Core Eqty 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
42of 100
How to read this: the company is ahead of 29 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 229 of 320 · What are Morning company classes?
Place in the whole sector: 935 of 1,323 · Finans og forsikring
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 51 and resilience 44 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Core Eqty AS is 8 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 50 among 320 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 26.5% (median 48.6%) and equity ratio 67.0% (median 69.6%).
How it has gone · 2023–2025
Revenue rose by 89 % from 2023 to 2025, to 16.2 MNOK. The operating margin fell from 32.4% in 2023 to 26.5% in 2025. The equity ratio fell from 70.6% in 2023 to 67.0% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Core Eqty AS has a score of 42 for 2025, rank 935 of 1,323 in the sector.
Strongest: Consistency: percentile 56 against peers.
Weakest: Liquidity: percentile 3 against peers, current ratio 0.58 against a median of 2.57. Growth: percentile 24 against peers, revenue growth −12.8% against a median of 13.7%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.7 times current assets. Based on: current ratio 0.58 (median 2.57).
- 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 −34.2% (median 7.9%); current ratio 0.58 (median 2.57).
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 15.6 percentage points weaker than for comparable companies: the company −1.3, the industry +14.3 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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.7 times current assets.
Based on: Current ratio 0.58 (median 2.57).
- 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 −34.2% (median 7.9%); Current ratio 0.58 (median 2.57).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 8.6% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of −13.5%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 51 | weight 40% |
|---|---|---|
| Solidity | 48 | weight 20% |
| Liquidity | 3 | weight 5% |
| Growth | 24 | weight 25% |
| Consistency | 56 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 49 (average over 3 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 | 16 MNOK | 20 MNOK |
| Operating margin | 26.5% | 48.6% |
| Profit margin | 24.4% | 39.6% |
| Return on assets | 25.1% | 17.2% |
| Equity ratio | 67.0% | 69.6% |
| Debt-to-equity | 0.49 | 0.44 |
| Current ratio | 0.58 | 2.57 |
| Revenue growth | −12.8% | 13.7% |
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 42, Core Eqty AS does better than 29% of companies in the Morning class Small in the same sector (320 companies) in 2025.
Score 2023–2025
- Core Eqty 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. |
8 days | 50 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. |
−34.2% | 7.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
89.8% | 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. |
8.5 | 45.7 | |
| 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. |
8.6% | 1.9% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 7.9% | |
Net working capital (current assets less bank deposits less current liabilities): −5.5 MNOK.
Of the financial costs of 0.5 MNOK, 0.5 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 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Core Eqty AS fell by 1.3 percentage points. Comparable companies rose by a median 14.3 points. So the company did 15.6 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Core Eqty AS moved the same way as comparable companies 1 times. About 52% 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 | 27.8% | 34.3% | −4.6 percentage points | −38.1 percentage points | +33.5 percentage points |
| 2025 | 26.5% | 48.6% | −1.3 percentage points | +14.3 percentage points | −15.6 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 Core Eqty AS. The figures stand side by side; we claim no cause.
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Core Eqty AS fell 1.3 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 | – | – | 32.4% | 27.8% | 26.5% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Core Eqty AS fell 1.3 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 | – | – | 32.4% | 27.8% | 26.5% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: financial services (indeks)
Wage index: financial services rose 4.6% in 2025; the operating margin of Core Eqty AS fell 1.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: financial services, annual average | 87.1 | 90.4 | 94.2 | 98.9 | 103.5 | 107.3 (so far) |
| Change from the year before | +2.9% | +3.8% | +4.1% | +5.0% | +4.6% | +3.7% |
| The company's operating margin | – | – | 32.4% | 27.8% | 26.5% | – |
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
Core Eqty AS had an operating margin of 26.5% and an equity ratio of 67.0% in 2025, and ranks 935 of 1,323 in Finans og forsikring.
From 2024 to 2025: revenue fell by 13% and the equity ratio fell from 72.7% to 67.0%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 13 MNOK and 24 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 12.6 | 24 MNOK |
| EV/EBIT | – | not used in the sector |
| P/B | 1.7 | 13 MNOK |
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 (66.3): Investments & Asset Management.
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
Questions and answers
How profitable is Core Eqty AS?
The operating margin was 26.5% in 2025, against a median of 48.6% among companies in the Morning class Small in the same sector. Return on assets was 25.1%.
How solid is Core Eqty AS?
The equity ratio was 67.0% in 2025 (median 69.6%). Debt-to-equity was 0.49 (median 0.44).
What is the liquidity of Core Eqty AS like?
The current ratio was 0.58 in 2025 (median 2.57). Current assets did not cover current liabilities.
How does Core Eqty AS compare in Finans og forsikring?
Core Eqty AS ranks 935 of 1,323 in Finans og forsikring for 2025. Among companies in the Morning class Small it is number 229 of 320. Revenue changed by −12.8% 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 |
|---|---|---|---|---|
| REITEN & CO AS · same municipality |  Beaver |
19 MNOK | 6.7% | 26 |
| Heim Global Investor AS · same municipality | Beaver |
18 MNOK | −121.6% | 10 |
| Aeternum Management AS · same municipality | Beaver |
18 MNOK | 1.5% | 19 |
| Hvitsten AS · same municipality |  Lion |
18 MNOK | 50.8% | 64 |
| Core Eqty AS (this company) |  Cheetah |
16 MNOK | 26.5% | 42 |
| Nighthawk Management AS | Lion |
16 MNOK | 75.8% | 74 |
| Positron Capital AS · same municipality | Cheetah |
16 MNOK | 53.3% | 62 |
| Lufc AS | Lion |
16 MNOK | 95.0% | 57 |
| Blueberry Management AS · same municipality | Cheetah |
14 MNOK | 27.1% | 35 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Group structure · 2025
2 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 Høknes Invest AS. Persons are not shown by name.
Høknes Invest 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
- Finans og forsikring (1 company), Informasjon og kommunikasjon (1 company) 2 of 2 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Changed 2024–2025
- 1 company joined the group: Core Eqty AS.
-
Høknes Invest AS
- Core Eqty 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.
- 930789712
- Legal form
- AS
- Sector
- Finans og forsikring (66.300)
- Purpose
- Å yte rådgivningstjenester til selskap med formål om å skape vekst og verdiutvikling i selskapene, herunder å investere i aksjer, selskapsandeler og andre typer finansielle instrumenter, herunder aksjer i selskapet selv og fond etablert eller forvaltet av selskapet, som til enhver tid finnes hensiktsmessig, samt det som naturlig står i forbindelse med dette.
- Morning company class
- Small
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 9.9 MNOK (2025).
- Founded
- 3 January 2023 3 years in operation
- Share capital
- 0.26 MNOK
- Business address
- Pilestredet 17, 0164 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- Core Equity AS until 2024
- LEI
- 6488VRWI5RE245G17840 renews 22 January 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 5 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
- 2 (one owner holds more than half)
- Largest owner
- 60.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Høknes Invest AS (60%)
Ultimate owner: private person
The owner: the majority owner Høknes Invest AS (holds 60%) 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.
- Høknes Invest AS · 60.0%
- Jsp Invest AS · 40.0%
The company is new in the shareholder register in 2025.
Holds shares in: Core Equity Fund i AS (1%)
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 47 | 57 | 42 | |
| Rank | 652 | 428 | 935 | |
| Operating margin | 32.4% | 27.8% | 26.5% | |
| Return on assets | 42.7% | 46.0% | 25.1% | |
| Equity ratio | 70.6% | 72.7% | 67.0% | |
| Current ratio | 2.14 | 1.63 | 0.58 | |
| Revenue growth | – | 116.6% | −12.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 8.6 MNOK | 18.6 MNOK | 16.2 MNOK |
| Operating profit | 2.8 MNOK | 5.2 MNOK | 4.3 MNOK |
| Profit before tax | 2.9 MNOK | 5.7 MNOK | 4.0 MNOK |
| Tax expense | 0.7 MNOK | 1.4 MNOK | 1.0 MNOK |
| Net profit | 2.2 MNOK | 4.2 MNOK | 3.0 MNOK |
| Financial expenses | – | 0.0 MNOK | 0.5 MNOK |
| Total assets | 6.7 MNOK | 12.4 MNOK | 17.9 MNOK |
| Current assets | 4.2 MNOK | 5.5 MNOK | 3.4 MNOK |
| Equity | 4.8 MNOK | 9.0 MNOK | 12.0 MNOK |
| Retained earnings | 2.2 MNOK | 6.4 MNOK | 9.4 MNOK |
| Total liabilities | 2.0 MNOK | 3.4 MNOK | 5.9 MNOK |
| Current liabilities | 2.0 MNOK | 3.4 MNOK | 5.9 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6515983.
Further
Similar companies
- Nrp Project Finance AS index 42, rank 920 · compare
- SÖDERBERG & Partners Øst AS index 42, rank 927 · compare
- Carn Capital AS index 42, rank 934 · compare
- Bærum Forsikringssenter AS index 42, rank 938 · compare
- Fondsforvaltning AS index 41, rank 942 · compare