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    Kongsberg Gruppen (OB:KOG) Earnings And Defence Wins Put Fair Value Back In Focus

    Simply Wall St·10/29/2026 15:50:29
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    Kongsberg Gruppen (OB:KOG) has attracted investor attention after a strong operating profit jump coincided with new defence wins, including a NASAMS air defence contract for Belgium and a US$54 million autonomous underwater deal.

    Recent contract wins and the third quarter earnings report have boosted a stock that already had momentum, with a year-to-date share price return of 15.94% and a 1-year total shareholder return of 29.82% for Kongsberg Gruppen.

    Scan for other defence and autonomy plays showing similar contract momentum with Kongsberg Gruppen by reviewing the 93 robotics and automation stocks right alongside this story.

    The recent jump in Kongsberg Gruppen’s share price and contracts now leaves a wide gap between the NOK 312.10 market price, analyst targets, and intrinsic value estimates. Which reference point looks closest to fair value?

    Most Popular Narrative: 21% Undervalued

    Kongsberg Gruppen is framed by the most followed narrative as undervalued, with a fair value of NOK 397.27 against the NOK 312.10 close, and that view leans heavily on how a record order book could play out over several years.

    Markets may underestimate how a record NOK 158bn order backlog with scheduled deliveries stretching through 2028 and beyond can translate into multi year revenue recognition for Kongsberg Gruppen, even after factoring in execution risk and project mix effects, which could support earnings and cash flow visibility.

    See why 81 investors see Kongsberg Gruppen as 21% undervalued.

    Result: Fair Value of NOK 397.27 (UNDERVALUED)

    Still, heavy missile capacity build outs with initially low margins and any adverse legal outcomes from export disputes could quickly challenge that 21% undervalued story.

    Find out about the key risks to this Kongsberg Gruppen narrative.

    Next Steps

    Sentiment around Kongsberg Gruppen is clearly optimistic, so move quickly to stress test that story against your own reading of the numbers and fine print. To see what investors view as the most important upside drivers right now, review the 3 key rewards.

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