BW Offshore Ltd (BWO) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of BW Offshore Ltd stock NOK 51.68, price NOK 40.05, upside +29.0%, quality 51 out of 100. Rating: undervalued. Calculated from audited financials with 23 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 12, 2026.
How to read this chart
60‑month range kr 15.33 – kr 52.07 · fair‑value band kr 37.77 – kr 62.51 · the kr 40.05 price screens below the kr 51.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 4 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 12, 2026.
Follow BW Offshore in your weekly email
Every Wednesday you see whether BW Offshore is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
BW Offshore Limited engages in the engineering of offshore production solutions in the Americas, Europe, Africa, Asia, and the Pacific. It operates through Floating Production, Storage, and Offloading (FPSO); and Floating Wind segments.
Show moreShow less
The company is involved in the construction, lease, and operation of FPSOs, as well as floating offshore wind. BW Offshore Limited was founded in 1982 and is based in Hamilton, Bermuda.
Stock analysis
BW Offshore Ltd (BWO) currently trades at kr 40.05, while our model-based Fair Value estimate is kr 51.68, implying the stock looks roughly 23% undervalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 76.46 per share, and 17 of the 23 models we run sit above the kr 40.05 price.
Bear case: the Multiples group reads lowest at kr 32.25, and 6 of the 23 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 37.77 (bear) to kr 62.51 (bull), the price of kr 40.05 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 51/100 (solid quality), in the Energy sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
BW Offshore Ltd reported revenue of $510M in FY2025 versus $829M in FY2021, a compound −11.5%/yr. Reported net income was $134M in FY2025, compounding +21.0%/yr from FY2021.
Key figures
Market cap 7.3B NOK (≈ $759M) Small · P/E ratio 5.7 · P/S ratio 1.49 · EPS (TTM) kr 7.09 · Dividend yield 8.8% · Net margin 26.4% · Return on equity −2.6% · Return on assets (EBIT) 3.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 40 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −28% fair-value upside, at 29%, BWO screens cheaper than that median.
Fair Value models
Bearkr 37.77Fair Value kr 51.68Bullkr 62.51
Price kr 40.05 · Upside +29.0%
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
FCF DCFkr 59.05kr 74.57kr 101.7882
Growth DCFkr 60.80kr 75.67kr 99.7380
Owner Earningskr 28.77kr 33.83kr 42.7178
All 23 models by family
DCF Models
FCF DCFkr 59.05kr 74.57kr 101.7882
Owner Earningskr 28.77kr 33.83kr 42.7178
5Y Revenue Exitkr 44.78kr 54.95kr 69.6574
5Y EBITDA Exitkr 61.37kr 83.65kr 113.1676
5Y P/E Exitkr 70.10kr 98.76kr 132.9871
10Y Revenue Exitkr 49.88kr 57.75kr 65.8168
10Y EBITDA Exitkr 60.08kr 74.75kr 90.2870
10Y P/E Exitkr 65.16kr 83.71kr 101.4265
Earnings-Based
Graham-Doddkr 48.17kr 58.88kr 66.2467
EPVkr 73.73kr 82.74kr 90.4274
Dividend Discount
Gordon GGMkr 39.02kr 42.38kr 47.4369
DDM Multi-Stagekr 39.02kr 47.65kr 59.1967
Multiples
P/E Multiplekr 74.39kr 99.18kr 123.9863
P/S Multiplekr 24.19kr 32.25kr 40.3258
P/B Multiplekr 28.76kr 38.34kr 47.9355
EV/EBITn/akr 12.75kr 31.8661
EV/EBITDAn/akr 12.40kr 31.4262
Asset-Based
NCAV (Graham)kr 27.92kr 37.41kr 55.8354
Growth DCF
Growth DCFkr 60.80kr 75.67kr 99.7380
Rev-Margin DCFkr 44.78kr 56.07kr 70.3174
Economic Profit
Residual Incomekr 54.63kr 61.20kr 73.3976
ROIC Compounderkr 73.73kr 84.76kr 96.0772
Growth Earnings
Growth-Adj P/Ekr 53.52kr 76.46kr 99.3967
The fair value above starts from this blend and is adjusted for a cyclical peak year.
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.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
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.
−9.9%
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.
−12.1%
Revenue growth 20 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.
+16.1%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
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.
+24.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.3%
Dividend (yield on the price)8.8%
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.15.3% vs −13.6%, 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.14% → 28%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 16.0%/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.
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
−8.5%
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 (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −10.6% a year for the price.
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 172 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside+29.0% · Top 25%
Profitability
Return on assets3.1% · Above median
Net margin (12 months)−5.9% · Bottom 25%
Operating margin (12 months)25.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)27.6% · Top 25%
Dividend yield (12 months)8.8% · Top 25%
Balance sheet
Debt / equity0.11× · Below median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
P/E (12 months)5.7× · Cheapest 25%
P/B0.66× · Cheapest 25%
P/S (12 months)1.45× · Pricier than median
Price / free cash flow (fiscal year)10.0× · Cheaper than median
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.
Is BW Offshore Ltd (BWO) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of kr 51.68 versus a price of kr 40.05, about +29% upside (undervalued).
What is the fair value of BWO?
Our model-based fair value for BW Offshore Ltd is kr 51.68 (as of Nov 12, 2026), built from audited fundamentals. The current price: kr 40.05.
What is the quality score of BWO?
BW Offshore Ltd has a Quality Score of 51/100. 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 BW Offshore Ltd (BWO)?
Our model-based price target is the fair value of kr 51.68 (as of Nov 12, 2026) from 23 valuation models. Cautious scenario kr 37.77, optimistic scenario kr 62.51. It is a calculation from audited fundamentals, not an analyst target.
What is the BW Offshore Ltd stock forecast for 2026?
Our models put fair value at kr 51.68, about +29% upside versus a price of kr 40.05 (undervalued). Cautious scenario kr 37.77, optimistic scenario kr 62.51. The calculation is refreshed regularly with new filings.
What is the revenue of BW Offshore Ltd (BWO)?
BW Offshore Ltd reported trailing-twelve-month revenue of about $522M (latest available figure, as of Nov 12, 2026).
Does BW Offshore Ltd pay a dividend?
BW Offshore Ltd currently shows a dividend yield of 8.84% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of BW Offshore Ltd (BWO) and when is the ex-dividend date?
BW Offshore Ltd pays a dividend of kr 3.54 per share a year, a dividend yield of 8.8%. The last ex-dividend date was Aug 27, 2026. A dividend has been paid every year since 2020. The payout ratio is 49.9% of earnings. Free cash flow covers the dividend 1.13 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into BW Offshore Ltd (BWO)?
For today's price to be fair in a discounted-cash-flow model, BW Offshore Ltd would have to grow free cash flow by -8.5 % per year for five years (discount rate 9.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.5 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of BWO use?
Our models discount BW Offshore Ltd at 9.9 %: a base by market capitalisation (small), damped by beta 0.61, 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 BW Offshore Ltd that is -8.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.9 %) and the same formula as our fair value.
How much growth has BW Offshore Ltd (BWO) delivered so far?
Over the past 5 years revenue at BW Offshore Ltd grew -10.5 % a year. The price currently implies free-cash-flow growth of -8.5 % 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 BW Offshore Ltd (BWO) growing?
The median revenue growth in the sector is +13.3 % a year. That is the yardstick for the growth priced into BW Offshore Ltd (-8.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BW Offshore Ltd (BWO)?
The free-cash-flow yield on the price is 10.03 %: that much free cash flow BW Offshore Ltd produces per unit of market value. When it exceeds the discount rate of our models (9.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BW Offshore Ltd (BWO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BW Offshore Ltd it is kr 51.68 per share (as of Nov 12, 2026), against a price of kr 40.05. It is the blended result of 23 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is BW Offshore Ltd stock overvalued or undervalued in 2026?
As of Nov 12, 2026, BWO trades below its calculated fair value: price kr 40.05, fair value kr 51.68, a gap of about +29% (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 BWO?
No. The price is what the market pays today (kr 40.05); the fair value is what the company's own numbers justify (kr 51.68). For BW Offshore Ltd the two are kr 11.63 per share apart. That gap is exactly why we show both numbers side by side.
How much is BW Offshore Ltd worth?
The market values BW Offshore Ltd at about 7.3B NOK (market capitalisation, as of Nov 12, 2026). Per share that is kr 40.05; our models calculate a fair value of kr 51.68 per share.
What do the bullish and bearish scenarios say about BWO?
Our models span a range for BW Offshore Ltd: cautious scenario kr 37.77, base kr 51.68, optimistic kr 62.51 per share (as of Nov 12, 2026, price kr 40.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BWO?
BW Offshore Ltd trades at a price-to-earnings ratio of 5.7 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 51.68 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 7.9. Other multiples: PEG 4.2, P/B 0.7, P/S 1.5, EV/EBITDA 2.5.
What is the PEG ratio of BWO?
The PEG ratio of BW Offshore Ltd is 4.17 (P/E divided by earnings growth, as of Nov 12, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of BW Offshore Ltd (BWO)?
Balance-sheet figures for BW Offshore Ltd (as of Nov 12, 2026): return on equity −2.6%, debt of 0.11 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is BWO from its 52-week high?
BW Offshore Ltd trades at kr 40.05, about 23% below its 52-week high of kr 52.07 and 22% above the low of kr 32.74 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of kr 51.68 is for.
Which stocks are comparable to BW Offshore Ltd?
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 BW Offshore Ltd stock attractive at the current price?
The data as of Nov 12, 2026: price kr 40.05, calculated fair value kr 51.68 (+29%), Quality Score 51/100, from 23 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 BWO calculated?
We run BW Offshore Ltd through 23 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 51.68 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 14.3% above its aggregate fair value. BW Offshore Ltd currently trades 23% 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 BW Offshore Ltd (BWO)?
The closing price on Nov 12, 2026 was kr 40.05. Our model-based fair value is kr 51.68, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BW Offshore Ltd right now?
Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality. 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.
Where does the earnings growth of BW Offshore Ltd (BWO) come from?
Earnings per share at BW Offshore Ltd grew −17.2 % a year from 2013 to 2023. Broken into its drivers: revenue per share −17.0 %, EBIT margin −2.4 %, tax rate +2.1 %, residual (interest, one-offs) +0.1 %. 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 BW Offshore Ltd
How large is the market capitalisation of BW Offshore Ltd (BWO)?
The market capitalisation of BW Offshore Ltd is 7.3B NOK (≈ $759M). 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 BW Offshore Ltd (BWO)?
The price-to-sales ratio of BW Offshore Ltd is 1.49 (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 BW Offshore Ltd (BWO)?
Earnings per share at BW Offshore Ltd are kr 7.09 (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of BW Offshore Ltd (BWO)?
The dividend yield of BW Offshore Ltd is 8.8% (payout 49.9%). 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 BW Offshore Ltd (BWO)?
The net margin of BW Offshore Ltd is 26.4% (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 BW Offshore Ltd (BWO)?
The return on equity (ROE) of BW Offshore Ltd is −2.6% (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 BW Offshore Ltd (BWO)?
On an EBIT basis the return on assets of BW Offshore Ltd is 3.9% (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 BW Offshore Ltd (BWO)?
The operating margin of BW Offshore Ltd is 25.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BW Offshore Ltd (BWO)?
Revenue at BW Offshore Ltd is growing +27.6% versus a year earlier (3y avg −13.0%). 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 BW Offshore Ltd (BWO)?
Earnings per share at BW Offshore Ltd are growing −34.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does BW Offshore Ltd (BWO) carry?
The net debt of BW Offshore Ltd is $1.2B (fiscal year 2023, ≈ 15.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Why does BW Offshore Ltd meet the fair value rule although the fair value shown is lower?
Peak profit dampened: kr 74.75 → kr 51.68. The latest annual profit is far above the years before, and such peaks rarely last. So we calculate cautiously with kr 51.68 instead of kr 74.75. If the profit stays high, we ease the caution year by year. As in the backtest, the fair value rule checks the value before: +87% against the price.
Free · no account needed
Watch BW Offshore Ltd in the live analysis
One click puts BW Offshore Ltd on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 12, 2026