JF Projects 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 Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 70.1% Better than the industry Industry: 5.0%
- Returns · return on assets 97.1% Better than the industry Industry: 8.6%
- Solidity · equity ratio 4.2% Weaker than the industry Industry: 31.0%
- Liquidity · current ratio 1.04 Weaker than the industry Industry: 1.44
- Growth · revenue growth −65.4% Weaker than the industry Industry: 7.3%
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 2025
58of 100
How to read this: the company is ahead of 64 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,032 of 2,854 · What are Morning company classes?
Place in the whole sector: 1,787 of 4,998 · Transport og lagring
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 98 and resilience 24 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
JF Projects AS is 7 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 2,852 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 70.1% (median 5.0%) and equity ratio 4.2% (median 31.0%).
How it has gone · 2023–2025
Revenue rose by 281 % from 2023 to 2025, to 2.4 MNOK. The operating margin rose from −21.3% in 2023 to 70.1% in 2025. The equity ratio rose from −16.3% in 2023 to 4.2% 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 | 0.6 MNOK | 6.8 MNOK | 2.4 MNOK |
| Operating profit | −0.1 MNOK | 4.0 MNOK | 1.6 MNOK |
| Net profit | −0.1 MNOK | 3.2 MNOK | 1.3 MNOK |
| Total assets | 0.6 MNOK | 5.6 MNOK | 1.8 MNOK |
| Equity | −0.1 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total liabilities | 0.7 MNOK | 5.5 MNOK | 1.7 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.
- 932143852
- Legal form
- AS
- Sector
- Transport og lagring (52.311)
- Purpose
- Finansiell virksomhet og delta i andre virksomheter, herunder å investere i aksjer, andeler og andre finans- og realobjekter og det som står i forbindelse med dette.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.0 MNOK (2025).
- Founded
- 8 August 2023 3 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Strømstangveien 1C, 1367 SNARØYA (BÆRUM)
- Municipality
- Bærum rank 1 of 11 in KOSTRA group 12
- Audit
- Audit opted out from 28 September 2023
- 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
JF Projects AS has a score of 58 for 2025, rank 1,787 of 4,998 in the sector.
Strongest: Profitability: percentile 98 against peers, operating margin 70.1% against a median of 5.0%.
Weakest: Solidity: percentile 13 against peers, equity ratio 4.2% against a median of 31.0%. Liquidity: percentile 32 against peers, current ratio 1.04 against a median of 1.44.
Worth a closer look
- The equity ratio is very low. Could the company absorb a bad year, and does it need more equity? Based on: equity ratio 4.2% (median 31.0%).
- 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 −64.8% (median −6.4%); current ratio 1.04 (median 1.44).
- What lies behind weak solidity, and will it last?
- What lies behind weak liquidity, 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
Worth a closer look
- watch
The equity ratio is very low. Could the company absorb a bad year, and does it need more equity?
Based on: Equity ratio 4.2% (median 31.0%).
- 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 −64.8% (median −6.4%); Current ratio 1.04 (median 1.44).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
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 2.3%. 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 | 98 | weight 40% |
|---|---|---|
| Solidity | 13 | weight 20% |
| Liquidity | 32 | weight 5% |
| Growth | 40 | weight 25% |
| Consistency | 41 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 65 (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 | 2 MNOK | 3 MNOK |
| Operating margin | 70.1% | 5.0% |
| Profit margin | 72.3% | 4.2% |
| Return on assets | 97.1% | 8.6% |
| Equity ratio | 4.2% | 31.0% |
| Debt-to-equity | 22.94 | 1.47 |
| Current ratio | 1.04 | 1.44 |
| Revenue growth | −65.4% | 7.3% |
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 58, JF Projects AS does better than 64% of companies in the Morning class Micro in the same sector (2,854 companies) in 2025.
Score 2023–2025
- JF Projects 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. |
24 days | 41 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. |
−64.8% | −6.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
91.1% | 53.6% | |
| 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. |
– | 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. |
– | 2.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 39.5% | |
Net working capital (current assets less bank deposits less current liabilities): −1.5 MNOK.
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.
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. |
2,205.9% | 15.5% | |
| 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. |
2,252.8% | 12.6% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
56.4% | 3.4% | |
| 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. |
1.34 | 1.74 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
23.94 | 2.46 | |
| 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. |
– | −0.1 | |
| 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. |
– | 1.23 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
1.04 | 1.41 | |
| 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% | 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. |
0.9 | 1.4 | |
| 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. |
0.1% | 35.6% | |
| 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. |
99.9% | 21.2% | |
| 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. |
– | 20 mo. | |
DuPont on the closing balance: net margin 56.4% × asset turnover 1.34 × multiplier 23.94 = 1,813.0% 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 Micro in the same sector in 2025. 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
The industry or the company: what drove the result?
In 2025 the operating margin of JF Projects AS rose by 11.0 percentage points. Comparable companies rose by a median 0.1 points. So the company did 10.9 points better than the industry, for reasons of its own.
Over 2 year-to-year changes JF Projects AS moved the same way as comparable companies 0 times. About 0% 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 | 59.1% | 4.9% | +80.5 percentage points | −0.2 percentage points | +80.7 percentage points |
| 2025 | 70.1% | 5.0% | +11.0 percentage points | +0.1 percentage points | +10.9 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 JF Projects AS. The figures stand side by side; we claim no cause.
Service prices: transport and storage (indeks (2021 = 100))
| Measure | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Service prices: transport and storage, annual average | – | – | 114.6 | 119.3 (so far) |
| Change from the year before | – | – | – | +4.1% |
| The company's operating margin | −21.3% | 59.1% | 70.1% | – |
Source: SSB (14335, CC BY 4.0). Source
Turnover index: transport and storage (49–53, incl. shipping) (indeks (2021 = 100))
Turnover index: transport and storage (49–53, incl. shipping) rose 2.6% in 2025; the operating margin of JF Projects AS rose 11.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: transport and storage (49–53, incl. shipping), annual average | 99.6 | 124.2 | 125.0 | 128.8 | 132.2 | 137.4 (so far) |
| Change from the year before | −2.2% | +24.7% | +0.7% | +3.1% | +2.6% | +3.9% |
| The company's operating margin | – | – | −21.3% | 59.1% | 70.1% | – |
Source: SSB (13863, CC BY 4.0). Source
Oil price (export price of crude oil) (kr per fat)
Oil price (export price of crude oil) fell 17.6% in 2025; the operating margin of JF Projects AS rose 11.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Oil price (export price of crude oil), annual average | 609 | 979 | 877 | 859 | 708 | 881 (so far) |
| Change from the year before | +61.1% | +60.8% | −10.5% | −2.0% | −17.6% | +24.5% |
| The company's operating margin | – | – | −21.3% | 59.1% | 70.1% | – |
Source: SSB (08799, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of JF Projects AS rose 11.0 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 | – | – | −21.3% | 59.1% | 70.1% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of JF Projects AS rose 11.0 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 | – | – | −21.3% | 59.1% | 70.1% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: land transport (indeks)
Wage index: land transport rose 5.1% in 2025; the operating margin of JF Projects AS rose 11.0 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: land transport, annual average | 87.5 | 91.1 | 95.7 | 101.0 | 106.2 | 108.9 (so far) |
| Change from the year before | +3.3% | +4.1% | +5.1% | +5.5% | +5.1% | +2.5% |
| The company's operating margin | – | – | −21.3% | 59.1% | 70.1% | – |
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
JF Projects AS had an operating margin of 70.1% and an equity ratio of 4.2% in 2025, and ranks 1,787 of 4,998 in Transport og lagring.
From 2024 to 2025: revenue fell by 65% and the operating margin rose from 59.1% to 70.1%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 13 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 median of the methods is 17 MNOK. The mean is the suggested price, but the median is less sensitive to one method that deviates. The methods differ widely (the highest is 267.8 times the lowest), so the estimate is uncertain.
That is about 43,333 NOK per share, on 300 shares in the shareholder register.
The methods give between 0 MNOK and 22 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 19.6 | 17 MNOK |
| EV/EBIT | 17.7 | 22 MNOK |
| P/B | 1.8 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 33 MNOK |
| Enterprise value after the size adjustment | 20 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 22 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 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 (52): Transportation.
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
- Implied dividend (net payout)
- 1.3 MNOK left equity beyond the result in 2025.
That equals 98% of the year's result.
Over 2 years it equals 96% 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. - 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.
- What the largest owner can do alone
- The largest owner holds 50.0% of the shares, more than a third but not a majority. The owner can alone stop decisions that need two thirds, such as changes to the articles (Companies Act § 5-18), but cannot alone secure ordinary decisions.
The owner is a Norwegian company.
Applies to the largest single owner in the shareholder register (2025). The articles can limit voting rights and owners can vote together, and we cannot see either. Ownership through other companies is not counted.
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 JF Projects AS?
The operating margin was 70.1% in 2025, against a median of 5.0% among companies in the Morning class Micro in the same sector. Return on assets was 97.1%.
How solid is JF Projects AS?
The equity ratio was 4.2% in 2025 (median 31.0%). Debt-to-equity was 22.94 (median 1.47).
What is the liquidity of JF Projects AS like?
The current ratio was 1.04 in 2025 (median 1.44).
How does JF Projects AS compare in Transport og lagring?
JF Projects AS ranks 1,787 of 4,998 in Transport og lagring for 2025. Among companies in the Morning class Micro it is number 1,032 of 2,854. Revenue changed by −65.4% 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 |
|---|---|---|---|---|
| NORSK MEGLING & Auksjon AS |  Elephant |
2 MNOK | −6.8% | 31 |
| JF Projects AS (this company) |  Cheetah |
2 MNOK | 70.1% | 58 |
| Steensland Containerships AS |  Lion |
2 MNOK | 90.9% | 64 |
| JOHN P PEDERSEN & Søn AS | Lion |
2 MNOK | 60.1% | 90 |
| Normeat Trading AS | Lion |
2 MNOK | 98.5% | 94 |
| Nesttun Chartering AS | Lion |
2 MNOK | 70.4% | 82 |
| Secco AS | Elephant |
2 MNOK | −31.4% | 26 |
| AS BERGEN CHARTERING | Elephant |
2 MNOK | 3.4% | 53 |
| Ognedal Maritime Services AS | Elephant |
2 MNOK | −1.5% | 38 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 5 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- JS Ship Invest AS · 50.0%
- Fhh Ship Invest AS · 50.0%
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 9 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | – | 72 | 58 | |
| Rank | – | 578 | 1,787 | |
| Operating margin | −21.3% | 59.1% | 70.1% | |
| Return on assets | −20.5% | 74.0% | 97.1% | |
| Equity ratio | −16.3% | 0.8% | 4.2% | |
| Current ratio | 0.85 | 1.01 | 1.04 | |
| Revenue growth | – | 1,001.4% | −65.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.6 MNOK | 6.8 MNOK | 2.4 MNOK |
| Operating profit | −0.1 MNOK | 4.0 MNOK | 1.6 MNOK |
| Profit before tax | −0.1 MNOK | 4.1 MNOK | 1.7 MNOK |
| Tax expense | 0.0 MNOK | 0.9 MNOK | 0.4 MNOK |
| Net profit | −0.1 MNOK | 3.2 MNOK | 1.3 MNOK |
| Financial expenses | – | 0.0 MNOK | – |
| Total assets | 0.6 MNOK | 5.6 MNOK | 1.8 MNOK |
| Current assets | 0.6 MNOK | 5.6 MNOK | 1.8 MNOK |
| Equity | −0.1 MNOK | 0.0 MNOK | 0.1 MNOK |
| Retained earnings | −0.1 MNOK | 0.0 MNOK | 0.1 MNOK |
| Total liabilities | 0.7 MNOK | 5.5 MNOK | 1.7 MNOK |
| Current liabilities | 0.8 MNOK | 5.5 MNOK | 1.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6718570.
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