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Santierul Naval Orsova S.A (SNO) Fair Value & Analysis

Industrials · RO · Market cap 160M RON

SN Santierul Naval Orsova S.A SNO · RO
Price14.10 RON
Fair Value13.04 RON
Upside-7.5%
Quality75/100
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Healthy Growth
Solidly profitable · 10.5% net margin
generates free cash flow
Ranks above peers (12/13)
Moderate moat 56/100
Evidence: High Range 9.78 RON – 16.30 RON Share as image

Fair value as of: Jul 18, 2026

From 26 valuation models · updated 23 days ago

Share price −9.7% over the past month.

A strong business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 9.78 RON (bear) to 16.30 RON (bull), base 13.04 RON. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 75/100 (high quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

16.60 RON 2.62 RON Fair Value 13.04 RON Feb 2021 Jun 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 2.62 RON – 16.60 RON · fair‑value band 9.78 RON – 16.30 RON · the 14.10 RON price screens above the 13.04 RON fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Santierul Naval Orsova S.A (SNO) currently trades at 14.10 RON, while our model-based Fair Value estimate is 13.04 RON, implying the stock looks roughly 7.5% fairly valued today. The Quality Score stands at 75/100 (high quality), in the Industrials 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, Santierul Naval Orsova S.A generated revenue of 122M RON at a net margin of 10.5%. Revenue grew 36.1% year over year. It earns a return on equity of 13.6%. The stock trades on a trailing P/E of 12.4. Fundamentals as of Jul 18, 2026

Our scenario range runs from 9.78 RON (bear case) to 16.30 RON (bull case); at 14.10 RON, 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 15% below its 52-week high and 115% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at -8%, SNO 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
Residual Income 6.50 RON 6.90 RON 7.32 RON 76
Growth DCF 10.37 RON 16.11 RON 24.17 RON 72
Gordon GGM 3.62 RON 6.07 RON 7.88 RON 70
All 26 models by family
DCF Models
FCF DCF 10.66 RON 17.34 RON 28.25 RON 38
Owner Earnings 10.68 RON 17.62 RON 28.29 RON 31
5Y Revenue Exit 6.41 RON 9.22 RON 12.81 RON 39
5Y EBITDA Exit 9.15 RON 15.12 RON 22.71 RON 41
5Y P/E Exit 11.44 RON 20.08 RON 30.29 RON 38
10Y Revenue Exit 7.94 RON 11.09 RON 15.62 RON 36
10Y EBITDA Exit 9.60 RON 14.89 RON 23.03 RON 37
10Y P/E Exit 10.93 RON 18.07 RON 28.70 RON 35
Earnings-Based
Graham-Dodd 5.22 RON 28.29 RON 39.22 RON 54
Lynch FV 7.85 RON 11.21 RON 14.57 RON 50
PEG = 1.0 7.85 RON 11.21 RON 14.57 RON 46
EPV 2.64 RON 2.85 RON 3.03 RON 59
Dividend Discount
Gordon GGM 3.62 RON 6.07 RON 7.88 RON 70
DDM Multi-Stage 3.62 RON 5.76 RON 6.53 RON 61
Multiples
P/E Multiple 12.08 RON 16.11 RON 20.14 RON 63
P/S Multiple 9.78 RON 13.04 RON 16.30 RON 58
P/B Multiple 9.78 RON 13.04 RON 16.30 RON 55
EV/EBIT 4.87 RON 6.21 RON 7.54 RON 53
EV/EBITDA 8.84 RON 11.49 RON 14.15 RON 54
EV/Revenue 3.73 RON 4.95 RON 6.18 RON 43
Asset-Based
NCAV (Graham) 4.14 RON 5.55 RON 8.29 RON 50
Growth DCF
Growth DCF 10.37 RON 16.11 RON 24.17 RON 72
Rev-Margin DCF 6.41 RON 9.28 RON 13.17 RON 67
Economic Profit
Residual Income 6.50 RON 6.90 RON 7.32 RON 76
ROIC Compounder 2.64 RON 2.85 RON 3.03 RON 67
Growth Earnings
Growth-Adj P/E 11.48 RON 16.40 RON 21.31 RON 68

Widest divergence: Growth Earnings (16.40 RON) versus Economic Profit (2.85 RON). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 122M RON
Revenue growth (YoY) +36.1%
Net margin 10.5%
Return on equity 13.6%
Free cash flow 11.3M RON FY2025
P/E ratio 12.4
More key figures
Operating margin 15.7%
EPS (TTM) 1.13 RON
EPS growth (YoY) +600%

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 72 · Market factors (momentum, volatility) 86

Profitability 47
Margins and returns on capital today
Quality Growth 90
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 82
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

Santierul Naval Orsova S.A. engages in the construction of river ships and floating structures in Romania. The company produces chemical tankers, container ships, gas tankers, salanda vessels, push-combination vessels, river and sea pontoons, barges, self-propelled barges, mixed barges, ro-ro barges, and ferry boats for people, cars and trucks.

Full company description

Santierul Naval Orsova S.A. engages in the construction of river ships and floating structures in Romania. The company produces chemical tankers, container ships, gas tankers, salanda vessels, push-combination vessels, river and sea pontoons, barges, self-propelled barges, mixed barges, ro-ro barges, and ferry boats for people, cars and trucks. It is also involved in renting ships; and logistics activities, as well as repairing of ships. Santierul Naval Orsova S.A. was founded in 1890 and is headquartered in Orsova, Romania.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Santierul Naval Orsova S.A reported revenue of 114M RON in FY2025 versus 72.9M RON in FY2021, a compound +11.9%/yr. Reported net income was 8.8M RON in FY2025.

Growth Quality 92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
114M RON
Latest YoY
+26.9%
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.
+26.9%
Avg. growth/yr (5Y) 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.
+10.5%
Avg. growth/yr (6Y) 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.
+10.9%
Revenue +11.9%/yr
FY21 72.9M RON
FY22 56.0M RON
FY23 95.8M RON
FY24 90.2M RON
FY25 114M RON
Net income
FY21 −154K RON
FY22 −4.2M RON
FY23 3.5M RON
FY24 5.9M RON
FY25 8.8M RON

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Cite: Fair Value Calculator (2026). "Santierul Naval Orsova S.A Fair Value". https://www.fairvalue-calculator.com/stock/SNO

Peer Group

Aerospace & Defense · 226 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 75 · Top 25%
Fair Value upside −8% · Top 25%
Return on equity (TTM) 14% · Above median
Return on assets 6% · Top 25%
Net margin (TTM) 11% · Above median
Operating margin (TTM) 16% · Above median
Revenue growth 36% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 12.4× · Cheaper than 75% of peers
P/B 0.37× · Cheaper than 75% of peers
P/S (TTM) 0.29× · Cheaper than 75% of peers
P/FCF 3.1× · Cheaper than 75% of peers
EV/EBITDA 1.4× · 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 23 · sector 0
FUTURE 100 · sector 46
PAST 54 · sector 38
HEALTH 0 · sector 94
DIVIDEND 0 · sector 15

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Weapons Defense

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

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
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HD Hyundai Heavy Industries Co 329180 466,000 KRW 272,966 KRW -41%
Hanwha Aerospace Co 012450 967,000 KRW 573,468 KRW -41%
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS 337.50 TRY 130.70 TRY -61%
Saab AB SAABB kr 520.40 kr 212.84 -59%
Kongsberg Gruppen ASA KOG kr 277.50 kr 106.93 -61%

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Frequently asked questions

Is Santierul Naval Orsova S.A (SNO) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 13.04 RON versus a price of 14.10 RON, about −8% (fairly valued).
What is the fair value of SNO?
Our model-based fair value for Santierul Naval Orsova S.A is 13.04 RON (as of Jul 18, 2026), built from audited fundamentals. The current price is 14.10 RON.
What is the quality score of SNO?
Santierul Naval Orsova S.A has a Quality Score of 75/100. 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 Santierul Naval Orsova S.A (SNO)?
Santierul Naval Orsova S.A reported trailing-twelve-month revenue of about 122M RON (latest available figure, as of Jul 18, 2026).
What is the net profit margin of SNO?
The net profit margin of Santierul Naval Orsova S.A is about 10.5%, meaning it keeps roughly 10.5% 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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