Farm / Agricultural in Norway
Market: Norway — This page summarizes the published SME benchmark for this business type, including its disclosed market basis, so advisors and operators can cite a clear starting point before a full company-specific valuation.
Business type benchmark
Last published: 13 Apr 2026fresh · 59 days old≈ 6 min readMarket context
Norway market data
Pair the multiples below with Delphi's latest country factors: currency, risk-free rate, macro conditions, statutory tax, and country-risk premium.
Endpoint
Model-ready data package
Pull this sector's multiples together with country market data in one response. Use JSON for agents and apps, or CSV for Excel models and deal workpapers.
/api/benchmarks/v1/context?business_type_id=farm&locale=en&country_code=NOClassification
01.50
NACE Rev. 2 primary code. National statistical labels (e.g. SBI, NACE-BEL) describe how each country maps this activity.
Markets
Benelux aggregate
Published benchmark
13 Apr 2026 · reviewed 7 Jun 2026
Indicative, model-derived reference — evidence basis and confidence are disclosed per row.
Published benchmark ranges
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Sign up freeHow To Use This Benchmark
Use these ranges as a market reference, not as a substitute for a full valuation. Company quality, growth, concentration, recurring revenue, margin profile, and deal context still matter.
Pair This With The Right Valuation Method
These benchmark pages work best when they feed into a fuller valuation workflow on Upswitch. Start with the market range, then choose the method that fits the company.
Upswitch Index vs Damodaran
Both are useful — they answer different questions. Pick the right reference for the work.
Upswitch Index
Private-market, SME, by business type
- Benelux-native where the row proves local evidence
- By business type, disclosed market basis, citable vintages
- Free to use — no credit card
Damodaran
Listed equities, global, by sector
- Public-market companies, annual global cuts
- Broad sector buckets, not country-resolved
- Free academic resource
Farm / Agricultural in Norway
Market context and regulation — Norway
Local classification
Norway uses SN2007 — directly aligned with NACE Rev. 2. Brønnøysund (Brreg) records SN2007 primaries.
Official data sources
- Brønnøysund Registers (Brreg)
- SSB — Statistics Norway
Market and buyer context
Norway's SME market is anchored in Oslo (services, tech), Vestland (industrial, maritime) and Rogaland (energy services). Buyer pools combine Nordic PE, Swedish strategics and energy-sector trade buyers; oil-services exposure remains a dominant categorisation factor.
Valuation factors in Norway
- NOK-CHF / NOK-EUR FX exposure shifts SME EBITDA materially year-on-year; smooth multi-year.
- Petroleum-tax regime applies to oil-and-gas-services SMEs — model carefully.
- Employer's NI contribution tier varies by region — verify all-in labour cost.
Regulation and deal structure
- Share deals via private deed; no notary required for AS.
- Document tax 2.5% on real-estate transfer (no tax on share deals).
- Arbeidsmiljøloven §16 transfers staff automatically on enterprise transfer.
Agriculture, forestry and fishing
How farm / agricultural actually gets valued
The multiples above are a market anchor — not the valuation. What drives the outcome are sector-typical normalisations, value drivers and risk compressors.
Normalisation checklist
What reported EBITDA almost always distorts in this sector.
- Separate land and biological assets from operating EBITDA — they are valued on intrinsic, not multiple, basis.
- Smooth weather-driven yield variance over a rolling three-year average.
- Strip subsidy income (CAP, agro-environmental schemes) from the recurring operating line where the entitlement transfers with the deal but the rate is policy-dependent.
- Revalue breeding livestock and standing crops at fair market value, not historic cost.
- Adjust owner-operator labour to a hired-manager-plus-helper baseline.
Value drivers
What typically lifts the multiple in this sector.
- Long-term offtake contracts with food processors or retailers.
- Quota, water rights or PDO/PGI labels that transfer with the entity.
- Diversified crop mix or vertical integration into processing.
Value killers
What compresses the multiple or kills the deal.
- Single-buyer dependency on one cooperative or processor.
- Heavy debt secured against land where free cash flow does not service it without subsidies.
- Succession risk concentrated in the operator-owner with no farm manager in place.
Anonymised worked example
Illustrative — not a recommendation. Real valuations run through the Upswitch engine.
An arable farm reports €1.8M revenue and €310k reported EBITDA, of which €95k is direct CAP income. Normalising the operator's labour to a hired manager (€72k vs €30k drawn) and treating CAP as a policy-dependent line valued separately at 4× rather than the operating multiple, normalised core EBITDA falls to €213k. A sector range of 4.0×–5.5× yields €0.85M–€1.17M for the operating business, with land valued separately at €2.6M (intrinsic) — a structurally different total than a naive 5× on reported EBITDA would suggest.
Frequently Asked Questions
Is SN2007 directly comparable to NACE Rev. 2 for Norwegian SME deals?
SN2007 aligns fully with NACE Rev. 2 at four digits. The Upswitch Index aggregates Norway at the EU Rev. 2 level; SSB and Brreg publish SN2007-level statistics.
Are these published numbers company-specific?
No. They are published market reference points for this business type in the country markets that Upswitch has evidence for. A real valuation still needs company-specific inputs and judgment.
Why do some business types show more than one metric?
Different sectors are often discussed with different market lenses. Upswitch shows the published metrics that are available for this business type.
Can I use this in a client conversation?
Yes. These pages are designed as citation-friendly starting points. For a client-ready report, use the full valuation workflow on Upswitch.
Is this database free to use?
Yes. The Upswitch Index publishes free SME valuation multiples (EV/EBITDA, EV/Revenue, and P/E) by business type. Benelux can be native-local where row evidence supports it; wider European market views are disclosed as beta, borrowed, aggregate, or compatibility coverage. Historical vintages and audit exports are on paid plans.
How does Upswitch Index compare to Damodaran?
Damodaran publishes annual global multiples for listed companies by broad sector — a gold standard for public markets. Upswitch Index publishes granular SME/private-company benchmark ranges by business type with row-level disclosure of whether evidence is native-local, borrowed, aggregate, or beta-stage. Both are useful; they answer different questions.
What is the source methodology behind these multiples?
Upswitch publishes only through row-level benchmark contracts. Evidence can include private-market observations, local filings or statistics, listed-comparable context, and macro calibration anchors, but source labels are used only when they actually contributed to the resolved benchmark. Full methodology is on the methodology page.
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Full valuation workflow — Upswitch
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