DOF Group ASA (DOFG) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of DOF Group ASA NOK 150, price NOK 132, upside +14.1%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch DOF Group ASA for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
39‑month range kr 29.50 – kr 139.29 · fair‑value band kr 93.25 – kr 211.84 · the kr 131.50 price screens below the kr 150.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow DOF Group in your weekly email
Every Wednesday you see whether DOF Group 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.
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.
Show more
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.
Stock analysis
DOF Group ASA (DOFG) currently trades at kr 131.50, while our model-based Fair Value estimate is kr 150.07, implying the stock looks roughly 12.4% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of kr 32.24 per share, and 0 of the 24 models we run sit above the kr 131.50 price.
Bear case: the Earnings-Based group reads lowest at kr 15.76, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 93.25 (bear) to kr 211.84 (bull), the price of kr 131.50 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 54/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
DOF Group ASA reported revenue of $1.9B in FY2025 versus $6.3B in FY2021, a compound −26.3%/yr. Reported net income was $467M in FY2025.
Key figures
Market cap 32.4B NOK (≈ $3.4B) · P/E ratio 7.1 · P/S ratio 1.76 · EPS (TTM) kr 18.64 · Dividend yield 1.0% · Net margin 25.0% · Return on equity 23.6% · Return on assets (EBIT) 61.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
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 6% below its 52-week high and 66% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 14%, DOFG screens cheaper than that median.
Fair Value models
Bear kr 93.25Fair Value kr 150.07Bull kr 211.84
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 12.68 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
What shareholders gained per year (last 3 years) (mathematically smoothed) ⓘ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 3 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+40.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+39.5%
Dividend (yield on the price)1.0%
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.−26% → 28%
2025 sits 103% above its own trend. The rate follows the median trend of the last 3 years, not that single year.
⚠ Revenue per share shrinking 41.3%/yr over ~9Y (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
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+8.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +5.6% a year for the price and +1.9% for the forecasts.
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.Engineering & Construction · 840 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score54 · Above median
Fair Value upside+14% · Above median
Profitability
Return on equity (TTM)24% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)24% · Top 25%
Operating margin (TTM)19% · Top 25%
Growth and dividend
Revenue growth21% · Above median
Dividend yield (TTM)1.0% · Below median
Balance sheet
Debt / equity0.70× · Highest 25%
Valuation Multiplesvs Engineering & Construction 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). "DOF Group ASA Fair Value". https://www.fairvalue-calculator.com/stock/DOFG
Frequently asked questions
Is DOF Group ASA (DOFG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 150.07 versus a price of kr 131.50, about +14% upside (undervalued).
What is the fair value of DOFG?
Our model-based fair value for DOF Group ASA is kr 150.07 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 131.50.
What is the quality score of DOFG?
DOF Group ASA has a Quality Score of 54/100. 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 DOF Group ASA (DOFG)?
Our model-based price target is the fair value of kr 150.07 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 93.25, optimistic scenario kr 211.84. It is a calculation from audited fundamentals, not an analyst target.
What is the DOF Group ASA stock forecast for 2026?
Our models put fair value at kr 150.07, about +14% upside versus a price of kr 131.50 (undervalued). Cautious scenario kr 93.25, optimistic scenario kr 211.84. The calculation is refreshed regularly with new filings.
What is the revenue of DOF Group ASA (DOFG)?
DOF Group ASA reported trailing-twelve-month revenue of about $2.0B (latest available figure, as of Sep 24, 2026).
Does DOF Group ASA pay a dividend?
DOF Group ASA currently shows a dividend yield of about 1.04% relative to its recent price (as of Sep 24, 2026).
What growth is priced into DOF Group ASA (DOFG)?
For today's price to be fair in a discounted-cash-flow model, DOF Group ASA would have to grow free cash flow by +8.1 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -21.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DOFG use?
Our models discount DOF Group ASA at 9.5 %: a base by market capitalisation (mid), 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 DOF Group ASA that is +8.1 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has DOF Group ASA (DOFG) delivered so far?
Over the past 5 years revenue at DOF Group ASA grew -21.4 % a year. The price currently implies +8.1 % per year free-cash-flow growth a 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 DOF Group ASA (DOFG) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into DOF Group ASA (+8.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DOF Group ASA (DOFG)?
The free-cash-flow yield on the price is 6.94 %: that much free cash flow DOF Group ASA produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DOF Group ASA (DOFG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DOF Group ASA it is kr 150.07 per share (as of Sep 24, 2026), against a price of kr 131.50. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is DOF Group ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DOFG trades below its calculated fair value: price kr 131.50, fair value kr 150.07, a gap of about +14% (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 DOFG?
No. The price is what the market pays today (kr 131.50); the fair value is what the company's own numbers justify (kr 150.07). For DOF Group ASA the two are kr 18.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is DOF Group ASA worth?
The market values DOF Group ASA at about 32.4B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 131.50; our models calculate a fair value of kr 150.07 per share.
What do the bullish and bearish scenarios say about DOFG?
Our models span a range for DOF Group ASA: cautious scenario kr 93.25, base kr 150.07, optimistic kr 211.84 per share (as of Sep 24, 2026, price kr 131.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DOFG?
DOF Group ASA trades at a price-to-earnings ratio of 7.1 (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 150.07 is built from several models across several years. Other multiples: P/B 1.7, P/S 1.7, EV/EBITDA 6.4.
How solid is the balance sheet of DOF Group ASA (DOFG)?
Balance-sheet figures for DOF Group ASA (as of Sep 24, 2026): return on equity 23.6%, debt of 0.70 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is DOFG from its 52-week high?
DOF Group ASA trades at kr 131.50, about 6% below its 52-week high of kr 139.29 and 66% above the low of kr 79.36 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 150.07 is for.
Which stocks are comparable to DOF Group ASA?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 DOF Group ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 131.50, calculated fair value kr 150.07 (+14%), Quality Score 54/100, from 24 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 DOFG calculated?
We run DOF Group ASA through 24 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 150.07, 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. DOF Group ASA currently trades 14 % 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 DOF Group ASA (DOFG)?
The closing price on Sep 24, 2026 was kr 131.50. Our model-based fair value is kr 150.07, about +14% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DOF Group ASA right now?
A fairly wide model range (kr 93.25 to kr 211.84) leaves room in how you read the outcome. 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.
Key figures of DOF Group ASA
How large is the market capitalisation of DOF Group ASA (DOFG)?
The market capitalisation of DOF Group ASA is 32.4B NOK (≈ $3.4B). 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 DOF Group ASA (DOFG)?
The price-to-sales ratio of DOF Group ASA is 1.76 (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 DOF Group ASA (DOFG)?
Earnings per share at DOF Group ASA are kr 18.64 (price ÷ EPS = P/E 7.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DOF Group ASA (DOFG)?
The dividend yield of DOF Group ASA is 1.0% (payout 7.3%). 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 DOF Group ASA (DOFG)?
The net margin of DOF Group ASA is 25.0% (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 DOF Group ASA (DOFG)?
The return on equity (ROE) of DOF Group ASA is 23.6% (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 DOF Group ASA (DOFG)?
On an EBIT basis the return on assets of DOF Group ASA is 61.7% (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 DOF Group ASA (DOFG)?
The operating margin of DOF Group ASA is 19.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DOF Group ASA (DOFG)?
Revenue at DOF Group ASA is growing +20.9% versus a year earlier (3y avg −41.3%). 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 DOF Group ASA (DOFG)?
Earnings per share at DOF Group ASA are growing −8.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does DOF Group ASA (DOFG) carry?
The net debt of DOF Group ASA is $1.1B (fiscal year 2025, ≈ 4.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch DOF Group ASA in the live analysis
One click puts DOF Group ASA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
