Moreld (MORLD.OL) — 2026-W126

Analysis date: 2026-05-31 | Country: NO | Currency: NOK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	26.0 NOK
24m Target	23.0 NOK
Price at Analysis	19.7 NOK
Buffett Score	14/20
ROIC	24.2%
Economic Profit	+409.8M NOK
Implied Upside (IV)	32.1%

Research history · this company (3 notes)

2026-W126 · 2026-05-31 · MORLD.OLviewingBuy · ROIC 24% · tgt 23 NOKΔ tgt +21% · IV +37% · HOLD→Buy · LOW→medium convMoreld: Starkt värdeskapande ROIC 24.25% >> WACC 8%

2026-06-15 · 2026-06-15 · MORLD.OLHOLD · tgt 19 NOKΔ tgt -5% · IV -5% · MEDIUM→LOW conv 2026-06-09 · 2026-06-09 · MORLD.OLHOLD · tgt 20 NOKfirst note

0. Company Identification

Ticker: MORLD.OL | Name: Moreld | Country: NO | Sector: Industrial/Commercial

1. What the Company Sells

Moreld operates in the Nordic market. ROIC 24.2% vs WACC 8% → EP +409.8M NOK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 24.2% vs WACC 8.0% → Economic Profit +409.8M NOK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 4/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Moreld: Strong value creation, ROIC 24.2% >> WACC 8%, attractive at current price.

mttssn research · Moreld (MORLD.OL) · 2026-W126 · 2026-05-31