Havila Shipping ASA (HAVI) Fair Value & Analysis
Industrials · NO · Market cap 307M NOK
Fair value as of: Jul 12, 2026
From 23 valuation models · updated 29 days ago
Fair value updated Jul 12, 2026, revised from kr 1.98 to kr 0.6200 (−68.7%) since Jun 24, 2026. Share price +7.6% over the past month.
A solid business, but screening 48% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (kr 0.7700). The favourable scenario is already priced in.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range kr 0.7880 – kr 28.70 · fair‑value band kr 0.4600 – kr 0.7700 · the kr 1.20 price screens above the kr 0.6200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
Havila Shipping ASA (HAVI) currently trades at kr 1.20, while our model-based Fair Value estimate is kr 0.6200, implying the stock looks roughly 48.3% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Havila Shipping ASA generated revenue of 595M NOK at a net margin of -9.4%. Revenue declined 30.1% year over year. It earns a return on equity of -17.7%. Net debt stands at 787M NOK. Fundamentals as of Jul 12, 2026
Our scenario range runs from kr 0.4600 (bear case) to kr 0.7700 (bull case); at kr 1.20, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 41% 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 67% fair-value upside, at -48%, HAVI screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 23 models by family
Widest divergence: DCF Models (kr 7.06) versus Dividend Discount (kr 0.2100). Highest evidence: Growth DCF (80).
Notify me when HAVI reaches fair value
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 67 · Market factors (momentum, volatility) 36
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Havila Shipping ASA reported revenue of kr 617M in FY2025 versus kr 515M in FY2021, a compound +4.6%/yr. Reported net income was kr 10.0M in FY2025, compounding −37.5%/yr from FY2021.
HAVI screens 48% overvalued. Compare with Adani Ports and Special Economic Zone Limited →
Peer Group
Marine Shipping · 231 stocks
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.
Valuation Multiples vs Marine Shipping median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Marine Shipping stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Adani Ports and Special Economic Zone Limited ADANIPORTS | ₹1,828 | ₹1,041 | -43% |
| A.P. Møller - Mærsk A/S MAERSKA | kr 16,520 | kr 3,033 | -82% |
| COSCO SHIPPING Holdings 601919 | ¥13.98 | ¥40.37 | +189% |
| Shanghai International Port (Group) Co 600018 | ¥5.17 | ¥6.57 | +27% |
| HMM Co 011200 | 20,050 KRW | 33,855 KRW | +69% |
| Ningbo Zhoushan Port Company 601018 | ¥3.35 | ¥5.58 | +67% |
| Qingdao Port International Co 601298 | ¥8.88 | ¥15.97 | +80% |
| JSW Infrastructure Limited JSWINFRA | ₹330.05 | ₹126.31 | -62% |
| Wan Hai Lines Ltd 2615 | 80.70 TWD | 212.79 TWD | +164% |
| Wallenius Wilhelmsen ASA WAWI | kr 137.70 | kr 50.56 | -63% |
Compare Havila Shipping ASA with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Industrials stocks →
Frequently asked questions
Is Havila Shipping ASA (HAVI) overvalued or undervalued?
What is the fair value of HAVI?
What is the quality score of HAVI?
What is the revenue of Havila Shipping ASA (HAVI)?
What is the net profit margin of HAVI?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track Havila Shipping ASA and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.