Bonheur (BONHR) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Bonheur NOK 277, price NOK 255, upside +8.6%, quality 49 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 167.19 – kr 358.13 · fair‑value band kr 214.45 – kr 712.86 · the kr 255.00 price screens below the kr 276.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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. The company operates through four segments: Renewable Energy, Wind Service, Cruise, and Other Investments.
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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. 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 255.00, while our model-based Fair Value estimate is kr 276.83, implying the stock looks roughly 7.9% fairly valued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of kr 1,170 per share, and 6 of the 9 models we run sit above the kr 255.00 price.
Bear case: the Asset-Based group reads lowest at kr 145.81, and 3 of the 9 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 214.45 (bear) to kr 712.86 (bull), the price of kr 255.00 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 10.8B NOK (≈ $1.1B) · P/E ratio 11.0 · P/S ratio 1.26 · EPS (TTM) kr 23.10 · Dividend yield 2.9% · Net margin 11.4% · Return on equity 14.0% · Return on assets (EBIT) 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 16% fair-value upside, at 9%, BONHR screens richer than that median.
Fair Value models
Bear kr 214.45Fair Value kr 276.83Bull kr 712.86
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 11.60 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.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.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.
+29.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.8%
Dividend (yield on the price)2.9%
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.27% vs 25%, 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%
Start year 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 · 377 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+9% · Above median
Profitability
Return on equity (TTM)14% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)19% · Top 25%
Growth and dividend
Revenue growth−7% · Bottom 25%
Dividend yield (TTM)2.9% · 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 Sep 24, 2026, our model estimates a fair value of kr 276.83 versus a price of kr 255.00, about +9% upside (fairly valued).
What is the fair value of BONHR?
Our model-based fair value for Bonheur is kr 276.83 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 255.00.
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 276.83 (as of Sep 24, 2026) from 9 valuation models. Cautious scenario kr 214.45, optimistic scenario kr 712.86. 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 276.83, about +9% upside versus a price of kr 255.00 (fairly valued). Cautious scenario kr 214.45, optimistic scenario kr 712.86. The calculation is refreshed regularly with new filings.
What is the revenue of Bonheur (BONHR)?
Bonheur reported trailing-twelve-month revenue of about 12.2B NOK (latest available figure, as of Sep 24, 2026).
Does Bonheur pay a dividend?
Bonheur currently shows a dividend yield of about 2.86% relative to its recent price (as of Sep 24, 2026).
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 276.83 per share (as of Sep 24, 2026), against a price of kr 255.00. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Bonheur stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BONHR trades below its calculated fair value: price kr 255.00, fair value kr 276.83, a gap of about +9% (fairly valued). 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 255.00); the fair value is what the company's own numbers justify (kr 276.83). For Bonheur the two are kr 21.83 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 10.8B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 255.00; our models calculate a fair value of kr 276.83 per share.
What do the bullish and bearish scenarios say about BONHR?
Our models span a range for Bonheur: cautious scenario kr 214.45, base kr 276.83, optimistic kr 712.86 per share (as of Sep 24, 2026, price kr 255.00). 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 11.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 276.83 is built from several models across several years. Other multiples: P/B 1.2, P/S 0.9, EV/EBITDA 3.3.
How solid is the balance sheet of Bonheur (BONHR)?
Balance-sheet figures for Bonheur (as of Sep 24, 2026): return on equity 14.0%, 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 255.00, about 5% below its 52-week high of kr 268.74 and 25% above the low of kr 204.10 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 276.83 is for.
Which stocks are comparable to Bonheur?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, CITIC Limited, Poste Italiane S.p.A, 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 Sep 24, 2026: price kr 255.00, calculated fair value kr 276.83 (+9%), Quality Score 49/100, from 9 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 9 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 276.83, 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 14.0 % above its aggregate fair value. Bonheur currently trades 9 % 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 Sep 24, 2026 was kr 255.00. Our model-based fair value is kr 276.83, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bonheur right now?
The model range is unusually wide (kr 214.45 to kr 712.86). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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 10.8B NOK (≈ $1.1B). 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 1.26 (P/E × margin). 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 23.10 (price ÷ EPS = P/E 11.0). 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 2.9% (payout 31.6%). 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 Bonheur (BONHR)?
The net margin of Bonheur is 11.4% (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 Bonheur (BONHR)?
The return on equity (ROE) of Bonheur is 14.0% (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 19.1% (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 −6.6% 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 −65.6% 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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