
- Audit opted out from 13 November 2026
- Latest accounts filed
- 2025
- VAT registered
- No
- Former names
- Vik Hovset AS until 2014
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
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) 0.7 (median 1.8); Financial costs as a share of debt 6.9% (median 4.8%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −1.6% (median 17.4%).
- 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 4.1% (median 40.5%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 6.9% of the debt in 2024. The policy rate averaged 4.50 % 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 | 19 | weight 40% |
|---|---|---|
| Solidity | 69 | weight 20% |
| Liquidity | 73 | weight 5% |
| Growth | 86 | weight 25% |
| Consistency | 44 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 39 (average over 2 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 | 11 MNOK | 17 MNOK |
| Operating margin | 4.1% | 40.5% |
| Profit margin | −1.6% | 17.4% |
| Return on assets | 2.7% | 7.6% |
| Equity ratio | 45.6% | 27.4% |
| Debt-to-equity | 1.19 | 2.36 |
| Current ratio | 2.79 | 1.29 |
| Revenue growth | 121.9% | 5.5% |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 51, Constructer AS does better than 51% of companies in the Morning class Small in the same sector (4,810 companies) in 2024.
Score 2023–2025
- Constructer 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. |
3 days | 56 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. |
260 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. |
45.9% | −6.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
0.3% | 29.6% | |
| 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. |
0.7 | 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. |
6.9% | 4.8% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
68.8% | 74.3% | |
Net working capital (current assets less bank deposits less current liabilities): 5.1 MNOK.
Of the financial costs of 0.6 MNOK, 0.6 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 2024. 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
−2.3% | 11.4% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
3.3% | 7.9% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
−1.6% | 13.7% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
0.66 | 0.18 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
2.19 | 3.36 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
13.7 | 4.2 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
1.57 | 1.02 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
0.04 | 1.07 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
– | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
– | 1.3 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
– | 14.2% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
– | 68.1% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
– | 9 mo. | |
DuPont on the closing balance: net margin −1.6% × asset turnover 0.66 × multiplier 2.19 = −2.3% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
The median and the bar are for companies in the Morning class Small in the same sector in 2024. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
What the numbers say
Constructer AS had an operating margin of 4.1% and an equity ratio of 45.6% in 2024, and ranks 13,893 of 28,599 in Eiendom.
From 2023 to 2024: revenue grew by 122% and the operating margin rose from −9.2% to 4.1%.
This text is generated automatically from the 2024 accounts.
Three simple methods
Suggested price: about 4 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 63.48 NOK per share, on 67,735 shares in the shareholder register.
One method gives a figure: 4 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 11.3 | not meaningful |
| EV/EBIT | 16.6 | debt above value |
| P/B | 0.9 | 4 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 0 MNOK |
| Enterprise value after the size adjustment | 0 MNOK |
| Less net debt (rough figure) | 6 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 73,071% 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
- Equity moved as the result implied in 2025.
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 2 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 Constructer AS?
The operating margin was 4.1% in 2024, against a median of 40.5% among companies in the Morning class Small in the same sector. Return on assets was 2.7%. The company made a loss before tax.
How solid is Constructer AS?
The equity ratio was 45.6% in 2024 (median 27.4%). Debt-to-equity was 1.19 (median 2.36).
What is the liquidity of Constructer AS like?
The current ratio was 2.79 in 2024 (median 1.29).
How does Constructer AS compare in Eiendom?
Constructer AS ranks 13,893 of 28,599 in Eiendom for 2024. Among companies in the Morning class Small it is number 2,369 of 4,810. Revenue changed by 121.9% from the year before.
Group structure · 2025
5 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 Geron Holding AS. Persons are not shown by name.
Geron 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 (5 companies) 5 of 5 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Loss
- 4 companies: Constructer Group AS, Constructer AS, Constructer Konsept AS, Geron Holding 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.
-
Geron Holding AS
-
Constructer Group AS
- Constructer AS you are here
- Constructer Bygg AS
- Constructer Konsept AS
-
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 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: Constructer Group AS (100%)
Ultimate owner: private person
The owner: the majority owner Constructer Group AS (holds 100%) made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Constructer Group AS · 100.0%
The company is new in the shareholder register in 2025.
Holds shares in: Nesevegen Eigedom AS (33%)
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 | 28 | 51 | – | |
| Rank | 23,096 | 13,893 | – | |
| Operating margin | −9.2% | 4.1% | −1,593.0% | |
| Return on assets | −1.7% | 2.7% | −8.9% | |
| Equity ratio | 29.5% | 45.6% | 16.2% | |
| Current ratio | 4.31 | 2.79 | 5.34 | |
| Revenue growth | – | 121.9% | −99.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 5.0 MNOK | 11.1 MNOK | 0.1 MNOK |
| Operating profit | −0.5 MNOK | 0.5 MNOK | −1.3 MNOK |
| Profit before tax | −1.3 MNOK | −0.2 MNOK | −5.4 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −1.3 MNOK | −0.2 MNOK | −5.4 MNOK |
| Financial expenses | 0.9 MNOK | 0.6 MNOK | 4.1 MNOK |
| Total assets | 26.6 MNOK | 16.8 MNOK | 14.2 MNOK |
| Current assets | 16.7 MNOK | 8.0 MNOK | 8.3 MNOK |
| Equity | 7.9 MNOK | 7.7 MNOK | 2.3 MNOK |
| Retained earnings | 0.6 MNOK | 0.4 MNOK | −4.9 MNOK |
| Total liabilities | 18.8 MNOK | 9.1 MNOK | 11.9 MNOK |
| Current liabilities | 3.9 MNOK | 2.9 MNOK | 1.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 30 October 2026, accounts id 6301851.
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News and announcements
- 13 November 2026 Endring av daglig leder (opens in a new tab) Source: Brønnøysundregistrene
- 13 November 2026 Endring av revisor (opens in a new tab) Source: Brønnøysundregistrene
- 13 November 2026 Endring i styret (opens in a new tab) Source: Brønnøysundregistrene
From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link