Multilageret 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
51of 100
How to read this: the company is ahead of 51 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 11,620 of 23,907 · What are Morning company classes?
Place in the whole sector: 14,720 of 30,137 · Eiendom
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 60 and resilience 49 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Multilageret AS is 1 points above the median for companies in the Morning class Micro in the same sector in 2025.
Median score 50 among 23,901 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin 55.9% (median 47.7%) and equity ratio 24.4% (median 27.9%).
How it has gone · 2023–2025
Revenue rose by 62 % from 2023 to 2025, to 1.0 MNOK. The operating margin rose from 28.9% in 2023 to 55.9% in 2025. The equity ratio rose from 11.1% in 2023 to 24.4% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Multilageret AS has a score of 51 for 2025, rank 14,720 of 30,137 in the sector.
Strongest: Liquidity: percentile 64 against peers, current ratio 2.35 against a median of 1.40.
Weakest: Growth: percentile 38 against peers, revenue growth −23.9% against a median of 3.3%.
Worth a closer look
- What lies behind weak growth, and will it last?
- The change in operating margin in 2025 was 6.1 percentage points better than for comparable companies: the company +6.8, the industry +0.7 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
No rules were triggered for this year.
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 15.2%. 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 | 60 | weight 40% |
|---|---|---|
| Solidity | 43 | weight 20% |
| Liquidity | 64 | weight 5% |
| Growth | 38 | weight 25% |
| Consistency | 53 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 57 (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 | 1 MNOK | 2 MNOK |
| Operating margin | 55.9% | 47.7% |
| Profit margin | – | 24.4% |
| Return on assets | – | 7.8% |
| Equity ratio | 24.4% | 27.9% |
| Debt-to-equity | 3.09 | 2.10 |
| Current ratio | 2.35 | 1.40 |
| Revenue growth | −23.9% | 3.3% |
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 51, Multilageret AS does better than 51% of companies in the Morning class Micro in the same sector (23,907 companies) in 2025.
Score 2023–2025
- Multilageret 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. |
5 days | 40 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. |
−29.2% | −12.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
98.1% | 54.9% | |
| 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. |
– | 1.8 | |
| 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. |
– | 5.0% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 87.8% | |
Net working capital (current assets less bank deposits less current liabilities): −0.3 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.
The industry or the company: what drove the result?
In 2025 the operating margin of Multilageret AS rose by 6.8 percentage points. Comparable companies rose by a median 0.7 points. So the company did 6.1 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Multilageret AS moved the same way as comparable companies 2 times. About 6% 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 | 49.0% | 46.9% | +20.1 percentage points | +0.9 percentage points | +19.2 percentage points |
| 2025 | 55.9% | 47.7% | +6.8 percentage points | +0.7 percentage points | +6.1 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 Multilageret AS. The figures stand side by side; we claim no cause.
House prices (existing homes) (indeks (2015 = 100))
House prices (existing homes) rose 5.5% in 2025; the operating margin of Multilageret AS rose 6.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| House prices (existing homes), annual average | 134.5 | 141.6 | 140.8 | 144.6 | 152.5 | 158.7 (so far) |
| Change from the year before | +10.5% | +5.2% | −0.5% | +2.7% | +5.5% | +4.1% |
| The company's operating margin | – | – | 28.9% | 49.0% | 55.9% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Multilageret AS rose 6.8 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 | – | – | 28.9% | 49.0% | 55.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the operating margin of Multilageret AS rose 6.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| The company's operating margin | – | – | 28.9% | 49.0% | 55.9% | – |
Source: SSB (08651, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Multilageret AS rose 6.8 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 | – | – | 28.9% | 49.0% | 55.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Wage index: real estate (indeks)
Wage index: real estate rose 5.2% in 2025; the operating margin of Multilageret AS rose 6.8 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: real estate, annual average | 91.7 | 94.3 | 96.8 | 103.2 | 108.5 | 111.3 (so far) |
| Change from the year before | +5.2% | +2.9% | +2.6% | +6.5% | +5.2% | +2.6% |
| The company's operating margin | – | – | 28.9% | 49.0% | 55.9% | – |
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
Multilageret AS had an operating margin of 55.9% and an equity ratio of 24.4% in 2025, and ranks 14,720 of 30,137 in Eiendom.
From 2024 to 2025: the operating margin rose from 49.0% to 55.9% and revenue fell by 24%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 6 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 1 MNOK |
| EV/EBIT | 19.2 | 6 MNOK |
| P/B | 0.7 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 9 MNOK |
| Enterprise value after the size adjustment | 6 MNOK |
| Less net debt (rough figure) | −1 MNOK |
| Equity value | 6 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 (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
Questions and answers
How profitable is Multilageret AS?
The operating margin was 55.9% in 2025, against a median of 47.7% among companies in the Morning class Micro in the same sector. Return on assets was –.
How solid is Multilageret AS?
The equity ratio was 24.4% in 2025 (median 27.9%). Debt-to-equity was 3.09 (median 2.10).
What is the liquidity of Multilageret AS like?
The current ratio was 2.35 in 2025 (median 1.40).
How does Multilageret AS compare in Eiendom?
Multilageret AS ranks 14,720 of 30,137 in Eiendom for 2025. Among companies in the Morning class Micro it is number 11,620 of 23,907. Revenue changed by −23.9% 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 |
|---|---|---|---|---|
| Høiensaloddens Ekely AS |  Lion |
1 MNOK | 46.1% | 70 |
| Bymoen 3 AS | Lion |
1 MNOK | 62.4% | 55 |
| Multilageret AS (this company) |  Cheetah |
1 MNOK | 55.9% | 51 |
| K D Sæther Eiendom AS |  Elephant |
1 MNOK | 20.1% | 54 |
| Øyjordsveien 62 AS |  Beaver |
1 MNOK | 34.3% | 39 |
| Jfp Eiendom AS | Beaver |
1 MNOK | 43.6% | 36 |
| Skarslia Eiendom AS | Elephant |
1 MNOK | −29.7% | 22 |
| Skolmar 26 AS | Lion |
1 MNOK | 82.0% | 64 |
| Karamina Eiendom AS | Lion |
1 MNOK | 74.0% | 67 |
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
12 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 Harlem AS. Persons are not shown by name.
Harlem 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
- Eiendom (12 companies) 12 of 12 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
- 7 in all. Rakkestad 7 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Changed 2024–2025
- 1 company joined the group: Aurveien 18 AS. 1 company left: Lindebergvegen 12 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.
- 980539164
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Å investere i fast eiendom eller selskaper som eier fast eiendom, og alt som dermed står i forbindelse.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 8 February 1999 27 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Heggveien 12, 1890 RAKKESTAD
- Municipality
- Rakkestad rank 20–35 of 40 in KOSTRA group 1
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Former names
- JOHNSEN & Kraft Eiendom AS until 2011, JOHNSEN & Kraft Eiendom AS until 1999
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 7 November 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: Harlem Eiendom AS (100%)
Ultimate owner: private person
- Harlem Eiendom 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): Harlem Eiendom AS
Departed (companies): Haslum Invest AS, Johnsen Invest 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 | – | 64 | 51 | |
| Rank | – | 5,805 | 14,720 | |
| Operating margin | 28.9% | 49.0% | 55.9% | |
| Return on assets | 3.9% | 14.3% | – | |
| Equity ratio | 11.1% | 18.9% | 24.4% | |
| Current ratio | 2.63 | 1.93 | 2.35 | |
| Revenue growth | – | 112.7% | −23.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.6 MNOK | 1.3 MNOK | 1.0 MNOK |
| Operating profit | 0.2 MNOK | 0.7 MNOK | 0.6 MNOK |
| Profit before tax | 0.0 MNOK | 0.4 MNOK | – |
| Tax expense | 0.0 MNOK | 0.1 MNOK | – |
| Net profit | 0.0 MNOK | 0.3 MNOK | 0.3 MNOK |
| Financial expenses | 0.2 MNOK | 0.2 MNOK | – |
| Total assets | 5.0 MNOK | 4.8 MNOK | 4.9 MNOK |
| Current assets | 0.6 MNOK | 0.5 MNOK | 0.7 MNOK |
| Equity | 0.6 MNOK | 0.9 MNOK | 1.2 MNOK |
| Retained earnings | 0.5 MNOK | 0.8 MNOK | 1.1 MNOK |
| Total liabilities | 4.4 MNOK | 3.9 MNOK | 3.7 MNOK |
| Current liabilities | 0.2 MNOK | 0.3 MNOK | 0.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6523305.
Further
Similar companies
- Dokkgt 8 AS index 51, rank 14,715 · compare
- Taksteksperten AS index 51, rank 14,717 · compare
- Terminalbygg AS index 51, rank 14,721 · compare
- Rene Investering AS index 51, rank 14,722 · compare
- Strinda Næring Eiendom AS index 51, rank 14,723 · compare