DOF Group (DOFG) Fair Value & Analysis

Industrials · NO · Market cap 30.2B NOK

A solid business, but screening 85% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (kr 40.65). The favourable scenario is already priced in.
• The model range is unusually wide (kr 14.39 to kr 40.65). The outcome hinges heavily on assumptions, so read the point estimate with caution.
• Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (3 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

38‑month range kr 29.50 – kr 139.29 · fair‑value band kr 14.39 – kr 40.65 · the kr 126.30 price screens above the kr 18.35 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

Full chart & analysis →

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Analysis

DOF Group (DOFG) currently trades at kr 126.30, while our model-based Fair Value estimate is kr 18.35, implying the stock looks roughly 85.5% overvalued today. The Quality Score stands at 54/100 (solid quality), in the Industrials 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: high).

Over the trailing twelve months, DOF Group generated revenue of 2.0B NOK at a net margin of 23.6%. Revenue grew 20.9% year over year. It earns a return on equity of 23.6%. Net debt stands at 1.1B NOK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 14.39 (bear case) to kr 40.65 (bull case); at kr 126.30, 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. Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic. The share trades about 10% below its 52-week high and 65% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -85%, DOFG screens richer 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.

Widest divergence: Multiples (kr 32.24) versus Asset-Based (kr 5.56). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

DOF Group ASA owns and operates a fleet of offshore and subsea vessels. The company operates through Shipowning; DOF Subsea regions; Norskan Offshore; and DOFCON JV segments.

Full company description

DOF Group ASA owns and operates a fleet of offshore and subsea vessels. The company operates through Shipowning; DOF Subsea regions; Norskan Offshore; and DOFCON JV segments. It provides construction and installation; decommissioning; engineering; inspection, maintenance, and repair; offshore wind; remote operated vehicles (ROV) and autonomous underwater vehicles (AUV); saturation and air diving; survey and positioning; and towing, mooring, and installation services. It also offers port and marine logistics for floating wind; turbine integration and marshalling; transport and installation and subsea operation; dynamic cable installation and repair; anchor and mooring installation; offshore cable installation for wind farms; subsea cable repair services; and subsea construction for fixed wind. In addition, it offers crewing, maintenance, mobilization, and new building services. The company operates a fleet of 6 PSVs, 18 CSVs, and 25 AHTSs, as well as 74 remotely operated vehicles and autonomous underwater vehicles. It operates in Brazil, the United States, Australia, the United Kingdom, Norway, Angola, Mauritania, Guyana, Congo, the Netherlands, Canada, Singapore, the Philippines, Argentina, and internationally. DOF Group ASA was founded in 1981 and is headquartered in Storebø, Norway.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

DOF Group reported revenue of kr 1.9B in FY2025 versus kr 6.3B in FY2021, a compound −26.3%/yr. Reported net income was kr 467M in FY2025.

DOFG screens 85% overvalued. Compare with Larsen & Toubro Limited →

Peer Group

Engineering & Construction · 842 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.

Valuation Multiples vs Engineering & Construction median · lower = cheaper

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.

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

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

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.