Dsd Explore AS
Score · fiscal year 2025
41of 100
How to read this: the company is ahead of 26 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 582 of 788 · What are Morning company classes?
Place in the whole sector: 1,646 of 2,337 · Revisjon, regnskap og rådgivning
Profile
Elephant · Steward
Lower profitability, high solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 7 and solidity 97 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Dsd Explore AS is 8 points below the median for companies in the Morning class Small in the same sector in 2025.
Median score 49 among 788 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin −64.9% (median 9.7%) and equity ratio 79.0% (median 26.8%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 12 MNOK | 20 MNOK |
| Operating margin | −64.9% | 9.7% |
| Profit margin | 47.4% | 10.2% |
| Return on assets | 2.2% | 23.6% |
| Equity ratio | 79.0% | 26.8% |
| Debt-to-equity | 0.27 | 2.65 |
| Current ratio | 0.87 | 1.29 |
| Revenue growth | 24.3% | 8.4% |
| Revenue per employee | 1.53 MNOK | 1.50 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 41, Dsd Explore AS does better than 26% of companies in the Morning class Small in the same sector (788 companies) in 2025.
Score 2023–2025
- Dsd Explore AS
- Median: companies in the Morning class Small in the same sector
Dsd Explore AS has a score of 41 for 2025, rank 1,646 of 2,337 in the sector.
Strongest: Solidity: percentile 97 against peers, equity ratio 79.0% against a median of 26.8%. Growth: percentile 79 against peers, revenue growth 24.3% against a median of 8.4%.
Weakest: Liquidity: percentile 7 against peers, current ratio 0.87 against a median of 1.29. Profitability: percentile 7 against peers, operating margin −64.9% against a median of 9.7%.
Worth a closer look
- Consider strengthening liquidity: current liabilities are 1.2 times current assets. Based on: current ratio 0.87 (median 1.29).
- The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors? Based on: operating margin −64.9% (median 9.7%).
- Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have? Based on: revenue growth 24.3% (median 8.4%); current ratio 0.87 (median 1.29).
- What lies behind weak profitability, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Dsd Explore AS rose by 19.4 percentage points. Comparable companies rose by a median 0.0 points. So the company did 19.4 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Dsd Explore AS moved the same way as comparable companies 0 times. About 2% 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 | −84.4% | 9.6% | −27.5 percentage points | +0.9 percentage points | −28.4 percentage points |
| 2025 | −64.9% | 9.7% | +19.4 percentage points | +0.0 percentage points | +19.4 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 Dsd Explore AS. The figures stand side by side; we claim no cause.
Turnover index: legal and accounting activities (indeks (2021 = 100))
Turnover index: legal and accounting activities rose 4.8% in 2025; the operating margin of Dsd Explore AS rose 19.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: legal and accounting activities, annual average | 100.4 | 107.7 | 127.0 | 135.2 | 141.7 | 149.6 (so far) |
| Change from the year before | +8.7% | +7.3% | +17.9% | +6.4% | +4.8% | +5.5% |
| The company's operating margin | – | – | −56.8% | −84.4% | −64.9% | – |
Source: SSB (13863, CC BY 4.0). Source
Turnover index: management consultancy (indeks (2021 = 100))
Turnover index: management consultancy rose 6.5% in 2025; the operating margin of Dsd Explore AS rose 19.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Turnover index: management consultancy, annual average | 99.4 | 104.0 | 114.9 | 116.0 | 123.6 | 128.7 (so far) |
| Change from the year before | +17.3% | +4.6% | +10.5% | +1.0% | +6.5% | +4.1% |
| The company's operating margin | – | – | −56.8% | −84.4% | −64.9% | – |
Source: SSB (13863, CC BY 4.0). Source
Service prices: legal and accounting (indeks (2021 = 100))
Service prices: legal and accounting rose 4.9% in 2025; the operating margin of Dsd Explore AS rose 19.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Service prices: legal and accounting, annual average | 100.0 | 104.8 | 111.8 | 117.4 | 123.2 | 127.0 (so far) |
| Change from the year before | +3.4% | +4.8% | +6.7% | +5.0% | +4.9% | +3.1% |
| The company's operating margin | – | – | −56.8% | −84.4% | −64.9% | – |
Source: SSB (14335, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Dsd Explore AS rose 19.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | −56.8% | −84.4% | −64.9% | – |
Source: SSB (14710, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Dsd Explore AS rose 19.4 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 | – | – | −56.8% | −84.4% | −64.9% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: legal and accounting (indeks)
Wage index: legal and accounting rose 5.4% in 2025; the operating margin of Dsd Explore AS rose 19.4 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: legal and accounting, annual average | 86.2 | 89.8 | 93.9 | 99.1 | 104.4 | 108.4 (so far) |
| Change from the year before | +5.1% | +4.3% | +4.5% | +5.6% | +5.4% | +3.8% |
| The company's operating margin | – | – | −56.8% | −84.4% | −64.9% | – |
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
Dsd Explore AS had an operating margin of −64.9% and an equity ratio of 79.0% in 2025, and ranks 1,646 of 2,337 in Revisjon, regnskap og rådgivning.
From 2024 to 2025: went from a loss to a profit before tax and the operating margin rose from −84.4% to −64.9%.
This text is generated automatically from the 2025 accounts.
Three simple methods
One method gives a figure: 779 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | not meaningful |
| EV/EBIT | 17.4 | not meaningful |
| P/B | 4.1 | 779 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered by 39% for an unlisted company: 20% for lack of marketability and 24% for size (a small-company premium of 2% on the cost of equity).
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
Consider strengthening liquidity: current liabilities are 1.2 times current assets.
Based on: Current ratio 0.87 (median 1.29).
- 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 −64.9% (median 9.7%).
- 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 24.3% (median 8.4%); Current ratio 0.87 (median 1.29).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 3.4% 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 2026, the sector's weakest year, for this company.
The sector's weakest year was 2026, with a median operating margin of 5.4%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 7 | weight 30% |
|---|---|---|
| Solidity | 97 | weight 25% |
| Liquidity | 7 | weight 15% |
| Growth | 79 | weight 15% |
| Consistency | 11 | weight 15% |
Durability: 38 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Dsd Explore AS?
The operating margin was −64.9% in 2025, against a median of 9.7% among companies in the Morning class Small in the same sector. Return on assets was 2.2%.
How solid is Dsd Explore AS?
The equity ratio was 79.0% in 2025 (median 26.8%). Debt-to-equity was 0.27 (median 2.65).
What is the liquidity of Dsd Explore AS like?
The current ratio was 0.87 in 2025 (median 1.29). Current assets did not cover current liabilities.
How does Dsd Explore AS compare in Revisjon, regnskap og rådgivning?
Dsd Explore AS ranks 1,646 of 2,337 in Revisjon, regnskap og rådgivning for 2025. Among companies in the Morning class Small it is number 582 of 788. Revenue changed by 24.3% from the year before.
Group structure · 2025
30 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 Folke Hermansen AS.
Folke Hermansen AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
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Folke Hermansen AS
-
Dsd AS
-
Dsd Investering 2 AS
-
Dsd Explore AS you are here
- Mobitech AS
- Bilberry Technologies AS
- Ferdia AS
- Org. no. 935074487
-
- Dsd Ships 4 AS
- Dsd Ships 5 AS
- Dsd Ships 6 AS
- Det Stavangerske Dampskibsselskab AS
- Det Stavangerske Dampskibsselskab Shipping AS
- Klasaskjæret AS
- Stavangerske 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.
- 982076811
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Morning company class
- Small
- Employees
- 8 registered 10 May 2026
- Founded
- 16 May 2000 26 years in operation
- Share capital
- 24.21 MNOK
- Business address
- Pilestredet 27, 0164 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- Website
- dsdexplore.no
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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 19 (one owner holds more than half)
- Largest owner
- 61.1% · top three 76.6%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 4%
- Group chain
-
Owned by: Dsd Investering 2 AS (61%)
Ultimate owner: Folke Hermansen AS
The owner: the majority owner Dsd Investering 2 AS (holds 61%) had negative equity in 2025. made a loss in 2025. A weak parent can affect the subsidiary through group contributions, loans and guarantees. It is an indication to watch, not an assessment of the company.
- Dsd Investering 2 AS · 61.1%
- Beachwood AS · 8.0%
- Fantastico AS · 7.5%
- Oceida AS · 7.4%
- Dlira AS · 2.8%
- Thaysen AS · 2.7%
- Montana Holding AS · 1.6%
- Musto AS · 1.6%
- B.A. Tangen AS · 1.2%
- H-S Holding AS · 0.9%
Change 2007–2025:
100% of the shares changed owner (19 new and 1 departed owners). The majority owner changed.
New owners (companies): B&B Holding AS, B.A. Tangen AS, Back Holding AS, Beachwood AS, Dlira AS
Departed (companies): Norigo Institutt for Gruppeutvikling og Organisasjonspsykologi AS
Majority owner of: Fjord Travel Norway AS (100%), Xxlofoten AS (100%), Z Event AS (100%)
Holds shares in: Z Event AS (100%), Xxlofoten AS (100%), Fjord Travel Norway 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.
Figures last fetched 6 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 46 | 28 | 41 | |
| Rank | 1,276 | 2,042 | 1,646 | |
| Operating margin | −56.8% | −84.4% | −64.9% | |
| Return on assets | −2.0% | −2.3% | 2.2% | |
| Equity ratio | 94.3% | 87.4% | 79.0% | |
| Current ratio | 1.63 | 0.62 | 0.87 | |
| Revenue growth | – | −59.7% | 24.3% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 24.5 MNOK | 9.9 MNOK | 12.3 MNOK |
| Operating profit | −13.9 MNOK | −8.3 MNOK | −8.0 MNOK |
| Profit before tax | −5.9 MNOK | −9.1 MNOK | 5.8 MNOK |
| Tax expense | – | −2.0 MNOK | 1.3 MNOK |
| Net profit | −3.1 MNOK | −7.1 MNOK | 4.5 MNOK |
| Financial expenses | 0.1 MNOK | 1.0 MNOK | 2.8 MNOK |
| Total assets | 293.2 MNOK | 351.4 MNOK | 394.4 MNOK |
| Current assets | 25.6 MNOK | 27.0 MNOK | 71.5 MNOK |
| Equity | 276.5 MNOK | 307.2 MNOK | 311.7 MNOK |
| Retained earnings | 0.0 MNOK | – | 4.5 MNOK |
| Total liabilities | 16.7 MNOK | 44.1 MNOK | 82.7 MNOK |
| Current liabilities | 15.7 MNOK | 43.5 MNOK | 82.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 6 November 2026, accounts id 6700660.
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