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Constellation Oil Services Holding S.A. (COSH) Fair Value & Analysis

Energy · NO · Market cap 11.5B NOK

CO Constellation Oil Services Holding S.A. COSH · OL
Pricekr 137.00
Fair Valuekr 84.13
Upside-38.6%
Quality43/100
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Strengths

Low debt · generates free cash flow

Risks

!Trades 39% ABOVE our fair value of kr 84.13
!Mixed Growth
!Loss-making · -12.0% net margin
!Trails peers (5/13)
Mixed Growth
Loss-making · -12.0% net margin
Low debt · generates free cash flow
Trails peers (5/13)
Narrow moat 32/100
Evidence: Medium Range kr 61.83 – kr 106.43 Share as image

Fair value as of: Aug 23, 2026

From 10 valuation models · updated today

Fair value updated Aug 23, 2026, revised from kr 4.54 to kr 84.13 (+1,753.1%) since Aug 13, 2026. Share price −0.7% over the past month.

Below-average quality, and screening another 39% overvalued on our models.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price sits above even our optimistic bull case (kr 106.43). The favourable scenario is already priced in.
  • Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (18 months)

kr 147.70 kr 72.48 Fair Value kr 84.13 Mar 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.

How to read this chart

18‑month range kr 72.48 – kr 147.70 · fair‑value band kr 61.83 – kr 106.43 · the kr 137.00 price screens above the kr 84.13 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.

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Analysis

Constellation Oil Services Holding S.A. (COSH) currently trades at kr 137.00, while our model-based Fair Value estimate is kr 84.13, implying the stock looks roughly 38.6% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Constellation Oil Services Holding S.A. generated revenue of 676M NOK at a net margin of -12.0%. Revenue grew 64.9% year over year. It earns a return on equity of -4.5%. Net debt stands at 428M NOK. Fundamentals as of Aug 23, 2026

Our scenario range runs from kr 61.83 (bear case) to kr 106.43 (bull case); at kr 137.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 93% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -44% fair-value upside, at -39%, COSH screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF kr 10.20 kr 17.76 kr 28.87 80
Rev-Margin DCF kr 4.48 kr 8.72 kr 13.79 74
EV/EBITDA kr 3.09 kr 5.49 kr 7.89 54
All 10 models by family
DCF Models
FCF DCF kr 10.04 kr 18.78 kr 32.56 38
5Y Revenue Exit kr 4.48 kr 8.59 kr 13.74 39
5Y EBITDA Exit kr 4.98 kr 9.54 kr 14.82 41
10Y Revenue Exit kr 6.14 kr 10.45 kr 16.14 36
10Y EBITDA Exit kr 6.65 kr 11.12 kr 16.98 37
Multiples
EV/EBITDA kr 3.09 kr 5.49 kr 7.89 54
EV/Revenue kr 1.83 kr 4.37 kr 6.92 43
Asset-Based
NCAV (Graham) kr 10.12 kr 13.56 kr 20.24 50
Growth DCF
Growth DCF kr 10.20 kr 17.76 kr 28.87 80
Rev-Margin DCF kr 4.48 kr 8.72 kr 13.79 74

Widest divergence: Asset-Based (kr 13.56) versus Multiples (kr 4.37). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 676M NOK
Revenue growth (YoY) +64.9%
Net margin -12.0%
Return on equity -4.5%
Free cash flow 102M NOK FY2025
Operating margin 21.1%
More key figures
EPS (TTM) kr -8.89
Net debt 428M NOK FY2025

Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 45 · Market factors (momentum, volatility) 73

Profitability 2
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 61
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Constellation Oil Services Holding S.A., together with its subsidiaries, owns, charters, and operates offshore drilling rigs for exploration and production companies in Brazil. The company was formerly known as QGOG Constellation S.A. and changed its name to Constellation Oil Services Holding S.A. in November 2018. Constellation Oil Services Holding S.A.

Full company description

Constellation Oil Services Holding S.A., together with its subsidiaries, owns, charters, and operates offshore drilling rigs for exploration and production companies in Brazil. The company was formerly known as QGOG Constellation S.A. and changed its name to Constellation Oil Services Holding S.A. in November 2018. Constellation Oil Services Holding S.A. was founded in 1980 and is headquartered in Luxembourg, Luxembourg.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2011 – FY2025 · reported fiscal years

Constellation Oil Services Holding S.A. reported revenue of kr 597M in FY2025 versus kr 586M in FY2011, a compound +0.1%/yr. Reported net income was −kr 137M in FY2025.

Growth Quality 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
597M NOK
Latest YoY
+6.0%
Avg. growth/yr (3Y) 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.
+13.7%
Avg. growth/yr (15Y) 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.
+3.7%
Revenue +0.1%/yr
FY11 kr 586M
FY22 kr 406M
FY23 kr 552M
FY24 kr 564M
FY25 kr 597M
Net income
FY11 −kr 39.7M
FY22 kr 859M
FY23 −kr 30.9M
FY24 −kr 42.0M
FY25 −kr 137M

COSH screens 39% overvalued. Compare with Noble Corporation →

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Cite: Fair Value Calculator (2026). "Constellation Oil Services Holding S.A. Fair Value". https://www.fairvalue-calculator.com/stock/COSH

Peer Group

Oil & Gas Drilling · 34 stocks

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.

Quality Score 43 · Below median
Fair Value upside −39% · Below median
Return on assets 2% · Below median
Net margin (TTM) -12% · Bottom 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 65% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.33× · Lower than median

Valuation Multiples vs Oil & Gas Drilling median · lower = cheaper

P/B 0.72× · Cheaper than median
P/S (TTM) 1.83× · Pricier than median
P/FCF 12.1× · Pricier than median
EV/EBITDA 5.2× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE100 · sector 0
PAST0 · sector 19
HEALTH83 · sector 81
DIVIDEND0 · sector 31

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Drilling stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).

Stock Price Fair Value vs Fair Value
Noble Corporation NE $44.08 $23.09 -48%
Sinopec Oilfield Service Corporation 600871 ¥2.22 ¥0.4900 -78%
Transocean Ltd RIG $5.70 $2.16 -62%
Valaris Limited VAL $85.21 $58.91 -31%
Patterson-UTI Energy, Inc PTEN $12.13 $12.20 +1%
Helmerich & Payne, Inc HP $42.97 $9.25 -78%
Seadrill Limited SDRL $46.72 $10.17 -78%
Odfjell Drilling Ltd ODL kr 95.30 kr 53.75 -44%
Borr Drilling Limited BORR kr 36.50 kr 27.01 -26%
Nabors Industries Ltd NBR $89.70 $209.14 +133%

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Frequently asked questions

Is Constellation Oil Services Holding S.A. (COSH) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of kr 84.13 versus a price of kr 137.00, about −39% (overvalued).
What is the fair value of COSH?
Our model-based fair value for Constellation Oil Services Holding S.A. is kr 84.13 (as of Aug 23, 2026), built from audited fundamentals. The current price: kr 137.00.
What is the quality score of COSH?
Constellation Oil Services Holding S.A. has a Quality Score of 43/100. 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 revenue of Constellation Oil Services Holding S.A. (COSH)?
Constellation Oil Services Holding S.A. reported trailing-twelve-month revenue of about 676M NOK (latest available figure, as of Aug 23, 2026).
What is the net profit margin of COSH?
The net profit margin of Constellation Oil Services Holding S.A. is about -12.0%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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