Cod 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 19.5% Better than the industry Industry: 8.4%
- Returns · return on assets 20.7% About like the industry Industry: 14.8%
- Solidity · equity ratio 30.5% Weaker than the industry Industry: 43.5%
- Liquidity · current ratio 0.94 Weaker 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
50of 100
How to read this: the company is ahead of 49 % of companies in the Morning class Micro in the same sector in 2023. What does this mean?
Rank in the Morning class Micro: 3,409 of 6,712 · What are Morning company classes?
Place in the whole sector: 4,616 of 9,003 · Teknisk tjenesteyting og forskning
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2023, not a verdict on the company. Based on profitability 63 and resilience 35 out of 100 among companies in the Morning class Micro in the same sector in 2023. Methodology
Against the sector
Cod AS is at the median for companies in the Morning class Micro in the same sector in 2023.
Median score 50 among 6,710 companies.
Against companies in the Morning class Micro in the same sector in 2023: operating margin 19.5% (median 8.4%) and equity ratio 30.5% (median 43.5%).
How it has gone · 2023–2025
Revenue rose by 5 % from 2023 to 2025, to 1.6 MNOK. The operating margin fell from 19.5% in 2023 to 0.6% in 2025. The equity ratio rose from 30.5% in 2023 to 81.8% 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 | 1.5 MNOK | 3.2 MNOK | 1.6 MNOK |
| Operating profit | 0.3 MNOK | 1.4 MNOK | 0.0 MNOK |
| Net profit | 0.3 MNOK | 1.2 MNOK | 0.0 MNOK |
| Total assets | 1.5 MNOK | 2.1 MNOK | 2.1 MNOK |
| Equity | 0.5 MNOK | 1.7 MNOK | 1.7 MNOK |
| Total liabilities | 1.0 MNOK | 0.4 MNOK | 0.4 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.
- 996240568
- Legal form
- AS
- Sector
- Teknisk tjenesteyting og forskning (71.129)
- Purpose
- Konsulenttjenester innen offshore, investering i aksjer og etablering av ny offshore og maritim relatert virksomhet.
- Morning company class
- Micro
- Employees
- 0–4 (not registered) Payroll costs in the accounts: 1.0 MNOK (2023).
- Founded
- 2 November 2010 16 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Vikaveien 29, 4817 HIS (ARENDAL)
- Municipality
- Arendal rank 5–10 of 10 in KOSTRA group 11
- Audit
- Audit opted out from 26 November 2021
- 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
Worth a closer look
- watch
Consider strengthening liquidity: current liabilities are 1.1 times current assets.
Based on: Current ratio 0.94 (median 1.67).
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 186 days (median 52 days).
- 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 −16.3% (median −6.6%); Current ratio 0.94 (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 2021, the sector's weakest year, for this company.
The sector's weakest year was 2021, 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 | 63 | weight 40% |
|---|---|---|
| Solidity | 34 | weight 20% |
| Liquidity | 16 | weight 5% |
| Growth | – | no data, left out |
| Consistency | 46 | 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 | 19.5% | 8.4% |
| Profit margin | 20.1% | 8.3% |
| Return on assets | 20.7% | 14.8% |
| Equity ratio | 30.5% | 43.5% |
| Debt-to-equity | 2.28 | 1.06 |
| Current ratio | 0.94 | 1.67 |
| Revenue growth | – | 4.6% |
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 50, Cod AS does better than 49% of companies in the Morning class Micro in the same sector (6,712 companies) in 2023.
Score 2023–2025
- Cod 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. |
186 days | 52 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. |
−16.3% | −6.6% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
19.2% | 54.9% | |
| 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. |
685.1 | 13.2 | |
| 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% | 0.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
0.0% | 0.0% | |
Net working capital (current assets less bank deposits less current liabilities): −0.3 MNOK.
Of the financial costs of 0.0 MNOK, 0.0 MNOK is reported as interest costs in the accounts.
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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| Returns | |||
| Return on equity (ROE) Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity. |
67.9% | 25.3% | |
| Return on capital employed (ROCE) Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed. |
66.2% | 24.6% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
20.1% | 6.6% | |
| Asset turnover (revenue over assets) Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split. |
1.03 | 1.64 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
3.28 | 2.06 | |
| Debt and financing | |||
| Net debt in times operating result Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive. |
−0.6 | −1.4 | |
| Fixed-asset cover Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt. |
0.88 | 2.54 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
0.94 | 1.51 | |
| Quality and resilience | |||
| Effective tax rate Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions. |
0.0% | 22.0% | |
| Operating leverage Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive. |
– | 1.5 | |
| Payroll costs over revenue Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business. |
64.7% | 50.9% | |
| Revenue safety margin How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower. |
23.2% | 25.1% | |
| Cash runway (months) Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months. |
– | 18 mo. | |
DuPont on the closing balance: net margin 20.1% × asset turnover 1.03 × multiplier 3.28 = 67.9% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.
Net debt is negative: the company holds more cash than long-term debt.
The median and the bar are for companies in the Morning class Micro in the same sector in 2023. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate
What the numbers say
Cod AS had an operating margin of 19.5% and an equity ratio of 30.5% in 2023, and ranks 4,616 of 9,003 in Teknisk tjenesteyting og forskning.
This text is generated automatically from the 2023 accounts.
Three simple methods
Suggested price: about 2 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 median of the methods is 3 MNOK. The mean is the suggested price, but the median is less sensitive to one method that deviates. The methods differ widely (the highest is 4.4 times the lowest), so the estimate is uncertain.
That is about 2,100 NOK per share, on 1,000 shares in the shareholder register.
The methods give between 1 MNOK and 3 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.9 | 3 MNOK |
| EV/EBIT | 14.3 | 3 MNOK |
| P/B | 2.3 | 1 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 4 MNOK |
| Enterprise value after the size adjustment | 3 MNOK |
| Less net debt (rough figure) | 0 MNOK |
| Equity value | 3 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 (71.1): Engineering/Construction.
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
- Implied dividend (net payout)
- Equity moved as the result implied in 2025.
Over 2 years it equals 0% 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
- Several signs that a generation change may be coming.
- The chair is 60 or older.
- The managing director is 60 or older.
- 1 of 1 on the board are 60 or older.
- What the largest owner can do alone
- The largest owner holds 100.0% of the shares, at least two thirds. The owner can alone secure decisions that need a two-thirds majority, such as changes to the articles (Companies Act § 5-18), and all decisions by ordinary majority (§ 5-17).
The owner is a private person.
Applies to the largest single owner in the shareholder register (2025). The articles can limit voting rights and owners can vote together, and we cannot see either. Ownership through other companies is not counted.
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 Cod AS?
The operating margin was 19.5% in 2023, against a median of 8.4% among companies in the Morning class Micro in the same sector. Return on assets was 20.7%.
How solid is Cod AS?
The equity ratio was 30.5% in 2023 (median 43.5%). Debt-to-equity was 2.28 (median 1.06).
What is the liquidity of Cod AS like?
The current ratio was 0.94 in 2023 (median 1.67). Current assets did not cover current liabilities.
How does Cod AS compare in Teknisk tjenesteyting og forskning?
Cod AS ranks 4,616 of 9,003 in Teknisk tjenesteyting og forskning for 2023. Among companies in the Morning class Micro it is number 3,409 of 6,712.
Group structure · 2025
3 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 Cod AS. Persons are not shown by name.
Cod 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
- Teknisk tjenesteyting og forskning (1 company), Informasjon og kommunikasjon (1 company), Industri (1 company) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Negative equity
- 1 company: Horisontal Media AS
- Loss
- 1 company: Fønix Boats 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.
-
Cod AS you are here
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.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 8 November 2026. Only names are shown.
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.
Majority owner of: Horisontal Media AS (100%), Fønix Boats AS (68%)
The portfolio: 7 of the companies it owns shares in have accounts with us, 2 of them as majority owner. The average index is –. 2 have negative equity and 6 made a loss in the latest year.
Holds shares in: Milestone Zero AS (35%), Aquarious AS (30%), Fønix Boats AS (68%), Horisontal Media AS (100%), Husk Safety AS (50%), Sobrax AS (45%), Atla AS (50%)
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 | 50 | 87 | 40 | |
| Rank | 4,616 | 76 | 6,989 | |
| Operating margin | 19.5% | 42.9% | 0.6% | |
| Return on assets | 20.7% | 64.7% | 0.6% | |
| Equity ratio | 30.5% | 79.0% | 81.8% | |
| Current ratio | 0.94 | 2.43 | 2.64 | |
| Revenue growth | – | 108.2% | −49.6% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 1.5 MNOK | 3.2 MNOK | 1.6 MNOK |
| Operating profit | 0.3 MNOK | 1.4 MNOK | 0.0 MNOK |
| Profit before tax | 0.3 MNOK | 1.4 MNOK | 0.0 MNOK |
| Tax expense | 0.0 MNOK | 0.1 MNOK | 0.0 MNOK |
| Net profit | 0.3 MNOK | 1.2 MNOK | 0.0 MNOK |
| Financial expenses | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Total assets | 1.5 MNOK | 2.1 MNOK | 2.1 MNOK |
| Current assets | 1.0 MNOK | 1.0 MNOK | 0.9 MNOK |
| Equity | 0.5 MNOK | 1.7 MNOK | 1.7 MNOK |
| Retained earnings | 0.4 MNOK | 1.7 MNOK | 1.7 MNOK |
| Total liabilities | 1.0 MNOK | 0.4 MNOK | 0.4 MNOK |
| Current liabilities | 1.0 MNOK | 0.4 MNOK | 0.4 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 10 November 2026, accounts id 4995979.
Further
Similar companies
- Von Kommunikasjon AS index 50, rank 4,613 · compare
- Arnulf Olsen AS index 50, rank 4,614 · compare
- Wincon AS index 50, rank 4,615 · compare
- SH Teknikk AS index 50, rank 4,617 · compare
- Lie Sportstournements AS index 50, rank 4,618 · compare