Havila Shipping ASA (HAVI) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Havila Shipping ASA NOK 6.10, price NOK 1.11, upside +452.0%, quality 66 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 28, 2026.
How to read this chart
60‑month range kr 0.7880 – kr 28.70 · fair‑value band kr 5.23 – kr 6.92 · the kr 1.11 price screens below the kr 6.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 28, 2026.
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Havila Shipping ASA, together with its subsidiaries, engages in the shipping business. It operates and manages offshore service vessels primarily in Norway, the United Kingdom, Denmark, Belgium, the Netherlands, and Iceland.
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Havila Shipping ASA, together with its subsidiaries, engages in the shipping business. It operates and manages offshore service vessels primarily in Norway, the United Kingdom, Denmark, Belgium, the Netherlands, and Iceland. The company operates a fleet of vessels, including platform supply vessels, rescue recovery vessels, and subsea vessels, as well as ocean patrol vessels. Its subsea vessels are used for underwater construction work, as well as for support for underwater operations; and rescue recovery vessels are used to offer security services, such as oil spill preparedness, fire protection, rescue operation, and recovery at oil installations. In addition, the company offers renewable energy services comprising cable repair, trenching and ploughing, mooring and towing, daughter craft operations, and equipment and goods transportation services. The company was founded in 2000 and is headquartered in Fosnavåg, Norway. Havila Shipping ASA is a subsidiary of Havila Holding AS.
Stock analysis
Havila Shipping ASA (HAVI) currently trades at kr 1.11, while our model-based Fair Value estimate is kr 6.10, implying the stock looks roughly 81.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 7.57 per share, and 14 of the 21 models we run sit above the kr 1.11 price.
Bear case: the Multiples group reads lowest at kr 0.6200, and 7 of the 21 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 5.23 (bear) to kr 6.92 (bull), the price of kr 1.11 sits below 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 66/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Havila Shipping ASA reported revenue of 617M NOK in FY2025 versus 515M NOK in FY2021, a compound +4.6%/yr. Reported net income was 10.0M NOK in FY2025, compounding −37.5%/yr from FY2021.
Key figures
Market cap 304M NOK (≈ $31.6M) · P/S ratio 0.54 · EPS (TTM) kr −0.2000 · Net margin 1.6% · Return on equity −24.5% · Return on assets (EBIT) 10.9% · Operating margin 0.0% · Revenue (TTM) 566M NOK.
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 38% below its 52-week high and 40% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 57% fair-value upside, at 452%, HAVI screens cheaper than that median.
Fair Value models
Bear kr 5.23Fair Value kr 6.10Bull kr 6.92
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.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.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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+11.8%
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.
−2.2%
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.
−1.5%
Start year 2020 (pandemic). Over 10 years: −8.8% a year
Revenue growth 21 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.
+4.8%
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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.
−73.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−73.0%
Dividend (yield on the price)0.0%
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.−73.0% vs −31.8%, slowing
Profit margin 2019 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% → 22%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 44.4%/yr over ~10Y (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.
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 · 225 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+200.0% · Top 25%
Profitability
Return on assets−0.3% · Bottom 25%
Net margin (TTM)−13.6% · Bottom 25%
Operating margin (TTM)0.0% · Bottom 25%
Growth and dividend
Revenue growth−16.8% · Bottom 25%
Valuation Multiplesvs Marine Shipping median · lower = cheaper
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Is Havila Shipping ASA (HAVI) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of kr 6.10 versus a price of kr 1.11, about +452% upside (undervalued).
What is the fair value of HAVI?
Our model-based fair value for Havila Shipping ASA is kr 6.10 (as of Sep 28, 2026), built from audited fundamentals. The current price: kr 1.11.
What is the quality score of HAVI?
Havila Shipping ASA has a Quality Score of 66/100. 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 Havila Shipping ASA (HAVI)?
Our model-based price target is the fair value of kr 6.10 (as of Sep 28, 2026) from 21 valuation models. Cautious scenario kr 5.23, optimistic scenario kr 6.92. It is a calculation from audited fundamentals, not an analyst target.
What is the Havila Shipping ASA stock forecast for 2026?
Our models put fair value at kr 6.10, about +452% upside versus a price of kr 1.11 (undervalued). Cautious scenario kr 5.23, optimistic scenario kr 6.92. The calculation is refreshed regularly with new filings.
What is the revenue of Havila Shipping ASA (HAVI)?
Havila Shipping ASA reported trailing-twelve-month revenue of about 566M NOK (latest available figure, as of Sep 28, 2026).
What is the intrinsic value of Havila Shipping ASA (HAVI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Havila Shipping ASA it is kr 6.10 per share (as of Sep 28, 2026), against a price of kr 1.11. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Havila Shipping ASA stock overvalued or undervalued in 2026?
As of Sep 28, 2026, HAVI trades below its calculated fair value: price kr 1.11, fair value kr 6.10, a gap of about +452% (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 HAVI?
No. The price is what the market pays today (kr 1.11); the fair value is what the company's own numbers justify (kr 6.10). For Havila Shipping ASA the two are kr 5.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Havila Shipping ASA worth?
The market values Havila Shipping ASA at about 304M NOK (market capitalisation, as of Sep 28, 2026). Per share that is kr 1.11; our models calculate a fair value of kr 6.10 per share.
What do the bullish and bearish scenarios say about HAVI?
Our models span a range for Havila Shipping ASA: cautious scenario kr 5.23, base kr 6.10, optimistic kr 6.92 per share (as of Sep 28, 2026, price kr 1.11). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Havila Shipping ASA (HAVI)?
Balance-sheet figures for Havila Shipping ASA (as of Sep 28, 2026): return on equity −24.5%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is HAVI from its 52-week high?
Havila Shipping ASA trades at kr 1.11, about 38% below its 52-week high of kr 1.78 and 40% above the low of kr 0.7880 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 6.10 is for.
Which stocks are comparable to Havila Shipping 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 Havila Shipping ASA stock attractive at the current price?
The data as of Sep 28, 2026: price kr 1.11, calculated fair value kr 6.10 (+452%), Quality Score 66/100, from 21 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 HAVI calculated?
We run Havila Shipping ASA through 21 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 6.10, 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 14.5 % above its aggregate fair value. Havila Shipping ASA currently trades 82 % 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 Havila Shipping ASA (HAVI)?
The closing price on Oct 2, 2026 was kr 1.11. Our model-based fair value is kr 6.10, about +452% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Havila Shipping ASA right now?
The price is below even our cautious bear case (kr 5.23). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Havila Shipping ASA
How large is the market capitalisation of Havila Shipping ASA (HAVI)?
The market capitalisation of Havila Shipping ASA is 304M NOK (≈ $31.6M). 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 Havila Shipping ASA (HAVI)?
The price-to-sales ratio of Havila Shipping ASA is 0.54 (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 Havila Shipping ASA (HAVI)?
Earnings per share at Havila Shipping ASA are kr −0.2000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Havila Shipping ASA (HAVI)?
The net margin of Havila Shipping ASA is 1.6% (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 Havila Shipping ASA (HAVI)?
The return on equity (ROE) of Havila Shipping ASA is −24.5% (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 Havila Shipping ASA (HAVI)?
On an EBIT basis the return on assets of Havila Shipping ASA is 10.9% (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 Havila Shipping ASA (HAVI)?
The operating margin of Havila Shipping ASA is 0.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Havila Shipping ASA (HAVI)?
Revenue at Havila Shipping ASA is growing −16.8% versus a year earlier (3y avg −2.2%). 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 Havila Shipping ASA (HAVI)?
Earnings per share at Havila Shipping ASA are growing −49.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Havila Shipping ASA (HAVI) generate?
The free cash flow of Havila Shipping ASA is 249M 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 Havila Shipping ASA (HAVI) carry?
The net debt of Havila Shipping ASA is 787M NOK (fiscal year 2025, ≈ 3.2 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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