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HAV Group ASA (HAV) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of HAV Group ASA stock NOK 7.66, price NOK 10.35, that is 26.0% below the price, quality 50 out of 100. Rating: overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.

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HG HAV Group ASA logo Some data Nov 9, 2026

HAV Group ASA

HAV · OL
Solid, but expensive

Our calculation puts a fair price 26% below what the stock costs today.

Low debt
Revenue last quarter +38% vs. a year ago.
Quality 50/100
Expensive Growth (revenue 5y +4.5 %/yr in NOK)
Thin margins · 1.6% net margin (TTM)
Mixed vs. peers (5/12)
Some data
Fair value kr 7.66 · Overvalued
Negative free cash flow
Narrow moat 36/100 · thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

kr 17.80 kr 5.36 Fair Value kr 7.66 Aug 2021 Nov 2026

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 5.36 – kr 17.80 · fair‑value band kr 5.77 – kr 9.64 · the kr 10.35 price screens above the kr 7.66 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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Company profile

HAV Group ASA, through its subsidiaries, provides maritime and marine technology and services in Norway, Europe, and internationally. The company operates through five segments: HAV Design, Norwegian Electric Systems, Norwegian Greentech, HAV Hydrogen, and Other/Elimination.

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It offers ship design, project engineering, and system packages for offshore, transport, and fishing vessels; and manufactures, installs, and supplies electric, hybrid-electric propulsion, integrated automation, and bridge systems, as well as navigation and communication packages, including switchboards, electromechanical products, and automation and safety systems.

The company also engages in the design, engineering, and delivery of ballast and process water treatment systems; and supply of zero-emission hydrogen-based energy systems for vessels. It serves offshore wind, oil and gas, ferries and ropax, fishery, aquaculture, and short sea cargo industries.

The company was founded in 2020 and is headquartered in Fosnavåg, Norway.

Stock analysis

HAV Group ASA (HAV) currently trades at kr 10.35, while our model-based Fair Value estimate is kr 7.66, 26% 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 6.12 per share, and 0 of the 13 models we run sit above the kr 10.35 price.

Bear case: the Multiples group reads lowest at kr 1.18, and 13 of the 13 models stay below the price. Data coverage for this calculation is medium.

Scenario range: kr 5.77 (bear) to kr 9.64 (bull), the price of kr 10.35 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 50/100 (solid quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

HAV Group ASA reported revenue of 803M NOK in FY2025 versus 915M NOK in FY2021, a compound −3.2%/yr. Reported net income was 1.4M NOK in FY2025, compounding −63.4%/yr from FY2021.

Key figures

Market cap 362M NOK (≈ $38.4M) Micro · P/E ratio 20.3 · P/S ratio 0.38 · EPS (TTM) kr 0.5100 · Net margin 1.6% · Return on equity 16.2% · Return on assets (EBIT) 1.1% (5-year average) · Operating margin 4.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).

What moves the price

The share trades about 40% below its 52-week high and 88% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at −26%, HAV 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 0.0300 to kr 6.96). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 5.77 Fair Value kr 7.66 Bull kr 9.64
Price kr 10.35 · Downside -26.0%
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 0.4373 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
Owner Earnings kr 5.91 kr 6.12 kr 6.42 78
EPV kr 5.71 kr 5.75 kr 5.78 74
ROIC Compounder kr 5.71 kr 5.75 kr 5.78 72
All 14 models by family
DCF Models
Owner Earnings kr 5.91 kr 6.12 kr 6.42 78
Earnings-Based
Graham-Dodd kr 0.2600 kr 0.7600 kr 1.00 65
Lynch FV kr 0.1600 kr 0.2200 kr 0.2900 61
PEG = 1.0 kr 0.1600 kr 0.2200 kr 0.2900 57
EPV kr 5.71 kr 5.75 kr 5.78 74
Multiples
P/E Multiple kr 0.6100 kr 0.8100 kr 1.02 63
P/S Multiple kr 0.4900 kr 0.6600 kr 0.8200 58
P/B Multiple kr 1.16 kr 1.55 kr 1.94 55
EV/EBIT n/a n/a kr 0.1100 61
EV/EBITDA kr 4.95 kr 6.96 kr 8.98 67
Asset-Based
NCAV (Graham) kr 0.0200 kr 0.0300 kr 0.0400 54
Economic Profit
Residual Income kr 1.54 kr 1.58 kr 1.70 71
ROIC Compounder kr 5.71 kr 5.75 kr 5.78 72
Growth Earnings
Growth-Adj P/E kr 0.4900 kr 0.7000 kr 0.9100 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 50/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 71
Are margins and returns getting better?
Cashflow 2
Do the profits arrive as real cash?
Financial strength 46
Debt, balance sheet and risk of trouble
Investment 80
Does it invest with discipline instead of growing at any price?
Low Volatility 26
How calm the share price moves, does not count
Price momentum 38
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 71
Distance to the 52-week high, does not count
New shares 74
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 41/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.8%
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.
+9.0%
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.
+4.5%
Start year 2020 (pandemic)
Revenue growth 8 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.
+7.9%
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.
−51.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−51.6%
Dividend (yield on the price)0.0%
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.11% → 0%

HAV screens overvalued: fair value 26% below the price. Compare with Adani Ports and Special Economic Zone Limited →

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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 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −26.0% · Bottom 25%
Profitability
Return on equity (12 months) 16.2% · Top 25%
Return on assets 0.2% · Bottom 25%
Net margin (12 months) 1.6% · Bottom 25%
Operating margin (12 months) 4.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 38.2% · Top 25%
Balance sheet
Debt / equity 0.00× · Lowest 25%

Valuation Multiplesvs Marine Shipping median · lower = cheaper

P/E (12 months) 20.3× · Priciest 25%
P/B 4.11× · Priciest 25%
P/S (12 months) 0.38× · Cheapest 25%
EV/EBITDA 5.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 45
FUTURE (revenue growth)100 · sector 60
PAST (return on equity)65 · sector 36
HEALTH (low debt)100 · sector 89
DIVIDEND (yield)0 · sector 61

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

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Marine Shipping stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Merchants Port Holdings 0144 HK$16.68 HK$28.60 +71% vs HAV
HMM Co 011200 22,050 KRW 30,253 KRW +37% vs HAV
Qingdao Port International Co 601298 ¥9.75 ¥12.84 +32% vs HAV
Ningbo Zhoushan Port Company 601018 ¥3.56 ¥4.35 +22% vs HAV
The National Shipping Company 4030 34.86 SAR 39.45 SAR +13% vs HAV
Shanghai International Port (Group) Co 600018 ¥5.68 ¥6.41 +13% vs HAV
COSCO SHIPPING Holdings 601919 ¥17.47 ¥18.42 +5% vs HAV
Hapag-Lloyd Aktiengesellschaft, HLAG €127.50 €108.70 −15% vs HAV
Wan Hai Lines Ltd 2615 107.00 TWD 67.03 TWD −37% vs HAV
Adani Ports and Special Economic Zone Limited ADANIPORTS ₹1,937 ₹1,051 −46% vs HAV

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HAV Group ASA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "HAV Group ASA Fair Value". https://www.fairvalue-calculator.com/stock/HAV

Frequently asked questions

Is HAV Group ASA (HAV) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 7.66 versus a price of kr 10.35, about 26% lower (overvalued).
What is the fair value of HAV?
Our model-based fair value for HAV Group ASA is kr 7.66 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 10.35.
What is the quality score of HAV?
HAV Group ASA has a Quality Score of 50/100. 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 HAV Group ASA (HAV)?
Our model-based price target is the fair value of kr 7.66 (as of Nov 9, 2026) from 14 valuation models. Cautious scenario kr 5.77, optimistic scenario kr 9.64. It is a calculation from audited fundamentals, not an analyst target.
What is the HAV Group ASA stock forecast for 2026?
Our models put fair value at kr 7.66, about 26% lower versus a price of kr 10.35 (overvalued). Cautious scenario kr 5.77, optimistic scenario kr 9.64. The calculation is refreshed regularly with new filings.
What is the revenue of HAV Group ASA (HAV)?
HAV Group ASA reported trailing-twelve-month revenue of about 962M NOK (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of HAV Group ASA (HAV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For HAV Group ASA it is kr 7.66 per share (as of Nov 9, 2026), against a price of kr 10.35. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is HAV Group ASA stock overvalued or undervalued in 2026?
As of Nov 9, 2026, HAV trades above its calculated fair value: price kr 10.35, fair value kr 7.66, a gap of about −26% (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 HAV?
No. The price is what the market pays today (kr 10.35); the fair value is what the company's own numbers justify (kr 7.66). For HAV Group ASA the two are kr 2.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is HAV Group ASA worth?
The market values HAV Group ASA at about 362M NOK (market capitalisation, as of Nov 9, 2026). Per share that is kr 10.35; our models calculate a fair value of kr 7.66 per share.
What do the bullish and bearish scenarios say about HAV?
Our models span a range for HAV Group ASA: cautious scenario kr 5.77, base kr 7.66, optimistic kr 9.64 per share (as of Nov 9, 2026, price kr 10.35). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAV?
HAV Group ASA trades at a price-to-earnings ratio of 20.3 (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 7.66 is built from several models across several years. Other multiples: P/B 4.1, P/S 0.4, EV/EBITDA 5.7.
How solid is the balance sheet of HAV Group ASA (HAV)?
Balance-sheet figures for HAV Group ASA (as of Nov 9, 2026): return on equity 16.2%, debt of 0.00 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is HAV from its 52-week high?
HAV Group ASA trades at kr 10.35, about 40% below its 52-week high of kr 17.35 and 88% above the low of kr 5.50 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 7.66 is for.
Which stocks are comparable to HAV Group ASA?
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 HAV Group ASA stock attractive at the current price?
The data as of Nov 9, 2026: price kr 10.35, calculated fair value kr 7.66 (−26%), Quality Score 50/100, from 14 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 HAV calculated?
We run HAV Group ASA through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 7.66 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. HAV Group ASA 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 HAV Group ASA (HAV)?
The closing price on Nov 6, 2026 was kr 10.35. Our model-based fair value is kr 7.66, about 26% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with HAV Group ASA right now?
The price sits above even our optimistic bull case (kr 9.64). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of HAV Group ASA

How large is the market capitalisation of HAV Group ASA (HAV)?
The market capitalisation of HAV Group ASA is 362M NOK (≈ $38.4M). 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 HAV Group ASA (HAV)?
The price-to-sales ratio of HAV Group ASA is 0.38 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of HAV Group ASA (HAV)?
Earnings per share at HAV Group ASA are kr 0.5100 (price ÷ EPS = P/E 20.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of HAV Group ASA (HAV)?
The net margin of HAV Group ASA is 1.6% (last twelve months). 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 HAV Group ASA (HAV)?
The return on equity (ROE) of HAV Group ASA is 16.2% (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 HAV Group ASA (HAV)?
On an EBIT basis the return on assets of HAV Group ASA is 1.1% (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 HAV Group ASA (HAV)?
The operating margin of HAV Group ASA is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at HAV Group ASA (HAV)?
Revenue at HAV Group ASA is growing +38.2% versus a year earlier (3y avg +9.0%). 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 HAV Group ASA (HAV)?
Earnings per share at HAV Group ASA are growing +317% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does HAV Group ASA (HAV) generate?
The free cash flow of HAV Group ASA is −40.4M NOK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does HAV Group ASA (HAV) carry?
The net debt of HAV Group ASA is 38.4M NOK (fiscal year 2019). 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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