Hafnia Ltd (HAFNI) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hafnia Ltd NOK 67.73, price NOK 83.20, upside -18.6%, quality 63 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
60‑month range kr 8.03 – kr 94.70 · fair‑value band kr 38.62 – kr 88.04 · the kr 83.20 price screens above the kr 67.73 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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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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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. 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 83.20, while our model-based Fair Value estimate is kr 67.73, implying the stock looks roughly 22.9% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 21.14 per share, and 0 of the 26 models we run sit above the kr 83.20 price.
Bear case: the Multiples group reads lowest at kr 10.98, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 38.62 (bear) to kr 88.04 (bull), the price of kr 83.20 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 63/100 (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 41.4B NOK (≈ $4.4B) · P/E ratio 9.2 · P/S ratio 1.37 · EPS (TTM) kr 9.02 · Dividend yield 0.9% · Net margin 14.9% · Return on equity 18.9% · Return on assets (EBIT) 14.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 61% fair-value upside, at −19%, HAFNI screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 3.12 to kr 31.41). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 38.62Fair Value kr 67.73Bull kr 88.04
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 6.09 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.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.
+18.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+17.3%
Dividend (yield on the price)0.9%
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% vs 14%, 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%
Start year 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).
−1.1%
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.
−29.1%
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 −3.4% a year for the price and −30.8% for the forecasts.
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 · 235 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−22% · Below median
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)19% · Above median
Operating margin (TTM)22% · Above median
Growth and dividend
Revenue growth23% · Above median
Dividend yield (TTM)0.9% · Below median
Balance sheet
Debt / equity0.38× · Above median
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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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 Sep 24, 2026, our model estimates a fair value of kr 67.73 versus a price of kr 83.20, about −19% upside (overvalued).
What is the fair value of HAFNI?
Our model-based fair value for Hafnia Ltd is kr 67.73 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 83.20.
What is the quality score of HAFNI?
Hafnia Ltd has a Quality Score of 63/100. 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 67.73 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 38.62, optimistic scenario kr 88.04. 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 67.73, about −19% upside versus a price of kr 83.20 (overvalued). Cautious scenario kr 38.62, optimistic scenario kr 88.04. 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 $2.4B (latest available figure, as of Sep 24, 2026).
Does Hafnia Ltd pay a dividend?
Hafnia Ltd currently shows a dividend yield of about 0.88% relative to its recent price (as of Sep 24, 2026).
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 -1.1 % 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 +21.2 % per year. As of Sep 24, 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 -1.1 % 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 Hafnia Ltd (HAFNI) delivered so far?
Over the past 5 years revenue at Hafnia Ltd grew +21.2 % a year. The price currently implies -1.1 % 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 Hafnia Ltd (HAFNI) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Hafnia Ltd (-1.1 % 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 Hafnia Ltd (HAFNI)?
The free-cash-flow yield on the price is 10.47 %: 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 67.73 per share (as of Sep 24, 2026), against a price of kr 83.20. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Hafnia Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HAFNI trades above its calculated fair value: price kr 83.20, fair value kr 67.73, a gap of about −19% (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 83.20); the fair value is what the company's own numbers justify (kr 67.73). For Hafnia Ltd the two are kr 15.48 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 41.4B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 83.20; our models calculate a fair value of kr 67.73 per share.
What do the bullish and bearish scenarios say about HAFNI?
Our models span a range for Hafnia Ltd: cautious scenario kr 38.62, base kr 67.73, optimistic kr 88.04 per share (as of Sep 24, 2026, price kr 83.20). 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 9.2 (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 67.73 is built from several models across several years. Other multiples: P/B 2.0, P/S 1.9, EV/EBITDA 9.5.
How solid is the balance sheet of Hafnia Ltd (HAFNI)?
Balance-sheet figures for Hafnia Ltd (as of Sep 24, 2026): return on equity 18.9%, debt of 0.38 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is HAFNI from its 52-week high?
Hafnia Ltd trades at kr 83.20, about 12% below its 52-week high of kr 94.70 and 68% above the low of kr 49.46 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 67.73 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 Sep 24, 2026: price kr 83.20, calculated fair value kr 67.73 (−19%), Quality Score 63/100, 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 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 67.73, 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 13.2 % 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 Sep 24, 2026 was kr 83.20. Our model-based fair value is kr 67.73, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hafnia Ltd right now?
Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 38.62 to kr 88.04) 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 41.4B NOK (≈ $4.4B). 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 Hafnia Ltd (HAFNI)?
The price-to-sales ratio of Hafnia Ltd is 1.37 (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 9.02 (price ÷ EPS = P/E 9.2). 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 0.9% (payout 8.1%). 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 18.9% (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 22.3% (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 +22.5% 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 +184% 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
Sep 24, 2026