Kurs 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 Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin 35.7% Better than the industry Industry: 12.8%
- Returns · return on assets 26.5% Better than the industry Industry: 19.1%
- Solidity · equity ratio 72.2% Better than the industry Industry: 45.0%
- Liquidity · current ratio 3.59 Better than the industry Industry: 1.67
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 2023
73of 100
How to read this: the company is ahead of 83 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 817 of 4,912 · What are Morning company classes?
Place in the whole sector: 955 of 5,987 · Revisjon, regnskap og rådgivning
Profile
Lion · Leader
High profitability, high resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 69 and resilience 78 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Kurs AS is 22 points above the median for companies in the Morning class Micro in the same sector in 2023.
Median score 51 among 4,910 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 35.7% (median 12.8%) and equity ratio 72.2% (median 45.0%).
How it has gone · 2023–2025
Revenue rose by 182 % from 2023 to 2025, to 3.7 MNOK. The operating margin fell from 35.7% in 2023 to 24.9% in 2025. The equity ratio fell from 72.2% in 2023 to 61.2% 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 | 1.3 MNOK | 2.6 MNOK | 3.7 MNOK |
| Operating profit | 0.5 MNOK | 0.9 MNOK | 0.9 MNOK |
| Net profit | 0.5 MNOK | 0.8 MNOK | 0.8 MNOK |
| Total assets | 1.8 MNOK | 2.5 MNOK | 3.0 MNOK |
| Equity | 1.3 MNOK | 1.6 MNOK | 1.8 MNOK |
| Total liabilities | 0.5 MNOK | 0.9 MNOK | 1.2 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.
- 996106950
- Legal form
- AS
- Sector
- Revisjon, regnskap og rådgivning (70.200)
- Purpose
- Konsulentvirksomhet innenfor salg, markedsføring og økonomitjenester samt foreta investeringer i eiendom og i andre selskaper.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 0.4 MNOK (2023).
- Founded
- 25 October 2010 16 years in operation
- Share capital
- 0.10 MNOK
- Business address
- Svehøgda 116, 7550 HOMMELVIK (MALVIK)
- Municipality
- Malvik rank 13–22 of 38 in KOSTRA group 7
- Audit
- Audit opted out from 16 January 2018
- Latest accounts filed
- 2025
- VAT registered
- Yes
- Website
- www.radonkurs.no
- Former names
- Radonkurs AS until 2016, Jørn Wilhelmsen AS until 2011
- LEI
- 9845008BFAQ6D375D314 not renewed (lapsed)
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
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 35.7% (median 12.8%); Equity ratio 72.2% (median 45.0%); Current ratio 3.59 (median 1.67).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 0.0% of the debt in 2023. The policy rate averaged 3.54 % 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 5.7%. Based on the 9 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 69 | weight 40% |
|---|---|---|
| Solidity | 77 | weight 20% |
| Liquidity | 81 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 79 | 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 | 1 MNOK | 2 MNOK |
| Operating margin | 35.7% | 12.8% |
| Profit margin | 36.0% | 13.6% |
| Return on assets | 26.5% | 19.1% |
| Equity ratio | 72.2% | 45.0% |
| Debt-to-equity | 0.39 | 1.09 |
| Current ratio | 3.59 | 1.67 |
| Revenue growth | – | 11.5% |
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 73, Kurs AS does better than 83% of companies in the Morning class Micro in the same sector (4,912 companies) in 2023.
Score 2023–2025
- Kurs 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. |
18 days | 61 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. |
−33.0% | −6.4% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
96.4% | 52.2% | |
| 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. |
3,527.1 | 36.9 | |
| 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% | 0.3% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): −0.4 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
Kurs AS had an operating margin of 35.7% and an equity ratio of 72.2% in 2023, and ranks 955 of 5,987 in Revisjon, regnskap og rådgivning.
This text is generated automatically from the 2023 accounts.
Three simple methods
The methods give between 3 MNOK and 7 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 22.4 | 6 MNOK |
| EV/EBIT | 17.4 | 7 MNOK |
| P/B | 4.1 | 3 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 8 MNOK |
| Enterprise value after the size adjustment | 5 MNOK |
| Less net debt (rough figure) | −2 MNOK |
| Equity value | 7 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 −34% 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 NACE code has no listed industry of its own in the table, so the multiples are the sector median: Business & Consumer Services.
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 Kurs AS?
The operating margin was 35.7% in 2023, against a median of 12.8% among companies in the Morning class Micro in the same sector. Return on assets was 26.5%.
How solid is Kurs AS?
The equity ratio was 72.2% in 2023 (median 45.0%). Debt-to-equity was 0.39 (median 1.09).
What is the liquidity of Kurs AS like?
The current ratio was 3.59 in 2023 (median 1.67).
How does Kurs AS compare in Revisjon, regnskap og rådgivning?
Kurs AS ranks 955 of 5,987 in Revisjon, regnskap og rådgivning for 2023. Among companies in the Morning class Micro it is number 817 of 4,912.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 8 November 2026. Only names are shown.
- Parent company
- No parent company: owned by persons
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
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
The company is new in the shareholder register in 2025.
Holds shares in: Nrc Group ASA (0%), Vår Energi ASA (0%)
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 10 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 73 | 69 | 62 | |
| Rank | 955 | 918 | 1,610 | |
| Operating margin | 35.7% | 34.6% | 24.9% | |
| Return on assets | 26.5% | 37.0% | 33.5% | |
| Equity ratio | 72.2% | 62.7% | 61.2% | |
| Current ratio | 3.59 | 2.68 | 2.64 | |
| Revenue growth | – | 102.4% | 39.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.3 MNOK | 2.6 MNOK | 3.7 MNOK |
| Operating profit | 0.5 MNOK | 0.9 MNOK | 0.9 MNOK |
| Profit before tax | 0.5 MNOK | 0.9 MNOK | 1.0 MNOK |
| Tax expense | – | 0.1 MNOK | 0.2 MNOK |
| Net profit | 0.5 MNOK | 0.8 MNOK | 0.8 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.8 MNOK | 2.5 MNOK | 3.0 MNOK |
| Current assets | 1.8 MNOK | 2.5 MNOK | 3.1 MNOK |
| Equity | 1.3 MNOK | 1.6 MNOK | 1.8 MNOK |
| Retained earnings | 1.2 MNOK | 1.5 MNOK | 1.7 MNOK |
| Total liabilities | 0.5 MNOK | 0.9 MNOK | 1.2 MNOK |
| Current liabilities | 0.5 MNOK | 0.9 MNOK | 1.2 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 4638489.
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