Olav Thon - Public Comps and Valuation Multiples

Olav Thon Overview

About Olav Thon

Olav Thon Eiendomsselskap is a general real estate company that operates in two segments: shopping centers and commercial property. The vast majority of revenue is derived from its shopping center segment. Olav generates most of its revenue in Norway, followed by Sweden. The company aims to realize portfolio returns through active development, effective management, and satisfied tenants. The company considers merger and acquisition investment as a component of its operational growth strategy.

Founded

1982

HQ

Employees

237

Website

olt.no

Sectors

Real Estate Development

Financials

LTM Revenue $434M

LTM EBITDA $324M

EV

$5.6B

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Olav Thon Financials

As of December 2025, Olav Thon reported last 12-month revenue of $434M and EBITDA of $324M.

In the same period, Olav Thon generated $279M in LTM gross profit and $191M in net income.

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Olav Thon P&L

In the most recent fiscal year, Olav Thon reported revenue of $487M and EBITDA of $413M.

Olav Thon expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$434M	XXX	$487M	XXX	XXX	XXX
Gross Profit	$279M	XXX	$327M	XXX	XXX	XXX
Gross Margin	64%	XXX	67%	XXX	XXX	XXX
EBITDA	$324M	XXX	$413M	XXX	XXX	XXX
EBITDA Margin	75%	XXX	85%	XXX	XXX	XXX
EBIT	$327M	XXX	$311M	XXX	XXX	XXX
EBIT Margin	75%	XXX	64%	XXX	XXX	XXX
Net Profit	$191M	XXX	$223M	XXX	XXX	XXX
Net Margin	44%	XXX	46%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.1B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Olav Thon including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $434M. EBITDA for the last twelve months was $324M. In the most recent fiscal year, Olav Thon achieved $487M in revenue and $413M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$434M	Analyst estimates available to subscribers	$487M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$279M	Analyst estimates available to subscribers	$327M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	64.3% gross margin	Analyst estimates available to subscribers	67.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$324M	Analyst estimates available to subscribers	$413M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	74.7% EBITDA margin	Analyst estimates available to subscribers	84.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$327M	Analyst estimates available to subscribers	$311M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	75.3% EBIT margin	Analyst estimates available to subscribers	63.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$191M	Analyst estimates available to subscribers	$223M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	44.0% net profit margin	Analyst estimates available to subscribers	45.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$2.1B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Olav Thon

This financial data table provides comprehensive performance metrics for Olav Thon, a company based in Norway. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Olav Thon generated $434M in revenue over the last twelve months.
The company achieved $324M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $279M.
Net income over the last twelve months reached $191M.

Fiscal Year Performance

In the most recent fiscal year, Olav Thon reported $487M in total revenue.
Fiscal year EBITDA was $413M.
The company maintained a gross profit margin of 67.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 84.8%.
Net profit margin reached 45.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Olav Thon. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Olav Thon Stock Performance

Olav Thon has current market cap of NOK 34.0B (or $3.4B), and EV of NOK 56.0B (or $5.6B).

Market Cap Evolution

Olav Thon Stock Data

As of January 1, 2026, Olav Thon's stock price is NOK 335 (or $33).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$5.6B	$3.4B	XXX	XXX	XXX	XXX	$1.95

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Olav Thon Valuation Multiples

Olav Thon's trades at 12.9x EV/Revenue multiple, and 17.2x EV/EBITDA.

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Olav Thon Financial Valuation Multiples

As of January 1, 2026, Olav Thon has market cap of $3.4B and EV of $5.6B.

Equity research analysts estimate Olav Thon's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Olav Thon has a P/E ratio of 17.7x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$3.4B	XXX	$3.4B	XXX	XXX	XXX
EV (current)	$5.6B	XXX	$5.6B	XXX	XXX	XXX
EV/Revenue	12.9x	XXX	12.9x	XXX	XXX	XXX
EV/EBITDA	17.2x	XXX	17.2x	XXX	XXX	XXX
EV/EBIT	17.1x	XXX	17.1x	XXX	XXX	XXX
EV/Gross Profit	20.0x	XXX	n/a	XXX	XXX	XXX
P/E	17.7x	XXX	17.7x	XXX	XXX	XXX
EV/FCF	n/a	XXX	32.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Olav Thon Margins & Growth Rates

Olav Thon's last 12 month revenue growth is 3%

Olav Thon's revenue per employee in the last FY averaged $2.1M, while opex per employee averaged $0.1M for the same period.

Olav Thon's rule of 40 is -20% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Olav Thon's rule of X is 82% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Olav Thon Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	3%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	75%	XXX	75%	XXX	XXX	XXX
EBITDA Growth	2%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-20%	XXX	77%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	82%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	3%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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