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Olav Thon Eiendomsselskap (OB:OLT) is drawing attention after its Q4 2025 and full year results, which showed higher sales alongside a weaker bottom line, as well as fresh board changes approved at an extraordinary general meeting.
See our latest analysis for Olav Thon Eiendomsselskap.
Despite the quieter short term price action, with the share price at NOK335.0, Olav Thon Eiendomsselskap’s 1 year total shareholder return of 46.1% and 5 year total shareholder return of 127.79% point to strong compounding and suggest recent earnings and board changes are being weighed against a much longer period of value creation.
If this update has you thinking about where else income focused investors might look in property and beyond, it could be worth broadening your search with 102 top founder-led companies
With revenue at NOK3,996 million, net income at NOK1,884 million for 2025 and the share price at NOK335.0 after a strong multi year return, you have to ask: is there still value here, or is the market already pricing in future growth?
With Olav Thon Eiendomsselskap trading at NOK335.0, its P/E of 14.1x sits below the Norwegian market average of 15.2x and below the peer average of 18.2x. This points to the market assigning a lower earnings multiple than many local and sector comparables.
P/E compares what you pay per share to the company’s earnings per share, so a 14.1x multiple means investors are currently paying NOK14.10 for every NOK1 of annual earnings. For a property rental group that has only recently moved into profit and has a reported Return on Equity of 7.5%, that kind of multiple can reflect a fairly measured view of its earnings power.
Relative to the wider Norwegian market, the 14.1x P/E suggests the share trades at a modest discount to the average company. It is still in line with the broader European real estate sector, which also sits at 14.1x. Compared with its closer real estate peers on 18.2x, the lower P/E signals that the market is not attaching the same earnings premium to Olav Thon Eiendomsselskap as it is to many similar businesses, even after a strong 1 year total shareholder return.
On balance, that mix of in line sector pricing and discount to local peers gives you a clear reference point if you are trying to judge how much expectation is already baked into today’s NOK335.0 share price. See what the numbers say about this price — find out in our valuation breakdown.
Result: Price-to-Earnings of 14.1x (ABOUT RIGHT)
However, you still have to weigh sector specific risks such as interest rate sensitivity and any meaningful shifts in Norwegian and Swedish retail footfall or office demand.
Find out about the key risks to this Olav Thon Eiendomsselskap narrative.
While the 14.1x P/E makes Olav Thon Eiendomsselskap look reasonably priced against peers, our DCF model tells a different story. With the share price at NOK335 and an estimated future cash flow value of NOK217.91, the stock screens as expensive on this cash flow based view.
That is quite a gap in absolute kroner terms. It really comes down to which lens you trust more: the earnings multiple that lines up with peers, or the cash flow model suggesting less headroom at today’s price?
Look into how the SWS DCF model arrives at its fair value.
OLT Discounted Cash Flow as at Feb 2026
Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Olav Thon Eiendomsselskap for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 229 high quality undervalued stocks. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.
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A great starting point for your Olav Thon Eiendomsselskap research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.
If Olav Thon Eiendomsselskap has sharpened your thinking, do not stop here. Fresh ideas from different angles can support how you build your portfolio.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include OLT.OL.
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