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Komplett (OB:KOMPL) Stock Faces Ongoing Losses As Turnaround Narrative Gets Tested

Simply Wall St · 2d ago

Komplett (OB:KOMPL) has reported Q2 2026 revenue of NOK3.6b with a net loss of NOK20m, equivalent to basic EPS of NOK0.12 loss, setting a cautious tone around profitability despite solid top line scale. The company has seen quarterly revenue range between NOK3.4b and NOK4.8b over the past six reported periods. Over the same timeframe, EPS has stayed in loss territory, from NOK0.12 loss this quarter to as much as NOK2.65 loss per share in Q4 2025. This underscores how much of the story still sits in margin repair rather than headline sales. For investors, the latest numbers keep the focus squarely on whether Komplett can tighten costs enough for those sizeable revenues to translate into healthier margins.

See our full analysis for Komplett.

With the headline figures on the table, the next step is to set these results against the key market narratives around Komplett to see which stories the numbers support and which ones they start to challenge.

See what the community is saying about Komplett

OB:KOMPL Revenue & Expenses Breakdown as at Jul 2026
OB:KOMPL Revenue & Expenses Breakdown as at Jul 2026

Losses Narrow From Q4 Peak

  • Net income for Q2 2026 was a loss of NOK20m, compared with a much larger loss of NOK465m in Q4 2025 on higher revenue of NOK4.8b in that earlier period, so Komplett is now generating smaller losses on a lower sales base.
  • What stands out for the bullish narrative is that trailing 12 month losses of NOK584m sit alongside forecasts pointing to earnings growth of about 126.89% per year and a move back to profit within three years.
    • Bulls point to cost programs targeting 8% to 10% of the cost base and completed warehouse consolidation as levers that could help turn a Q2 2026 loss of NOK20m into profit if they scale across NOK15.6b of trailing 12 month revenue.
    • At the same time, the current loss profile means the bullish view relies on those efficiency plans and the gaming and PC replacement themes actually translating into the NOK235.2m earnings level analysts expect by around 2029.

Bulls argue that narrowing losses and cost cuts could be the early chapter of a bigger turnaround, and if you want to see how that story is built out over several years, 🐂 Komplett Bull Case

Q2 Loss Versus Low P/S Valuation

  • Komplett is loss making on a trailing 12 month basis with net income of minus NOK584m, yet trades on a P/S of 0.1x compared with 0.8x for peers and 0.4x for the wider European Specialty Retail group, so the stock changes hands at a much lower sales multiple while still reporting losses.
  • Skeptics focus on this mix of ongoing losses and low multiples as a signal that the market is cautious about the turnaround story, despite data showing revenue is forecast to grow 5.2% per year against a 2.5% Norwegian market benchmark.
    • Critics highlight that even with NOK15.6b of trailing 12 month revenue, the company has not yet converted that scale into positive earnings, which leaves the low P/S ratio open to interpretation rather than an automatic sign of mispricing.
    • On the other hand, the DCF fair value of NOK32.88 compared with the current price of NOK6.90 shows a large gap that only becomes meaningful for investors if expectations about earnings improvement and margin repair start to show up in future reported numbers.

Bears warn that a low P/S and ongoing losses can persist if profitability does not improve as expected, so if you want to see how the cautious case frames these risks, 🐻 Komplett Bear Case

Trailing Losses Versus Future Targets

  • On a trailing 12 month basis Komplett has EPS of minus NOK3.34 against analyst expectations that EPS could reach NOK0.76 by around 2029, while the consensus analyst price target of NOK9.67 sits above the current NOK6.90 share price.
  • Consensus narrative supporters see the gap between current losses and the NOK235.2m earnings target as the core question, because it hinges on whether forecast revenue growth of 5.3% per year and margin improvement from roughly minus 4.1% to 1.3% actually show up in the reported figures.
    • Analysts are assuming Komplett can lift revenue from today’s NOK15.6b trailing 12 month level toward NOK18.0b by 2029 without needing to issue more shares, which would allow any future earnings to flow directly into EPS.
    • At the same time, the move from a loss of NOK584m today to positive earnings would require both the gaming and Windows 11 replacement themes and the 8% to 10% cost program to perform broadly as expected rather than merely keeping losses contained.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Komplett on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of cautious losses and potential rewards around Komplett feels finely balanced, take a moment to review the underlying data yourself and stress test your own thesis. To see what the current optimism is based on, review the 3 key rewards

See What Else Is Out There

Komplett is still working through sizeable trailing losses, a Q2 2026 loss of NOK20m and margin repair that has yet to translate into consistent profitability.

If you are concerned about ongoing losses and want ideas with stronger profit potential right now, check out 227 high quality undervalued stocks to see stocks where solid fundamentals and pricing may already line up in your favor.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.