Article by Yippee-Ki-Yay

Webstep ASA: the Norwegian stock nobody talks about but you want to own without knowing it

Buy signal | Private publication | 2 Feb 2026

Webstep ASA: The Norwegian IT Consulting Gem 🚀

Hello investors! Today, we're diving into the world of Webstep ASA, a Norwegian company specialising in IT consulting. Spoiler alert: this company could very well become your new favourite stock market darling. So, buckle up as we dissect the figures, analyse the trends and, most importantly, determine whether this share deserves its place in your portfolio. Let's embark on a comprehensive tour of this Scandinavian gem!

🏢 Webstep ASA: Who Are They Really?

Webstep ASA is an information technology consulting company based in Norway. These folks help businesses navigate the complex world of digitalisation, software development, and IT optimisation. Basically, when a company wants to modernise its systems or develop tech solutions, they call on Webstep.

Listed on the Oslo Stock Exchange, Webstep has displayed steady growth over the past several years. With a turnover of 874 million NOK in 2024, the company demonstrates impressive momentum in a rapidly expanding sector. The Nordic IT consulting market is particularly buoyant, and Webstep appears well-positioned to capitalise on this.

However, let's not get carried away too quickly. Before pulling out the credit card, let's analyse the figures in detail to see whether this share is truly worth it. Spoiler: there's good and not-so-good, as always in the stock market!

📊 The Complete Analysis: Rating Everything Out of 5!

1. Turnover: 4/5 ⭐⭐⭐⭐

Webstep posted a turnover of 874.13 million NOK in 2024, compared to 861.61 million in 2023. We're talking about a modest progression of 1.5%, but in an uncertain economic context, that's already quite respectable. What's impressive is the stability: since 2019, turnover has oscillated around 700-880 million NOK, demonstrating a certain resilience.

Why 4/5 and not 5/5? Because growth remains timid. In the IT consulting sector, we'd like to see leaps of 10-15% per year. Here, we're looking at +1-2%, which is acceptable but not explosive. However, the forecast for the next 12 months is 856 million NOK, suggesting a slight decline. So watch out for this signal.

2. Net Profit: 5/5 ⭐⭐⭐⭐⭐

Here's where we hit the jackpot! Webstep's net profit in 2024 amounts to 49.51 million NOK, an explosion compared to the 4.44 million from 2023. We're talking about an eleven-fold multiplication! This is impressive and clearly deserves a 5/5.

This performance is explained by improved operational efficiency and better cost management. Operating income jumped from 17 million in 2023 to 66.72 million in 2024. In short, Webstep knows how to transform its revenues into profits, and that's the hallmark of a well-managed company. Forecasts predict 51.5 million for 2025, confirming this positive trend.

3. Debt: 5/5 ⭐⭐⭐⭐⭐

Webstep is a virtually debt-free company, and that's an enormous strength. Net debt in 2024 is -2.47 million NOK (meaning they have more cash than debt). In 2023, it was already the case with -3 million. In other words, Webstep is financially solid as a rock.

With total debts of only 63.16 million NOK against shareholders' equity of 351.61 million, the debt ratio is extremely low. This is a company that could easily invest in growth or weather a crisis without problems. Forecasts even show improving negative net debt (-20 million in 2025, -33.5 million in 2026). 5/5 without hesitation!

4. Return on Equity (ROE): 4/5 ⭐⭐⭐⭐

ROE (Return on Equity) measures a company's ability to generate profit with invested shareholders' funds. For Webstep, the current ROE is 13.93%, and forecasts indicate 14.95% for 2025, 16.5% for 2026, and 18.15% for 2027. That's constant and very encouraging progression.

An ROE above 15% is generally considered excellent. Webstep is approaching this threshold and seems well on track to exceed it. Why not 5/5 then? Because we're not yet at 20%, the level of the best tech companies. But clearly, with 4/5, Webstep demonstrates solid and improving profitability. That's a good sign for shareholders!

5. Market Performance: 3/5 ⭐⭐⭐

Currently, the Webstep share is trading at 18.80 NOK. The current PE (Price-to-Earnings) ratio is 10.40, and forecasts give a PE of 9.42 for the next 12 months. This is relatively low, suggesting the share could be undervalued.

The analysts' consensus is to "Hold", meaning they recommend neither buying massively nor selling. The price/sales (LFY) ratio is 0.606, which is low for the sector. The DPS (dividend per share) is currently 2.30, with a forecast of 2.00 for the next 12 months. Webstep therefore pays regular dividends, which is cool for investors seeking yield. Rating: 3/5, because whilst the share is stable, it lacks a bit of dynamism for now.

🏆 Overall Score: 4.2/5 ⭐⭐⭐⭐

Webstep ASA is a solid company, financially healthy, with strongly improving profitability. It may not be the sexiest on the market in terms of explosive growth, but it's clearly a quality defensive value. If you're looking for a stable share with medium-term potential, Webstep ticks many boxes.

🔮 Forecasts for the Coming Years

The forecasts for Webstep are rather encouraging, even though growth remains moderate. Here's what we can anticipate based on the data:

  • Turnover: The forecast for 2025 is 856 million NOK (slight decline), then a progressive recovery towards 889 million in 2026 and 972.5 million in 2027. Growth will be modest but constant.
  • Net profit: Expected at 51.5 million NOK in 2025, 57.5 million in 2026, and 67.5 million in 2027. The trajectory is clearly positive.
  • EPS (earnings per share): From 1.81 currently to 2.00 forecast over 12 months, then 2.215 in 2026 and 2.595 in 2027. A progression of 10-15% per year is respectable.
  • ROE: From 13.93% currently to 18.15% in 2027. Continuous improvement in return on equity.

💰 Share Price Valuation Estimate

Currently at 18.80 NOK, the Webstep share appears undervalued relative to its fundamentals. Using the PE ratio and EPS forecasts, here's a realistic estimate:

  • 2026: With a forecast EPS of 2.215 and a conservative PE of 10-11, the price could reach 22-24 NOK. Upside potential: +17% to +28%.
  • 2027: With an EPS of 2.595 and a PE of 11-12 (if the market recognises the company's quality), we could see the share climb towards 28-31 NOK. Potential: +49% to +65%.

Of course, these estimates depend on numerous factors (economic context, actual performance, market sentiment). But clearly, there's interesting appreciation potential in the medium term.

⚡ Strengths and Risks of the IT Consulting Sector

Strengths 💪

  • Increasing digitalisation: Companies are investing massively in digital transformation, boosting demand for IT consulting.
  • Resilient sector: Even during crises, IT needs remain strong (cybersecurity, cloud, data).
  • Stable Nordic market: Scandinavian countries are known for their economic stability and technological advancement.
  • High margins: IT consulting generally generates excellent margins, especially for efficient companies like Webstep.

Risks ⚠️

  • Intense competition: The IT consulting market is hyper-competitive, with major players (Accenture, Capgemini, etc.) and numerous SMEs.
  • Dependence on economic cycles: In case of recession, companies' IT budgets can be cut.
  • Talent shortage: Finding and retaining qualified IT consultants is a constant (and costly) challenge.
  • Rapid technological evolution: Skills quickly become obsolete, requiring continuous training.

🎯 General Conclusion: Should You Fall for Webstep?

Webstep ASA is a bit like that discreet but reliable mate who doesn't put on a show but whom you can always count on. No fireworks in terms of growth, but solid management, constantly improving profitability, and exemplary financial health. With a score of 4.2/5, it's clearly a quality share.

The strong points? Exploding net profit, virtually zero debt, regularly increasing ROE, and a buoyant sector (IT consulting). The weak points? Somewhat sluggish turnover growth and a share that remains under investors' radar (hence the low PE).

If you're looking for a share to diversify your portfolio with a stable, profitable value that pays dividends, Webstep totally deserves its place. The appreciation potential over 2-3 years is real (+30% to +50% if all goes well), and the loss risk is limited given the company's financial solidity.

  • Signal : Buy
  • Budget/Investment : High
  • Reinforcement required : No
  • Exposure : Low/Medium
  • Horizon : 3 to 4 years
  • Potential profitability : +49% to +65%
  • Ref. ISIN code : NO0010609662