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Integrated Wind Solutions ASA (IWS) Fair Value & Analysis

Industrials · NO · Market cap 2.3B NOK

IW Integrated Wind Solutions ASA IWS · OL
Pricekr 54.40
Fair Valuekr 83.53
Upside+53.6%
Quality55/100
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Weak Growth
Solidly profitable · 15.1% net margin
Moderate debt · negative free cash flow
0.30% dividend yield
Ranks above peers (10/13)
Moderate moat 59/100
Evidence: Medium Range kr 62.65 – kr 104.41 Share as image

Fair value as of: Jul 16, 2026

From 14 valuation models · updated 25 days ago

Fair value updated Jul 16, 2026, revised from kr 6.65 to kr 83.53 (+1,156.1%) since Jun 24, 2026. Share price −5.2% over the past month.

A solid business, screening 54% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (kr 62.65). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

kr 63.55 kr 28.51 Fair Value kr 83.53 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range kr 28.51 – kr 63.55 · fair‑value band kr 62.65 – kr 104.41 · the kr 54.40 price screens below the kr 83.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Integrated Wind Solutions ASA (IWS) currently trades at kr 54.40, while our model-based Fair Value estimate is kr 83.53, implying the stock looks roughly 53.6% undervalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Integrated Wind Solutions ASA generated revenue of 116M NOK at a net margin of 15.2%. Revenue grew 36.4% year over year. It earns a return on equity of 11.9%. Net debt stands at 139M NOK. Fundamentals as of Jul 16, 2026

Our scenario range runs from kr 62.65 (bear case) to kr 104.41 (bull case); at kr 54.40, the current price sits below 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 17% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at 54%, IWS screens cheaper 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.

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
Highest evidence
ROIC Compounder kr 1.92 kr 2.72 kr 3.42 72
Growth-Adj P/E kr 12.83 kr 18.33 kr 23.83 68
P/E Multiple kr 5.66 kr 7.54 kr 9.43 63
All 14 models by family
Earnings-Based
Graham-Dodd kr 2.85 kr 19.88 kr 27.89 54
Lynch FV kr 10.27 kr 14.67 kr 19.07 50
PEG = 1.0 kr 10.27 kr 14.67 kr 19.07 46
EPV kr 1.92 kr 2.72 kr 3.42 59
Multiples
P/E Multiple kr 5.66 kr 7.54 kr 9.43 63
P/S Multiple kr 4.98 kr 6.65 kr 8.31 58
P/B Multiple kr 5.34 kr 7.13 kr 8.91 55
EV/EBIT kr 3.83 kr 6.17 kr 8.51 53
EV/EBITDA kr 3.15 kr 5.26 kr 7.37 54
EV/Revenue kr 1.47 kr 3.46 kr 5.46 43
Asset-Based
NCAV (Graham) kr 2.13 kr 2.85 kr 4.25 50
Economic Profit
Residual Income kr 3.67 kr 4.04 kr 6.02 61
ROIC Compounder kr 1.92 kr 2.72 kr 3.42 72
Growth Earnings
Growth-Adj P/E kr 12.83 kr 18.33 kr 23.83 68

Widest divergence: Growth Earnings (kr 18.33) versus Economic Profit (kr 2.72). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) 116M NOK
Revenue growth (YoY) +36.4%
Net margin 15.2%
Return on equity 11.9%
Free cash flow −63.9M NOK FY2025
P/E ratio 11.5
More key figures
Operating margin 19.8%
EPS (TTM) kr 4.74
EPS growth (YoY) +31.9%
Net debt 139M NOK FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 52 · Market factors (momentum, volatility) 66

Profitability 38
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 44
Earnings quality: real cash, not paper profit
Fin. Strength 68
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 64
Distance to the 52-week high (market factor)
Net Issuance 30
Buybacks instead of dilution

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

Integrated Wind Solutions ASA, through its subsidiaries, provides offshore wind services in the United Kingdom, the Netherlands, Taiwan, Poland, Belgium, Greece, France, Norway, and internationally. It operates through IWS Fleet and IWS Services. The IWS Fleet segment owns and operates construction and service operation vessels.

Full company description

Integrated Wind Solutions ASA, through its subsidiaries, provides offshore wind services in the United Kingdom, the Netherlands, Taiwan, Poland, Belgium, Greece, France, Norway, and internationally. It operates through IWS Fleet and IWS Services. The IWS Fleet segment owns and operates construction and service operation vessels. The IWS Services segment provides design, engineering, construction, operation, and management services for onshore and offshore wind industry. The company also provides asset management consulting and advisory, and commercial and technical management services. Integrated Wind Solutions ASA was incorporated in 2020 and is based in Oslo, Norway.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Integrated Wind Solutions ASA reported revenue of kr 106M in FY2025 versus kr 51.4M in FY2021, a compound +19.9%/yr. Reported net income was kr 16.7M in FY2025.

Growth Quality 9/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
106M NOK
Latest YoY
+88.4%
Avg. growth/yr (3Y) 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.
−21.5%
Revenue +19.9%/yr
FY21 kr 51.4M
FY22 kr 219M
FY23 kr 23.0M
FY24 kr 56.4M
FY25 kr 106M
Net income
FY21 −kr 17.9M
FY22 −kr 26.7M
FY23 −kr 1.3M
FY24 kr 4.3M
FY25 kr 16.7M

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Cite: Fair Value Calculator (2026). "Integrated Wind Solutions ASA Fair Value". https://www.fairvalue-calculator.com/stock/IWS

Peer Group

Specialty Industrial Machinery · 808 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.

Quality Score 55 · Above median
Fair Value upside +54% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 5% · Above median
Net margin (TTM) 15% · Top 25%
Operating margin (TTM) 21% · Top 25%
Revenue growth 39% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 1.05× · Higher than 75% of peers

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

P/E (TTM) 11.5× · Cheaper than 75% of peers
P/B 1.43× · Cheaper than median
P/S (TTM) 2.09× · Pricier than median
EV/EBITDA 9.4× · Cheaper than 75% of peers

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 100 · sector 0
FUTURE 100 · sector 23
PAST 48 · sector 28
HEALTH 47 · sector 96
DIVIDEND 6 · sector 24

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
GE Vernova Inc 1GEV €887.60 €186.93 -79%
1SIE 1SIE €273.20 €91.93 -66%
SMNS SMNS C$31.76 C$22.68 -29%
Eaton Corporation ETN $407.28 $171.92 -58%
Atlas Copco AB ATCOA kr 195.15 kr 112.59 -42%
Sandvik AB SAND kr 384.10 kr 193.01 -50%
Doosan Enerbility Co 034020 76,400 KRW 7,938 KRW -90%
Vestas Wind Systems A/S VWS kr 178.10 kr 124.54 -30%
Zhejiang Sanhua Intelligent Controls Co 002050 ¥43.20 ¥22.68 -48%
NARI Technology Co 600406 ¥22.19 ¥18.71 -16%

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Frequently asked questions

Is Integrated Wind Solutions ASA (IWS) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of kr 83.53 versus a price of kr 54.40, about +54% (undervalued).
What is the fair value of IWS?
Our model-based fair value for Integrated Wind Solutions ASA is kr 83.53 (as of Jul 16, 2026), built from audited fundamentals. The current price is kr 54.40.
What is the quality score of IWS?
Integrated Wind Solutions ASA has a Quality Score of 55/100. 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 revenue of Integrated Wind Solutions ASA (IWS)?
Integrated Wind Solutions ASA reported trailing-twelve-month revenue of about 116M NOK (latest available figure, as of Jul 16, 2026).
What is the net profit margin of IWS?
The net profit margin of Integrated Wind Solutions ASA is about 15.2%, meaning it keeps roughly 15.2% of revenue as net income. Based on the latest reported figures.

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.

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