Demanor 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 2023
17of 100
How to read this: the company is ahead of 9 % of companies in the Morning class Medium in the same sector in 2023. What does this mean?
Rank in the Morning class Medium: 1,124 of 1,236 · What are Morning company classes?
Place in the whole sector: 4,552 of 5,032 · Industri
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 21 and resilience 12 out of 100 among companies in the Morning class Medium in the same sector in 2023. Methodology
Against the sector
Demanor AS is 34 points below the median for companies in the Morning class Medium in the same sector in 2023.
Median score 51 among 1,236 companies.
Against companies in the Morning class Medium in the same sector in 2023: operating margin 0.6% (median 5.3%) and equity ratio 13.6% (median 37.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 189 MNOK | 118 MNOK |
| Operating margin | 0.6% | 5.3% |
| Profit margin | 1.3% | 4.9% |
| Return on assets | 2.3% | 11.5% |
| Equity ratio | 13.6% | 37.3% |
| Debt-to-equity | 6.33 | 1.65 |
| Current ratio | 1.10 | 1.53 |
| Revenue growth | – | 11.4% |
| Revenue per employee | 5.91 MNOK | 2.82 MNOK |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 17, Demanor AS does better than 9% of companies in the Morning class Medium in the same sector (1,236 companies) in 2023.
Score 2023–2025
- Demanor AS
- Median: companies in the Morning class Medium in the same sector
What the numbers say
Demanor AS had an operating margin of 0.6% and an equity ratio of 13.6% in 2023, and ranks 4,552 of 5,032 in Industri.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 31 MNOK and 45 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 25.8 | 32 MNOK |
| EV/EBIT | 19.1 | 31 MNOK |
| P/B | 4.0 | 45 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 23 MNOK |
| Enterprise value after the size adjustment | 14 MNOK |
| Less net debt (rough figure) | −16 MNOK |
| Equity value | 31 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. Net debt is −113% 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 (28): Machinery.
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
Worth a closer look
- 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 0.6% (median 5.3%).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.6% of the debt in 2023. The policy rate averaged 3.54 % 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 −0.2%. 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 | 21 | weight 40% |
|---|---|---|
| Solidity | 9 | weight 20% |
| Liquidity | 19 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 16 | 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.
Questions and answers
How profitable is Demanor AS?
The operating margin was 0.6% in 2023, against a median of 5.3% among companies in the Morning class Medium in the same sector. Return on assets was 2.3%.
How solid is Demanor AS?
The equity ratio was 13.6% in 2023 (median 37.3%). Debt-to-equity was 6.33 (median 1.65).
What is the liquidity of Demanor AS like?
The current ratio was 1.10 in 2023 (median 1.53).
How does Demanor AS compare in Industri?
Demanor AS ranks 4,552 of 5,032 in Industri for 2023. Among companies in the Morning class Medium it is number 1,124 of 1,236.
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.
No owner holds more than half of the shares in Bør AS.
Bør 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
- Industri (3 companies), Teknisk tjenesteyting og forskning (1 company), Handel (1 company) 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.
- Employees in Norway
- 41 in all. Holmestrand 41 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 1 company: Heta 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.
-
Bør AS
-
Bør Holding AS
-
Demanor AS you are here
- Norsk Kranpartner 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.
From the Central Coordinating Register
- Org. no.
- 968112031
- Legal form
- AS
- Sector
- Industri (28.220)
- Morning company class
- Medium
- Employees
- 32 registered 10 June 2026
- Founded
- 26 November 1993 32 years in operation
- Share capital
- 1.58 MNOK
- Business address
- Orhusveien 10, 3070 SANDE I VESTFOLD (HOLMESTRAND)
- Municipality
- Holmestrand rank 7–14 of 27 in KOSTRA group 9
- Latest accounts filed
- 2025
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 31 October 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: Bør Holding AS (100%)
Ultimate owner: Bør AS
- Bør Holding AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 2 departed owners). The majority owner changed.
New owners (companies): Bør Holding AS
Departed (companies): Bør Holding AS, Kis AS
Majority owner of: Heta AS (100%)
Holds shares in: Heta AS (100%)
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 4 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 17 | 46 | 43 | |
| Rank | 4,552 | 3,093 | 3,397 | |
| Operating margin | 0.6% | 2.8% | 3.8% | |
| Return on assets | 2.3% | 9.2% | 10.7% | |
| Equity ratio | 13.6% | 23.9% | 33.9% | |
| Current ratio | 1.10 | 1.19 | 1.36 | |
| Revenue growth | – | 29.9% | −27.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 189.0 MNOK | 245.5 MNOK | 177.1 MNOK |
| Operating profit | 1.2 MNOK | 6.8 MNOK | 6.7 MNOK |
| Profit before tax | 2.5 MNOK | 9.0 MNOK | 7.9 MNOK |
| Tax expense | 0.4 MNOK | 1.7 MNOK | 1.6 MNOK |
| Net profit | 2.0 MNOK | 7.3 MNOK | 6.3 MNOK |
| Financial expenses | 0.7 MNOK | 0.2 MNOK | 0.2 MNOK |
| Total assets | 135.3 MNOK | 99.8 MNOK | 75.5 MNOK |
| Current assets | 126.7 MNOK | 89.1 MNOK | 65.7 MNOK |
| Equity | 18.4 MNOK | 23.8 MNOK | 25.6 MNOK |
| Retained earnings | 6.4 MNOK | 11.7 MNOK | 13.5 MNOK |
| Total liabilities | 116.8 MNOK | 76.0 MNOK | 49.9 MNOK |
| Current liabilities | 115.6 MNOK | 74.8 MNOK | 48.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 4 November 2026, accounts id 5223267.
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