Hello my dears,
our dear Max @Max095 has found and presented a great Nordic pearl today.
⬇️
And even our very critical Mr. Prompt @Raketentoni you could sense some enthusiasm for once. And his analysis in the comments is a pleasure to read.
Even an FCF yield below 5 was simply ignored this time.
This has also sparked enthusiasm in me, which is why I'm writing a second part of the company presentation.
You can only wish for cooperation in the community like this.
Part 2 Smartoptics Group $SMOP (-0,89%)
Smartoptics Group AS is a holding company of the Smartoptics Group based in Norway. The group consists of Smartoptics Group AS and three subsidiaries (Smartoptics AS, Smartoptics Sverige AB and Smartoptics US Corp). Smartoptics offers optical network solutions and devices. The company's business activities are divided into three segments: Communication Service Providers (CSP), Internet Content Providers (ICP) and Enterprises. The Communication Service Providers segment offers a broad range of services to businesses and residential customers, including wholesale companies with a focus on enterprise and mass transportation services. The Internet Content Providers segment comprises providers of internet content, public cloud computing or neutral co-location. The Enterprise segment includes medium and large enterprises that purchase equipment directly from the manufacturer or reseller to support connectivity for non-telecom core businesses. The company operates worldwide.
Number of employees: 134
Strong growth in the underlying market
The industry is driven by an ever-growing demand for bandwidth. There is no viable alternative to fiber when it comes to building the digital highways required to meet this demand. Whether it's connecting data centers or 5G base stations.
The kind of optical network solutions that Smartoptics offers are therefore a prerequisite for growth - in any market or application in the field of communications.
The growth rate for data in fiber optic networks is expected to be strong in the foreseeable future. This growth is driving investment in fiber optic solutions, which is Smartoptics' core market.
Innovative and flexible open optical network systems, software and devices address high-growth applications and market segments
Smartoptics has developed a unique product offering focused on metro and regional applications such as data center connectivity, metro/regional networks and backhaul for broadband and 5G. Going forward, the addressable market will expand as Smartoptics' technology and product roadmap describes new applications, new customer categories and new technologies orchestrated by a holistic software platform.
Proven track record and clear long-term goals
Smartoptics has an experienced management team with many years of experience at companies such as Ericsson, Transmode and Infinera. In the period 2019 to 2023, Smartoptics' average revenue growth rate was 21%, which is significantly faster than the overall optical networking market. The goal is to continue to outgrow the market.
Strategic alliances
- Brokad
SAN switching provider - certification
- Cisco
SAN Switching Provider - Certification
- LightRiver
SAN Switching Provider - Certification
- Dell
SAN Switching Provider - Certification
📌 Initial public offering (IPO) of Smartoptics Group ASA
- First day of trading: June 03, 2021
- Market: Euronext Growth Oslo
- Ticker: SMOP
📌 Additional information
On August 26, 2025, the shares were then upgraded from the growth segment to the main market of Oslo Børs (uplisting). This is a sign of quality and speaks for the maturity and transparency of the company.
Press releases
2026-03-26
Pilot Fiber startet Enterprise-Wellenlängendienste in NYC auf 800G-fähigen
2026-02-08
2026-02-03
TKRZ baut innovative regionale Rückgrate mit Smartoptics Open DWDM auf
2025-12-16
Glesys vereinfacht das Backbone mit der Smartoptics IP-over-DWDM-Lösung
2025-11-06
Smartoptics wird Mitglied des IOWN Global Forum
2025-10-14
Geneseo baut redundante und kosteneffiziente Kernsysteme mit Smartoptics
2025-05-21
Q4-2025 Earnings Call
📊 Quarter (Q4 2025)
- Turnover: USD 23.2 million (+37.7% YoY)
- Gross margin: 46.1% (previously 49.0%)
- EBITDA: USD 3.6 million (previously USD 2.4 million)
- EBITDA margin: 15.3 % (previously 14.4 %)
- Operating cash flow: USD 6.8 million (previously USD 0.2 million)
- Cash and cash equivalents: USD 7.3 million (previously USD 8.0 million)
- Equity ratio: 54 %
- Inventory: USD 18.7 million (previously USD 12.6 million)
- Trade receivables: USD 18.7 million (previously USD 19.9 million)
📅 Full year 2025
- Turnover: ≈ USD 80-85 million (extrapolated from quarterly data, record year according to CEO)
- Gross margin: 47.8% (previously 48.1%)
- EBITDA: ≈ USD 12-14 million (estimated from quarterly performance)
- Dividend: NOK 0.6 per share (proposed, unchanged from previous year)
- Headcount: 140 (+7% YoY)
- Growth drivers: US market (+100% YoY), CSP segment and Optical Devices business
- Target margin 2026: EBIT 13-16%, gross margin 47-50%
Smartoptics Group ASA (SMOPF) Q4 2025 Earnings Call Transcript | Seeking Alpha
q4-2025-smartoptics-financial-presentation.pdf
USD in millions
Estimates
Year Sales Change
2024 55,51 -5,12 %
2025 75,27 35,6 %
2026 98,9 31,4 %
2027 123,2 24,57 %
Year EBIT Change
2024 3,289 -62,02 %
2025 6,785 106,29 %
2026 13,1 93,07 %
2027 18,7 42,75 %
Year Net result Change
2024 4,042 -44,49 %
2025 4,684 15,88 %
2026 10,2 117,76 %
2027 14,5 42,16 %
Year Net debt CAPEX
2024 -6,97 1,604
2025 -7,34 1
2026 -10 1
2027 -11 2
Year Free cash flow Change
2024 5,142 -48,14 %
2025
2026 9
2027 10 11,11 %
Year EBITDA margin EBIT margin ROE
2024 10,06 % 5,93 % 13,82 %
2025 13,02 % 9,01 % 15,95 %
2026 16,28 % 13,25 %
2027 17,78 % 15,18 %
Year Earnings per share Change
2024 0,041 -45,33 %
2025 0,048 17,07 %
2026 0,1 233,33 %
2027 0,15 50 %
Year Dividend p share Yield
2024 0,0537 3,39 %
2025 0,0527 2,13 %
2026 0,06 1,31 %
2027 0,08 1,75 %
Year FCF Yield
2024 3,47 %
2025
2026 2,05 %
2027 2,28 %
Year P/E ratio PEG
2024 38.6x -0.9x
2025 61.2x 3.6x
2026 45.8x 0x
2027 30.5x 0.6x
Market value 448.9
Number of shares (in thousands) 98,046
Date of publication 19.02.2026
Smartoptics Group ASA shows solid fundamentals with strong sales growth (from ≈ USD 45 million in 2021 to USD 75 million in 2025) and significantly increasing profitability - EBITDA and EBIT have more than doubled since 2021 The equity ratio remains high, and the net debt is negativewhich indicates a healthy balance sheet.
📌 P/E ratio & forward P/E ratio - brief commentary
Current P/E ratio (2026E): 45.8x
- That is higheven for a growing fiber optics/optics company.
- It signals: The market is pricing further growth and accepts a premium valuation.
Forward P/E (2027E): 30.5x
- This is significantly lower than the current P/E ratio.
- Means: Analysts expect sharply rising profits (EPS of USD 0.10 → USD 0.15).
- A falling forward P/E ratio is fundamentally bullishbecause it shows that the valuation is "growing into the profits".
📌 What do the figures say about the share?
Positive
- Profits are rising quickly → EPS growth 2026 → 2027: +50 %.
- Forward P/E ratio falls significantly → Valuation eases.
- Sales & EBITDA grow strongly → 2026: +31% sales, +64% EBITDA.
- Strong balance sheet → Net cash position remains unchanged.
Neutral / caution
- Current P/E ratio very high → Entry 2026 is not a "value play".
- EV/EBITDA 2026: 27.3x → Also ambitious.
- Sector generally highly valued (peers are at 38-95x P/E) → Smartoptics is not expensive on its own.
🎯 What does this mean for you as an investor?
Smartoptics is not a value playbut compared to the industry reasonably valued. The falling forward P/E ratio shows:
👉 The growth justifies the valuation
👉 The share will look much more favorable in 2027 if the forecasts are met
