NorAm Drilling AS, (NORAM) Fair Value & Analysis
Energy · NO · Market cap 1.8B NOK
Fair value as of: Jul 15, 2026
From 26 valuation models · updated 26 days ago
Fair value updated Jul 15, 2026, revised from kr 28.89 to kr 28.23 (−2.3%) since Jun 24, 2026. Share price +8.6% over the past month.
A strong business, but screening 36% overvalued on our models.
What matters now
- A high-quality business (quality 79/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- A fairly wide model range (kr 22.43 to kr 48.44) leaves room in how you read the outcome.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.
How to read this chart
46‑month range kr 19.26 – kr 52.03 · fair‑value band kr 22.43 – kr 48.44 · the kr 44.20 price screens above the kr 28.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.
Analysis
NorAm Drilling AS, (NORAM) currently trades at kr 44.20, while our model-based Fair Value estimate is kr 28.23, implying the stock looks roughly 36.1% overvalued today. The Quality Score stands at 79/100 (high quality), in the Energy 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, NorAm Drilling AS, generated revenue of 101M NOK at a net margin of 14.7%. Revenue declined 0.5% year over year. It earns a return on equity of 27.0%. The balance sheet holds a net cash position of 8.4M NOK. Fundamentals as of Jul 15, 2026
Our scenario range runs from kr 22.43 (bear case) to kr 48.44 (bull case); at kr 44.20, the current price sits within 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 129% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at -36%, NORAM 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 26 models by family
Widest divergence: Dividend Discount (kr 4.96) versus Asset-Based (kr 0.8700). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 79 · Market factors (momentum, volatility) 80
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
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NorAm Drilling AS, reported revenue of kr 101M in FY2025 versus kr 50.4M in FY2021, a compound +19.0%/yr. Reported net income was kr 14.8M in FY2025.
NORAM screens 36% overvalued. Compare with SLB N.V →
Peer Group
Oil & Gas Equipment & Services · 191 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 Oil & Gas Equipment & Services 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 Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLBN | 836.00 MXN | 533.97 MXN | -36% |
| Baker Hughes Company BKR | $55.95 | $33.55 | -40% |
| TechnipFMC plc FTI | $74.57 | $27.57 | -63% |
| Halliburton Company HAL | $35.22 | $21.50 | -39% |
| Tenaris S.A TS | $57.16 | $45.68 | -20% |
| Yantai Jereh Oilfield Services Group 002353 | ¥138.79 | ¥34.17 | -75% |
| Saipem SpA SPM | €4.20 | €2.72 | -35% |
| Subsea 7 S.A SUBC | kr 319.00 | kr 227.98 | -29% |
| China Oilfield Services Limited 601808 | ¥12.08 | ¥12.64 | +5% |
| Gaztransport & Technigaz SA GTT | €188.10 | €95.01 | -49% |
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Frequently asked questions
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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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