Veidekke VEI.OL
NorwayIndustrials · Engineering & ConstructionEuronext Oslo Børs · NOK
210.00 NOK (−0.9%)
2 analysts
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Veidekke is one of Scandinavia's leading construction and infrastructure development companies, with operations in Norway, Sweden and Denmark, ranging from building and road construction to maintenance and project management.
Listed on Euronext Oslo Børs · Symbol VEI.OL · OB: VEI · Currency NOK
Key points
from its scores- ✓High-quality business8.7
- ✓Good share-price trend8.3
- ✓Attractive valuation7.5
AI analysis
bottom line, main risk, context and newsFundamentals are solid and valuation is reasonable, although the construction sector is cyclical and sensitive to interest rate developments in Scandinavia.
Veidekke presents a robust financial health with net cash (ND/EBITDA -1.26), exceptional profitability (ROE 68.49%, ROIC 81.94%) and an attractive valuation (P/E 17.04, FCF yield 14.17%), making it a high-quality construction company with 27.6% earnings growth and a 4.78% net dividend yield.
The main risk is dependence on the Scandinavian construction cycle, especially residential housing demand, which could be affected by tighter financial conditions and rising mortgage rates in Norway and Sweden.
Context and risks
Veidekke operates mainly in Norway and Sweden, countries with solid institutions and minority shareholder protection. Governance risk is low, but exposure to residential and infrastructure construction in Scandinavia is subject to public and private investment cycles, as well as mortgage interest rate developments, which can affect demand for new housing.
Is Veidekke stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 35% below the Industrials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 17.0 | 25.4 | −33% |
| EV / EBITDA | 9.2 | 14.5 | −37% |
| Price / book | 11.1 | 4.1 | +174% |
| Price / sales | 0.6 | 2.1 | −69% |
Sector: median of the 388 Industrials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 7.5 out of 10 (median for Industrials: 5.0).
Average analyst target: 210.00 NOK, −0.9% versus the price.
A discount may reflect more risk or slower growth than its sector: Financial health 6.9 (sector 6.4), Growth 7.3 (sector 6.6).
Classic formulas with standard assumptions (2.5% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Industrials medianValuation
- P/E
- 17.0
- Forward P/E
- 16.6
- EV / EBITDA
- 9.2
- Price / book
- 11.1
- Price / sales
- 0.6
- PEG
- 1.59
- Market cap
- 28.7B NOK
- Enterprise value
- 25.0B NOK
Profitability
- ROE
- 68.5%
- ROA
- 6.8%
- ROIC (approx.)
- 81.9%
- Gross margin
- 36.8%
- Operating margin
- 5.0%
- Net margin
- 3.8%
- Free cash flow
- 4.1B NOK
- FCF yield
- 14.2%
- Cash conversion
- 149%
Solvency
- Total debt
- 170.0M NOK
- Net debt
- −3.4B NOK
- Cash
- 3.6B NOK
- EBITDA
- 2.7B NOK
- Net debt / EBITDA
- −1.26
- Debt / equity
- 6.46
- Current ratio
- 0.78
- Quick ratio
- 0.74
Growth
- Revenue growth
- +8.9%
- Earnings growth
- +27.6%
- EPS (TTM)
- 12.44 NOK
- EPS (forward)
- 12.76 NOK
Dividend
- Dividend yield
- 5.3%
- Payout
- 90.5%
Risk and market
- Beta
- 0.75
- Analyst consensus
- none (2)
- Target price
- 210.00 NOK
- 52-week range
- 152.60 – 219.50
Recent news
All VEI.OL news →Compare it with its sector
All 388 in Industrials →Frequently asked questions about Veidekke
Is Veidekke stock cheap or expensive?
On P/E and EV / EBITDA, it trades 35% below the Industrials median on average. Valuation score: 7.5 out of 10 (median for Industrials: 5.0). Average analyst target: 210.00 NOK, −0.9% versus the price. This is not investment advice.
What score does Veidekke get on MeridIAn Screener?
It scores 7.6 out of 10, rank 40 of 2,130 (better than 98% of the companies analysed). Its strongest category is Quality / Moat (8.7) and its weakest, Dividend (6.3). Analysis of 08/10/2026.
What is Veidekke's P/E ratio?
Its P/E is 17.0: the share price equals 17.0 times earnings per share over the last 12 months. The Industrials median is 25.4. Based on the earnings analysts expect, the forward P/E is 16.6.
How much is Veidekke worth on the stock market?
Its market capitalisation is 28.7B NOK and its enterprise value, debt included, is 25.0B NOK.
How much debt does Veidekke have?
It has more cash than debt: net cash of 3.4B NOK.
Does Veidekke pay a dividend?
Yes: its dividend yield is 5.31% and it pays out 90% of its earnings.
How has Veidekke stock performed over the last year?
It has risen 42.0% over the last year, excluding dividends. Over the last 52 weeks it has traded between 152.60 and 219.50 NOK. Past performance does not guarantee future results.
What do analysts think of Veidekke?
2 analysts cover it; their average recommendation is “none” and their average target is 210.00 NOK (−0.9% versus the price). It is an estimate, not market data.