Cavendish Hydrogen ASA (CAVEN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Cavendish Hydrogen ASA NOK 7.59, price NOK 5.41, upside +40.3%, quality 36 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
27‑month range kr 4.31 – kr 37.26 · fair‑value band kr 5.01 – kr 9.48 · the kr 5.41 price screens below the kr 7.59 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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Cavendish Hydrogen ASA, a hydrogen fueling company, engages in development, production, marketing, sale, installation, commissioning, and service of equipment for fueling hydrogen to on-road vehicles in Denmark, Norway, the United States, South Korea, and Austria.
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Cavendish Hydrogen ASA, a hydrogen fueling company, engages in development, production, marketing, sale, installation, commissioning, and service of equipment for fueling hydrogen to on-road vehicles in Denmark, Norway, the United States, South Korea, and Austria. The company's product includes the H2Station, which consists of various types of hydrogen fueling stations that provide fuel for fuel cell electric vehicles (FCEV), including cars, vans, buses, and trucks. It also offers project execution, site engineering, installation, commissioning, operation support, and maintenance services. Cavendish Hydrogen ASA was founded in 2003 and is headquartered in Oslo, Norway.
Stock analysis
Cavendish Hydrogen ASA (CAVEN) currently trades at kr 5.41, while our model-based Fair Value estimate is kr 7.59, implying the stock looks roughly 28.7% undervalued today.
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Valuation
How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the evidence level at low.
Scenario range: kr 5.01 (bear) to kr 9.48 (bull), the price of kr 5.41 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 36/100 (below-average quality), in the Utilities sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Cavendish Hydrogen ASA reported revenue of €15.3M in FY2025 versus €31.2M in FY2021, a compound −16.3%/yr. Reported net income was −€26.5M in FY2025.
Key figures
Market cap 252M NOK (≈ $26.4M) · P/S ratio 16.7 · EPS (TTM) kr −7.42 · Net margin −155% · Return on equity −42.6% · Return on assets (EBIT) −43.3% · Operating margin −162% · Revenue (TTM) €15.1M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −11% fair-value upside, at 40%, CAVEN screens cheaper than that median.
Fair Value models
Bear kr 5.01Fair Value kr 7.59Bull kr 9.48
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.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.0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−50.6%
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.
−9.3%
’21
’22
’23
’24
’25
Profit margin (trend) ⓘ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.
−76.6% (2021) → −164.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
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.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+40% · Above median
Profitability
Return on assets−18% · Bottom 25%
Net margin (TTM)−155% · Bottom 25%
Operating margin (TTM)−162% · Bottom 25%
Growth and dividend
Revenue growth−24% · Bottom 25%
Balance sheet
Debt / equity0.04× · Lowest 25%
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
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Is Cavendish Hydrogen ASA (CAVEN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 7.59 versus a price of kr 5.41, about +40% upside (undervalued).
What is the fair value of CAVEN?
Our model-based fair value for Cavendish Hydrogen ASA is kr 7.59 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 5.41.
What is the quality score of CAVEN?
Cavendish Hydrogen ASA has a Quality Score of 36/100. 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 Cavendish Hydrogen ASA (CAVEN)?
Our model-based price target is the fair value of kr 7.59 (as of Sep 24, 2026) from 1 valuation models. Cautious scenario kr 5.01, optimistic scenario kr 9.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Cavendish Hydrogen ASA stock forecast for 2026?
Our models put fair value at kr 7.59, about +40% upside versus a price of kr 5.41 (undervalued). Cautious scenario kr 5.01, optimistic scenario kr 9.48. The calculation is refreshed regularly with new filings.
What is the revenue of Cavendish Hydrogen ASA (CAVEN)?
Cavendish Hydrogen ASA reported trailing-twelve-month revenue of about €15.1M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Cavendish Hydrogen ASA (CAVEN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cavendish Hydrogen ASA it is kr 7.59 per share (as of Sep 24, 2026), against a price of kr 5.41. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Cavendish Hydrogen ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CAVEN trades below its calculated fair value: price kr 5.41, fair value kr 7.59, a gap of about +40% (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 CAVEN?
No. The price is what the market pays today (kr 5.41); the fair value is what the company's own numbers justify (kr 7.59). For Cavendish Hydrogen ASA the two are kr 2.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cavendish Hydrogen ASA worth?
The market values Cavendish Hydrogen ASA at about 252M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 5.41; our models calculate a fair value of kr 7.59 per share.
What do the bullish and bearish scenarios say about CAVEN?
Our models span a range for Cavendish Hydrogen ASA: cautious scenario kr 5.01, base kr 7.59, optimistic kr 9.48 per share (as of Sep 24, 2026, price kr 5.41). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cavendish Hydrogen ASA (CAVEN)?
Balance-sheet figures for Cavendish Hydrogen ASA (as of Sep 24, 2026): return on equity −42.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is CAVEN from its 52-week high?
Cavendish Hydrogen ASA trades at kr 5.41, about 50% below its 52-week high of kr 10.80 and 2% above the low of kr 5.31 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.59 is for.
Which stocks are comparable to Cavendish Hydrogen ASA?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, 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 Cavendish Hydrogen ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 5.41, calculated fair value kr 7.59 (+40%), Quality Score 36/100, from 1 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 CAVEN calculated?
We run Cavendish Hydrogen ASA through 1 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 7.59, 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. Cavendish Hydrogen ASA currently trades 40 % 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 Cavendish Hydrogen ASA (CAVEN)?
The closing price on Sep 24, 2026 was kr 5.41. Our model-based fair value is kr 7.59, about +40% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cavendish Hydrogen ASA right now?
The large discount to fair value meets weak quality (36/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 5.01 to kr 9.48) leaves room in how you read the outcome.
Key figures of Cavendish Hydrogen ASA
How large is the market capitalisation of Cavendish Hydrogen ASA (CAVEN)?
The market capitalisation of Cavendish Hydrogen ASA is 252M NOK (≈ $26.4M). 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 Cavendish Hydrogen ASA (CAVEN)?
The price-to-sales ratio of Cavendish Hydrogen ASA is 16.7 (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 Cavendish Hydrogen ASA (CAVEN)?
Earnings per share at Cavendish Hydrogen ASA are kr −7.42. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cavendish Hydrogen ASA (CAVEN)?
The net margin of Cavendish Hydrogen ASA is −155% (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 Cavendish Hydrogen ASA (CAVEN)?
The return on equity (ROE) of Cavendish Hydrogen ASA is −42.6% (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 Cavendish Hydrogen ASA (CAVEN)?
On an EBIT basis the return on assets of Cavendish Hydrogen ASA is −43.3% (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 Cavendish Hydrogen ASA (CAVEN)?
The operating margin of Cavendish Hydrogen ASA is −162% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cavendish Hydrogen ASA (CAVEN)?
Revenue at Cavendish Hydrogen ASA is growing −23.7% versus a year earlier (3y avg −9.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Cavendish Hydrogen ASA (CAVEN) generate?
The free cash flow of Cavendish Hydrogen ASA is −€20.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Cavendish Hydrogen ASA (CAVEN) hold?
Cavendish Hydrogen ASA holds more cash than debt, €39.2M net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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