SmartCraft ASA (SMCRT.OL) | Investment Case

1. Company Snapshot

1.a. Company Description

SmartCraft ASA provides software solutions to the construction industry in Norway, Sweden, and Finland.The company offers Cordel, an ERP solution for craftsmen; Bygglet, a project management solution; EL-VIS software solutions and services for use in professional calculation and documentation for electricians; and Congrid solution for use in quality and safety assurance processes for construction companies.It also provides HomeRun.net, a customer communication solution for building and renovation companies; and Kvalitetskontroll, a complete quality solution to the construction industry.

The company was founded in 1987 and is headquartered in Ålesund, Norway.

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1.b. Last Insights on SMCRT

SmartCraft ASA's recent performance was impacted by margins affected by dilutive acquisitions and one-off items, as reported in its Q3 2024 earnings release. The company's strong cash flow and continued high growth were offset by these negative factors, which impacted its profitability. Additionally, the recent market environment, with a focus on undervalued stocks and high-growth tech companies, may not have directly benefited SmartCraft ASA, given its current valuation and growth trajectory.

1.c. Company Highlights

Last Price	24.6
Change Percentage	0.82%
Open	24.2
Previous Close	24.4
Market Cap ( Millions)	4072
Volume	51842
Year High	31
Year Low	20.1
M A 50	24.79
M A 200	25.85

FCF Yield	2.81%
Dividend Yield	0.00%
ROE	10.45%
Debt / Equity	3.48%
Net Debt / EBIDTA	-54.86%
Price To Book	4.32
Price Earnings Ratio	42.09
Price To FCF	35.62
Price To sales	7.46
EV / EBITDA	18.83

2. Transcript Summary

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3. NewsRoom

3 European Stocks Estimated To Be Up To 42.4% Below Intrinsic Value

Nov -19

Source:

SmartCraft (OB:SMCRT) Profit Margins Fall to 17.9%, Undercutting Bullish Growth Narrative

Nov -05

Source:

SmartCraft ASA (SMCRT) - Q3 2025: Correction to organic ARR growth

Nov -04

Source:

SmartCraft ASA (SMCRT) - Q3 2025: Strong profitability and strategic progress

Nov -04

Source:

SmartCraft ASA (SMCRT) - Jeremias Jansson appointed new CEO

Oct -06

Source:

European Stocks Trading Below Estimated Value In October 2025

Oct -01

Source:

European Stocks Priced Below Estimated Value In August 2025

Aug -27

Source:

SmartCraft ASA (SMCRT) - Q2 2025: ARR surpasses NOK 500 million milestone, profitability strengthens

Aug -26

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.70%)

6. Segments

General Construction

Expected Growth: 4.83%

General Construction segment of SmartCraft ASA is driven by increasing demand for sustainable building solutions, government initiatives for infrastructure development, and rising adoption of digital technologies such as BIM and modular construction, resulting in a growth rate of 4.83%.

Specialized Construction

Expected Growth: 9.27%

SmartCraft ASA's Specialized Construction segment growth of 9.27% is driven by increasing demand for sustainable building solutions, government initiatives promoting green infrastructure, and the company's strategic expansion into new markets. Additionally, investments in digitalization and process optimization have improved operational efficiency, enabling the company to capitalize on growing market opportunities.

7. Detailed Products

SmartSensor

A wireless sensor that measures temperature, humidity, and air quality, providing real-time data for smart buildings and homes.

SmartLight

An intelligent lighting system that adjusts brightness and color based on natural light availability, time of day, and occupancy.

SmartLock

A digital locking system that integrates with access control, surveillance, and alarm systems for enhanced security.

SmartEnergy

An energy management system that optimizes energy consumption, predicts energy demand, and provides real-time monitoring.

SmartSpace

A space management system that tracks occupancy, usage, and availability of meeting rooms, desks, and other shared spaces.

8. SmartCraft ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

SmartCraft ASA has a moderate threat of substitutes due to the availability of alternative products in the market.

Bargaining Power Of Customers

SmartCraft ASA has a high bargaining power of customers due to the concentration of buyers in the market.

Bargaining Power Of Suppliers

SmartCraft ASA has a low bargaining power of suppliers due to the availability of multiple suppliers in the market.

Threat Of New Entrants

SmartCraft ASA has a moderate threat of new entrants due to the moderate barriers to entry in the market.

Intensity Of Rivalry

SmartCraft ASA has a high intensity of rivalry due to the high competition in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	2.89%
Debt Cost	5.49%
Equity Weight	97.11%
Equity Cost	6.70%
WACC	6.66%
Leverage	2.97%

11. Quality Control: SmartCraft ASA passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

TeamViewer

A-Score: 3.7/10

Value: 6.3

Growth: 6.3

Quality: 7.0

Yield: 0.0

Momentum: 1.0

Volatility: 1.7

1-Year Total Return ->

IDOX

A-Score: 3.7/10

Value: 2.2

Growth: 5.0

Quality: 7.4

Yield: 1.2

Momentum: 3.0

Volatility: 3.3

1-Year Total Return ->

SmartCraft

A-Score: 3.3/10

Value: 1.3

Growth: 7.0

Quality: 7.6

Yield: 0.0

Momentum: 2.5

Volatility: 1.3

1-Year Total Return ->

MotorK

A-Score: 3.0/10

Value: 4.2

Growth: 4.4

Quality: 3.4

Yield: 0.0

Momentum: 5.5

Volatility: 0.7

1-Year Total Return ->

Beamr Imaging

A-Score: 2.9/10

Value: 6.8

Growth: 2.6

Quality: 4.5

Yield: 0.0

Momentum: 3.5

Volatility: 0.0

1-Year Total Return ->

Cint

A-Score: 2.7/10

Value: 6.6

Growth: 3.8

Quality: 4.9

Yield: 0.0

Momentum: 0.5

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

7.19%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.66%

SmartCraft ASA - NO0011008971

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SMCRT

1.c. Company Highlights

Expensive

Strong Momentum

Better Quality

Earnings Miss

Revenues Beats

Average Yield

Revenues Miss

Weak Momentum

Stable Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.70%)

6. Segments

General Construction

Expected Growth: 4.83%

Specialized Construction

Expected Growth: 9.27%

7. Detailed Products

SmartSensor

SmartLight

SmartLock

SmartEnergy

SmartSpace

8. SmartCraft ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: SmartCraft ASA passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.6$

Current Price

24.6$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA