Risgarden 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 Medium in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 98.3% Better than the industry Industry: 20.0%
- Returns · return on assets 18.5% Better than the industry Industry: 7.4%
- Solidity · equity ratio 49.1% Better than the industry Industry: 28.8%
- Liquidity · current ratio 0.15 Weaker than the industry Industry: 1.26
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
75of 100
How to read this: the company is ahead of 95 % of companies in the Morning class Medium in the same sector in 2024. What does this mean?
Rank in the Morning class Medium: 54 of 1,012 · What are Morning company classes?
Place in the whole sector: 1,556 of 28,605 · Eiendom
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2024, not a verdict on the company. Based on profitability 90 and resilience 58 out of 100 among companies in the Morning class Medium in the same sector in 2024. Methodology
Against the sector
Risgarden AS is 24 points above the median for companies in the Morning class Medium in the same sector in 2024.
Median score 51 among 1,012 companies.
Against companies in the Morning class Medium in the same sector in 2024: operating margin 98.3% (median 20.0%) and equity ratio 49.1% (median 28.8%).
How it has gone · 2023–2025
Revenue rose from −21.7 MNOK in 2023 to 36.9 MNOK in 2025. The operating margin fell from 98.3% in 2024 to 90.0% in 2025. The equity ratio rose from 45.8% in 2023 to 51.3% 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 | −21.7 MNOK | 90.0 MNOK | 36.9 MNOK |
| Operating profit | −24.3 MNOK | 88.5 MNOK | 33.2 MNOK |
| Net profit | −16.1 MNOK | 73.2 MNOK | 29.7 MNOK |
| Total assets | 409.0 MNOK | 479.7 MNOK | 481.7 MNOK |
| Equity | 187.4 MNOK | 235.6 MNOK | 247.0 MNOK |
| Total liabilities | 221.6 MNOK | 244.1 MNOK | 234.8 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.
- 918638717
- Legal form
- AS
- Sector
- Eiendom (68.320)
- Purpose
- Kjøp, utvikling, utleie og salg av fast eiendom, samt deltakelse i selskap med samme formål og annet som naturlig hører sammen med dette.
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 8 February 2017 9 years in operation
- Share capital
- 1.00 MNOK
- Business address
- c/o Malling & Co Forvaltning AS, Dronning Mauds gate 10, 0250 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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
Worth a closer look
- critical
Consider strengthening liquidity: current liabilities are 6.6 times current assets.
Based on: Current ratio 0.15 (median 1.26).
- watch
Current liabilities exceed current assets other than bank deposits, and the current ratio is weak. Is it customer prepayments and supplier credit that fund the operations, or short-term loans that must be renewed?
Based on: Net working capital to revenue −160.1% (median 0.9%); Current ratio 0.15 (median 1.26).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.1% 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 | 90 | weight 40% |
|---|---|---|
| Solidity | 68 | weight 20% |
| Liquidity | 10 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 60 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 90 MNOK | 85 MNOK |
| Operating margin | 98.3% | 20.0% |
| Profit margin | 98.0% | 13.6% |
| Return on assets | 18.5% | 7.4% |
| Equity ratio | 49.1% | 28.8% |
| Debt-to-equity | 1.04 | 2.31 |
| Current ratio | 0.15 | 1.26 |
| Revenue growth | – | 7.6% |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 75, Risgarden AS does better than 95% of companies in the Morning class Medium in the same sector (1,012 companies) in 2024.
Score 2023–2025
- Risgarden AS
- Median: companies in the Morning class Medium 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. |
0 days | 74 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. |
−160.1% | 0.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
99.6% | 8.3% | |
| 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. |
340.3 | 3.3 | |
| 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. |
0.1% | 3.2% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
40.9% | 36.7% | |
Net working capital (current assets less bank deposits less current liabilities): −144.1 MNOK.
The median and the bar refer to companies in the Morning class Medium 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.
What the numbers say
Risgarden AS had an operating margin of 98.3% and an equity ratio of 49.1% in 2024, and ranks 1,556 of 28,605 in Eiendom.
From 2023 to 2024: went from a loss to a profit before tax.
This text is generated automatically from the 2024 accounts.
Three simple methods
Suggested price: about 270 MNOK
The mean of the 3 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. The methods differ widely (the highest is 3.8 times the lowest), so the estimate is uncertain.
That is about 270,000 NOK per share, on 1,000 shares in the shareholder register.
The methods give between 128 MNOK and 488 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.7 | 208 MNOK |
| EV/EBIT | 25.9 | 488 MNOK |
| P/B | 0.8 | 128 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 832 MNOK |
| Enterprise value after the size adjustment | 566 MNOK |
| Less net debt (rough figure) | 78 MNOK |
| Equity value | 488 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.
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 (68.3): Real Estate (Operations & Services).
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
- 18.3 MNOK left equity beyond the result in 2025.
That equals 62% of the year's result.
Over 2 years it equals 42% of the sum of the results.
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. The accounts are under IFRS or in a currency other than kroner, so translation differences and other direct entries to equity are in the figure. Read it as a rough indication. - Owners and leadership aged 60 or older
- No sign of a near generation change in the ages.
- The chair 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 Risgarden AS?
The operating margin was 98.3% in 2024, against a median of 20.0% among companies in the Morning class Medium in the same sector. Return on assets was 18.5%.
How solid is Risgarden AS?
The equity ratio was 49.1% in 2024 (median 28.8%). Debt-to-equity was 1.04 (median 2.31).
What is the liquidity of Risgarden AS like?
The current ratio was 0.15 in 2024 (median 1.26). Current assets did not cover current liabilities.
How does Risgarden AS compare in Eiendom?
Risgarden AS ranks 1,556 of 28,605 in Eiendom for 2024. Among companies in the Morning class Medium it is number 54 of 1,012.
Group structure · 2025
3 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.
Lcn Euro Property Holdings Ii S.àrl (foreign company) owns 100% of the shares in Lcn Axs Topco (No) AS.
Lcn Axs Topco (No) 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 (3 companies) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
-
Lcn Axs Topco (No) AS
-
Lcn Axs Midco (No) AS
- Risgarden 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.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 3 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: LCN AXS MIDCO (NO) AS (100%)
Ultimate owner: LCN EURO PROPERTY HOLDINGS II S.ÀRL
- LCN AXS MIDCO (NO) 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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 75 | 52 | |
| Rank | – | 1,556 | 13,908 | |
| Operating margin | – | 98.3% | 90.0% | |
| Return on assets | −5.9% | 18.5% | 6.8% | |
| Equity ratio | 45.8% | 49.1% | 51.3% | |
| Current ratio | 0.11 | 0.15 | 0.10 | |
| Revenue growth | – | – | −59.0% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | −21.7 MNOK | 90.0 MNOK | 36.9 MNOK |
| Operating profit | −24.3 MNOK | 88.5 MNOK | 33.2 MNOK |
| Profit before tax | −24.5 MNOK | 88.3 MNOK | 32.9 MNOK |
| Tax expense | −8.4 MNOK | 15.1 MNOK | 3.2 MNOK |
| Net profit | −16.1 MNOK | 73.2 MNOK | 29.7 MNOK |
| Financial expenses | 0.3 MNOK | 0.3 MNOK | – |
| Total assets | 409.0 MNOK | 479.7 MNOK | 481.7 MNOK |
| Current assets | 15.2 MNOK | 22.0 MNOK | 13.7 MNOK |
| Equity | 187.4 MNOK | 235.6 MNOK | 247.0 MNOK |
| Retained earnings | 144.7 MNOK | 192.9 MNOK | 204.3 MNOK |
| Total liabilities | 221.6 MNOK | 244.1 MNOK | 234.8 MNOK |
| Current liabilities | 133.8 MNOK | 144.2 MNOK | 132.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6056167.
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