Kepler Cheuvreux upgrades Bouvet ASA to buy from hold

Kepler Cheuvreux upgrades Bouvet ASA to buy from hold

Kepler Cheuvreux Adjusts Bouvet ASA Rating Amid Mixed Financial Performance

On February 13, 2026, Bouvet ASA reported fourth-quarter operating revenues of NOK 998.4 million, a slight decline from NOK 1,026 million in the same period of 2024. Operating profit (EBIT) totaled NOK 103.4 million, down from NOK 118.9 million year-over-year, with an EBIT margin of 10.4% compared to 11.6% in Q4 2024 according to Q4 financial results. For the full year 2025, Bouvet generated operating revenues of NOK 3,912.3 million, nearly flat compared to NOK 3,921.4 million in 2024, while annual operating profit fell to NOK 473.4 million from NOK 490.4 million as reported in annual results.

Despite these modest declines, Bouvet's CEO, Per Gunnar Tronsli, highlighted "strong profitability" in a challenging market, noting positive employee and client satisfaction survey results according to company statements. The company's operating costs, including depreciation, decreased to NOK 895.1 million in Q4 2025 from NOK 907.1 million in Q4 2024 as detailed in financial reports. Bouvet also proposed a dividend of NOK 3.00 per share for 2025, to be distributed in early 2026 according to the company's announcement.

Analyst sentiment toward Bouvet has been mixed. On February 12, 2026, Kepler Cheuvreux upgraded Bouvet's stock rating to "hold" from "reduce," citing a "fair valuation" according to analyst commentary. However, this followed an earlier downgrade by the same firm on February 11, 2026, which lowered the rating to "reduce" from "hold" and cut the target price to NOK 64 from NOK 82, reflecting a "cautious outlook" on the company's future performance as reported in market analysis.

Bouvet ASA, a Norwegian IT and digital communication consultancy with 2,367 employees across Norway and Sweden, remains listed on the Oslo Stock Exchange under the ticker BOUV as confirmed in company profiles. Investors are advised to monitor evolving analyst assessments and the company's ability to navigate market challenges while maintaining profitability.