Norwegian Energy Co. ASA (0HTF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Norwegian Energy Co. ASA NOK 639, price NOK 563, upside +13.4%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 74.60 – kr 606.20 · fair‑value band kr 447.03 – kr 830.20 · the kr 563.00 price screens below the kr 638.61 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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BlueNord ASA, an oil and gas company, produces and develops resources that support the energy transition towards net zero. It is involved in the exploration and oil and gas infrastructure activities. The company's asset portfolio includes the Dan, Halfdan, Gorm, and Tyra hubs; and producing fields on the Danish continental shelf.
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BlueNord ASA, an oil and gas company, produces and develops resources that support the energy transition towards net zero. It is involved in the exploration and oil and gas infrastructure activities. The company's asset portfolio includes the Dan, Halfdan, Gorm, and Tyra hubs; and producing fields on the Danish continental shelf. The company was formerly known as Norwegian Energy Company ASA and changed its name to BlueNord ASA in April 2023. BlueNord ASA was founded in 2005 and is headquartered in Oslo, Norway.
Stock analysis
Norwegian Energy Co. ASA (0HTF) currently trades at kr 563.00, while our model-based Fair Value estimate is kr 638.61, implying the stock looks roughly 11.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 883.97 per share, and 12 of the 24 models we run sit above the kr 563.00 price.
Bear case: the Economic Profit group reads lowest at kr 106.86, and 12 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 447.03 (bear) to kr 830.20 (bull), the price of kr 563.00 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 68/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Norwegian Energy Co. ASA reported revenue of 1.1B NOK in FY2025 versus 565M NOK in FY2021, a compound +17.0%/yr. Reported net income was 100M NOK in FY2025.
Key figures
Market cap 5.0B NOK (≈ $523M) · P/S ratio 4.47 · EPS (TTM) kr −36.63 · Dividend yield 0.6% · Net margin 9.5% · Return on equity 13.7% · Return on assets (EBIT) 8.3% · Operating margin 23.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 91% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −40% fair-value upside, at 13%, 0HTF screens cheaper than that median.
Fair Value models
Bear kr 447.03Fair Value kr 638.61Bull kr 830.20
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+51.0%
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.
+3.1%
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.
+13.4%
Start year 2020 (pandemic). Over 10 years: +93.1% a year
Revenue growth 13 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.
+1.9%
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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.
−9.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.8%
Dividend (yield on the price)0.6%
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.−9.8% vs −19.0%, picking up
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.10% → 22%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
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).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
Compare Norwegian Energy Co. ASA with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Professional Services” was too small, so the broader sector is used.)Industrials · 5353 stocks
Beats the sector median on 10/13 measures
Overall it ranks above its sector peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+13.4% · Above median
Profitability
Return on equity (TTM)13.7% · Above median
Return on assets6.0% · Top 25%
Net margin (TTM)7.5% · Above median
Operating margin (TTM)23.7% · Top 25%
Growth and dividend
Revenue growth−1.9% · Below median
Dividend yield (TTM)0.6% · Bottom 25%
Balance sheet
Debt / equity0.67× · Highest 25%
Valuation Multiplesvs Industrials 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). "Norwegian Energy Co. ASA Fair Value". https://www.fairvalue-calculator.com/stock/0HTF
Frequently asked questions
Is Norwegian Energy Co. ASA (0HTF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 638.61 versus a price of kr 563.00, about +13% upside (undervalued).
What is the fair value of 0HTF?
Our model-based fair value for Norwegian Energy Co. ASA is kr 638.61 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 563.00.
What is the quality score of 0HTF?
Norwegian Energy Co. ASA has a Quality Score of 68/100. 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 Norwegian Energy Co. ASA (0HTF)?
Our model-based price target is the fair value of kr 638.61 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 447.03, optimistic scenario kr 830.20. It is a calculation from audited fundamentals, not an analyst target.
What is the Norwegian Energy Co. ASA stock forecast for 2026?
Our models put fair value at kr 638.61, about +13% upside versus a price of kr 563.00 (undervalued). Cautious scenario kr 447.03, optimistic scenario kr 830.20. The calculation is refreshed regularly with new filings.
What is the revenue of Norwegian Energy Co. ASA (0HTF)?
Norwegian Energy Co. ASA reported trailing-twelve-month revenue of about 1.1B NOK (latest available figure, as of Sep 24, 2026).
Does Norwegian Energy Co. ASA pay a dividend?
Norwegian Energy Co. ASA currently shows a dividend yield of about 0.64% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Norwegian Energy Co. ASA (0HTF)?
For today's price to be fair in a discounted-cash-flow model, Norwegian Energy Co. ASA would have to grow free cash flow by more than 80 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of 0HTF use?
Our models discount Norwegian Energy Co. ASA at 11.8 %: a base by market capitalisation (small), country premium for United Kingdom. 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 Norwegian Energy Co. ASA that is more than 80 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Norwegian Energy Co. ASA (0HTF) delivered so far?
Over the past 5 years revenue at Norwegian Energy Co. ASA grew +13.4 % a year. The price currently implies more than 80 % per year free-cash-flow growth a 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 Norwegian Energy Co. ASA (0HTF) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Norwegian Energy Co. ASA (more than 80 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Norwegian Energy Co. ASA (0HTF)?
The free-cash-flow yield on the price is 0.14 %: that much free cash flow Norwegian Energy Co. ASA produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Norwegian Energy Co. ASA (0HTF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Norwegian Energy Co. ASA it is kr 638.61 per share (as of Sep 24, 2026), against a price of kr 563.00. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Norwegian Energy Co. ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0HTF trades below its calculated fair value: price kr 563.00, fair value kr 638.61, a gap of about +13% (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 0HTF?
No. The price is what the market pays today (kr 563.00); the fair value is what the company's own numbers justify (kr 638.61). For Norwegian Energy Co. ASA the two are kr 75.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is Norwegian Energy Co. ASA worth?
The market values Norwegian Energy Co. ASA at about 5.0B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 563.00; our models calculate a fair value of kr 638.61 per share.
What do the bullish and bearish scenarios say about 0HTF?
Our models span a range for Norwegian Energy Co. ASA: cautious scenario kr 447.03, base kr 638.61, optimistic kr 830.20 per share (as of Sep 24, 2026, price kr 563.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Norwegian Energy Co. ASA (0HTF)?
Balance-sheet figures for Norwegian Energy Co. ASA (as of Sep 24, 2026): return on equity 13.7%, debt of 0.67 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is 0HTF from its 52-week high?
Norwegian Energy Co. ASA trades at kr 563.00, about 7% below its 52-week high of kr 606.20 and 91% above the low of kr 295.25 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 638.61 is for.
Which stocks are comparable to Norwegian Energy Co. ASA?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, Larsen & Toubro Limited, Samsung C&T Corporation, 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 Norwegian Energy Co. ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 563.00, calculated fair value kr 638.61 (+13%), Quality Score 68/100, 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 0HTF calculated?
We run Norwegian Energy Co. ASA through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 638.61, 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 14.5 % above its aggregate fair value. Norwegian Energy Co. ASA currently trades 12 % 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 Norwegian Energy Co. ASA (0HTF)?
The closing price on Oct 2, 2026 was kr 563.00. Our model-based fair value is kr 638.61, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Norwegian Energy Co. ASA right now?
A fairly wide model range (kr 447.03 to kr 830.20) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Norwegian Energy Co. ASA
How large is the market capitalisation of Norwegian Energy Co. ASA (0HTF)?
The market capitalisation of Norwegian Energy Co. ASA is 5.0B NOK (≈ $523M). 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 Norwegian Energy Co. ASA (0HTF)?
The price-to-sales ratio of Norwegian Energy Co. ASA is 4.47 (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 Norwegian Energy Co. ASA (0HTF)?
Earnings per share at Norwegian Energy Co. ASA are kr −36.63. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Norwegian Energy Co. ASA (0HTF)?
The dividend yield of Norwegian Energy Co. ASA is 0.6%. 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 Norwegian Energy Co. ASA (0HTF)?
The net margin of Norwegian Energy Co. ASA is 9.5% (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 Norwegian Energy Co. ASA (0HTF)?
The return on equity (ROE) of Norwegian Energy Co. ASA is 13.7% (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 Norwegian Energy Co. ASA (0HTF)?
On an EBIT basis the return on assets of Norwegian Energy Co. ASA is 8.3% (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 Norwegian Energy Co. ASA (0HTF)?
The operating margin of Norwegian Energy Co. ASA is 23.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Norwegian Energy Co. ASA (0HTF)?
Revenue at Norwegian Energy Co. ASA is growing −1.9% versus a year earlier (3y avg +3.1%). 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 Norwegian Energy Co. ASA (0HTF)?
Earnings per share at Norwegian Energy Co. ASA are growing −43.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Norwegian Energy Co. ASA (0HTF) carry?
The net debt of Norwegian Energy Co. ASA is 1.2B NOK (fiscal year 2025, ≈ 4.6 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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