MORELD AS (MORLD) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of MORELD AS stock NOK 44.96, price NOK 26.50, upside +69.7%, quality 77 out of 100. Rating: strongly undervalued. Calculated from audited financials with 24 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 8, 2026.
How to read this chart
23‑month range kr 9.85 – kr 26.50 · fair‑value band kr 33.45 – kr 57.10 · the kr 26.50 price screens below the kr 44.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Moreld ASA provides integrated solutions for the energy, marine, and industrial sectors in Norway, Africa, Europe, and internationally. It operates through Moreld Apply, Ocean Installer, and Global Maritime segments.
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The company undertakes marine and subsea construction works; and offers a range of services, such as subsea umbilicals, risers, flowlines, moorings, offshore renewables, and carbon capture and storage, as well as inspection, repair, and maintenance services.
It also provides subsea installation services for offshore oil and gas developments; maintenance and modification services for offshore oil and gas platforms; support services for renewable energy projects, including carbon capture, hydrogen, and offshore wind; and full offshore project lifecycle from engineering and design, consultancy, marine operations, marine warranty services, geoscience, and marine operation support solutions.
The company was formerly known as Moreld AS and changed its name to Moreld ASA in June 2025. The company was incorporated in 2021 and is headquartered in Stavanger, Norway.
Stock analysis
MORELD AS (MORLD) currently trades at kr 26.50, while our model-based Fair Value estimate is kr 44.96, implying the stock looks roughly 41% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 132.31 per share, and 20 of the 24 models we run sit above the kr 26.50 price.
Bear case: the Dividend Discount group reads lowest at kr 17.05, and 4 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 33.45 (bear) to kr 57.10 (bull), the price of kr 26.50 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 77/100 (high quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
MORELD AS reported revenue of 9.8B NOK in FY2025 versus 1.1M NOK in FY2023, a compound +9,484.2%/yr. Reported net income was 285M NOK in FY2025.
Key figures
Market cap 4.7B NOK (≈ $495M) Small · P/E ratio 48.2 · P/S ratio 0.57 · EPS (TTM) kr 0.5500 · Dividend yield 6.9% · Net margin 1.2% · Return on equity 13.5% · Return on assets (EBIT) 6.4% (3-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 78% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −32% fair-value upside, at 70%, MORLD screens cheaper than that median.
Fair Value models
Bearkr 33.45Fair Value kr 44.96Bullkr 57.10
Price kr 26.50 · Upside +69.7%
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.
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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: only 3 usable fiscal years, at least 4 required
not computed
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
−19.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about −21.2% a year for the price.
AI conclusion: The defense framework agreement and record subsea backlog provide some revenue visibility, while high leverage with debt above equity limits financial resilience.
Main risk: High leverage with debt above equity could constrain cash-flow management in the cyclical offshore services business.
Moreld Apply has secured a four-year framework agreement with the Norwegian Defence Materiel Agency for maintenance and engineering on naval vessels, with an optional three-year extension. This defense exposure sits alongside a record backlog in subsea energy projects. Will the new work provide meaningful diversification and stability or stay a modest add-on to the core offshore business?
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.Oil & Gas Equipment & Services · 166 stocks
Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside+69.7% · Top 25%
Profitability
Return on equity (12 months)13.5% · Top 25%
Return on assets4.9% · Above median
Net margin (12 months)1.2% · Below median
Operating margin (12 months)9.8% · Above median
Growth and dividend
Revenue growth (quarter YoY)−5.7% · Bottom 25%
Dividend yield (12 months)6.9% · Top 25%
Balance sheet
Debt / equity1.62× · Highest 25%
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
P/E (12 months)48.2× · Priciest 25%
P/B5.90× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "MORELD AS Fair Value". https://www.fairvalue-calculator.com/stock/MORLD
Frequently asked questions
Is MORELD AS (MORLD) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 44.96 versus a price of kr 26.50, about +70% upside (undervalued).
What is the fair value of MORLD?
Our model-based fair value for MORELD AS is kr 44.96 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 26.50.
What is the quality score of MORLD?
MORELD AS has a Quality Score of 77/100. 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 MORELD AS (MORLD)?
Our model-based price target is the fair value of kr 44.96 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario kr 33.45, optimistic scenario kr 57.10. It is a calculation from audited fundamentals, not an analyst target.
What is the MORELD AS stock forecast for 2026?
Our models put fair value at kr 44.96, about +70% upside versus a price of kr 26.50 (undervalued). Cautious scenario kr 33.45, optimistic scenario kr 57.10. The calculation is refreshed regularly with new filings.
What is the revenue of MORELD AS (MORLD)?
MORELD AS reported trailing-twelve-month revenue of about 8.2B NOK (latest available figure, as of Nov 8, 2026).
Does MORELD AS pay a dividend?
MORELD AS currently shows a dividend yield of 6.94% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of MORELD AS (MORLD) and when is the ex-dividend date?
MORELD AS pays a dividend of kr 1.84 per share a year, a dividend yield of 6.9%. The last ex-dividend date was Aug 17, 2026. Free cash flow covers the dividend 4.12 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into MORELD AS (MORLD)?
For today's price to be fair in a discounted-cash-flow model, MORELD AS would have to grow free cash flow by -19.3 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 2 years revenue grew +9484.2 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of MORLD use?
Our models discount MORELD AS at 11.0 %: a base by market capitalisation (small), 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 MORELD AS that is -19.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has MORELD AS (MORLD) delivered so far?
Over the past 2 years revenue at MORELD AS grew +9484.2 % a year. The price currently implies free-cash-flow growth of -19.3 % 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 MORELD AS (MORLD) growing?
The median revenue growth in the sector is +14.3 % a year. That is the yardstick for the growth priced into MORELD AS (-19.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of MORELD AS (MORLD)?
The free-cash-flow yield on the price is 28.54 %: that much free cash flow MORELD AS produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of MORELD AS (MORLD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MORELD AS it is kr 44.96 per share (as of Nov 8, 2026), against a price of kr 26.50. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is MORELD AS stock overvalued or undervalued in 2026?
As of Nov 8, 2026, MORLD trades below its calculated fair value: price kr 26.50, fair value kr 44.96, a gap of about +70% (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 MORLD?
No. The price is what the market pays today (kr 26.50); the fair value is what the company's own numbers justify (kr 44.96). For MORELD AS the two are kr 18.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is MORELD AS worth?
The market values MORELD AS at about 4.7B NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 26.50; our models calculate a fair value of kr 44.96 per share.
What do the bullish and bearish scenarios say about MORLD?
Our models span a range for MORELD AS: cautious scenario kr 33.45, base kr 44.96, optimistic kr 57.10 per share (as of Nov 8, 2026, price kr 26.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MORLD?
MORELD AS trades at a price-to-earnings ratio of 48.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 44.96 is built from several models across several years. Other multiples: P/B 5.9, P/S 0.6.
How solid is the balance sheet of MORELD AS (MORLD)?
Balance-sheet figures for MORELD AS (as of Nov 8, 2026): return on equity 13.5%, debt of 1.62 per unit of equity. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is MORLD from its 52-week high?
MORELD AS trades at kr 26.50, at its 52-week high of kr 26.50 and 78% above the low of kr 14.86 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 44.96 is for.
Which stocks are comparable to MORELD AS?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, Tenaris S.A, Halliburton Company, 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 MORELD AS stock attractive at the current price?
The data as of Nov 8, 2026: price kr 26.50, calculated fair value kr 44.96 (+70%), Quality Score 77/100, from 24 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 MORLD calculated?
We run MORELD AS through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 44.96 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. MORELD AS currently trades 41% 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 MORELD AS (MORLD)?
The closing price on Nov 6, 2026 was kr 26.50. Our model-based fair value is kr 44.96, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MORELD AS right now?
The rarer combination: high quality (77/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 33.45). The market is more pessimistic than our downside scenario.
Key figures of MORELD AS
How large is the market capitalisation of MORELD AS (MORLD)?
The market capitalisation of MORELD AS is 4.7B NOK (≈ $495M). 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 MORELD AS (MORLD)?
The price-to-sales ratio of MORELD AS is 0.57 (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 MORELD AS (MORLD)?
Earnings per share at MORELD AS are kr 0.5500 (price ÷ EPS = P/E 48.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MORELD AS (MORLD)?
The dividend yield of MORELD AS is 6.9%. 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 MORELD AS (MORLD)?
The net margin of MORELD AS is 1.2% (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 MORELD AS (MORLD)?
The return on equity (ROE) of MORELD AS is 13.5% (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 MORELD AS (MORLD)?
On an EBIT basis the return on assets of MORELD AS is 6.4% (avg 3y). 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 MORELD AS (MORLD)?
The operating margin of MORELD AS is 9.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MORELD AS (MORLD)?
Revenue at MORELD AS is growing −5.7% versus a year earlier. 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 MORELD AS (MORLD)?
Earnings per share at MORELD AS are growing −1.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does MORELD AS (MORLD) carry?
The net debt of MORELD AS is 190M NOK (fiscal year 2025, ≈ 0.1 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 8, 2026