Klaveness Combination Carriers ASA (KCC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Klaveness Combination Carriers ASA stock NOK 116, price NOK 103, upside +12.3%, quality 56 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range kr 23.94 – kr 115.20 · fair‑value band kr 76.38 – kr 150.71 · the kr 103.20 price screens below the kr 115.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Klaveness Combination Carriers ASA owns and operates combination carriers for the dry bulk shipping and product tanker industries in the Middle East, Australia, Oceania, North East Asia, South America, North America, Europe, Africa, Southeast Asia, and South Asia.
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The company's vessels transport caustic coda solution, floating fertilizer, molasses, clean petroleum products, heavy liquid cargoes, and various types of dry bulk commodities. It owns and operates eight CABU vessels, three CABU newbuild contracts and eight CLEANBU vessels.
The company was formerly known as Klaveness Combination Carriers AS and changed its name to Klaveness Combination Carriers ASA in February 2019. The company was incorporated in 2018 and is headquartered in Oslo, Norway.
Klaveness Combination Carriers ASA is a subsidiary of Rederiaksjeselskapet Torvald Klaveness.
Stock analysis
Klaveness Combination Carriers ASA (KCC) currently trades at kr 103.20, while our model-based Fair Value estimate is kr 115.94, implying the stock looks roughly 11% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 134.73 per share, and 11 of the 26 models we run sit above the kr 103.20 price.
Bear case: the Economic Profit group reads lowest at kr 29.30, and 15 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 76.38 (bear) to kr 150.71 (bull), the price of kr 103.20 sits inside 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 56/100 (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.
Klaveness Combination Carriers ASA reported revenue of $238M in FY2025 versus $198M in FY2021, a compound +4.8%/yr. Reported net income was $33.4M in FY2025, compounding +10.3%/yr from FY2021.
Key figures
Market cap 6.1B NOK (≈ $646M) Small · P/E ratio 9.1 · P/S ratio 1.27 · EPS (TTM) kr 11.40 · Dividend yield 0.1% · Net margin 14.0% · Return on equity 18.7% · Return on assets (EBIT) 11.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 44% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 13% fair-value upside, at 12%, KCC screens richer than that median.
Fair Value models
Bearkr 76.38Fair Value kr 115.94Bullkr 150.71
Price kr 103.20 · Upside +12.3%
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 9.68 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.
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
−14.3%
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.
−2.9%
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.
+7.9%
Start year 2020 (pandemic). Over 10 years: +16.7% a year
Revenue growth 10 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.
+16.7%
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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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.0%
Dividend (yield on the price)0.1%
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.12.0% vs −2.1%, picking up
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.17% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.8%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +2.4% a year for the price and +1.3% for the forecasts.
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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 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside+12.3% · Above median
Profitability
Return on equity (12 months)18.7% · Top 25%
Return on assets5.0% · Above median
Net margin (12 months)22.8% · Above median
Operating margin (12 months)29.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)46.8% · Top 25%
Dividend yield (12 months)0.1% · Bottom 25%
Balance sheet
Debt / equity0.67× · Highest 25%
Valuation Multiplesvs Marine Shipping median · lower = cheaper
P/E (12 months)9.1× · Cheaper than median
P/B1.77× · Priciest 25%
P/S (12 months)2.09× · Pricier than median
Price / free cash flow (fiscal year)11.8× · Pricier than median
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Is Klaveness Combination Carriers ASA (KCC) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 115.94 versus a price of kr 103.20, about +12% upside (undervalued).
What is the fair value of KCC?
Our model-based fair value for Klaveness Combination Carriers ASA is kr 115.94 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 103.20.
What is the quality score of KCC?
Klaveness Combination Carriers ASA has a Quality Score of 56/100. 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 Klaveness Combination Carriers ASA (KCC)?
Our model-based price target is the fair value of kr 115.94 (as of Nov 6, 2026) from 26 valuation models. Cautious scenario kr 76.38, optimistic scenario kr 150.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Klaveness Combination Carriers ASA stock forecast for 2026?
Our models put fair value at kr 115.94, about +12% upside versus a price of kr 103.20 (undervalued). Cautious scenario kr 76.38, optimistic scenario kr 150.71. The calculation is refreshed regularly with new filings.
What is the revenue of Klaveness Combination Carriers ASA (KCC)?
Klaveness Combination Carriers ASA reported trailing-twelve-month revenue of about $309M (latest available figure, as of Nov 6, 2026).
Does Klaveness Combination Carriers ASA pay a dividend?
Klaveness Combination Carriers ASA currently shows a dividend yield of 0.08% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Klaveness Combination Carriers ASA (KCC) and when is the ex-dividend date?
Klaveness Combination Carriers ASA pays a dividend of kr 0.08 per share a year, a dividend yield of 0.1%. The last ex-dividend date was Nov 2, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 54.1% of earnings. Free cash flow covers the dividend 3.04 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Klaveness Combination Carriers ASA (KCC)?
For today's price to be fair in a discounted-cash-flow model, Klaveness Combination Carriers ASA would have to grow free cash flow by +4.8 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.9 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of KCC use?
Our models discount Klaveness Combination Carriers ASA at 9.6 %: a base by market capitalisation (small), damped by beta 0.23, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Klaveness Combination Carriers ASA that is +4.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Klaveness Combination Carriers ASA (KCC) delivered so far?
Over the past 5 years revenue at Klaveness Combination Carriers ASA grew +7.9 % a year. The price currently implies free-cash-flow growth of +4.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Klaveness Combination Carriers ASA (KCC) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Klaveness Combination Carriers ASA (+4.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Klaveness Combination Carriers ASA (KCC)?
The free-cash-flow yield on the price is 8.49 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Klaveness Combination Carriers ASA produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Klaveness Combination Carriers ASA (KCC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Klaveness Combination Carriers ASA it is kr 115.94 per share (as of Nov 6, 2026), against a price of kr 103.20. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Klaveness Combination Carriers ASA stock overvalued or undervalued in 2026?
As of Nov 6, 2026, KCC trades below its calculated fair value: price kr 103.20, fair value kr 115.94, a gap of about +12% (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 KCC?
No. The price is what the market pays today (kr 103.20); the fair value is what the company's own numbers justify (kr 115.94). For Klaveness Combination Carriers ASA the two are kr 12.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Klaveness Combination Carriers ASA worth?
The market values Klaveness Combination Carriers ASA at about 6.1B NOK (market capitalisation, as of Nov 6, 2026). Per share that is kr 103.20; our models calculate a fair value of kr 115.94 per share.
What do the bullish and bearish scenarios say about KCC?
Our models span a range for Klaveness Combination Carriers ASA: cautious scenario kr 76.38, base kr 115.94, optimistic kr 150.71 per share (as of Nov 6, 2026, price kr 103.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KCC?
Klaveness Combination Carriers ASA trades at a price-to-earnings ratio of 9.1 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 115.94 is built from several models across several years. Other multiples: P/B 1.8, P/S 2.1, EV/EBITDA 6.2.
How solid is the balance sheet of Klaveness Combination Carriers ASA (KCC)?
Balance-sheet figures for Klaveness Combination Carriers ASA (as of Nov 6, 2026): return on equity 18.7%, debt of 0.67 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is KCC from its 52-week high?
Klaveness Combination Carriers ASA trades at kr 103.20, about 10% below its 52-week high of kr 115.20 and 44% above the low of kr 71.59 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 115.94 is for.
Which stocks are comparable to Klaveness Combination Carriers 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 Klaveness Combination Carriers ASA stock attractive at the current price?
The data as of Nov 6, 2026: price kr 103.20, calculated fair value kr 115.94 (+12%), Quality Score 56/100, from 26 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 KCC calculated?
We run Klaveness Combination Carriers ASA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 115.94 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 13.0% above its aggregate fair value. Klaveness Combination Carriers ASA currently trades 11% 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 Klaveness Combination Carriers ASA (KCC)?
The closing price on Nov 6, 2026 was kr 103.20. Our model-based fair value is kr 115.94, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Klaveness Combination Carriers ASA right now?
A fairly wide model range (kr 76.38 to kr 150.71) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Klaveness Combination Carriers ASA
How large is the market capitalisation of Klaveness Combination Carriers ASA (KCC)?
The market capitalisation of Klaveness Combination Carriers ASA is 6.1B NOK (≈ $646M). 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 Klaveness Combination Carriers ASA (KCC)?
The price-to-sales ratio of Klaveness Combination Carriers ASA is 1.27 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Klaveness Combination Carriers ASA (KCC)?
Earnings per share at Klaveness Combination Carriers ASA are kr 11.40 (price ÷ EPS = P/E 9.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Klaveness Combination Carriers ASA (KCC)?
The dividend yield of Klaveness Combination Carriers ASA is 0.1% (payout 0.7%). 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 net margin of Klaveness Combination Carriers ASA (KCC)?
The net margin of Klaveness Combination Carriers ASA is 14.0% (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 Klaveness Combination Carriers ASA (KCC)?
The return on equity (ROE) of Klaveness Combination Carriers ASA is 18.7% (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 Klaveness Combination Carriers ASA (KCC)?
On an EBIT basis the return on assets of Klaveness Combination Carriers ASA is 11.1% (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 Klaveness Combination Carriers ASA (KCC)?
The operating margin of Klaveness Combination Carriers ASA is 29.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Klaveness Combination Carriers ASA (KCC)?
Revenue at Klaveness Combination Carriers ASA is growing +46.8% versus a year earlier (3y avg −2.9%). 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 Klaveness Combination Carriers ASA (KCC)?
Earnings per share at Klaveness Combination Carriers ASA are growing +100% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Klaveness Combination Carriers ASA (KCC) carry?
The net debt of Klaveness Combination Carriers ASA is $220M (fiscal year 2025, ≈ 4.0 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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Broad data
Nov 6, 2026