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    Learn Why The Bull Case For Veidekke (OB:VEI) Could Change Following Mixed Use Contract Win

    Simply Wall St·11/05/2026 05:38:38
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    • Veidekke ASA reported that it has been chosen to build the mixed-use Vitaminveien 6 project for Thon Gruppen, a NOK 745 million design-and-build contract covering about 30,000 square metres with residential, office and commercial space, scheduled for completion in August 2029.
    • The development adds a sizeable project to Veidekke’s order backlog and highlights demand for its capability to deliver BREEAM Excellent, EPC Class A office space alongside rental housing for a major client.
    • Attention now turns to how Veidekke’s larger mixed-use contract and expanding backlog could reshape the investment narrative around the construction group.

    Scan beyond Veidekke and this Thon Gruppen contract, and line up other construction and infrastructure players with solid project pipelines using our hand picked list of solid balance sheet and fundamentals (197 results)

    What Is Veidekke's Investment Narrative?

    To own Veidekke, you need to believe this is a contractor that can keep turning a fairly cyclical, capital intensive job into steady, high quality earnings. The Vitaminveien 6 deal fits that story neatly. It deepens the relationship with Thon Gruppen, adds a long dated, NOK 745 million, mixed use project to the backlog, and leans on Veidekke’s ability to deliver BREEAM Excellent, EPC A office space alongside residential units. For near term catalysts, execution on existing projects, order intake in Norway and Sweden, and the resilience of margins matter more than any single contract, yet this one still signals healthy client demand.

    Risks have not disappeared. Veidekke trades on a P/E of 17.3x, above both Norwegian and European construction peers, and the dividend yield of 5.23% is not well covered by earnings, so payout quality deserves attention if conditions tighten. Funding relies entirely on external borrowing rather than deposits, which makes consistent cash generation from the construction and infrastructure portfolio especially important. With the share price already up strongly over 1 and 3 years, and analysts’ target sitting only slightly above the current level, you are paying for the execution story to keep working.

    Even so, there is a less comfortable angle to Veidekke’s set up that only really shows up once you look at ...

    There's only one way to know the right time to buy, sell or hold Veidekke. Head to Simply Wall St's company report for the latest analysis of Veidekke's Fair Value.

    OB:VEI 1-Year Stock Price Chart
    OB:VEI 1-Year Stock Price Chart

    Exploring Other Perspectives

    Two fair value estimates from the Simply Wall St Community cluster tightly between NOK 215.38 and NOK 217.50, showing how closely some retail investors view Veidekke today. Those views were formed before the NOK 745 million Vitaminveien 6 contract, so you can now weigh fresh project risk and opportunity against these earlier opinions.

    Explore another Veidekke fair value estimate, including one that suggests it could be worth just NOK 215.38.

    Decide For Yourself

    Don't just follow the ticker. Dig into the data and build a conviction that's truly your own.

    Looking For More Investment Ideas Beyond Veidekke?

    Once you have formed a view on Veidekke, it often helps to compare it with other listed businesses that have very different risk profiles and income characteristics. The Simply Wall St Screener can help you quickly filter the market and line up new candidates that fit your style.

    • If you want income potential with fewer balance sheet surprises, filter for payout-focused companies that also show strong financial resilience through our 216 dividend fortresses.
    • For investors hunting for stronger quality at prices that may not fully reflect fundamentals, refine your search using our 195 high quality undervalued stocks.
    • If capital protection is front of mind, concentrate on sturdier businesses with more modest risk profiles by tapping into our 224 resilient stocks with low risk scores.