Walters Efterfølger 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
16of 100
How to read this: the company is ahead of 5 % of companies in the Morning class Micro in the same sector in 2025. What does this mean?
Rank in the Morning class Micro: 1,648 of 1,739 · What are Morning company classes?
Place in the whole sector: 5,023 of 5,265 · Industri
Profile
Beaver · Builder
Lower profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 10 and resilience 11 out of 100 among companies in the Morning class Micro in the same sector in 2025. Methodology
Against the sector
Walters Efterfølger AS is 35 points below the median for companies in the Morning class Micro in the same sector in 2025.
Median score 51 among 1,739 companies.
Against companies in the Morning class Micro in the same sector in 2025: operating margin −7.4% (median 3.3%) and equity ratio −8.7% (median 38.3%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 5 MNOK | 4 MNOK |
| Operating margin | −7.4% | 3.3% |
| Profit margin | −7.3% | 2.4% |
| Return on assets | −97.2% | 6.4% |
| Equity ratio | −8.7% | 38.3% |
| Debt-to-equity | – | 1.22 |
| Current ratio | 0.91 | 1.62 |
| Revenue growth | 1.1% | 4.4% |
| Revenue per employee | 0.94 MNOK | 0.79 MNOK |
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 16, Walters Efterfølger AS does better than 5% of companies in the Morning class Micro in the same sector (1,739 companies) in 2025.
Score 2023–2025
- Walters Efterfølger AS
- Median: companies in the Morning class Micro in the same sector
Walters Efterfølger AS has a score of 16 for 2025, rank 5,023 of 5,265 in the sector.
Strongest: Growth: percentile 33 against peers, revenue growth 1.1% against a median of 4.4%.
Weakest: Solidity: percentile 0 against peers, equity ratio −8.7% against a median of 38.3%. Profitability: percentile 10 against peers, operating margin −7.4% against a median of 3.3%.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −8.7% (median 38.3%).
- Consider strengthening liquidity: current liabilities are 1.1 times current assets. Based on: current ratio 0.91 (median 1.62).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −7.3% (median 2.4%).
- What lies behind weak solidity, 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 Walters Efterfølger AS fell by 7.7 percentage points. Comparable companies fell by a median 0.3 points. So the company did 7.4 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Walters Efterfølger AS moved the same way as comparable companies 1 times. About 3% 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 | 0.3% | 3.6% | −9.3 percentage points | +0.3 percentage points | −9.6 percentage points |
| 2025 | −7.4% | 3.3% | −7.7 percentage points | −0.3 percentage points | −7.4 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 Walters Efterfølger AS. The figures stand side by side; we claim no cause.
Producer prices in manufacturing (indeks (2021 = 100))
Producer prices in manufacturing rose 2.9% in 2025; the operating margin of Walters Efterfølger AS fell 7.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices in manufacturing, annual average | 100.0 | 124.7 | 129.5 | 134.4 | 138.3 | 146.0 (so far) |
| Change from the year before | +10.7% | +24.7% | +3.9% | +3.7% | +2.9% | +5.6% |
| The company's operating margin | – | – | 9.6% | 0.3% | −7.4% | – |
Source: SSB (12462, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Walters Efterfølger AS fell 7.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 9.6% | 0.3% | −7.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wholesale power price (øre per kWh)
Wholesale power price rose 9.4% in 2025; the operating margin of Walters Efterfølger AS fell 7.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wholesale power price, annual average | 64.2 | 141.7 | 72.0 | 49.4 | 54.0 | 96.5 (so far) |
| Change from the year before | +466.7% | +120.8% | −49.2% | −31.4% | +9.4% | +78.4% |
| The company's operating margin | – | – | 9.6% | 0.3% | −7.4% | – |
Source: SSB (09363, CC BY 4.0). Source
USD/NOK (kr)
USD/NOK fell 3.3% in 2025; the operating margin of Walters Efterfølger AS fell 7.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| USD/NOK, annual average | 8.59 | 9.61 | 10.56 | 10.75 | 10.39 | 9.54 (so far) |
| Change from the year before | −8.8% | +11.9% | +9.9% | +1.7% | −3.3% | −8.2% |
| The company's operating margin | – | – | 9.6% | 0.3% | −7.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Wage index: fabricated metal products (indeks)
Wage index: fabricated metal products rose 5.8% in 2025; the operating margin of Walters Efterfølger AS fell 7.7 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: fabricated metal products, annual average | 88.0 | 91.5 | 96.9 | 102.1 | 108.0 | 112.8 (so far) |
| Change from the year before | +3.1% | +3.9% | +6.0% | +5.4% | +5.8% | +4.5% |
| The company's operating margin | – | – | 9.6% | 0.3% | −7.4% | – |
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
Walters Efterfølger AS had an operating margin of −7.4% and an equity ratio of −8.7% in 2025, and ranks 5,023 of 5,265 in Industri.
From 2024 to 2025: the equity ratio fell from 47.6% to −8.7% and went from a profit to a loss before tax.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 1 MNOK and 1 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 19.5 | 1 MNOK |
| EV/EBIT | 16.4 | 1 MNOK |
| P/B | 3.0 | not meaningful |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 1 MNOK |
| Enterprise value after the size adjustment | 1 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 1 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 −30% 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 (10): Food Processing.
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
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −8.7% (median 38.3%).
- watch
Consider strengthening liquidity: current liabilities are 1.1 times current assets.
Based on: Current ratio 0.91 (median 1.62).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −7.3% (median 2.4%).
- 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 −7.4% (median 3.3%).
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
- critical Negative equity
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 | 10 | weight 40% |
|---|---|---|
| Solidity | 0 | weight 20% |
| Liquidity | 21 | weight 5% |
| Growth | 33 | weight 25% |
| Consistency | 27 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 38 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Walters Efterfølger AS?
The operating margin was −7.4% in 2025, against a median of 3.3% among companies in the Morning class Micro in the same sector. Return on assets was −97.2%. The company made a loss before tax.
How solid is Walters Efterfølger AS?
The equity ratio was −8.7% in 2025 (median 38.3%). Equity is negative, so liabilities exceed assets.
What is the liquidity of Walters Efterfølger AS like?
The current ratio was 0.91 in 2025 (median 1.62). Current assets did not cover current liabilities.
How does Walters Efterfølger AS compare in Industri?
Walters Efterfølger AS ranks 5,023 of 5,265 in Industri for 2025. Among companies in the Morning class Micro it is number 1,648 of 1,739. Revenue changed by 1.1% 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.
| Company | Profile | Operating revenue | Operating margin | Score |
|---|---|---|---|---|
| Dana Bakeri AS |  Lion |
5 MNOK | 5.0% | 58 |
| Hekta Sirdal AS |  Cheetah |
5 MNOK | 1.9% | 41 |
| Tvedestrand Bakeri AS |  Beaver |
5 MNOK | −0.6% | 32 |
| Harmoni Håndverksbakeri AS | Lion |
5 MNOK | 19.6% | 81 |
| Fru Nelik AS |  Elephant |
5 MNOK | 1.5% | 47 |
| Bakeri Nostalgi AS | Beaver |
5 MNOK | −3.2% | 31 |
| Walters Efterfølger AS (this company) | Beaver |
5 MNOK | −7.4% | 16 |
| Frosta Lefsebakeri AS | Lion |
5 MNOK | 5.8% | 54 |
| Arntzen Bakeri AS | Elephant |
5 MNOK | 0.7% | 49 |
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
23 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 Fruens Holding AS.
Fruens Holding 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 (7 companies), Overnatting og servering (8 companies), Handel (7 companies) 22 of 23 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
- 273 in all. Kristiansand 184, Skien 20, Flekkefjord 13, Kragerø 12, Grimstad 11, Risør 9 and 4 more municipalities Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 1 company: Walters Efterfølger AS
- Loss
- 7 companies: Kjøkkenskapet AS, Dampbageriet M40 AS, Walters Efterfølger AS, Camillo Bastrup AS, Geheb Conditori Lillesand AS, Geheb Conditori Hamresanden AS …
- Changed 2024–2025
- 6 companies joined the group: Stavelin Bakeriutsalg Kragerø AS, Dampbageriet M40 AS, Camillo Bastrup AS, Stavelin Bakeriutsalg Larvik AS, Tinholt Bakeri Lietorvet AS, Tinholt Bakeri Hovenga AS. 2 companies left.
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.
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.
- 982779189
- Legal form
- AS
- Sector
- Industri (10.710)
- Morning company class
- Micro
- Employees
- 5 registered 10 September 2026
- Founded
- 1 December 2000 25 years in operation
- Share capital
- 0.25 MNOK
- Business address
- Alleen 12, 4580 LYNGDAL
- Municipality
- Lyngdal rank 7–24 of 38 in KOSTRA group 7
- 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 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 60.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 40%
- Group chain
-
Owned by: Geheb Conditori AS (60%)
Ultimate owner: Fruens Holding AS
- Geheb Conditori AS · 60.0%
- Walters Bakeri og Konditori AS · 40.0%
Change 2007–2025:
60% of the shares changed owner (1 new and 0 departed owners). The majority owner changed.
New owners (companies): Geheb Conditori 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 8 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 59 | 40 | 16 | |
| Rank | 1,822 | 3,629 | 5,023 | |
| Operating margin | 9.6% | 0.3% | −7.4% | |
| Return on assets | 41.8% | 2.7% | −97.2% | |
| Equity ratio | 23.6% | 47.6% | −8.7% | |
| Current ratio | 1.28 | 1.87 | 0.91 | |
| Revenue growth | – | −15.0% | 1.1% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 5.5 MNOK | 4.6 MNOK | 4.7 MNOK |
| Operating profit | 0.5 MNOK | 0.0 MNOK | −0.3 MNOK |
| Profit before tax | 0.5 MNOK | 0.0 MNOK | −0.3 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | 0.5 MNOK | 0.0 MNOK | −0.3 MNOK |
| Financial expenses | – | – | – |
| Total assets | 1.3 MNOK | 0.7 MNOK | 0.4 MNOK |
| Current assets | 1.2 MNOK | 0.6 MNOK | 0.4 MNOK |
| Equity | 0.3 MNOK | 0.3 MNOK | 0.0 MNOK |
| Retained earnings | 0.0 MNOK | 0.1 MNOK | −0.3 MNOK |
| Total liabilities | 1.0 MNOK | 0.3 MNOK | 0.4 MNOK |
| Current liabilities | 1.0 MNOK | 0.3 MNOK | 0.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 6810960.
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