Elshaug AS

Org. no. 981703502 · Orkland · 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

Employees – Not registered in the Central Coordinating Register
Operating revenue · 2025 2.0 MNOK Micro
Net profit · 2025 0.0 MNOK
Equity · 2025 3.6 MNOK
Founded 2000 26 years in operation
Sector Eiendom 68.200
Quick check · fiscal year 2025

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 7.7% Weaker than the industry Industry: 47.7%
  • Returns · return on assets 2.7% Weaker than the industry Industry: 7.8%
  • Solidity · equity ratio 59.4% Better than the industry Industry: 27.9%
  • Liquidity · current ratio 0.91 Weaker than the industry Industry: 1.40
  • Growth · revenue growth 1.2% Weaker than the industry Industry: 3.3%

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

39of 100

How to read this: the company is ahead of 27 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?

Rank in the Morning class Micro: 17,485 of 23,899 · What are Morning company classes?
Place in the whole sector: 22,191 of 30,124 · Eiendom

Profile

Elephant · Steward

Lower profitability, high resilience

Position against comparable companies in 2025, not a verdict on the company. Based on profitability 19 and resilience 64 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology

Against the sector

Elshaug AS is 11 points below the median for companies in the Morning class Micro in the same sector in 2025.

Median score 50 among 23,893 companies.

Against companies in the Morning class Micro in the same sector in 2025: operating margin 7.7% (median 47.7%) and equity ratio 59.4% (median 27.9%).

Source: Register of Company Accounts and Central Coordinating RegisterFetched 9 November 2026Report an issue
Development

How it has gone · 2023–2025

Revenue rose by 14 % from 2023 to 2025, to 2.0 MNOK. The operating margin rose from −7.9% in 2023 to 7.7% in 2025. The equity ratio rose from 55.3% in 2023 to 59.4% in 2025.

Score · 2025 39 +3 points since 2023 (better)
Operating revenue · 2025 2.0 MNOK +14% since 2023 (better)
Net profit · 2025 0.0 MNOK from −0.2 MNOK in 2023 (better)
Operating margin · 2025 7.7% +15.6 pp since 2023 (better)
Equity ratio · 2025 59.4% +4.1 pp since 2023 (better)
Current ratio · 2025 0.91 +0.43 since 2023 (better)

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 figure202320242025
Operating revenue1.8 MNOK2.0 MNOK2.0 MNOK
Operating profit−0.1 MNOK0.2 MNOK0.2 MNOK
Net profit−0.2 MNOK0.0 MNOK0.0 MNOK
Total assets6.4 MNOK6.2 MNOK6.0 MNOK
Equity3.6 MNOK3.6 MNOK3.6 MNOK
Total liabilities2.9 MNOK2.6 MNOK2.4 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.
981703502
Legal form
AS
Sector
Eiendom (68.200)
Purpose
Å eie og å drive fast eiendom samt delta i andre selskaper.
Morning company class
Micro
Employees
0–4 (not registered) Payroll costs in the accounts: 1.0 MNOK (2025).
Founded
1 January 2000 26 years in operation
Share capital
0.20 MNOK
Business address
Margretehaugen 4, 7336 MELDAL (ORKLAND)
Municipality
Orkland rank 20–35 of 38 in KOSTRA group 7
Audit
Audit opted out from 29 September 2016
Latest accounts filed
2025
VAT registered
No
The company's business municipality, Orkland. The map shows the municipality, not the address. Map source: Kartverket (CC BY 4.0).

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

Summary analysis

Elshaug AS has a score of 39 for 2025, rank 22,191 of 30,124 in the sector.

Strongest: Solidity: percentile 73 against peers, equity ratio 59.4% against a median of 27.9%.

Weakest: Profitability: percentile 19 against peers, operating margin 7.7% against a median of 47.7%. Liquidity: percentile 37 against peers, current ratio 0.91 against a median of 1.40.

Worth a closer look

Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made

Indications · 2025

Worth a closer look

  • watch

    Consider strengthening liquidity: current liabilities are 1.1 times current assets.

    Based on: Current ratio 0.91 (median 1.40).

  • 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 7.7% (median 47.7%).

  • watch

    The operating result covers the financial costs less than one and a half times. How much higher interest or a weaker year can the company take?

    Based on: Interest coverage (times) 1.0 (median 1.8); Financial costs as a share of debt 6.2% (median 5.0%).

  • 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 −10.7% (median −12.4%); Current ratio 0.91 (median 1.40).

Indications based on the latest annual accounts from open data. Not investment or financial advice.

Financial costs were 6.2% 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.

Stress test · 2022

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

Components · 2025

What the score is made of

Profitability19 weight 40%
Solidity73 weight 20%
Liquidity37 weight 5%
Growth38 weight 25%
Consistency60 weight 10%

Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?

Durability: 42 (average over 3 years)

Index version 3. Data completeness 100%: the share of the weights that had data.

Key figures · 2025

The numbers behind the score

The numbers behind the score · 2025
MeasureCompanyMedianAhead of
Operating revenue2 MNOK2 MNOK
Operating margin 7.7% 47.7% 18 %
Profit margin 0.5% 24.4% shown, not part of the index
Return on assets 2.7% 7.8% 20 %
Equity ratio 59.4% 27.9% 74 %
Debt-to-equity 0.68 2.10 72 %
Current ratio 0.91 1.40 37 %
Revenue growth 1.2% 3.3% 33 %

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 39, Elshaug AS does better than 27% of companies in the Morning class Micro in the same sector (23,899 companies) in 2025.

Over time

Score 2023–2025

CompanyMedian0255075100202320242025
  • Elshaug AS
  • Median: companies in the Morning class Micro in the same sector
Working capital and debt · 2025

Working capital and debt

Working capital and debt · 2025
MeasureCompanyMedianHigher than
Working capital
Receivable days
All current receivables, including those on group companies, in days of revenue.
0 days 40 days 4 %
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 82 %
Net working capital to revenue
Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations.
−10.7% −12.4% 52 %
Cash share of current assets
How much of the short-term buffer is bank deposits and cash.
99.7% 54.9% 92 %
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.
1.0 1.8 33 %
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.
6.2% 5.0% 71 %
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% not compared

Net working capital (current assets less bank deposits less current liabilities): −0.2 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 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.

Our calculations Returns and quality · 2025

Returns, debt against earnings and quality

Returns, debt against earnings and quality · 2025
MeasureCompanyMedianHigher than
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.
0.2% 12.0% 22 %
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.
2.7% 7.8% 22 %
Net margin
Net result over revenue. The first part of the DuPont split of return on equity.
0.4% 19.5% 26 %
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.
0.34 0.16 77 %
Equity multiplier
Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split.
1.68 3.09 28 %
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.
– 6.9 not compared
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.
– 1.01 not compared
Quick ratio (without inventory)
Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments.
0.91 1.24 40 %
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% 32 %
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.
– 1.4 not compared
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.
48.6% 12.5% 82 %
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.
13.7% 81.7% 8 %
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.
– 10 mo. not compared

DuPont on the closing balance: net margin 0.4% × asset turnover 0.34 × multiplier 1.68 = 0.2% 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 Elshaug AS fell by 0.7 percentage points. Comparable companies rose by a median 0.7 points. So the company did 1.5 points weaker than the industry, for reasons of its own.

Over 2 year-to-year changes Elshaug AS moved the same way as comparable companies 1 times. About 9% of the changes in operating margin were common to the industry; the rest was the company's own.

The operating margin of Elshaug AS against comparable companies, year by year
YearThe companyComparable (median) Change, companyChange, industryThe company's own
20248.4%46.9% +16.3 percentage points +0.9 percentage points +15.4 percentage points
20257.7%47.7% −0.7 percentage points +0.7 percentage points −1.5 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 Elshaug 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 Elshaug AS fell 0.7 percentage points.

House prices (existing homes) per year and the operating margin of Elshaug AS
Measure202120222023202420252026
House prices (existing homes), annual average134.5141.6140.8144.6152.5158.7 (so far)
Change from the year before+10.5%+5.2%−0.5%+2.7%+5.5%+4.1%
The company's operating margin––−7.9%8.4%7.7%–

Source: SSB (07221, CC BY 4.0). Source

Policy rate (prosent)

Policy rate fell 0.20 percentage points in 2025; the operating margin of Elshaug AS fell 0.7 percentage points.

Policy rate per year and the operating margin of Elshaug AS
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (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––−7.9%8.4%7.7%–

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 Elshaug AS fell 0.7 percentage points.

Construction cost index for dwellings per year and the operating margin of Elshaug AS
Measure202120222023202420252026
Construction cost index for dwellings, annual average124.2135.1141.1146.4152.7158.7 (so far)
Change from the year before+8.7%+8.8%+4.4%+3.7%+4.3%+3.9%
The company's operating margin––−7.9%8.4%7.7%–

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 Elshaug AS fell 0.7 percentage points.

Consumer price index per year and the operating margin of Elshaug AS
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0103.0 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+3.0%
The company's operating margin––−7.9%8.4%7.7%–

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 Elshaug AS fell 0.7 percentage points.

Wage index: real estate per year and the operating margin of Elshaug AS
Measure202120222023202420252026
Wage index: real estate, annual average91.794.396.8103.2108.5111.3 (so far)
Change from the year before+5.2%+2.9%+2.6%+6.5%+5.2%+2.6%
The company's operating margin––−7.9%8.4%7.7%–

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.

Analysis · 2025

What the numbers say

Elshaug AS had an operating margin of 7.7% and an equity ratio of 59.4% in 2025, and ranks 22,191 of 30,124 in Eiendom.

No large changes in the key figures from 2024 to 2025.

This text is generated automatically from the 2025 accounts.

Estimated value · 2025

Three simple methods

Our calculations

Suggested price: about 1 MNOK

The mean of the 2 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. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 600 NOK per share, on 2,000 shares in the shareholder register.

The methods give between 1 MNOK and 2 MNOK.

MethodInputMultipleListed basisEstimate
P/E Net profit (mean 2023–2025): −0.1 MNOK 10.5 – not meaningful
EV/EBIT Operating profit (mean 2023–2025): 0.1 MNOK
less net debt −0.2 MNOK (rough figure)
19.2 1 MNOK 1 MNOK
P/B Equity: 3.6 MNOK 0.7 2 MNOK 2 MNOK
EV/EBIT: from enterprise value to equityNOK
Enterprise value (EV) at the listed multiple1 MNOK
Enterprise value after the size adjustment1 MNOK
Less net debt (rough figure)0 MNOK
Equity value1 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

Our calculations

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
Several signs that a generation change may be coming.
  • The chair is 60 or older.
  • The managing director is 60 or older.
  • 1 of 1 on the board are 60 or older.
Age is this year minus the birth year in the registers and can be a year off. It says something about age, not about anyone planning to step down.

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

2025

Questions and answers

How profitable is Elshaug AS?

The operating margin was 7.7% in 2025, against a median of 47.7% among companies in the Morning class Micro in the same sector. Return on assets was 2.7%.

How solid is Elshaug AS?

The equity ratio was 59.4% in 2025 (median 27.9%). Debt-to-equity was 0.68 (median 2.10).

What is the liquidity of Elshaug AS like?

The current ratio was 0.91 in 2025 (median 1.40). Current assets did not cover current liabilities.

How does Elshaug AS compare in Eiendom?

Elshaug AS ranks 22,191 of 30,124 in Eiendom for 2025. Among companies in the Morning class Micro it is number 17,485 of 23,899. Revenue changed by 1.2% from the year before.

2025

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.

Sentrum Utleie AS: 70 / 88Eurobygg Stokmarknes AS: 66 / 35Torbygget AS: 69 / 58M-O Eiendom AS: 45 / 9KNUTSEN & Vikra Eiendom AS: 64 / 66Runnibakken 20 Årnes AS: 3 / 23Flesland Invest AS: 70 / 70Elshaug AS: 19 / 64Dragsund Verkstedsenter AS: 35 / 5600252550507575100100Resilience, percentile against peers →↑ Profitability, percentile against peers

CompanyProfileOperating revenueOperating marginScore
Sentrum Utleie AS Lion 2 MNOK 68.3% 67
Eurobygg Stokmarknes AS Cheetah 2 MNOK 71.7% 49
Torbygget AS Lion 2 MNOK 67.2% 56
M-O Eiendom AS Beaver 2 MNOK 45.1% 34
KNUTSEN & Vikra Eiendom AS Lion 2 MNOK 41.2% 55
Runnibakken 20 Årnes AS Beaver 2 MNOK −70.8% 11
Flesland Invest AS Lion 2 MNOK 57.8% 67
Elshaug AS (this company) Elephant 2 MNOK 7.7% 39
Dragsund Verkstedsenter AS Elephant 2 MNOK 36.1% 43

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

2 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 Elshaug AS. Persons are not shown by name.

Elshaug 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 (2 companies) 2 of 2 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
Loss
1 company: Grenda Eiendom 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.

  • Elshaug AS you are here operating · index 39 · number 22191 of 30124 in Eiendom

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.

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 0% · private persons 100% · foreign 0%
Owned from the same municipality
100%
Group chain
Ultimate owner: private person

Change 2007–2025: 96% of the shares changed owner (0 new and 8 departed owners). The majority owner changed.
Departed (companies): Kvikk AS

Majority owner of: Grenda Eiendom AS (100%)

Holds shares in: Grenda Eiendom 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.

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Figures last fetched 9 November 2026.

Details

Year by year · 2023–2025

Key figure202320242025Trend
Index374939
Rank19,78515,25922,191
Operating margin−7.9%8.4%7.7%
Return on assets−2.2%2.7%2.7%
Equity ratio55.3%57.3%59.4%
Current ratio0.480.860.91
Revenue growth–13.0%1.2%

Accounts

From the Brønnøysund Register Centre, in the company's reporting currency (NOK).

Key figure202320242025
Operating revenue1.8 MNOK2.0 MNOK2.0 MNOK
Operating profit−0.1 MNOK0.2 MNOK0.2 MNOK
Profit before tax−0.3 MNOK0.0 MNOK0.0 MNOK
Tax expense−0.1 MNOK0.0 MNOK0.0 MNOK
Net profit−0.2 MNOK0.0 MNOK0.0 MNOK
Financial expenses0.2 MNOK0.2 MNOK0.1 MNOK
Total assets6.4 MNOK6.2 MNOK6.0 MNOK
Current assets0.1 MNOK0.2 MNOK0.2 MNOK
Equity3.6 MNOK3.6 MNOK3.6 MNOK
Retained earnings3.4 MNOK3.4 MNOK3.4 MNOK
Total liabilities2.9 MNOK2.6 MNOK2.4 MNOK
Current liabilities0.3 MNOK0.2 MNOK0.2 MNOK

Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 6420549.

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News and announcements

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