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Cavendish Hydrogen ASA (CAVEN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Cavendish Hydrogen ASA stock NOK 7.36, price NOK 4.80, upside +53.3%, quality 40 out of 100. Rating: strongly undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Utilities NO · ISIN NO0013219535

CH Cavendish Hydrogen ASA logo Thin data Nov 8, 2026

Cavendish Hydrogen ASA

CAVEN · OL
Cheap, value-trap risk

The stock costs 35% less than our calculation considers fair.

Fair value kr 7.36 · Strongly undervalued
Low debt
Quality 40/100
Revenue last quarter 27% below a year ago.
Weak Growth (revenue 3y −9.3 %/yr in EUR)
Loss-making · -183.2% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 10/100 · thin data
Thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

kr 37.26 kr 4.31 Fair Value kr 7.36 Jun 2024 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

29‑month range kr 4.31 – kr 37.26 · fair‑value band kr 4.86 – kr 9.21 · the kr 4.80 price screens below the kr 7.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Cavendish Hydrogen ASA, a hydrogen fueling company, engages in development, production, marketing, sale, installation, commissioning, and service of equipment for fueling hydrogen to on-road vehicles in Denmark, Norway, the United States, South Korea, and Austria.

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The company's product includes the H2Station, which consists of various types of hydrogen fueling stations that provide fuel for fuel cell electric vehicles (FCEV), including cars, vans, buses, and trucks.

It also offers project execution, site engineering, installation, commissioning, operation support, and maintenance services. Cavendish Hydrogen ASA was founded in 2003 and is headquartered in Oslo, Norway.

Stock analysis

Cavendish Hydrogen ASA (CAVEN) currently trades at kr 4.80, while our model-based Fair Value estimate is kr 7.36, implying the stock looks roughly 35% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: kr 4.86 (bear) to kr 9.21 (bull), the price of kr 4.80 sits below 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 40/100 (below-average quality), in the Utilities sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Cavendish Hydrogen ASA reported revenue of €15.3M in FY2025 versus €31.2M in FY2021, a compound −16.3%/yr. Reported net income was −€26.5M in FY2025.

Key figures

Market cap 213M NOK (≈ $22.6M) Micro · P/S ratio 15.7 · EPS (TTM) kr −8.50 · Return on equity −48.8% · Return on assets (EBIT) −43.3% (5-year average) · Operating margin −157% · Revenue (TTM) €13.6M · Revenue growth (YoY) −26.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 46% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at 53%, CAVEN screens cheaper than that median.

Fair Value models

Bear kr 4.86 Fair Value kr 7.36 Bull kr 9.21
Price kr 4.80 · Upside +53.3%
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. 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
NCAV (Graham) kr 4.86 kr 7.36 kr 9.21 54
All 1 models by family
Asset-Based
NCAV (Graham) kr 4.86 kr 7.36 kr 9.21 54

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Quality Score breakdown

Overall quality 40/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 3
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 44
Does it invest with discipline instead of growing at any price?
Low Volatility 25
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 85
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−50.6%
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.
−9.3%
Profit margin (trend) ⓘ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.
−76.6% (2021) → −164.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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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.Utilities - Regulated Gas · 107 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside +53.3% · Top 25%
Profitability
Return on assets −44.9% · Bottom 25%
Net margin (12 months) −183.2% · Bottom 25%
Operating margin (12 months) −156.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −26.7% · Bottom 25%
Balance sheet
Debt / equity 0.04× · Lowest 25%

Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper

P/B 0.42× · Cheapest 25%
P/S (12 months) 1.49× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 31
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)0 · sector 34
HEALTH (low debt)98 · sector 82
DIVIDEND (yield)0 · sector 69

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
ENN Natural Gas Co 600803 ¥21.31 ¥24.00 +13% vs CAVEN
Italgas S.p.A IG €9.12 €10.03 +10% vs CAVEN
Uniper SE UN0 €44.00 €45.97 +4% vs CAVEN
Naturgy Energy Group NTGY €29.54 €30.62 +4% vs CAVEN
UGI Corporation UGI $37.04 $29.40 −21% vs CAVEN
The Hong Kong and China Gas Company 0003 HK$7.40 HK$4.93 −33% vs CAVEN
GAIL (India) Limited GAIL ₹185.79 ₹116.94 −37% vs CAVEN
Snam S.p.A SRG €6.20 €3.65 −41% vs CAVEN
NiSource Inc NI $44.15 $19.87 −55% vs CAVEN
Atmos Energy Corporation ATO $173.22 $77.35 −55% vs CAVEN

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Cavendish Hydrogen ASA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Cavendish Hydrogen ASA Fair Value". https://www.fairvalue-calculator.com/stock/CAVEN

Frequently asked questions

Is Cavendish Hydrogen ASA (CAVEN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 7.36 versus a price of kr 4.80, about +53% upside (undervalued).
What is the fair value of CAVEN?
Our model-based fair value for Cavendish Hydrogen ASA is kr 7.36 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 4.80.
What is the quality score of CAVEN?
Cavendish Hydrogen ASA has a Quality Score of 40/100. 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 Cavendish Hydrogen ASA (CAVEN)?
Our model-based price target is the fair value of kr 7.36 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario kr 4.86, optimistic scenario kr 9.21. It is a calculation from audited fundamentals, not an analyst target.
What is the Cavendish Hydrogen ASA stock forecast for 2026?
Our models put fair value at kr 7.36, about +53% upside versus a price of kr 4.80 (undervalued). Cautious scenario kr 4.86, optimistic scenario kr 9.21. The calculation is refreshed regularly with new filings.
What is the revenue of Cavendish Hydrogen ASA (CAVEN)?
Cavendish Hydrogen ASA reported trailing-twelve-month revenue of about €13.6M (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Cavendish Hydrogen ASA (CAVEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cavendish Hydrogen ASA it is kr 7.36 per share (as of Nov 8, 2026), against a price of kr 4.80. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Cavendish Hydrogen ASA stock overvalued or undervalued in 2026?
As of Nov 8, 2026, CAVEN trades below its calculated fair value: price kr 4.80, fair value kr 7.36, a gap of about +53% (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 CAVEN?
No. The price is what the market pays today (kr 4.80); the fair value is what the company's own numbers justify (kr 7.36). For Cavendish Hydrogen ASA the two are kr 2.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cavendish Hydrogen ASA worth?
The market values Cavendish Hydrogen ASA at about 213M NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 4.80; our models calculate a fair value of kr 7.36 per share.
What do the bullish and bearish scenarios say about CAVEN?
Our models span a range for Cavendish Hydrogen ASA: cautious scenario kr 4.86, base kr 7.36, optimistic kr 9.21 per share (as of Nov 8, 2026, price kr 4.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cavendish Hydrogen ASA (CAVEN)?
Balance-sheet figures for Cavendish Hydrogen ASA (as of Nov 8, 2026): return on equity −48.8%, debt of 0.04 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is CAVEN from its 52-week high?
Cavendish Hydrogen ASA trades at kr 4.80, about 46% below its 52-week high of kr 8.90 and 2% above the low of kr 4.70 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.36 is for.
Which stocks are comparable to Cavendish Hydrogen ASA?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource 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 Cavendish Hydrogen ASA stock attractive at the current price?
The data as of Nov 8, 2026: price kr 4.80, calculated fair value kr 7.36 (+53%), Quality Score 40/100, from 1 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 CAVEN calculated?
We run Cavendish Hydrogen ASA through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of kr 7.36 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. Cavendish Hydrogen ASA currently trades 35% 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 Cavendish Hydrogen ASA (CAVEN)?
The closing price on Nov 6, 2026 was kr 4.80. Our model-based fair value is kr 7.36, about +53% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cavendish Hydrogen ASA right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 4.86 to kr 9.21) leaves room in how you read the outcome.

Key figures of Cavendish Hydrogen ASA

How large is the market capitalisation of Cavendish Hydrogen ASA (CAVEN)?
The market capitalisation of Cavendish Hydrogen ASA is 213M NOK (≈ $22.6M). 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 Cavendish Hydrogen ASA (CAVEN)?
The price-to-sales ratio of Cavendish Hydrogen ASA is 15.7 (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 Cavendish Hydrogen ASA (CAVEN)?
Earnings per share at Cavendish Hydrogen ASA are kr −8.50. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Cavendish Hydrogen ASA (CAVEN)?
The return on equity (ROE) of Cavendish Hydrogen ASA is −48.8% (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 Cavendish Hydrogen ASA (CAVEN)?
On an EBIT basis the return on assets of Cavendish Hydrogen ASA is −43.3% (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 Cavendish Hydrogen ASA (CAVEN)?
The operating margin of Cavendish Hydrogen ASA is −157% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cavendish Hydrogen ASA (CAVEN)?
Revenue at Cavendish Hydrogen ASA is growing −26.7% versus a year earlier (3y avg −9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Cavendish Hydrogen ASA (CAVEN) generate?
The free cash flow of Cavendish Hydrogen ASA is −€20.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Cavendish Hydrogen ASA (CAVEN) hold?
Cavendish Hydrogen ASA holds more cash than debt, €39.2M net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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