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Norwegian holding company combining hydropower generation with investment stakes in industrial and technology companies.
Norwegian holding company combining hydropower generation with investment stakes in industrial and technology companies.
Sells electricity from its Norwegian hydropower plants at market prices, while much of its value sits in stakes in other companies, notably Nordic Semiconductor, so those holdings' share prices matter alongside power prices. It is a holding company rather than a single-product business.
In one line: A Norwegian hydropower and industrial holding company.
Moat: narrow (installed base, scale). Owns long-life regulated hydropower assets plus diversified equity stakes.
Headquarters: Arendal, Norway · Founded: 1896 · Employees: 2,168
Size Arendals Fossekompani (AFK.OL) is a Norway Utilities company (Electric Utilities) with a market value of $1.11B, the 61st largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 187.50 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against -13.4% for the median peer and +2.7% for the Norway market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 6.6% over the last twelve months (peer median +5.8%); the operating margin is 10.7% (peer median 10.5%).
Valuation It trades at 3.0× enterprise value to sales against a peer median of 2.2× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points below its cost of capital (6.7% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 3.65B | NOK 3.70B | NOK 4.32B | NOK 3.88B | NOK 4.57B |
| Revenue growth | — | -14% | +11% | -15% | — |
| Gross profit | NOK 377M | NOK 174M | NOK 883M | NOK 927M | NOK 527M |
| EBITDA | NOK 585M | NOK 406M | NOK 563M | NOK 618M | NOK 686M |
| Net income | NOK 498M | -NOK 56.0M | -NOK 793M | NOK 32.6M | NOK 5.74M |
| Free cash flow | NOK 191M | -NOK 78.0M | NOK 161M | -NOK 1.09B | NOK 134M |
| Capital expenditure | NOK 251M | NOK 334M | NOK 477M | NOK 648M | NOK 358M |
| Total debt | NOK 1.67B | NOK 1.71B | NOK 1.86B | NOK 2.97B | NOK 1.39B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Arendals Fossekompani AFK.OL | $1.11B | -2% | -7% | 11% | 3.0× | 14.4% |
| Investor INVE-A.ST | $133B | +16% | +2% | 158% | n/a | n/a |
| Bonheur BONHR.OL | $1.20B | +1% | +4% | 7% | 1.4× | 3.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AFK.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | -4.6% | 4th highest of 21 |
| 6-month return | -1.6% | -13.4% | 7th highest of 21 |
| Distance from 52-week high | -10.7% | -33.3% | 3rd highest of 21 |
| Revenue growth (TTM) | -6.6% | +5.8% | 6th lowest of 21 |
| Operating margin | 10.7% | 10.5% | 11th highest of 21 |
| EV / Sales | 3.0× | 2.2× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.4% | 0.2% | 4th most demanding of 17 |
| Growth delivered (Del g) | +3.6% | +10.1% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +10.8 pp | -9.3 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -1.0 pp | +1.3 pp | 7th lowest of 21 |
| EV / EBITDA | 18.4× | 9.6× | 2nd most expensive of 12 |
| Net debt / EBITDA | 0.3× | 1.6× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Arendals Fossekompani AFK.OL | Norway | $1.11B | -2% | -7% | 11% | 3.0× | 14.4% | +3.6% |
| SG Mart SGMART.NS | India | $1.15B | +55% | +9% | 3% | 1.6× | 30.1% | +298.2% |
| Kasumigaseki Capital 3498.T | Japan | $1.16B | +15% | +70% | 17% | 1.5× | n/a | n/a |
| CGN New Energy 1811.HK | Hong Kong | $1.16B | -23% | -12% | 26% | 4.9× | 4.2% | +8.2% |
| naturenergie NEAG.SW | Switzerland | $1.17B | -12% | -16% | 13% | 0.7× | -15.5% | +5.6% |
| Unitil UTL | United States | $1.05B | +11% | +21% | 19% | 3.3× | n/a | n/a |
| Hunan Energy Group Development 000722.SZ | China | $1.19B | -13% | +126% | 48% | 9.9× | 0.8% | +2.4% |
| Guizhou Qianyuan Power 002039.SZ | China | $1.19B | -8% | +14% | 45% | 5.7× | -10.1% | +4.4% |
| Polenergia PEP.WA | Poland | $1.02B | +3% | -19% | 6% | 1.7× | 15.8% | +18.5% |
| Top Energy Co. Ltd. Shanxi 600780.SS | China | $1.02B | -13% | 0% | 5% | 0.5× | -15.1% | +10.2% |
| Jaiprakash Power Ventures JPPOWER.NS | India | $1.01B | -29% | +6% | 21% | 2.3× | 9.9% | +11.0% |
| Jiangxi Ganneng 000899.SZ | China | $1.26B | -31% | +24% | 13% | 2.5× | -4.4% | +22.6% |
| Electricite de Strasbourg ELEC.PA | France | $1.29B | -34% | -10% | 8% | 0.7× | -10.7% | +11.1% |
| Guangxi Energy 600310.SS | China | $939M | -14% | +11% | 16% | 5.5× | 4.8% | -27.7% |
| Telecom Plus TEP.L | United Kingdom | $922M | -15% | +6% | 6% | 0.4× | -8.6% | +17.6% |
| Hokuriku Electric Power 9505.T | Japan | $1.34B | +16% | -5% | 7% | 1.5× | 8.4% | +3.7% |
| China Datang Corp. Renewable Power 1798.HK | Hong Kong | $904M | -42% | -6% | 21% | 8.3× | n/a | n/a |
| Hokkaido Electric Power Company,Incorporated 9509.T | Japan | $1.38B | +5% | -1% | 4% | 2.0× | n/a | n/a |
| Guangdong Shaoneng 000601.SZ | China | $887M | -15% | +6% | 7% | 2.5× | -0.4% | -0.7% |
| 2G Energy 2GB.DE | Germany | $885M | -25% | -12% | 6% | 2.1× | 18.5% | +10.1% |
| Xinjiang Tianfu Energy 600509.SS | China | $1.40B | -16% | +9% | 7% | 2.5× | -4.3% | +11.5% |