Hafnia Ltd (HAFNI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Hafnia Ltd stock NOK 63.16, price NOK 87.45, that is 27.8% below the price, quality 65 out of 100. Rating: overvalued. Calculated from audited financials with 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 9, 2026.
How to read this chart
60‑month range kr 7.59 – kr 104.80 · fair‑value band kr 36.02 – kr 82.11 · the kr 87.45 price screens above the kr 63.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Hafnia Limited., an investment holding company, owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), and Handy Size segments.
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The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies.
It also engages in ship owning, chartering, and provision of maritime services in the product and chemical tankers market. The company was formerly known as BW Tankers Limited and changed its name to Hafnia Limited. In January 2019. Hafnia Limited was founded in 2010 and is based in Singapore.
Stock analysis
Hafnia Ltd (HAFNI) currently trades at kr 87.45, while our model-based Fair Value estimate is kr 63.16, 28% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 190.16 per share, and 17 of the 26 models we run sit above the kr 87.45 price.
Bear case: the Asset-Based group reads lowest at kr 27.56, and 9 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 36.02 (bear) to kr 82.11 (bull), the price of kr 87.45 sits above 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 65/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hafnia Ltd reported revenue of $2.3B in FY2025 versus $811M in FY2021, a compound +29.5%/yr. Reported net income was $340M in FY2025.
Key figures
Market cap 46.2B NOK (≈ $4.9B) Mid · P/E ratio 6.8 · P/S ratio 1.02 · EPS (TTM) kr 12.80 · Dividend yield 1.3% · Net margin 14.9% · Return on equity 26.6% · Return on assets (EBIT) 14.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 79 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at −28%, HAFNI screens richer than that median.
Fair Value models
Bearkr 36.02Fair Value kr 63.16Bullkr 82.11
Price kr 87.45 · Downside -27.8%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 10.02 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. 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 115.50kr 202.79kr 439.7475
Residual Incomekr 40.12kr 49.55kr 69.1275
EPVkr 39.36kr 47.79kr 55.0674
All 26 models by family
DCF Models
FCF DCFkr 115.50kr 202.79kr 439.7475
Owner Earningskr 110.11kr 256.41kr 548.1870
5Y Revenue Exitkr 61.52kr 114.55kr 209.2069
5Y EBITDA Exitkr 91.56kr 180.27kr 331.1471
5Y P/E Exitkr 88.85kr 186.55kr 309.5068
10Y Revenue Exitkr 75.80kr 144.21kr 226.1365
10Y EBITDA Exitkr 98.33kr 198.67kr 374.5665
10Y P/E Exitkr 96.48kr 193.77kr 354.4161
Earnings-Based
Graham-Doddkr 40.78kr 277.14kr 388.4963
Lynch FVkr 81.36kr 116.23kr 151.1061
PEG = 1.0kr 81.36kr 116.23kr 151.1057
EPVkr 39.36kr 47.79kr 55.0674
Dividend Discount
Gordon GGMkr 30.80kr 61.38kr 92.9467
DDM Multi-Stagekr 30.80kr 53.04kr 64.7967
Multiples
P/E Multiplekr 94.46kr 125.95kr 157.4363
P/S Multiplekr 60.43kr 80.58kr 100.7258
P/B Multiplekr 35.60kr 47.47kr 59.3355
EV/EBITkr 66.52kr 94.26kr 121.9965
EV/EBITDAkr 81.74kr 114.55kr 147.3567
EV/Revenuekr 34.09kr 55.84kr 77.6052
Asset-Based
NCAV (Graham)kr 20.56kr 27.56kr 41.1354
Growth DCF
Growth DCFkr 109.72kr 223.72kr 430.1974
Rev-Margin DCFkr 61.52kr 120.46kr 207.0070
Economic Profit
Residual Incomekr 40.12kr 49.55kr 69.1275
ROIC Compounderkr 39.36kr 57.28kr 76.3871
Growth Earnings
Growth-Adj P/Ekr 112.39kr 160.56kr 208.7367
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.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−20.5%
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.
+7.6%
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.
+21.2%
Start year 2020 (pandemic). Over 10 years: +21.5% a year
Revenue growth 10 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.
+21.5%
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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.
+18.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.3%
Dividend (yield on the price)1.3%
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.17.3% vs 14.1%, 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.22% → 16%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less 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).
−0.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
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.
−16.4%
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 −2.5% a year for the price and −18.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
AI conclusion: Potential synergies across fleets from the Torm stake form the main strength, while thin evidence of a durable moat beyond average financials in a cyclical sector remains the main weak point.
Main risk: Committing substantial resources to the Torm stake instead of the core fleet risks limiting operational flexibility and returns in the product tanker segment.
Hafnia has built a nearly 20 percent stake in fellow product tanker operator Torm through successive purchases, becoming its largest shareholder after raising fresh equity. This move could unlock synergies across two large fleets in the same segment. At the same time the capital raise dilutes owners while committing significant resources to a peer rather than the core fleet. Will the strategic benefits from closer ties exceed the opportunity cost of that capital?
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.Marine Shipping · 220 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Top 25%
Fair Value upside−27.8% · Bottom 25%
Profitability
Return on equity (12 months)26.6% · Top 25%
Return on assets8.9% · Top 25%
Net margin (12 months)24.7% · Above median
Operating margin (12 months)29.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)47.2% · Top 25%
Dividend yield (12 months)1.3% · Bottom 25%
Balance sheet
Debt / equity0.38× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
P/E (12 months)6.8× · Cheapest 25%
P/B2.10× · Priciest 25%
P/S (12 months)1.84× · Cheaper than median
Price / free cash flow (fiscal year)10.7× · Cheaper than median
EV/EBITDA7.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 45
FUTURE (revenue growth)100· sector 60
PAST (return on equity)100· sector 36
HEALTH (low debt)81· sector 89
DIVIDEND (yield)25· sector 61
VALUE 0: the price sits above our fair-value range.
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). "Hafnia Ltd Fair Value". https://www.fairvalue-calculator.com/stock/HAFNI
Frequently asked questions
Is Hafnia Ltd (HAFNI) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 63.16 versus a price of kr 87.45, about 28% lower (overvalued).
What is the fair value of HAFNI?
Our model-based fair value for Hafnia Ltd is kr 63.16 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 87.45.
What is the quality score of HAFNI?
Hafnia Ltd has a Quality Score of 65/100. 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 Hafnia Ltd (HAFNI)?
Our model-based price target is the fair value of kr 63.16 (as of Nov 9, 2026) from 26 valuation models. Cautious scenario kr 36.02, optimistic scenario kr 82.11. It is a calculation from audited fundamentals, not an analyst target.
What is the Hafnia Ltd stock forecast for 2026?
Our models put fair value at kr 63.16, about 28% lower versus a price of kr 87.45 (overvalued). Cautious scenario kr 36.02, optimistic scenario kr 82.11. The calculation is refreshed regularly with new filings.
What is the revenue of Hafnia Ltd (HAFNI)?
Hafnia Ltd reported trailing-twelve-month revenue of about $2.7B (latest available figure, as of Nov 9, 2026).
Does Hafnia Ltd pay a dividend?
Hafnia Ltd currently shows a dividend yield of 1.27% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Hafnia Ltd (HAFNI) and when is the ex-dividend date?
Hafnia Ltd pays a dividend of kr 1.11 per share a year, a dividend yield of 1.3%. The last ex-dividend date was Sep 7, 2026. A dividend has been paid every year since 2022. The payout ratio is 58.5% of earnings. Free cash flow covers the dividend 2.30 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 Hafnia Ltd (HAFNI)?
For today's price to be fair in a discounted-cash-flow model, Hafnia Ltd would have to grow free cash flow by -0.2 % 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 +21.2 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of HAFNI use?
Our models discount Hafnia Ltd 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 Hafnia Ltd that is -0.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Hafnia Ltd (HAFNI) delivered so far?
Over the past 5 years revenue at Hafnia Ltd grew +21.2 % a year. The price currently implies free-cash-flow growth of -0.2 % 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 Hafnia Ltd (HAFNI) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Hafnia Ltd (-0.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hafnia Ltd (HAFNI)?
The free-cash-flow yield on the price is 9.90 %: that much free cash flow Hafnia Ltd 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 Hafnia Ltd (HAFNI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hafnia Ltd it is kr 63.16 per share (as of Nov 9, 2026), against a price of kr 87.45. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Hafnia Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, HAFNI trades above its calculated fair value: price kr 87.45, fair value kr 63.16, a gap of about −28% (overvalued). 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 HAFNI?
No. The price is what the market pays today (kr 87.45); the fair value is what the company's own numbers justify (kr 63.16). For Hafnia Ltd the two are kr 24.29 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hafnia Ltd worth?
The market values Hafnia Ltd at about 46.2B NOK (market capitalisation, as of Nov 9, 2026). Per share that is kr 87.45; our models calculate a fair value of kr 63.16 per share.
What do the bullish and bearish scenarios say about HAFNI?
Our models span a range for Hafnia Ltd: cautious scenario kr 36.02, base kr 63.16, optimistic kr 82.11 per share (as of Nov 9, 2026, price kr 87.45). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAFNI?
Hafnia Ltd trades at a price-to-earnings ratio of 6.8 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 63.16 is built from several models across several years. Other multiples: P/B 2.1, P/S 1.8, EV/EBITDA 7.9.
How solid is the balance sheet of Hafnia Ltd (HAFNI)?
Balance-sheet figures for Hafnia Ltd (as of Nov 9, 2026): return on equity 26.6%, debt of 0.38 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is HAFNI from its 52-week high?
Hafnia Ltd trades at kr 87.45, about 17% below its 52-week high of kr 104.80 and 87% above the low of kr 46.75 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 63.16 is for.
Which stocks are comparable to Hafnia Ltd?
From the same area (Industrials) we also value Adani Ports and Special Economic Zone Limited, COSCO SHIPPING Holdings, Hapag-Lloyd Aktiengesellschaft,, Shanghai International Port (Group) Co, 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 Hafnia Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price kr 87.45, calculated fair value kr 63.16 (−28%), Quality Score 65/100, from 26 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 HAFNI calculated?
We run Hafnia Ltd through 26 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 63.16 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 13.3% above its aggregate fair value. Hafnia Ltd itself currently trades above fair value. 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 Hafnia Ltd (HAFNI)?
The closing price on Nov 6, 2026 was kr 87.45. Our model-based fair value is kr 63.16, about 28% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hafnia Ltd right now?
The price sits above even our optimistic bull case (kr 82.11). The favourable scenario is already priced in. Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 36.02 to kr 82.11) leaves room in how you read the outcome.
Key figures of Hafnia Ltd
How large is the market capitalisation of Hafnia Ltd (HAFNI)?
The market capitalisation of Hafnia Ltd is 46.2B NOK (≈ $4.9B). 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 Hafnia Ltd (HAFNI)?
The price-to-sales ratio of Hafnia Ltd is 1.02 (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 Hafnia Ltd (HAFNI)?
Earnings per share at Hafnia Ltd are kr 12.80 (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hafnia Ltd (HAFNI)?
The dividend yield of Hafnia Ltd is 1.3% (payout 8.7%). 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 Hafnia Ltd (HAFNI)?
The net margin of Hafnia Ltd is 14.9% (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 Hafnia Ltd (HAFNI)?
The return on equity (ROE) of Hafnia Ltd is 26.6% (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 Hafnia Ltd (HAFNI)?
On an EBIT basis the return on assets of Hafnia Ltd is 14.8% (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 Hafnia Ltd (HAFNI)?
The operating margin of Hafnia Ltd is 29.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hafnia Ltd (HAFNI)?
Revenue at Hafnia Ltd is growing +47.2% versus a year earlier (3y avg +7.6%). 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 Hafnia Ltd (HAFNI)?
Earnings per share at Hafnia Ltd are growing +267% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hafnia Ltd (HAFNI) carry?
The net debt of Hafnia Ltd is $945M (fiscal year 2025, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026