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Hermana Holding ASA (HERMA) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Hermana Holding ASA NOK 6.93, price NOK 15.00, upside -53.8%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Financial Services · NO · ISIN NO0013401380

HH Thin data Sep 24, 2026

Hermana Holding ASA

HERMA · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 6.93 · Strongly overvalued (−54%)
!Quality 46/100
!Weak Growth (revenue 3y −76.0 %/yr)
!Low debt · negative free cash flow
!Trails peers (2/9)
!Narrow moat 41/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 10 out of 100
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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 22.26 kr 9.30 Fair Value kr 6.93 Jun 2024 Sep 2026

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

27‑month range kr 9.30 – kr 22.26 · fair‑value band kr 5.20 – kr 8.67 · the kr 15.00 price screens above the kr 6.93 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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Company profile

Hermana Holding ASA was incorporated in 2023 and is headquartered in Oslo, Norway. Hermana Holding ASA operates as a subsidiary of Magnora ASA.

Stock analysis

Hermana Holding ASA (HERMA) currently trades at kr 15.00, while our model-based Fair Value estimate is kr 6.93, implying the stock looks roughly 116.5% overvalued today.

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Valuation

How firm this estimate is: it rests on 4 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: kr 5.20 (bear) to kr 8.67 (bull), the price of kr 15.00 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 46/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Hermana Holding ASA reported revenue of 1.2M NOK in FY2025 versus 13.8M NOK in FY2021, a compound −45.7%/yr. Reported net income was −13.5M NOK in FY2025.

Key figures

Market cap 206M NOK (≈ $21.6M) · EPS (TTM) kr −0.2100 · Dividend yield 0.5% · Return on assets (EBIT) 163% · Free cash flow −4.5M NOK · Net cash 16.6M NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 17% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −54%, HERMA screens richer than that median.

Fair Value models

Bear kr 5.20 Fair Value kr 6.93 Bull kr 8.67
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. 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.
Highest evidence
P/B Multiple kr 5.20 kr 6.93 kr 8.67 55
NCAV (Graham) kr 4.08 kr 5.47 kr 8.16 54
All 2 models by family
Multiples
P/B Multiple kr 5.20 kr 6.93 kr 8.67 55
Asset-Based
NCAV (Graham) kr 4.08 kr 5.47 kr 8.16 54

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Quality Score breakdown

Overall quality 46/100

Of which business quality 46 · Market factors (momentum, volatility) 44

Profitability 0
Margins and returns on capital today
Quality Growth 8
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 44
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−69.2%
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.
−76.0%
Profit margin (trend) ⓘ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.
68.1% (2021) → −441.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

HERMA screens 116% overvalued. Compare with Blackstone Inc →

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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.Asset Management · 658 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Bottom 25%
Fair Value upside −54% · Bottom 25%
Profitability
Return on assets 0% · Below median
Operating margin (TTM) 0% · Bottom 25%
Growth and dividend
Revenue growth 0% · Below median
Dividend yield (TTM) 0.5% · Bottom 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.19× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 54
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)0 · sector 22
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)10 · sector 81

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $124.01 $52.88 −57%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Hermana Holding ASA · Fair Value
kr 6.93 −116%Fair Value
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Cite: Fair Value Calculator (2026). "Hermana Holding ASA Fair Value". https://www.fairvalue-calculator.com/stock/HERMA

Frequently asked questions

Is Hermana Holding ASA (HERMA) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 6.93 versus a price of kr 15.00, about −54% upside (overvalued).
What is the fair value of HERMA?
Our model-based fair value for Hermana Holding ASA is kr 6.93 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 15.00.
What is the quality score of HERMA?
Hermana Holding ASA has a Quality Score of 46/100. 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 Hermana Holding ASA (HERMA)?
Our model-based price target is the fair value of kr 6.93 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario kr 5.20, optimistic scenario kr 8.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Hermana Holding ASA stock forecast for 2026?
Our models put fair value at kr 6.93, about −54% upside versus a price of kr 15.00 (overvalued). Cautious scenario kr 5.20, optimistic scenario kr 8.67. The calculation is refreshed regularly with new filings.
Does Hermana Holding ASA pay a dividend?
Hermana Holding ASA currently shows a dividend yield of about 0.52% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Hermana Holding ASA (HERMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hermana Holding ASA it is kr 6.93 per share (as of Sep 24, 2026), against a price of kr 15.00. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Hermana Holding ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HERMA trades above its calculated fair value: price kr 15.00, fair value kr 6.93, a gap of about −54% (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 HERMA?
No. The price is what the market pays today (kr 15.00); the fair value is what the company's own numbers justify (kr 6.93). For Hermana Holding ASA the two are kr 8.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hermana Holding ASA worth?
The market values Hermana Holding ASA at about 206M NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 15.00; our models calculate a fair value of kr 6.93 per share.
What do the bullish and bearish scenarios say about HERMA?
Our models span a range for Hermana Holding ASA: cautious scenario kr 5.20, base kr 6.93, optimistic kr 8.67 per share (as of Sep 24, 2026, price kr 15.00). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is HERMA from its 52-week high?
Hermana Holding ASA trades at kr 15.00, about 17% below its 52-week high of kr 18.10 and 15% above the low of kr 13.00 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 6.93 is for.
Which stocks are comparable to Hermana Holding ASA?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Hermana Holding ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 15.00, calculated fair value kr 6.93 (−54%), Quality Score 46/100, from 2 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 HERMA calculated?
We run Hermana Holding ASA through 2 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 6.93, 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 13.0 % above its aggregate fair value. Hermana Holding 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 Hermana Holding ASA (HERMA)?
The closing price on Sep 24, 2026 was kr 15.00. Our model-based fair value is kr 6.93, about −54% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hermana Holding ASA right now?
The price sits above even our optimistic bull case (kr 8.67). The favourable scenario is already priced in. 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 but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Hermana Holding ASA

How large is the market capitalisation of Hermana Holding ASA (HERMA)?
The market capitalisation of Hermana Holding ASA is 206M NOK (≈ $21.6M). 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 are the earnings per share of Hermana Holding ASA (HERMA)?
Earnings per share at Hermana Holding ASA are kr −0.2100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hermana Holding ASA (HERMA)?
The dividend yield of Hermana Holding ASA is 0.5%. 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 EBIT return on assets of Hermana Holding ASA (HERMA)?
On an EBIT basis the return on assets of Hermana Holding ASA is 163% (avg 4y). 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.
How much free cash flow does Hermana Holding ASA (HERMA) generate?
The free cash flow of Hermana Holding ASA is −4.5M 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 cash does Hermana Holding ASA (HERMA) hold?
Hermana Holding ASA holds more cash than debt, 16.6M NOK net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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