tax refund and ventured into the world of $SMOP (-4,62%) ventured into
SMO
Smartoptics Group ASA
Ação
Ação
ISIN: NO0011012502
Ticker: SMOP
NO0011012502
SMOP
Price
Discussão sobre SMOP
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3
2Semana·
Company presentation in cooperation with Max and Mr. Prompt. "Successful together"
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 (-4,62%)
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
+ 3
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6 Comentários
2Semana
Thank you very much for your addition! 😊
•
22
•2Semana·
Share presentation 🇳🇴
📡 Smartoptics $SMOP (-4,62%) - underestimated hidden champion in the network boom?
Smartoptics is a Norwegian specialist in optical network solutions - the very infrastructure that transports data around the world fast enough in the first place (data centers, cloud, AI networks).
What makes the share exciting:
📈 Strong growth:
In recent quarters, sales growth has been over +30% YoY in some cases. This is exceptionally strong for a hardware/technology company.
💰 Growing demand due to AI & data boom:
The global expansion of data centers and AI infrastructure is driving massive demand for high-speed connections - and this is precisely where Smartoptics is active.
🚀 Technological sweet spot:
The company supplies 400G and DWDM solutions, for example, i.e. high-end technology for fiber optic networks that can be used to transmit data extremely efficiently.
🌍 Market position:
Smartoptics is not a mass player, but a niche provider that is highly specialized in certain optical network solutions - it is precisely these niches that often have high margins and stable customer loyalty.
📊 Business dynamics:
The last few years clearly show:
→ increasing sales
→ increasing international expansion
→ growing proportion of recurring customer projects in the infrastructure sector
👉 Conclusion:
Smartoptics is not a "safe blue chip", but rather a small, fast-growing infrastructure specialist that is benefiting directly from the AI and data boom. If growth continues at this rate, an exciting hidden champion could emerge here in the long term - albeit with the typical volatility of small tech stocks. $SMOP (-4,62%)
2020
39 Comentários
2Semana
@Get_Rich_or_Die_Tryin @Tenbagger2024 @Multibagger
That's what Mr. Promt says:
🌐 [Reality check] Smartoptics Group (SMOP) - Is the AI hype real here?
Hello everyone!
A highly exciting Norwegian tech stock has been put on the table: Smartoptics Group (SMOP.OL). The colleague did an excellent job of summarizing the story around data centers, 400G fiber optics and AI infrastructure. But we here in the engine room know: It's not the story that is paid for on the stock market, but the bare margin.
Is Smartoptics really a "hidden champion" or just another overpriced AI trap? Here is the reality check according to our strict formulas:
1. what the company does (without buzzwords)
Smartoptics builds the "pipes" for today's massive data traffic. They supply hardware and software (so-called DWDM technology) that enables data centers to shoot gigantic amounts of data from A to B via fiber optic cables without loss and at extremely high speeds. When tech giants build new AI server farms, they need exactly this technology to connect them to the network.
2. the moat
Here you are competing with absolute giants like Cisco or Ciena. Smartoptics' moat lies in its agility: they are a medium-sized challenger that relies on open, standardized software systems. If customers don't want to be locked into Cisco's expensive, closed ecosystem, Smartoptics is the perfect, highly profitable alternative.
3. the bare facts & key figures (as of April 3, 2026)
WKN / ISIN: A3CM6E / NO0011012502
Current share price: ~ 44.40 NOK
Market capitalization: ~ NOK 4.35 billion (A classic, agile small/mid-cap)
P/E ratio (price/earnings ratio): ~ 23 to 25 (currently surprisingly fair for this growth!)
Gross margin: ~ 47.8 % (absolutely world class for a hardware seller!)
Dividend yield: Practically non-existent or irrelevant. This is a pure growth play.
4. why is the share where it is?
The author of the article is absolutely right: demand is exploding. The company has only recently (end of 2025) confirmed its strong growth and completed the prestigious uplisting to the main market of the Oslo Stock Exchange (Oslo Børs). This is currently flushing massive amounts of new institutional capital into the share.
5. chart analysis of the last few months
There is no "fallen knife" here. The share is a pure momentum beast! From just under NOK 14.60 at the 52-week low, the share has shot up to NOK 46.00 at times. We are in a clean, intact upward trend channel. If you buy here, you buy at the all-time high - that costs psychological effort, but is often the right way to go when there is real fundamental momentum.
6. the "Mr. Prompt" formula check (this is where it gets exciting!)
The colleague spoke of "+30 % growth". Let's take a look at the hard figures for the full year 2025:
The Core Quality Formula (sales growth + operating margin = score):
Sales growth (2025): Sales increased by a whopping 35.6% (in Q4 even by 37.7%!).
Operating margin (EBIT): The margin is an extremely clean 9.0% (the adjusted EBITDA margin is even almost 14%).
Result: 35.6 + 9.0 = score 44.6!
Conclusion: Our dream mark of > 25 ("very good") is being torn to shreds here. The company combines hyper-growth with real profitability.
The hard exclusion rule:
Is sales growing? Yes, explosively. Is the margin > 5 %? Yes (9 %). Story > Numbers? No, the numbers cover the story 100%! Filter passed with flying colors.
7. future prospects & catalysts
The big cloud providers (hyperscalers) and alternative data center operators are currently investing billions in AI chips (Nvidia & Co.). All these chips are worthless if the data does not get out of the data center. The investment cycle for these optical networks has only just really taken off.
8. competition & market environment
The risk is classic for hardware technology: if Cisco massively cuts prices tomorrow to buy back market share, Smartoptics' gross margin could come under pressure. So far, however, the Norwegians have held their own thanks to their technological brilliance.
9. special entry zones (the "Bargain Hunter's List")
As we are scratching the all-time high here, we are not blindly chasing the bandwagon with all our capital. If you want to get in, work with tranches or set dust-off limits:
Zone 1 (The pullback): ~ NOK 41.50. This is the first logical support of the current uptrend. A short pullback is healthy.
Zone 2 (The bottom): ~ NOK 30.00 to NOK 32.00. If the overall market corrects sharply (as was recently the case with the risk-on rotation), the massive fundamental safety net lies here.
10. profit margins & scalability
A hardware company with a gross margin of almost 48% is rare. Smartoptics achieves this by layering more and more high-margin software features and operating systems (SmartOS) on top of hardware. The more software they sell, the more profitable every dollar realized becomes.
11 Potential alternatives
If you want infrastructure but shy away from the high volatility of a Norwegian small-cap, you have to go for the lumbering giants (e.g. Cisco Systems). Although they pay a nice dividend, they are growing at a snail's pace compared to Smartoptics.
That's what Mr. Promt says:
🌐 [Reality check] Smartoptics Group (SMOP) - Is the AI hype real here?
Hello everyone!
A highly exciting Norwegian tech stock has been put on the table: Smartoptics Group (SMOP.OL). The colleague did an excellent job of summarizing the story around data centers, 400G fiber optics and AI infrastructure. But we here in the engine room know: It's not the story that is paid for on the stock market, but the bare margin.
Is Smartoptics really a "hidden champion" or just another overpriced AI trap? Here is the reality check according to our strict formulas:
1. what the company does (without buzzwords)
Smartoptics builds the "pipes" for today's massive data traffic. They supply hardware and software (so-called DWDM technology) that enables data centers to shoot gigantic amounts of data from A to B via fiber optic cables without loss and at extremely high speeds. When tech giants build new AI server farms, they need exactly this technology to connect them to the network.
2. the moat
Here you are competing with absolute giants like Cisco or Ciena. Smartoptics' moat lies in its agility: they are a medium-sized challenger that relies on open, standardized software systems. If customers don't want to be locked into Cisco's expensive, closed ecosystem, Smartoptics is the perfect, highly profitable alternative.
3. the bare facts & key figures (as of April 3, 2026)
WKN / ISIN: A3CM6E / NO0011012502
Current share price: ~ 44.40 NOK
Market capitalization: ~ NOK 4.35 billion (A classic, agile small/mid-cap)
P/E ratio (price/earnings ratio): ~ 23 to 25 (currently surprisingly fair for this growth!)
Gross margin: ~ 47.8 % (absolutely world class for a hardware seller!)
Dividend yield: Practically non-existent or irrelevant. This is a pure growth play.
4. why is the share where it is?
The author of the article is absolutely right: demand is exploding. The company has only recently (end of 2025) confirmed its strong growth and completed the prestigious uplisting to the main market of the Oslo Stock Exchange (Oslo Børs). This is currently flushing massive amounts of new institutional capital into the share.
5. chart analysis of the last few months
There is no "fallen knife" here. The share is a pure momentum beast! From just under NOK 14.60 at the 52-week low, the share has shot up to NOK 46.00 at times. We are in a clean, intact upward trend channel. If you buy here, you buy at the all-time high - that costs psychological effort, but is often the right way to go when there is real fundamental momentum.
6. the "Mr. Prompt" formula check (this is where it gets exciting!)
The colleague spoke of "+30 % growth". Let's take a look at the hard figures for the full year 2025:
The Core Quality Formula (sales growth + operating margin = score):
Sales growth (2025): Sales increased by a whopping 35.6% (in Q4 even by 37.7%!).
Operating margin (EBIT): The margin is an extremely clean 9.0% (the adjusted EBITDA margin is even almost 14%).
Result: 35.6 + 9.0 = score 44.6!
Conclusion: Our dream mark of > 25 ("very good") is being torn to shreds here. The company combines hyper-growth with real profitability.
The hard exclusion rule:
Is sales growing? Yes, explosively. Is the margin > 5 %? Yes (9 %). Story > Numbers? No, the numbers cover the story 100%! Filter passed with flying colors.
7. future prospects & catalysts
The big cloud providers (hyperscalers) and alternative data center operators are currently investing billions in AI chips (Nvidia & Co.). All these chips are worthless if the data does not get out of the data center. The investment cycle for these optical networks has only just really taken off.
8. competition & market environment
The risk is classic for hardware technology: if Cisco massively cuts prices tomorrow to buy back market share, Smartoptics' gross margin could come under pressure. So far, however, the Norwegians have held their own thanks to their technological brilliance.
9. special entry zones (the "Bargain Hunter's List")
As we are scratching the all-time high here, we are not blindly chasing the bandwagon with all our capital. If you want to get in, work with tranches or set dust-off limits:
Zone 1 (The pullback): ~ NOK 41.50. This is the first logical support of the current uptrend. A short pullback is healthy.
Zone 2 (The bottom): ~ NOK 30.00 to NOK 32.00. If the overall market corrects sharply (as was recently the case with the risk-on rotation), the massive fundamental safety net lies here.
10. profit margins & scalability
A hardware company with a gross margin of almost 48% is rare. Smartoptics achieves this by layering more and more high-margin software features and operating systems (SmartOS) on top of hardware. The more software they sell, the more profitable every dollar realized becomes.
11 Potential alternatives
If you want infrastructure but shy away from the high volatility of a Norwegian small-cap, you have to go for the lumbering giants (e.g. Cisco Systems). Although they pay a nice dividend, they are growing at a snail's pace compared to Smartoptics.
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