ZAP Stock Analysis: Zaptec AS | OL
Electrical Equipment & Parts | OL, Norway | Market Cap: 5.202m NOK | 12M Return: 106.5% | NO0010713936 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 26.6M
Qual. Beats: 0
Rev. Trend: 67.1%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Zaptec ASA is a Norwegian company that develops and sells electric vehicle charging hardware, software, and accessories, operating primarily across the Nordic region and broader Europe. Its product portfolio includes the Zaptec Go and Zaptec Pro AC wall-mounted charging stations for indoor and outdoor use, the Zaptec Portal cloud platform for monitoring and load balancing across charging networks, and Zaptec Sense, which dynamically adjusts charging speeds based on a buildings electrical capacity. The company also sells supporting accessories such as charging cables, RFID tags, and load balancers. Founded in 2012 and headquartered in Stavanger, Norway, Zaptec focuses exclusively on AC charging solutions rather than DC fast charging.
The EV charging infrastructure sector is benefiting from accelerating electric vehicle adoption, with Norway standing out as the country with the highest EV market share globally, providing Zaptec with a strong domestic base before expanding internationally. AC chargers like those Zaptec specializes in are typically deployed for residential, workplace, and destination charging, complementing the DC fast-charging networks built along highways and for commercial fleets.
- EV charging demand surges as European adoption accelerates
- Norwegian BEV mandates drive charger installation growth
- Competition intensifies from Easee and Tesla in Nordic EV charging market
- Gross margins pressured by component costs and pricing competition
- Expansion into Switzerland and rest of Europe broadens revenue base
| Net Income: 110.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.32 > 0.02 and ΔFCF/TA 12.86 > 1.0 |
| NWC/Revenue: 23.98% < 20% (prev 39.16%; Δ -15.18% < -1%) |
| CFO/TA 0.72 > 3% & CFO 882.2m > Net Income 110.6m |
| Net Debt (-268.2m) to EBITDA (185.8m): -1.44 < 3 |
| Current Ratio: 1.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (87.5m) vs 12m ago 0.0% < -2% |
| Gross Margin: 41.06% > 18% (prev 39.54%; Δ 1.52% > 0.5%) |
| Asset Turnover: 154.4% > 50% (prev 127.1%; Δ 27.32% > 0%) |
| Interest Coverage Ratio: 35.88 > 6 (EBIT TTM 148.2m / Interest Expense TTM 4.13m) |
| A: 0.35 (Total Current Assets 880.7m - Total Current Liabilities 457.4m) / Total Assets 1.22b |
| B: 0.02 (Retained Earnings 20.3m / Total Assets 1.22b) |
| C: 0.13 (EBIT TTM 148.2m / Avg Total Assets 1.14b) |
| D: 1.12 (Book Value of Equity 644.2m / Total Liabilities 574.9m) |
| Altman-Z'' = 4.38 = AA |
| DSRI: 1.03 (Receivables 244.2m/181.6m, Revenue 1.77b/1.36b) |
| GMI: 0.96 (GM 39.54% / 41.06%) |
| AQI: 1.01 (AQ_t 0.22 / AQ_t-1 0.22) |
| SGI: 1.30 (Revenue 1.77b / 1.36b) |
| TATA: -0.63 (NI 110.6m - CFO 882.2m) / TA 1.22b) |
| Beneish M = -2.88 (Cap -4..+1) = A |
As of September 27, 2026, the stock is trading at NOK 62.10 with a total of 457,412 shares traded. Over the past week, the price has changed by +4.37%, over one month by +18.97%, over three months by +37.54% and over the past year by +106.49%.
Current recommended Stop Loss: 56.80 (which is 8.5% or 2.5 ATR below the current price).
Zaptec AS has no consensus analysts rating.
P/E Trailing = 47.2222
P/E Forward = 23.9808
P/S = 2.9473
P/B = 8.0343
Revenue TTM = 1.77b NOK
EBIT TTM = 148.2m NOK
EBITDA TTM = 185.8m NOK
Long Term Debt = 41.9m NOK (from longTermDebtTotal, last fiscal year)
Short Term Debt = unknown (none)
Debt = 54.4m NOK (Leases only: 54.4m)
Net Debt = -268.2m NOK (calculated: Debt 54.4m - CCE 322.6m)
Enterprise Value = 4.93b NOK (5.20b + Debt 54.4m - CCE 322.6m)
Interest Coverage Ratio = 35.88 (Ebit TTM 148.2m / Interest Expense TTM 4.13m)
EV/FCF = 12.57x (Enterprise Value 4.93b / FCF TTM 392.4m)
FCF Yield = 7.95% (FCF TTM 392.4m / Enterprise Value 4.93b)
FCF Margin = 22.23% (FCF TTM 392.4m / Revenue TTM 1.77b)
Net Margin = 6.27% (Net Income TTM 110.6m / Revenue TTM 1.77b)
Gross Margin = 41.06% ((Revenue TTM 1.77b - Cost of Revenue TTM 1.04b) / Revenue TTM)
Gross Margin QoQ = 40.71% (prev 42.52%)
Tobins Q-Ratio = 4.05 (Enterprise Value 4.93b / Total Assets 1.22b)
Interest Expense / Debt = 7.59% (Interest Expense 4.13m / Debt 54.4m)
Taxrate = 17.78% (23.9m / 134.5m)
NOPAT = 121.8m (EBIT 148.2m * (1 - 17.78%))
Current Ratio = 1.93 (Total Current Assets 880.7m / Total Current Liabilities 457.4m)
Debt / Equity = 0.08 (Debt 54.4m / totalStockholderEquity, last quarter 644.2m)
Debt / EBITDA = -1.44 (Net Debt -268.2m / EBITDA 185.8m)
Debt / FCF = -0.68 (Net Debt -268.2m / FCF TTM 392.4m)
Total Stockholder Equity = 717.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 9.68% (Net Income 110.6m / Total Assets 1.22b)
RoE = 15.43% (Net Income TTM 110.6m / Total Stockholder Equity 717.0m)
RoCE = 19.52% (EBIT 148.2m / Capital Employed (Equity 717.0m + L.T.Debt 41.9m))
RoIC = 18.09% (NOPAT 121.8m / Invested Capital 673.4m)
WACC = 10.47% (E(5.20b)/V(5.26b) * Re(10.51%) + D(54.4m)/V(5.26b) * Rd(7.59%) * (1-Tc(0.18)))
Discount Rate = 10.51% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -34.96 | Cagr: 1.29%
[DCF] Terminal Value 71.44% ; FCFF base≈318.0m ; Y1≈364.5m ; Y5≈536.5m
[DCF] Fair Price = 70.26 (EV 5.87b - Net Debt -268.2m = Equity 6.14b / Shares 87.4m; r=10.47% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.66 | # QB: 0
Revenue Correlation: 67.08 | Revenue CAGR: 7.77% | SUE: 0.20 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.36 | Chg30d=+12.03% | Revisions=+25% | Analysts=2
EPS current Year (2026-12-31): EPS=1.78 | Chg30d=+21.19% | Revisions=+50% | GrowthEPS=+192.3% | GrowthRev=+30.5%
EPS next Year (2027-12-31): EPS=2.61 | Chg30d=+21.43% | Revisions=+50% | GrowthEPS=+46.4% | GrowthRev=+20.9%
[Analyst] Revisions Ratio: +70% (up=7, down=0)