Valuation Result

Final Brand Value

Veidekke — Engineering & Construction

Valuation date: 10/30/2026

Total Brand Value

NOK 1.9B

This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.

Brand Strength

65/100

Royalty Rate

0.5%

Discount Rate

10.0%

Benchmark recommendation not unlocked for this result

Sensitivity snapshot

Quick decision check for discount rate, royalty rate and long-term growth.

Variable

Lower input

Current

Higher input

WACC (Discount Rate)

10.0%

-1.0%

NOK 2.2B

10.0%

NOK 1.9B

+1.0%

NOK 1.7B

Royalty Rate

0.5%

-0.5%

N/A

0.5%

NOK 1.9B

+0.5%

NOK 3.9B

Terminal Growth

1.5%

-0.5%

NOK 1.9B

1.5%

NOK 1.9B

+0.5%

NOK 2.0B

Brand Strength changes can also be explored to show their potential effect on brand value. Contact info@brandvaluator.se if you want to explore this for strategy, planning and budgeting.

Revenue Base

NOK 38.9B

Legal Protection

75/100

Long-term Growth

1.5%

Recommendation basis

Brand-strength range • Pro

This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.

This valuation uses benchmark support informed by external market references and curated internal calibration.

Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.

Forecast profile

5 years explicit forecast

High growth: 3.0%

Base growth: 2.0%

Long-term growth: 1.5%

Value build

Value for planning period: NOK 636.7M

Terminal value: NOK 1.3B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	NOK 40,095,840,000	NOK 195,467,220	NOK 152,464,432	NOK 145,369,132
Y2	NOK 41,298,715,200	NOK 201,331,237	NOK 157,038,365	NOK 136,118,369
Y3	NOK 42,537,676,656	NOK 207,371,174	NOK 161,749,515	NOK 127,456,291
Y4	NOK 43,388,430,189	NOK 211,518,597	NOK 164,984,506	NOK 118,186,742
Y5	NOK 44,256,198,793	NOK 215,748,969	NOK 168,284,196	NOK 109,591,343
Explicit PV (Y1–Y5)				NOK 636,721,877
Terminal Value (undiscounted)				NOK 2,009,511,281
Terminal PV (discounted)				NOK 1,308,649,565
Total Brand Value				NOK 1,945,371,442

Supporting context

This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.

Reference case

Veidekke

Prepared reference case

Indicative value of the Veidekke name in construction, civil engineering and asphalt in Norway and Sweden. Hoffmann, Euromining, contracts, order book and enterprise value are excluded.

Group EBIT of NOK 1.625bn less Hoffmann EBIT of NOK 331m. Euromining EBIT is not disclosed and remains in the profit measure. Margins in contracting are thin (4.5% EBIT). The 0.75% name-only ceiling and 0.487% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of NOK 189.8m is about 14.7% of NOK 1.294bn FY2025 EBIT less Hoffmann (inferred). Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.

Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.

Key inputs

Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice

Revenue base

NOK 38.928bn FY2025 group revenue less Hoffmann and Euromininginferred

Planning growth

3.00% for 3 years, then 2.00%estimated

Long-term growth

1.50%estimated

Royalty rate selected

0.49%estimated

Discount rate

10.00%estimated

Brand Strength

65/100 (B-)estimated

Legal analysis

75/100estimated

Company disclosures

These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.

Veidekke Q4 2025 report, Key figures and Business segments

Legal Protection

trademark Status82

scope Of Rights76

risk Profile72

litigation70

contractual Rights74

goodwill Evidence76

regulatory Compliance74

Brand Strength

marketing Investment60

quality74

availability72

distinctive Brand Codes62

mental Availability70

consideration70

trust70

choice Share66

penetration62

price Elasticity58

revenue Premium58

margin Premium56

stability64