Kalbold 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 2023
71of 100
How to read this: the company is ahead of 84 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 3,421 of 21,549 · What are Morning company classes?
Place in the whole sector: 4,150 of 27,046 · Eiendom
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 77 and resilience 64 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Kalbold AS is 21 points above the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 21,547 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 78.0% (median 46.0%) and equity ratio 85.5% (median 27.5%).
How it has gone · 2023–2025
Revenue rose by 7 % from 2023 to 2025, to 2.3 MNOK. The operating margin is about the same: 78.8% in 2025 against 78.0% in 2023. The equity ratio fell from 85.5% in 2023 to 84.0% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Worth a closer look
- critical
Consider strengthening liquidity: current liabilities are 10.3 times current assets.
Based on: Current ratio 0.10 (median 1.38).
- 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 −103.7% (median −13.4%); Current ratio 0.10 (median 1.38).
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 | 77 | weight 40% |
|---|---|---|
| Solidity | 90 | weight 20% |
| Liquidity | 8 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 42 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 75%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 2 MNOK | 2 MNOK |
| Operating margin | 78.0% | 46.0% |
| Profit margin | 95.1% | 22.8% |
| Return on assets | 10.1% | 7.0% |
| Equity ratio | 85.5% | 27.5% |
| Debt-to-equity | 0.17 | 2.20 |
| Current ratio | 0.10 | 1.38 |
| Revenue growth | – | 5.6% |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2023. The bar shows the share of companies the figure is ahead of.
With an index of 71, Kalbold AS does better than 84% of companies in the Morning class Micro in the same sector (21,549 companies) in 2023.
Score 2023–2025
- Kalbold 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. |
2 days | 47 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. |
−103.7% | −13.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
94.5% | 54.1% | |
| 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. |
– | 1.7 | |
| 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. |
– | 4.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
23.5% | 83.0% | |
Net working capital (current assets less bank deposits less current liabilities): −2.3 MNOK.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2023. 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.
What the numbers say
Kalbold AS had an operating margin of 78.0% and an equity ratio of 85.5% in 2023, and ranks 4,150 of 27,046 in Eiendom.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 8 MNOK and 20 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 10 MNOK |
| EV/EBIT | 19.2 | 20 MNOK |
| P/B | 0.7 | 8 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 33 MNOK |
| Enterprise value after the size adjustment | 20 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 20 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 Kalbold AS?
The operating margin was 78.0% in 2023, against a median of 46.0% among companies in the Morning class Micro in the same sector. Return on assets was 10.1%.
How solid is Kalbold AS?
The equity ratio was 85.5% in 2023 (median 27.5%). Debt-to-equity was 0.17 (median 2.20).
What is the liquidity of Kalbold AS like?
The current ratio was 0.10 in 2023 (median 1.38). Current assets did not cover current liabilities.
How does Kalbold AS compare in Eiendom?
Kalbold AS ranks 4,150 of 27,046 in Eiendom for 2023. Among companies in the Morning class Micro it is number 3,421 of 21,549.
Group structure · 2025
43 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 Vatne Capital AS. Persons are not shown by name.
Group accounts. Vatne Capital AS for 2024: index 47 of 100, number 119 of 205 groups. See the group accounts
The group in figures
- Sectors
- Eiendom (39 companies), Handel (2 companies), Overnatting og servering (1 company), Annen tjenesteyting (1 company) 43 of 43 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
- 31 in all. Oslo 31 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Negative equity
- 8 companies: Dyrskuevegen 46 AS, Vatne Living AS, Bogstadveien 64 AS, Vatne Prosjekt 3 AS, Heftye Vin AS, Kirkeveien 114 AS …
- Loss
- 27 companies: Vatne Art AS, Vatne Capital AS, Newco Bogstadveien 3-7 AS, Restaurant Heftye AS, Dyrskuevegen 46 AS, Rjtg Eiendom AS …
- Changed 2024–2025
- 6 companies left, among them: Colosseum Park Syd 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.
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.
- 987298200
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Investeringsvirksomhet innen eiendom og annen tilhørende virksomhet.
- Morning company class
- Micro
- Employees
- 0–4 (not registered)
- Founded
- 30 June 2004 22 years in operation
- Share capital
- 14.72 MNOK
- Business address
- Munkedamsveien 62A, 0270 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- 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
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: Vatne Portefølje 1 AS (100%)
Ultimate owner: private person
- Vatne Portefølje 1 AS · 100.0%
Change 2007–2025:
100% of the shares changed owner (1 new and 1 departed owners). The majority owner changed.
New owners (companies): Vatne Portefølje 1 AS
Departed (companies): Alcides Eiendom 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 | 71 | 65 | 66 | |
| Rank | 4,150 | 5,250 | 4,457 | |
| Operating margin | 78.0% | 78.1% | 78.8% | |
| Return on assets | 10.1% | 10.2% | 11.0% | |
| Equity ratio | 85.5% | 82.4% | 84.0% | |
| Current ratio | 0.10 | 0.15 | 0.14 | |
| Revenue growth | – | 4.8% | 2.4% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 2.2 MNOK | 2.3 MNOK | 2.3 MNOK |
| Operating profit | 1.7 MNOK | 1.8 MNOK | 1.8 MNOK |
| Profit before tax | 2.1 MNOK | 2.2 MNOK | 2.3 MNOK |
| Tax expense | 0.5 MNOK | 0.5 MNOK | 0.5 MNOK |
| Net profit | 1.6 MNOK | 1.7 MNOK | 1.8 MNOK |
| Financial expenses | – | – | 0.0 MNOK |
| Total assets | 20.4 MNOK | 21.2 MNOK | 20.8 MNOK |
| Current assets | 0.2 MNOK | 0.4 MNOK | 0.4 MNOK |
| Equity | 17.5 MNOK | 17.5 MNOK | 17.5 MNOK |
| Retained earnings | 1.5 MNOK | 1.5 MNOK | 1.5 MNOK |
| Total liabilities | 3.0 MNOK | 3.7 MNOK | 3.3 MNOK |
| Current liabilities | 2.3 MNOK | 3.0 MNOK | 2.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 5159409.
Further
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