NorAm Drilling AS (NORAM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of NorAm Drilling AS NOK 40.85, price NOK 44.30, upside -7.8%, quality 79 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 24, 2026.
How to read this chart
48‑month range kr 18.88 – kr 51.02 · fair‑value band kr 28.16 – kr 52.36 · the kr 44.30 price screens above the kr 40.85 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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NorAm Drilling AS, together with its subsidiary, owns and operates AC driven rigs for the drilling of horizontal wells in the United States. The company owns and operates a fleet of rigs located in the Permian Basin. NorAm Drilling AS was incorporated in 2007 and is headquartered in Oslo, Norway.
Stock analysis
NorAm Drilling AS (NORAM) currently trades at kr 44.30, while our model-based Fair Value estimate is kr 40.85, implying the stock looks roughly 8.4% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 4.35 per share, and 0 of the 26 models we run sit above the kr 44.30 price.
Bear case: the Dividend Discount group reads lowest at kr 4.30, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 28.16 (bear) to kr 52.36 (bull), the price of kr 44.30 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 79/100 (high quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
NorAm Drilling AS reported revenue of $101M in FY2025 versus $50.4M in FY2021, a compound +19.0%/yr. Reported net income was $14.8M in FY2025.
Key figures
Market cap 1.9B NOK (≈ $201M) · P/E ratio 12.6 · P/S ratio 1.85 · EPS (TTM) kr 3.51 · Net margin 14.6% · Return on equity 21.7% · Return on assets (EBIT) 8.5% · Operating margin 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 82% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −23% fair-value upside, at −8%, NORAM screens cheaper than that median.
Fair Value models
Bear kr 28.16Fair Value kr 40.85Bull kr 52.36
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 2.58 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.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.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.9%
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.
+1.9%
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.
+13.1%
Start year 2020 (pandemic)
Revenue growth 9 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.
+11.0%
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What shareholders gained per year (last 3 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 3 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. Basis: EBIT basis.
≈ −5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.2%
Dividend (yield on the price)0.0%
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.−15% → 14%
⚠ Revenue per share shrinking 5.3%/yr over ~7Y (margin trend unclear) ⓘ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.
⚠ Rate on operating basis: 2025 sits 229% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+1.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −1.1% a year for the price.
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.Oil & Gas Equipment & Services · 190 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score79 · Top 25%
Fair Value upside−7% · Above median
Profitability
Return on equity (TTM)22% · Top 25%
Return on assets9% · Top 25%
Net margin (TTM)12% · Top 25%
Operating margin (TTM)11% · Above median
Growth and dividend
Revenue growth2% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NorAm Drilling AS Fair Value". https://www.fairvalue-calculator.com/stock/NORAM
Frequently asked questions
Is NorAm Drilling AS (NORAM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 40.85 versus a price of kr 44.30, about −8% upside (fairly valued).
What is the fair value of NORAM?
Our model-based fair value for NorAm Drilling AS is kr 40.85 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 44.30.
What is the quality score of NORAM?
NorAm Drilling AS has a Quality Score of 79/100. 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 NorAm Drilling AS (NORAM)?
Our model-based price target is the fair value of kr 40.85 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario kr 28.16, optimistic scenario kr 52.36. It is a calculation from audited fundamentals, not an analyst target.
What is the NorAm Drilling AS stock forecast for 2026?
Our models put fair value at kr 40.85, about −8% upside versus a price of kr 44.30 (fairly valued). Cautious scenario kr 28.16, optimistic scenario kr 52.36. The calculation is refreshed regularly with new filings.
What is the revenue of NorAm Drilling AS (NORAM)?
NorAm Drilling AS reported trailing-twelve-month revenue of about $102M (latest available figure, as of Sep 24, 2026).
What growth is priced into NorAm Drilling AS (NORAM)?
For today's price to be fair in a discounted-cash-flow model, NorAm Drilling AS would have to grow free cash flow by +1.2 % per year for five years (discount rate 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of NORAM use?
Our models discount NorAm Drilling AS at 12.5 %: a base by market capitalisation (micro), 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 NorAm Drilling AS that is +1.2 % per year a year over ten years, using the same discount rate (12.5 %) and the same formula as our fair value.
How much growth has NorAm Drilling AS (NORAM) delivered so far?
Over the past 5 years revenue at NorAm Drilling AS grew +13.1 % a year. The price currently implies +1.2 % per year free-cash-flow growth a 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 NorAm Drilling AS (NORAM) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into NorAm Drilling AS (+1.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NorAm Drilling AS (NORAM)?
The free-cash-flow yield on the price is 10.17 %: that much free cash flow NorAm Drilling AS produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NorAm Drilling AS (NORAM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NorAm Drilling AS it is kr 40.85 per share (as of Sep 24, 2026), against a price of kr 44.30. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is NorAm Drilling AS stock overvalued or undervalued in 2026?
As of Sep 24, 2026, NORAM trades above its calculated fair value: price kr 44.30, fair value kr 40.85, a gap of about −8% (fairly valued). 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 NORAM?
No. The price is what the market pays today (kr 44.30); the fair value is what the company's own numbers justify (kr 40.85). For NorAm Drilling AS the two are kr 3.45 per share apart. That gap is exactly why we show both numbers side by side.
How much is NorAm Drilling AS worth?
The market values NorAm Drilling AS at about 1.9B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 44.30; our models calculate a fair value of kr 40.85 per share.
What do the bullish and bearish scenarios say about NORAM?
Our models span a range for NorAm Drilling AS: cautious scenario kr 28.16, base kr 40.85, optimistic kr 52.36 per share (as of Sep 24, 2026, price kr 44.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NORAM?
NorAm Drilling AS trades at a price-to-earnings ratio of 12.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 40.85 is built from several models across several years. Other multiples: P/B 3.6, P/S 2.0, EV/EBITDA 10.9.
How solid is the balance sheet of NorAm Drilling AS (NORAM)?
Balance-sheet figures for NorAm Drilling AS (as of Sep 24, 2026): return on equity 21.7%. They feed the Quality Score of 79/100, which measures business quality independently of the share price.
How far is NORAM from its 52-week high?
NorAm Drilling AS trades at kr 44.30, about 13% below its 52-week high of kr 51.02 and 82% above the low of kr 24.28 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 40.85 is for.
Which stocks are comparable to NorAm Drilling AS?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Halliburton Company, 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 NorAm Drilling AS stock attractive at the current price?
The data as of Sep 24, 2026: price kr 44.30, calculated fair value kr 40.85 (−8%), Quality Score 79/100, 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 NORAM calculated?
We run NorAm Drilling AS through 26 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 40.85, 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. NorAm Drilling AS 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 NorAm Drilling AS (NORAM)?
The closing price on Sep 24, 2026 was kr 44.30. Our model-based fair value is kr 40.85, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NorAm Drilling AS right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (kr 28.16 to kr 52.36) leaves room in how you read the outcome.
Key figures of NorAm Drilling AS
How large is the market capitalisation of NorAm Drilling AS (NORAM)?
The market capitalisation of NorAm Drilling AS is 1.9B NOK (≈ $201M). 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 NorAm Drilling AS (NORAM)?
The price-to-sales ratio of NorAm Drilling AS is 1.85 (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 NorAm Drilling AS (NORAM)?
Earnings per share at NorAm Drilling AS are kr 3.51 (price ÷ EPS = P/E 12.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of NorAm Drilling AS (NORAM)?
The net margin of NorAm Drilling AS is 14.6% (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 NorAm Drilling AS (NORAM)?
The return on equity (ROE) of NorAm Drilling AS is 21.7% (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 NorAm Drilling AS (NORAM)?
On an EBIT basis the return on assets of NorAm Drilling AS is 8.5% (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 NorAm Drilling AS (NORAM)?
The operating margin of NorAm Drilling AS is 11.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NorAm Drilling AS (NORAM)?
Revenue at NorAm Drilling AS is growing +1.5% versus a year earlier (3y avg +1.9%). 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 NorAm Drilling AS (NORAM)?
Earnings per share at NorAm Drilling AS are growing −50.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does NorAm Drilling AS (NORAM) hold?
NorAm Drilling AS holds more cash than debt, $8.4M net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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