Pamar 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
Is the company run well?
Five key figures against companies in the Morning class Medium in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 99.0% Better than the industry Industry: 22.4%
- Returns · return on assets 35.4% Better than the industry Industry: 7.8%
- Solidity · equity ratio 88.4% Better than the industry Industry: 29.8%
- Liquidity · current ratio 6.88 Better than the industry Industry: 1.31
- Growth · revenue growth 20.7% Better than the industry Industry: 6.1%
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
82of 100
How to read this: the company is ahead of 98 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?
Rank in the Morning class Medium: 23 of 1,075 · What are Morning company classes?
Place in the whole sector: 609 of 30,132 · Eiendom
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 94 and resilience 88 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology
Against the sector
Pamar AS is 31 points above the median for companies in the Morning class Medium in the same sector in 2025.
Median score 51 among 1,075 companies.
Against companies in the Morning class Medium in the same sector in 2025: operating margin 99.0% (median 22.4%) and equity ratio 88.4% (median 29.8%).
How it has gone · 2023–2025
Revenue rose by 6 % from 2023 to 2025, to 290.2 MNOK. The operating margin is about the same: 99.0% in 2025 against 99.6% in 2023. The equity ratio rose from 81.7% in 2023 to 88.4% in 2025.
Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year
Accounts in short
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 272.5 MNOK | 240.5 MNOK | 290.2 MNOK |
| Operating profit | 271.5 MNOK | 238.2 MNOK | 287.3 MNOK |
| Net profit | 273.1 MNOK | 241.2 MNOK | 284.0 MNOK |
| Total assets | 398.3 MNOK | 619.5 MNOK | 813.3 MNOK |
| Equity | 325.2 MNOK | 545.0 MNOK | 719.0 MNOK |
| Total liabilities | 73.1 MNOK | 74.5 MNOK | 94.3 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.
- 989062115
- Legal form
- AS
- Sector
- Eiendom (68.200)
- Purpose
- Selskapet er et investeringsselskap. Selskapets formål er å investere selskapets kapital i aksjer, fast eiendom, selskapsandeler, utlån og alle typer finansielle instrumenter og verdipapirer som til enhver tid finnes hensiktsmessig, samt drive virksomhet som naturlig henger sammen med dette.
- Morning company class
- Medium
- Employees
- 0–4 (not registered)
- Founded
- 5 December 2005 20 years in operation
- Share capital
- 0.21 MNOK
- Business address
- c/o Pål M Reed, Bygdøynesveien 21B, 0286 OSLO
- Municipality
- Oslo rank 63–220 of 357 in Norway
- Latest accounts filed
- 2025
- VAT registered
- No
- Former names
- Startfase 196 AS until 2006
- LEI
- 25490050KB8EJ017MB63 renews 1 February 2027
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
Pamar AS has a score of 82 for 2025, rank 609 of 30,132 in the sector.
Strongest: Profitability: percentile 94 against peers, operating margin 99.0% against a median of 22.4%. Solidity: percentile 90 against peers, equity ratio 88.4% against a median of 29.8%.
No area is clearly below its peers.
Worth a closer look
- The change in operating margin in 2025 was 2.4 percentage points weaker than for comparable companies: the company −0.0, the industry +2.4 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
- positive
Upper quartile on profitability, solidity and liquidity. What sets this company apart from the rest of the sector?
Based on: Operating margin 99.0% (median 22.4%); Equity ratio 88.4% (median 29.8%); Current ratio 6.88 (median 1.31).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% 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 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
What the score is made of
| Profitability | 94 | weight 40% |
|---|---|---|
| Solidity | 90 | weight 20% |
| Liquidity | 86 | weight 5% |
| Growth | 55 | weight 25% |
| Consistency | 85 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 84 (average over 3 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 | 290 MNOK | 82 MNOK |
| Operating margin | 99.0% | 22.4% |
| Profit margin | 99.2% | 16.1% |
| Return on assets | 35.4% | 7.8% |
| Equity ratio | 88.4% | 29.8% |
| Debt-to-equity | 0.13 | 2.21 |
| Current ratio | 6.88 | 1.31 |
| Revenue growth | 20.7% | 6.1% |
The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 82, Pamar AS does better than 98% of companies in the Morning class Medium in the same sector (1,075 companies) in 2025.
Score 2023–2025
- Pamar AS
- Median: companies in the Morning class Medium 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 | 67 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. |
807 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. |
189.9% | 2.7% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
0.4% | 10.8% | |
| 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. |
– | 3.5 | |
| 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. |
0.0% | 3.2% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
– | 59.8% | |
Net working capital (current assets less bank deposits less current liabilities): 551.2 MNOK.
The median and the bar refer to companies in the Morning class Medium 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 Pamar AS fell by 0.0 percentage points. Comparable companies rose by a median 2.4 points. So the company did 2.4 points weaker than the industry, for reasons of its own.
Over 2 year-to-year changes Pamar AS moved the same way as comparable companies 0 times. About 48% 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 | 99.0% | 20.0% | −0.6 percentage points | +4.1 percentage points | −4.7 percentage points |
| 2025 | 99.0% | 22.4% | 0.0 percentage points | +2.4 percentage points | −2.4 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 Pamar 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 Pamar AS fell 0.0 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 | – | – | 99.6% | 99.0% | 99.0% | – |
Source: SSB (07221, CC BY 4.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Pamar AS fell 0.0 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 | – | – | 99.6% | 99.0% | 99.0% | – |
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 Pamar AS fell 0.0 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 | 158.7 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.9% |
| The company's operating margin | – | – | 99.6% | 99.0% | 99.0% | – |
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 Pamar AS fell 0.0 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 | – | – | 99.6% | 99.0% | 99.0% | – |
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 Pamar AS fell 0.0 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 | – | – | 99.6% | 99.0% | 99.0% | – |
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
Pamar AS had an operating margin of 99.0% and an equity ratio of 88.4% in 2025, and ranks 609 of 30,132 in Eiendom.
From 2024 to 2025: revenue grew by 21%.
This text is generated automatically from the 2025 accounts.
Three simple methods
Suggested price: about 2,400 MNOK
The mean of the 3 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. The methods differ widely (the highest is 10.1 times the lowest), so the estimate is uncertain.
That is about 24,000,000 NOK per share, on 100 shares in the shareholder register.
The methods give between 435 MNOK and 4,414 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.5 | 2,416 MNOK |
| EV/EBIT | 19.2 | 4,414 MNOK |
| P/B | 0.7 | 435 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 5,101 MNOK |
| Enterprise value after the size adjustment | 4,411 MNOK |
| Less net debt (rough figure) | −3 MNOK |
| Equity value | 4,414 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 1% on the cost of equity gives a value 14% 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
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
- 110.0 MNOK left equity beyond the result in 2025.
That equals 39% of the year's result.
Over 2 years it equals 34% 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
- One sign that a generation change may be coming.
- The chair is 60 or older.
- 1 of 1 on the board are 60 or older.
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
Questions and answers
How profitable is Pamar AS?
The operating margin was 99.0% in 2025, against a median of 22.4% among companies in the Morning class Medium in the same sector. Return on assets was 35.4%.
How solid is Pamar AS?
The equity ratio was 88.4% in 2025 (median 29.8%). Debt-to-equity was 0.13 (median 2.21).
What is the liquidity of Pamar AS like?
The current ratio was 6.88 in 2025 (median 1.31).
How does Pamar AS compare in Eiendom?
Pamar AS ranks 609 of 30,132 in Eiendom for 2025. Among companies in the Morning class Medium it is number 23 of 1,075. Revenue changed by 20.7% 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 |
|---|---|---|---|---|
| Snarøyveien 30 AS · same municipality |  Lion |
300 MNOK | 50.8% | 51 |
| Samvirk Hotell AS |  Beaver |
295 MNOK | 3.2% | 30 |
| Norgesgruppen Vestfold Telemark AS |  Elephant |
291 MNOK | −0.7% | 49 |
| Pamar AS (this company) | Lion |
290 MNOK | 99.0% | 82 |
| Lagunen AS | Beaver |
287 MNOK | 0.1% | 27 |
| Npro Drift AS · same municipality | Beaver |
284 MNOK | – | 32 |
| Thon Kjøpesenter Øst AS | Elephant |
282 MNOK | 21.9% | 53 |
| Thon Ski AS · same municipality | Lion |
281 MNOK | 58.2% | 64 |
| Thon Kjøpesenter Nord AS | Lion |
280 MNOK | 48.2% | 62 |
The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 7 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 30 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 2 (one owner holds more than half)
- Largest owner
- 80.0%
- Split
- companies 0% · private persons 100% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
- Ultimate owner: private person
Change 2007–2025: 20% of the shares changed owner (1 new and 0 departed owners).
The portfolio: 17 of the companies it owns shares in have accounts with us, 0 of them as majority owner. The average index is 48. 0 have negative equity and 4 made a loss in the latest year.
Holds shares in: HV Capital IV AS (9%), Albemarle Invest 2 AS (33%), HV Capital Nsof AS (4%), HV Capital Vii AS (5%), HV Capital AS (7%), Albemarle Invest AS (26%), HV Capital Nef 2 AS (4%), HV Capital Nef AS (3%)
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 | 94 | 75 | 82 | |
| Rank | 140 | 1,499 | 609 | |
| Operating margin | 99.6% | 99.0% | 99.0% | |
| Return on assets | 69.3% | 39.6% | 35.4% | |
| Equity ratio | 81.7% | 88.0% | 88.4% | |
| Current ratio | 4.67 | 6.90 | 6.88 | |
| Revenue growth | – | −11.7% | 20.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 272.5 MNOK | 240.5 MNOK | 290.2 MNOK |
| Operating profit | 271.5 MNOK | 238.2 MNOK | 287.3 MNOK |
| Profit before tax | 275.9 MNOK | 245.1 MNOK | 287.8 MNOK |
| Tax expense | 2.8 MNOK | 3.9 MNOK | 3.9 MNOK |
| Net profit | 273.1 MNOK | 241.2 MNOK | 284.0 MNOK |
| Financial expenses | 0.2 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 398.3 MNOK | 619.5 MNOK | 813.3 MNOK |
| Current assets | 340.6 MNOK | 513.3 MNOK | 648.1 MNOK |
| Equity | 325.2 MNOK | 545.0 MNOK | 719.0 MNOK |
| Retained earnings | 324.9 MNOK | 496.1 MNOK | 670.0 MNOK |
| Total liabilities | 73.1 MNOK | 74.5 MNOK | 94.3 MNOK |
| Current liabilities | 72.9 MNOK | 74.4 MNOK | 94.3 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 9 November 2026, accounts id 7148559.
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