DOF Group ASA (DOFG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of DOF Group ASA stock NOK 147, price NOK 122, upside +20.3%, quality 52 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
41‑month range kr 28.71 – kr 135.80 · fair‑value band kr 72.72 – kr 194.35 · the kr 122.10 price screens below the kr 146.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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DOF Group ASA owns and operates a fleet of offshore and subsea vessels. The company operates through Shipowning; DOF Subsea regions; Norskan Offshore; and DOFCON JV segments.
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It provides construction and installation; decommissioning; engineering; inspection, maintenance, and repair; offshore wind; remote operated vehicles (ROV) and autonomous underwater vehicles (AUV); saturation and air diving; survey and positioning; and towing, mooring, and installation services.
It also offers port and marine logistics for floating wind; turbine integration and marshalling; transport and installation and subsea operation; dynamic cable installation and repair; anchor and mooring installation; offshore cable installation for wind farms; subsea cable repair services; and subsea construction for fixed wind.
In addition, it offers crewing, maintenance, mobilization, and new building services. The company operates a fleet of 6 PSVs, 18 CSVs, and 25 AHTSs, as well as 74 remotely operated vehicles and autonomous underwater vehicles.
It operates in Brazil, the United States, Australia, the United Kingdom, Norway, Angola, Mauritania, Guyana, Congo, the Netherlands, Canada, Singapore, the Philippines, Argentina, and internationally. DOF Group ASA was founded in 1981 and is headquartered in Storebø, Norway.
Stock analysis
DOF Group ASA (DOFG) currently trades at kr 122.10, while our model-based Fair Value estimate is kr 146.88, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 319.73 per share, and 24 of the 26 models we run sit above the kr 122.10 price.
Bear case: the Asset-Based group reads lowest at kr 52.48, and 2 of the 26 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 72.72 (bear) to kr 194.35 (bull), the price of kr 122.10 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
DOF Group ASA reported revenue of $1.9B in FY2025 versus $6.3B in FY2021, a compound −26.3%/yr. Reported net income was $467M in FY2025.
Key figures
Market cap 30.1B NOK (≈ $3.2B) Mid · P/E ratio 6.5 · P/S ratio 1.63 · EPS (TTM) kr 18.71 · Dividend yield 1.2% · Net margin 25.0% · Return on equity 23.3% · Return on assets (EBIT) 61.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (low confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 10% below its 52-week high and 46% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 20%, DOFG screens cheaper than that median.
Fair Value models
Bearkr 72.72Fair Value kr 146.88Bullkr 194.35
Price kr 122.10 · Upside +20.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 14.80 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFkr 108.69kr 226.23kr 438.1876
EPVkr 148.10kr 181.32kr 211.0474
Growth DCFkr 109.16kr 222.23kr 427.5774
All 26 models by family
DCF Models
FCF DCFkr 108.69kr 226.23kr 438.1876
Owner Earningskr 101.43kr 213.08kr 414.4072
5Y Revenue Exitkr 70.18kr 140.43kr 233.4670
5Y EBITDA Exitkr 179.23kr 360.34kr 585.8773
5Y P/E Exitkr 187.87kr 377.77kr 592.5069
10Y Revenue Exitkr 78.41kr 149.91kr 254.6364
10Y EBITDA Exitkr 155.53kr 314.13kr 552.6965
10Y P/E Exitkr 161.39kr 327.15kr 558.2961
Earnings-Based
Graham-Doddkr 121.87kr 521.53kr 712.4664
Lynch FVkr 133.36kr 190.52kr 247.6761
PEG = 1.0kr 133.36kr 190.52kr 247.6757
EPVkr 148.10kr 181.32kr 211.0474
Dividend Discount
Gordon GGMkr 87.95kr 195.94kr 338.4765
DDM Multi-Stagekr 87.95kr 158.56kr 203.5866
Multiples
P/E Multiplekr 282.28kr 376.38kr 470.4763
P/S Multiplekr 107.71kr 143.61kr 179.5158
P/B Multiplekr 264.36kr 352.49kr 440.6155
EV/EBITkr 213.58kr 298.89kr 384.2066
EV/EBITDAkr 226.34kr 315.89kr 405.4567
EV/Revenuekr 48.14kr 86.92kr 125.6952
Asset-Based
NCAV (Graham)kr 39.17kr 52.48kr 78.3354
Growth DCF
Growth DCFkr 109.16kr 222.23kr 427.5774
Rev-Margin DCFkr 70.18kr 139.69kr 227.4070
Economic Profit
Residual Incomekr 117.19kr 153.51kr 276.3873
ROIC Compounderkr 171.75kr 251.78kr 362.4570
Growth Earnings
Growth-Adj P/Ekr 223.81kr 319.73kr 415.6567
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+40.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.5%
Dividend (yield on the price)1.2%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−26% → 28%
2025 sits 103% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 41.3%/yr over ~9Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +1.6% a year for the price and +0.7% for the forecasts.
AI conclusion: Fleet modernization through newer high-spec vessels supports earnings capacity and backlog longevity, yet thin evidence across all categories leaves assessments near average with low confidence.
Main risk: Utilization shortfalls on the newly acquired construction support vessels would directly reduce earnings capacity gains from the fleet renewal program.
DOF Group is high-grading its fleet by selling four older platform supply vessels and acquiring two new construction support vessels with 250-ton cranes. The moves are meant to raise earnings capacity and longevity while staying inside the 1.5-2.0x leverage target. Our models see the stock as undervalued given the backlog. Will the new assets deliver higher returns than the capital committed to them or will utilization shortfalls eat into the gains?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside+20.3% · Above median
Profitability
Return on equity (12 months)23.3% · Top 25%
Return on assets11.3% · Top 25%
Net margin (12 months)21.8% · Top 25%
Operating margin (12 months)35.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)43.0% · Top 25%
Dividend yield (12 months)1.2% · Below median
Balance sheet
Debt / equity0.70× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (12 months)6.5× · Cheapest 25%
P/B1.56× · Pricier than median
P/S (12 months)1.48× · Pricier than median
Price / free cash flow (fiscal year)13.5× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "DOF Group ASA Fair Value". https://www.fairvalue-calculator.com/stock/DOFG
Frequently asked questions
Is DOF Group ASA (DOFG) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 146.88 versus a price of kr 122.10, about +20% upside (undervalued).
What is the fair value of DOFG?
Our model-based fair value for DOF Group ASA is kr 146.88 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 122.10.
What is the quality score of DOFG?
DOF Group ASA has a Quality Score of 52/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DOF Group ASA (DOFG)?
Our model-based price target is the fair value of kr 146.88 (as of Nov 7, 2026) from 26 valuation models. Cautious scenario kr 72.72, optimistic scenario kr 194.35. It is a calculation from audited fundamentals, not an analyst target.
What is the DOF Group ASA stock forecast for 2026?
Our models put fair value at kr 146.88, about +20% upside versus a price of kr 122.10 (undervalued). Cautious scenario kr 72.72, optimistic scenario kr 194.35. The calculation is refreshed regularly with new filings.
What is the revenue of DOF Group ASA (DOFG)?
DOF Group ASA reported trailing-twelve-month revenue of about $2.2B (latest available figure, as of Nov 7, 2026).
Does DOF Group ASA pay a dividend?
DOF Group ASA currently shows a dividend yield of 1.19% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of DOF Group ASA (DOFG) and when is the ex-dividend date?
DOF Group ASA pays a dividend of kr 1.45 per share a year, a dividend yield of 1.2%. The last ex-dividend date was Aug 27, 2026. The payout ratio is 50.1% of earnings. Free cash flow covers the dividend 1.01 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into DOF Group ASA (DOFG)?
For today's price to be fair in a discounted-cash-flow model, DOF Group ASA would have to grow free cash flow by +4.1 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -21.4 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of DOFG use?
Our models discount DOF Group ASA at 8.3 %: a base by market capitalisation (mid), damped by beta 0.01, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DOF Group ASA that is +4.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has DOF Group ASA (DOFG) delivered so far?
Over the past 5 years revenue at DOF Group ASA grew -21.4 % a year. The price currently implies free-cash-flow growth of +4.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DOF Group ASA (DOFG) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into DOF Group ASA (+4.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DOF Group ASA (DOFG)?
The free-cash-flow yield on the price is 7.41 %: that much free cash flow DOF Group ASA produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DOF Group ASA (DOFG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DOF Group ASA it is kr 146.88 per share (as of Nov 7, 2026), against a price of kr 122.10. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is DOF Group ASA stock overvalued or undervalued in 2026?
As of Nov 7, 2026, DOFG trades below its calculated fair value: price kr 122.10, fair value kr 146.88, a gap of about +20% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DOFG?
No. The price is what the market pays today (kr 122.10); the fair value is what the company's own numbers justify (kr 146.88). For DOF Group ASA the two are kr 24.78 per share apart. That gap is exactly why we show both numbers side by side.
How much is DOF Group ASA worth?
The market values DOF Group ASA at about 30.1B NOK (market capitalisation, as of Nov 7, 2026). Per share that is kr 122.10; our models calculate a fair value of kr 146.88 per share.
What do the bullish and bearish scenarios say about DOFG?
Our models span a range for DOF Group ASA: cautious scenario kr 72.72, base kr 146.88, optimistic kr 194.35 per share (as of Nov 7, 2026, price kr 122.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DOFG?
DOF Group ASA trades at a price-to-earnings ratio of 6.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 146.88 is built from several models across several years. Other multiples: P/B 1.6, P/S 1.5, EV/EBITDA 5.1.
How solid is the balance sheet of DOF Group ASA (DOFG)?
Balance-sheet figures for DOF Group ASA (as of Nov 7, 2026): return on equity 23.3%, debt of 0.70 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is DOFG from its 52-week high?
DOF Group ASA trades at kr 122.10, about 10% below its 52-week high of kr 135.80 and 46% above the low of kr 83.47 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 146.88 is for.
Which stocks are comparable to DOF Group ASA?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DOF Group ASA stock attractive at the current price?
The data as of Nov 7, 2026: price kr 122.10, calculated fair value kr 146.88 (+20%), Quality Score 52/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DOFG calculated?
We run DOF Group ASA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 146.88 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. DOF Group ASA currently trades 17% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DOF Group ASA (DOFG)?
The closing price on Nov 6, 2026 was kr 122.10. Our model-based fair value is kr 146.88, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DOF Group ASA right now?
The model range is unusually wide (kr 72.72 to kr 194.35). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of DOF Group ASA
How large is the market capitalisation of DOF Group ASA (DOFG)?
The market capitalisation of DOF Group ASA is 30.1B NOK (≈ $3.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DOF Group ASA (DOFG)?
The price-to-sales ratio of DOF Group ASA is 1.63 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DOF Group ASA (DOFG)?
Earnings per share at DOF Group ASA are kr 18.71 (price ÷ EPS = P/E 6.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DOF Group ASA (DOFG)?
The dividend yield of DOF Group ASA is 1.2% (payout 7.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DOF Group ASA (DOFG)?
The net margin of DOF Group ASA is 25.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of DOF Group ASA (DOFG)?
The return on equity (ROE) of DOF Group ASA is 23.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DOF Group ASA (DOFG)?
On an EBIT basis the return on assets of DOF Group ASA is 61.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DOF Group ASA (DOFG)?
The operating margin of DOF Group ASA is 35.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DOF Group ASA (DOFG)?
Revenue at DOF Group ASA is growing +43.0% versus a year earlier (3y avg −41.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at DOF Group ASA (DOFG)?
Earnings per share at DOF Group ASA are growing +7.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does DOF Group ASA (DOFG) carry?
The net debt of DOF Group ASA is $1.1B (fiscal year 2025, ≈ 4.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 7, 2026