Norske Skog Asa (NSKOG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Norske Skog Asa stock NOK 58.40, price NOK 35.90, upside +62.7%, quality 47 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 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
60‑month range kr 14.22 – kr 74.59 · fair‑value band kr 43.36 – kr 78.39 · the kr 35.90 price screens below the kr 58.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Norske Skog ASA engages in the production and sale of publication and packaging paper products in Norway, rest of Europe, North America, Asia, South America, Central America, and Africa. It operates through Publication Paper, Packaging Paper, and Other Activities segments.
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The company offers publication paper products comprising newsprint, uncoated mechanical improved, supercalendered, coated mechanical, magazine paper, and book paper; and packaging papers.
Its products are primarily used in magazines, periodicals, catalogues, brochures, newspapers, inserts, and for advertising purposes. The company was founded in 1962 and is headquartered in Oslo, Norway.
Stock analysis
Norske Skog Asa (NSKOG) currently trades at kr 35.90, while our model-based Fair Value estimate is kr 58.40, implying the stock looks roughly 39% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 62.69 per share, and 10 of the 13 models we run sit above the kr 35.90 price.
Bear case: the Earnings-Based group reads lowest at kr 28.99, and 3 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 43.36 (bear) to kr 78.39 (bull), the price of kr 35.90 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 47/100 (below-average quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Norske Skog Asa reported revenue of 9.4B NOK in FY2025 versus 9.8B NOK in FY2021, a compound −1.0%/yr. Reported net income was 405M NOK in FY2025.
Key figures
Market cap 3.0B NOK (≈ $323M) Small · P/E ratio 35.5 · P/S ratio 0.31 · EPS (TTM) kr 1.01 · Net margin 0.9% · Return on equity 1.4% · Return on assets (EBIT) 6.6% (5-year average) · Operating margin 11.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 34% below its 52-week high and 152% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 22% fair-value upside, at 63%, NSKOG screens cheaper than that median.
Fair Value models
Bearkr 43.36Fair Value kr 58.40Bullkr 78.39
Price kr 35.90 · Upside +62.7%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 0.8661 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.26/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.3%
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.
−13.4%
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.
+0.6%
Start year 2020 (pandemic). Over 10 years: −2.0% a year
Revenue growth 21 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.
−4.6%
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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.
−28.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.1%
Dividend (yield on the price)0.0%
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.−28.1% vs 15.1%, slowing
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.−1% → 6%
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.Paper & Paper Products · 116 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+62.7% · Top 25%
Profitability
Return on equity (12 months)1.4% · Below median
Return on assets2.8% · Above median
Net margin (12 months)0.9% · Below median
Operating margin (12 months)11.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)13.6% · Above median
Balance sheet
Debt / equity0.76× · Highest 25%
Valuation Multiplesvs Paper & Paper Products median · lower = cheaper
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Is Norske Skog Asa (NSKOG) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 58.40 versus a price of kr 35.90, about +63% upside (undervalued).
What is the fair value of NSKOG?
Our model-based fair value for Norske Skog Asa is kr 58.40 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 35.90.
What is the quality score of NSKOG?
Norske Skog Asa has a Quality Score of 47/100. 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 Norske Skog Asa (NSKOG)?
Our model-based price target is the fair value of kr 58.40 (as of Nov 8, 2026) from 13 valuation models. Cautious scenario kr 43.36, optimistic scenario kr 78.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Norske Skog Asa stock forecast for 2026?
Our models put fair value at kr 58.40, about +63% upside versus a price of kr 35.90 (undervalued). Cautious scenario kr 43.36, optimistic scenario kr 78.39. The calculation is refreshed regularly with new filings.
What is the revenue of Norske Skog Asa (NSKOG)?
Norske Skog Asa reported trailing-twelve-month revenue of about 10.0B NOK (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Norske Skog Asa (NSKOG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norske Skog Asa it is kr 58.40 per share (as of Nov 8, 2026), against a price of kr 35.90. It is the blended result of 13 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Norske Skog Asa stock overvalued or undervalued in 2026?
As of Nov 8, 2026, NSKOG trades below its calculated fair value: price kr 35.90, fair value kr 58.40, a gap of about +63% (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 NSKOG?
No. The price is what the market pays today (kr 35.90); the fair value is what the company's own numbers justify (kr 58.40). For Norske Skog Asa the two are kr 22.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norske Skog Asa worth?
The market values Norske Skog Asa at about 3.0B NOK (market capitalisation, as of Nov 8, 2026). Per share that is kr 35.90; our models calculate a fair value of kr 58.40 per share.
What do the bullish and bearish scenarios say about NSKOG?
Our models span a range for Norske Skog Asa: cautious scenario kr 43.36, base kr 58.40, optimistic kr 78.39 per share (as of Nov 8, 2026, price kr 35.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NSKOG?
Norske Skog Asa trades at a price-to-earnings ratio of 35.5 (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 58.40 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.3, EV/EBITDA 17.4.
How solid is the balance sheet of Norske Skog Asa (NSKOG)?
Balance-sheet figures for Norske Skog Asa (as of Nov 8, 2026): return on equity 1.4%, debt of 0.76 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is NSKOG from its 52-week high?
Norske Skog Asa trades at kr 35.90, about 34% below its 52-week high of kr 54.20 and 152% above the low of kr 14.22 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 58.40 is for.
Which stocks are comparable to Norske Skog Asa?
From the same area (Basic Materials) we also value UPM-Kymmene Oyj, Suzano S.A, Shandong Sunpaper Co, Nine Dragons Paper (Holdings) 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 Norske Skog Asa stock attractive at the current price?
The data as of Nov 8, 2026: price kr 35.90, calculated fair value kr 58.40 (+63%), Quality Score 47/100, from 13 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 NSKOG calculated?
We run Norske Skog Asa through 13 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 58.40 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. Norske Skog Asa currently trades 39% 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 Norske Skog Asa (NSKOG)?
The closing price on Nov 6, 2026 was kr 35.90. Our model-based fair value is kr 58.40, about +63% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norske Skog Asa right now?
The large discount to fair value meets weak quality (47/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 43.36). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 43.36 to kr 78.39) leaves room in how you read the outcome.
Key figures of Norske Skog Asa
How large is the market capitalisation of Norske Skog Asa (NSKOG)?
The market capitalisation of Norske Skog Asa is 3.0B NOK (≈ $323M). 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 Norske Skog Asa (NSKOG)?
The price-to-sales ratio of Norske Skog Asa is 0.31 (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 Norske Skog Asa (NSKOG)?
Earnings per share at Norske Skog Asa are kr 1.01 (price ÷ EPS = P/E 35.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Norske Skog Asa (NSKOG)?
The net margin of Norske Skog Asa is 0.9% (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 Norske Skog Asa (NSKOG)?
The return on equity (ROE) of Norske Skog Asa is 1.4% (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 Norske Skog Asa (NSKOG)?
On an EBIT basis the return on assets of Norske Skog Asa is 6.6% (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 Norske Skog Asa (NSKOG)?
The operating margin of Norske Skog Asa is 11.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norske Skog Asa (NSKOG)?
Revenue at Norske Skog Asa is growing +13.6% versus a year earlier (3y avg −13.4%). 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 Norske Skog Asa (NSKOG)?
Earnings per share at Norske Skog Asa are growing −6.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Norske Skog Asa (NSKOG) generate?
The free cash flow of Norske Skog Asa is −755M 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 Norske Skog Asa (NSKOG) carry?
The net debt of Norske Skog Asa is 4.4B 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 8, 2026