MUST AS
Score · fiscal year 2025
71of 100
How to read this: the company is ahead of 87 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 471 of 3,712 · What are Morning company classes?
Place in the whole sector: 2,916 of 23,059 · Handel
Profile
Lion · Leader
High profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 68 and solidity 99 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
MUST AS is 21 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 50 among 3,712 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 90.3% (median 3.0%) and equity ratio 90.3% (median 30.0%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 156 MNOK | 93 MNOK |
| Operating margin | 90.3% | 3.0% |
| Profit margin | 92.5% | 2.8% |
| Return on assets | 7.8% | 11.6% |
| Equity ratio | 90.3% | 30.0% |
| Debt-to-equity | 0.11 | 2.24 |
| Current ratio | 1.12 | 1.39 |
| Revenue growth | 72.7% | 6.1% |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 71, MUST AS does better than 87% of companies in the Morning class Medium in the same sector (3,712 companies) in 2025.
Score 2023–2025
- MUST AS
- Median: companies in the Morning class Medium in the same sector
MUST AS has a score of 71 for 2025, rank 2,916 of 23,059 in the sector.
Strongest: Solidity: percentile 99 against peers, equity ratio 90.3% against a median of 30.0%. Growth: percentile 95 against peers, revenue growth 72.7% against a median of 6.1%.
Weakest: Liquidity: percentile 26 against peers, current ratio 1.12 against a median of 1.39.
Worth a closer look
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 72.7% (median 6.1%); current ratio 1.12 (median 1.39).
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
MUST AS had an operating margin of 90.3% and an equity ratio of 90.3% in 2025, and ranks 2,916 of 23,059 in Handel.
From 2024 to 2025: revenue grew by 73% and the operating margin rose from 83.4% to 90.3%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1,180 MNOK and 1,678 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | 1,443 MNOK |
| EV/EBIT | 8.0 | 1,180 MNOK |
| P/B | 1.0 | 1,678 MNOK |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 72.7% (median 6.1%); Current ratio 1.12 (median 1.39).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 1.5%. Based on the 11 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 68 | weight 30% |
|---|---|---|
| Solidity | 99 | weight 25% |
| Liquidity | 26 | weight 15% |
| Growth | 95 | weight 15% |
| Consistency | 51 | weight 15% |
Durability: 71 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is MUST AS?
The operating margin was 90.3% in 2025, against a median of 3.0% among companies in the Morning class Medium in the same sector. Return on assets was 7.8%.
How solid is MUST AS?
The equity ratio was 90.3% in 2025 (median 30.0%). Debt-to-equity was 0.11 (median 2.24).
What is the liquidity of MUST AS like?
The current ratio was 1.12 in 2025 (median 1.39).
How does MUST AS compare in Handel?
MUST AS ranks 2,916 of 23,059 in Handel for 2025. Among companies in the Morning class Medium it is number 471 of 3,712. Revenue changed by 72.7% from the year before.
Group accounts · 2025
68 of 100
Rank 45 of 240 groups in the Morning class Large in Handel. Groups are ranked only against other groups in the same sector and class, never against single companies.
- Operating revenue, group
- 4,106 MNOK
- Operating profit, group
- 1,108 MNOK
- Profit before tax, group
- 1,154 MNOK
- Total assets, group
- 15,841 MNOK
- Equity, group
- 14,636 MNOK
| Key figure | The group | The company alone (2025) |
|---|---|---|
| Operating margin | 27.0% | 90.3% |
| Return on assets | 7.3% | 7.8% |
| Equity ratio | 92.4% | 90.3% |
| Current ratio | 15.15 | 1.12 |
| Revenue growth | −37.8% | 72.7% |
Group index in earlier years: 2023: 66 (53 of 206), 2024: 93 (6 of 227).
Same formulas and weights as the company index. Group and company are never added together, and the group accounts are not part of sector averages or company rankings.
Source: Brønnøysund Register Centre, group accounts 2025 (open data, NLOD 2.0).
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.
We do not show the group structure, because open data does not say who owns whom.
From the Central Coordinating Register
- Org. no.
- 933542084
- Legal form
- AS · part of a group
- Sector
- Handel (47.610)
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 15 February 1968 58 years in operation
- Share capital
- 1.12 MNOK
- Business address
- Haakon VIIs gate 2, 0161 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- LEI
- 5493007MW50XEB2Y6N89 renews 26 November 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
- Chief executive
- Arild Nysæther
- Chair of the board
- Erik Must
- Board member
- Trine Must
- Board member
- Annelise Altenburg Must
- Board member
- Erik Christian Must
- Auditor
- CROWE PARTNER REVISJON AS
Source: Central Coordinating Register, fetched 29 October 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 29 October 2026. The parent is the one the company itself reported to GLEIF.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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.
Figures last fetched 27 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 74 | 68 | 71 | |
| Rank | 3,144 | 4,061 | 2,916 | |
| Operating margin | 85.0% | 83.4% | 90.3% | |
| Return on assets | 3.0% | 4.3% | 7.8% | |
| Equity ratio | 94.6% | 91.4% | 90.3% | |
| Current ratio | 1.26 | 0.99 | 1.12 | |
| Revenue growth | – | 50.1% | 72.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 60.1 MNOK | 90.3 MNOK | 155.9 MNOK |
| Operating profit | 51.1 MNOK | 75.3 MNOK | 140.8 MNOK |
| Profit before tax | 53.1 MNOK | 78.0 MNOK | 144.3 MNOK |
| Net profit | 53.1 MNOK | 78.0 MNOK | 144.3 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1,777.8 MNOK | 1,808.9 MNOK | 1,858.0 MNOK |
| Current assets | 121.8 MNOK | 152.9 MNOK | 202.0 MNOK |
| Equity | 1,681.0 MNOK | 1,654.0 MNOK | 1,678.3 MNOK |
| Retained earnings | 1,351.8 MNOK | 1,324.8 MNOK | 1,349.1 MNOK |
| Total liabilities | 96.7 MNOK | 154.8 MNOK | 179.6 MNOK |
| Current liabilities | 96.7 MNOK | 154.8 MNOK | 179.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 7224850.
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