Bonheur (BONHR) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Bonheur stock NOK 524, price NOK 262, upside +100.0%, quality 49 out of 100. Rating: strongly undervalued. Calculated from audited financials with 8 of our 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 6, 2026.
How to read this chart
60‑month range kr 167.19 – kr 358.13 · fair‑value band kr 169.68 – kr 655.00 · the kr 262.00 price screens below the kr 524.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Bonheur ASA, together with its subsidiaries, engages in the renewable energy, wind service, and cruise businesses in the United Kingdom, Germany, the Netherlands, France, Norway, Europe, Asia, the Americas, Africa, and Internationally.
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The company operates through four segments: Renewable Energy, Wind Service, Cruise, and Other Investments.
The Renewable Energy segment develops, constructs, and operates wind farms with an installed capacity of 804.9 megawatts (MW). The Wind Service segment owns and operates three self-propelled jack-up vessels for the transportation, installation, and service of offshore and onshore wind turbines; and offers installation and blade repair services to onshore and offshore wind turbine industry, as well as marine transportation services for offshore wind turbine components.
The Cruise segment owns and operates three ocean cruise ships and provides cruise holidays. The Other Investments segment offers publications and PR software and software as-a-services; and invests in real estate properties, bonds, and shares.
Bonheur ASA was founded in 1848 and is headquartered in Oslo, Norway.
Stock analysis
Bonheur (BONHR) currently trades at kr 262.00, while our model-based Fair Value estimate is kr 524.00, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of kr 532.72 per share, and 5 of the 8 models we run sit above the kr 262.00 price.
Bear case: the Asset-Based group reads lowest at kr 121.91, and 3 of the 8 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 169.68 (bear) to kr 655.00 (bull), the price of kr 262.00 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 49/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Bonheur reported revenue of 12.5B NOK in FY2025 versus 7.5B NOK in FY2021, a compound +13.5%/yr. Reported net income was 1.4B NOK in FY2025, compounding +34.6%/yr from FY2021.
Key figures
Market cap 11.1B NOK (≈ $1.2B) Small · P/E ratio 10.5 · P/S ratio 1.19 · EPS (TTM) kr 24.84 · Dividend yield 2.8% · Net margin 8.4% · Return on equity 14.1% · Return on assets (EBIT) 9.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (low confidence).
What moves the price
The share trades about 3% below its 52-week high and 28% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 8% fair-value upside, at 100%, BONHR screens cheaper than that median.
Fair Value models
Bearkr 169.68Fair Value kr 524.00Bullkr 655.00
Price kr 262.00 · Upside +100.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 15.04 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.
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.45/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.3%
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.8%
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What shareholders gained per year (last 5 years) ⓘ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 5 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.
+29.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.8%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.26.8% vs 24.7%, steady
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.−8% → 20%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 2.6%/yr over ~10Y (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.
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.Conglomerates · 304 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+100.0% · Top 25%
Profitability
Return on equity (12 months)14.1% · Top 25%
Return on assets7.5% · Top 25%
Net margin (12 months)11.2% · Above median
Operating margin (12 months)25.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)6.1% · Below median
Dividend yield (12 months)2.8% · Above median
Balance sheet
Debt / equity0.72× · Highest 25%
Valuation Multiplesvs Conglomerates median · lower = cheaper
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). "Bonheur Fair Value". https://www.fairvalue-calculator.com/stock/BONHR
Frequently asked questions
Is Bonheur (BONHR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 524.00 versus a price of kr 262.00, about +100% upside (undervalued).
What is the fair value of BONHR?
Our model-based fair value for Bonheur is kr 524.00 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 262.00.
What is the quality score of BONHR?
Bonheur has a Quality Score of 49/100. 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 Bonheur (BONHR)?
Our model-based price target is the fair value of kr 524.00 (as of Nov 6, 2026) from 8 valuation models. Cautious scenario kr 169.68, optimistic scenario kr 655.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Bonheur stock forecast for 2026?
Our models put fair value at kr 524.00, about +100% upside versus a price of kr 262.00 (undervalued). Cautious scenario kr 169.68, optimistic scenario kr 655.00. The calculation is refreshed regularly with new filings.
What is the revenue of Bonheur (BONHR)?
Bonheur reported trailing-twelve-month revenue of about 12.5B NOK (latest available figure, as of Nov 6, 2026).
Does Bonheur pay a dividend?
Bonheur currently shows a dividend yield of 2.79% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Bonheur (BONHR) and when is the ex-dividend date?
Bonheur pays a dividend of kr 7.30 per share a year, a dividend yield of 2.8%. The last ex-dividend date was May 28, 2026. A dividend has been paid every year since at least 2000. The payout ratio is 29.4% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Bonheur (BONHR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bonheur it is kr 524.00 per share (as of Nov 6, 2026), against a price of kr 262.00. It is the blended result of 8 valuation models in 5 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Bonheur stock overvalued or undervalued in 2026?
As of Nov 6, 2026, BONHR trades below its calculated fair value: price kr 262.00, fair value kr 524.00, a gap of about +100% (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 BONHR?
No. The price is what the market pays today (kr 262.00); the fair value is what the company's own numbers justify (kr 524.00). For Bonheur the two are kr 262.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bonheur worth?
The market values Bonheur at about 11.1B NOK (market capitalisation, as of Nov 6, 2026). Per share that is kr 262.00; our models calculate a fair value of kr 524.00 per share.
What do the bullish and bearish scenarios say about BONHR?
Our models span a range for Bonheur: cautious scenario kr 169.68, base kr 524.00, optimistic kr 655.00 per share (as of Nov 6, 2026, price kr 262.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BONHR?
Bonheur trades at a price-to-earnings ratio of 10.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 524.00 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2025 ex one-offs: 9.7. Other multiples: P/B 1.2, P/S 1.2, EV/EBITDA 4.2.
How solid is the balance sheet of Bonheur (BONHR)?
Balance-sheet figures for Bonheur (as of Nov 6, 2026): return on equity 14.1%, debt of 0.72 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is BONHR from its 52-week high?
Bonheur trades at kr 262.00, about 3% below its 52-week high of kr 268.74 and 28% above the low of kr 204.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 524.00 is for.
Which stocks are comparable to Bonheur?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, SGH Limited, 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 Bonheur stock attractive at the current price?
The data as of Nov 6, 2026: price kr 262.00, calculated fair value kr 524.00 (+100%), Quality Score 49/100, from 8 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 BONHR calculated?
We run Bonheur through 8 models from 5 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 524.00 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. Bonheur currently trades 50% 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 Bonheur (BONHR)?
The closing price on Nov 6, 2026 was kr 262.00. Our model-based fair value is kr 524.00, about +100% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bonheur right now?
The large discount to fair value meets weak quality (49/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (kr 169.68 to kr 655.00). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Bonheur (BONHR) come from?
Earnings per share at Bonheur grew +14.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share −1.7 %, EBIT margin +4.2 %, tax rate +3.8 %, residual (interest, one-offs) +8.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bonheur
How large is the market capitalisation of Bonheur (BONHR)?
The market capitalisation of Bonheur is 11.1B NOK (≈ $1.2B). 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 Bonheur (BONHR)?
The price-to-sales ratio of Bonheur is 1.19 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bonheur (BONHR)?
Earnings per share at Bonheur are kr 24.84 (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bonheur (BONHR)?
The dividend yield of Bonheur is 2.8% (payout 29.4%). 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 Bonheur (BONHR)?
The net margin of Bonheur is 8.4% (last twelve months). 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 Bonheur (BONHR)?
The return on equity (ROE) of Bonheur is 14.1% (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 Bonheur (BONHR)?
On an EBIT basis the return on assets of Bonheur is 9.1% (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 Bonheur (BONHR)?
The operating margin of Bonheur is 25.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bonheur (BONHR)?
Revenue at Bonheur is growing +6.1% versus a year earlier (3y avg +3.0%). 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 Bonheur (BONHR)?
Earnings per share at Bonheur are growing +14.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bonheur (BONHR) generate?
The free cash flow of Bonheur is −242M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Bonheur (BONHR) carry?
The net debt of Bonheur is 2.1B NOK (fiscal year 2025). 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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Nov 6, 2026