Tilseth Eigedom 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 73.8% Better than the industry Industry: 46.9%
- Returns · return on assets 20.1% Better than the industry Industry: 7.5%
- Solidity · equity ratio 21.0% About like the industry Industry: 27.4%
- Liquidity · current ratio 1.71 About like the industry Industry: 1.37
- Growth · revenue growth 87.8% Better than the industry Industry: 4.9%
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
73of 100
How to read this: the company is ahead of 93 % of companies in the Morning class Micro in the same sector in 2024. What does this mean?
Rank in the Morning class Micro: 1,591 of 22,747 · What are Morning company classes?
Place in the whole sector: 1,934 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 84 and resilience 50 out of 100 among companies in the Morning class Micro in the same sector in 2024. Methodology
Against the sector
Tilseth Eigedom AS is 23 points above the median for companies in the Morning class Micro in the same sector in 2024.
Median score 50 among 22,744 companies.
Against companies in the Morning class Micro in the same sector in 2024: operating margin 73.8% (median 46.9%) and equity ratio 21.0% (median 27.4%).
How it has gone · 2023–2025
Revenue rose by 330 % from 2023 to 2025, to 2.9 MNOK. The operating margin rose from 48.1% in 2023 to 80.0% in 2025. The equity ratio fell from 17.4% in 2023 to 9.3% 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 | 0.7 MNOK | 1.3 MNOK | 2.9 MNOK |
| Operating profit | 0.3 MNOK | 0.9 MNOK | 2.3 MNOK |
| Net profit | 0.1 MNOK | 0.6 MNOK | 1.3 MNOK |
| Total assets | 2.3 MNOK | 4.7 MNOK | 24.1 MNOK |
| Equity | 0.4 MNOK | 1.0 MNOK | 2.2 MNOK |
| Total liabilities | 1.9 MNOK | 3.7 MNOK | 21.8 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.
- 975360393
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Erverv og utleie av fast eiendom.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 14 September 1995 31 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Furene 22, 6105 VOLDA
- Municipality
- Volda rank 21–36 of 38 in KOSTRA group 7
- 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
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 164 days (median 44 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.6% 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 | 84 | weight 40% |
|---|---|---|
| Solidity | 40 | weight 20% |
| Liquidity | 56 | weight 5% |
| Growth | 88 | weight 25% |
| Consistency | 68 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 100%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 1 MNOK | 2 MNOK |
| Operating margin | 73.8% | 46.9% |
| Profit margin | 64.2% | 21.7% |
| Return on assets | 20.1% | 7.5% |
| Equity ratio | 21.0% | 27.4% |
| Debt-to-equity | 3.77 | 2.14 |
| Current ratio | 1.71 | 1.37 |
| Revenue growth | 87.8% | 4.9% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2024. The bar shows the share of companies the figure is ahead of.
With an index of 73, Tilseth Eigedom AS does better than 93% of companies in the Morning class Micro in the same sector (22,747 companies) in 2024.
Score 2023–2025
- Tilseth Eigedom 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. |
164 days | 44 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. |
5.2% | −12.9% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
33.9% | 53.5% | |
| 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. |
7.0 | 1.6 | |
| 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. |
3.6% | 5.2% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
86.5% | 83.2% | |
Net working capital (current assets less bank deposits less current liabilities): 0.1 MNOK.
Of the financial costs of 0.1 MNOK, 0.1 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro 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.
Returns, debt against earnings and quality
The accounts for 2024 lack the figures needed.
What the numbers say
Tilseth Eigedom AS had an operating margin of 73.8% and an equity ratio of 21.0% in 2024, and ranks 1,934 of 28,605 in Eiendom.
From 2023 to 2024: the operating margin rose from 48.1% to 73.8% and revenue grew by 88%.
This text is generated automatically from the 2024 accounts.
Three simple methods
Suggested price: about 2 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 10.6 times the lowest), so the estimate is uncertain.
That is about 2,500 NOK per share, on 1,000 shares in the shareholder register.
The methods give between 0 MNOK and 5 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 2 MNOK |
| EV/EBIT | 19.2 | 5 MNOK |
| P/B | 0.7 | 0 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 12 MNOK |
| Enterprise value after the size adjustment | 7 MNOK |
| Less net debt (rough figure) | 3 MNOK |
| Equity value | 5 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 39% 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 (68.2): R.E.I.T..
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
- Equity moved as the result implied in 2025.
Over 2 years it equals 0% 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.
- 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 Tilseth Eigedom AS?
The operating margin was 73.8% in 2024, against a median of 46.9% among companies in the Morning class Micro in the same sector. Return on assets was 20.1%.
How solid is Tilseth Eigedom AS?
The equity ratio was 21.0% in 2024 (median 27.4%). Debt-to-equity was 3.77 (median 2.14).
What is the liquidity of Tilseth Eigedom AS like?
The current ratio was 1.71 in 2024 (median 1.37).
How does Tilseth Eigedom AS compare in Eiendom?
Tilseth Eigedom AS ranks 1,934 of 28,605 in Eiendom for 2024. Among companies in the Morning class Micro it is number 1,591 of 22,747. Revenue changed by 87.8% from the year before.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 7 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2
- Largest owner
- 50.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- A. Tilseth Holding AS · 50.0%
- Tilseth Holding AS · 50.0%
Change 2007–2025:
100% of the shares changed owner (2 new and 1 departed owners). The majority owner changed.
New owners (companies): A. Tilseth Holding AS, Tilseth Holding AS
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 | – | 73 | 60 | |
| Rank | – | 1,934 | 8,002 | |
| Operating margin | 48.1% | 73.8% | 80.0% | |
| Return on assets | 14.9% | 20.1% | 9.8% | |
| Equity ratio | 17.4% | 21.0% | 9.3% | |
| Current ratio | 2.53 | 1.71 | 0.83 | |
| Revenue growth | – | 87.8% | 128.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.7 MNOK | 1.3 MNOK | 2.9 MNOK |
| Operating profit | 0.3 MNOK | 0.9 MNOK | 2.3 MNOK |
| Profit before tax | 0.2 MNOK | 0.8 MNOK | 1.5 MNOK |
| Tax expense | 0.1 MNOK | 0.2 MNOK | 0.3 MNOK |
| Net profit | 0.1 MNOK | 0.6 MNOK | 1.3 MNOK |
| Financial expenses | 0.1 MNOK | 0.1 MNOK | 0.8 MNOK |
| Total assets | 2.3 MNOK | 4.7 MNOK | 24.1 MNOK |
| Current assets | 1.0 MNOK | 0.9 MNOK | 1.5 MNOK |
| Equity | 0.4 MNOK | 1.0 MNOK | 2.2 MNOK |
| Retained earnings | 0.3 MNOK | 0.9 MNOK | 2.1 MNOK |
| Total liabilities | 1.9 MNOK | 3.7 MNOK | 21.8 MNOK |
| Current liabilities | 0.4 MNOK | 0.5 MNOK | 1.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 5650825.
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