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Vow ASA (SSHPF) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of Vow ASA $0.31, price $0.36, upside -14.4%, quality 28 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · US · Home Norway · ISIN NO0010708068

VA Vow ASA logo Thin data Sep 24, 2026

Vow ASA

SSHPF · US

Weak valuationQuality is weak on top of the rich price.

!Fair value $0.3100 · Overvalued (−14.4%)
!Quality 28/100
!Mixed Growth (revenue 5y +17.6 %/yr)
!Loss-making · -23.9% net margin (TTM)
✓Low debt · generates free cash flow
!Narrow moat 11/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$6.80 $0.1250 Fair Value $0.3100 May 2021 Sep 2026

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

60‑month range $0.1250 – $6.80 · fair‑value band $0.1900 – $0.4800 · the $0.3620 price screens above the $0.3100 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Vow ASA, together with its subsidiaries, produces, delivers, and maintains systems for processing and purifying wastewater, food waste, solid waste, and bio sludge in Norway, France, Poland, the United States, and Italy. It operates through Industrial Solutions, Maritime Solutions, and Aftersales segments.

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Vow ASA, together with its subsidiaries, produces, delivers, and maintains systems for processing and purifying wastewater, food waste, solid waste, and bio sludge in Norway, France, Poland, the United States, and Italy. It operates through Industrial Solutions, Maritime Solutions, and Aftersales segments. The Industrial Solutions segment designs and provides systems to valorise biomass residues and waste into renewable products, chemicals, and fossil free energy through pyrolysis solutions. The Maritime Solution segment provides Scanship's operations and delivers technological solutions for wastewater treatment, food waste processing, and waste management for the cruise industry. The Aftersales segment provides spare parts and consumables; and services on systems delivered to shipowners. In addition, the company offers Biogreen, a patented pyrolysis process for converting biomass, plastics, and waste into energy; and Safesteril, a patented sterilisation process for food and pharmaceutical ingredients. Further, the company develops, designs, and fabricates industrial furnaces and equipment. It serves cruise and landbased industries. The company has a strategic partnership agreement with Repsol, S.A. The company was formerly known as Scanship Holding ASA and changed its name to VOW ASA in January 2020. Vow ASA was founded in 2011 and is headquartered in Oslo, Norway.

Stock analysis

Vow ASA (SSHPF) currently trades at $0.3620, while our model-based Fair Value estimate is $0.3100, 14.4% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $0.2500 per share, and 1 of the 7 models we run sit above the $0.3620 price.

Bear case: the Asset-Based group reads lowest at $0.0500, and 6 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: $0.1900 (bear) to $0.4800 (bull), the price of $0.3620 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 28/100 (below-average quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Vow ASA reported revenue of 1.0B NOK in FY2025 versus 454M NOK in FY2021, a compound +22.8%/yr. Reported net income was −279M NOK in FY2025.

Key figures

Market cap $105M · P/S ratio 0.07 · EPS (TTM) $−0.0900 · Net margin −27.0% · Return on equity −75.1% · Return on assets (EBIT) −2.5% · Operating margin 3.8% · Revenue (TTM) 1.1B NOK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades at its 52-week high and 94% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −18% fair-value upside, at −14%, SSHPF screens cheaper than that median.

Fair Value models

Bear $0.1900 Fair Value $0.3100 Bull $0.4800
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. 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. 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.
Highest evidence
FCF DCF $0.2300 $0.3600 $0.6600 77
Growth DCF $0.2200 $0.3800 $0.6000 77
5Y Revenue Exit $0.1300 $0.2100 $0.3100 72
All 7 models by family
DCF Models
FCF DCF $0.2300 $0.3600 $0.6600 77
5Y Revenue Exit $0.1300 $0.2100 $0.3100 72
10Y Revenue Exit $0.1600 $0.2500 $0.3700 66
Multiples
EV/Revenue $0.0700 $0.1000 $0.1300 53
Asset-Based
NCAV (Graham) $0.0400 $0.0500 $0.0800 53
Growth DCF
Growth DCF $0.2200 $0.3800 $0.6000 77
Rev-Margin DCF $0.1300 $0.2100 $0.3200 72

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Quality Score breakdown

Overall quality 28/100

Of which business quality 28 · Market factors (momentum, volatility) 66

Profitability 21
Margins and returns on capital today
Quality Growth 24
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 9
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 11
Calm price path (market factor)
Momentum 82
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+1.5%
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.
+9.7%
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.
+17.6%
Start year 2020 (pandemic). Over 10 years: +17.8% a year
Revenue growth 14 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.
+14.1%
Profit margin (trend) ⓘ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.
3.6% (2020) → −9.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+44.5%
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 NOK, Norway: IMF forecast 2.4% a year to 2030, 3.3% from 2016 to 2025) that is about +41.1% a year for the price.

SSHPF screens overvalued: fair value 14% below the price. Compare with Veralto Corporation →

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Context: sector, industry, market

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

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$0.3100 −14%Fair Value
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Cite: Fair Value Calculator (2026). "Vow ASA Fair Value". https://www.fairvalue-calculator.com/stock/SSHPF

Frequently asked questions

Is Vow ASA (SSHPF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.3100 versus a price of $0.3620, about −14% upside (overvalued).
What is the fair value of SSHPF?
Our model-based fair value for Vow ASA is $0.3100 (as of Sep 24, 2026), built from audited fundamentals. The current price: $0.3620.
What is the quality score of SSHPF?
Vow ASA has a Quality Score of 28/100. 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 Vow ASA (SSHPF)?
Our model-based price target is the fair value of $0.3100 (as of Sep 24, 2026) from 7 valuation models. Cautious scenario $0.1900, optimistic scenario $0.4800. It is a calculation from audited fundamentals, not an analyst target.
What is the Vow ASA stock forecast for 2026?
Our models put fair value at $0.3100, about −14% upside versus a price of $0.3620 (overvalued). Cautious scenario $0.1900, optimistic scenario $0.4800. The calculation is refreshed regularly with new filings.
What is the revenue of Vow ASA (SSHPF)?
Vow ASA reported trailing-twelve-month revenue of about 1.1B NOK (latest available figure, as of Sep 24, 2026).
What growth is priced into Vow ASA (SSHPF)?
For today's price to be fair in a discounted-cash-flow model, Vow ASA would have to grow free cash flow by +44.5 % per year for five years (discount rate 14.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of SSHPF use?
Our models discount Vow ASA at 14.3 %: a base by market capitalisation (micro), damped by beta 1.51, country premium for USA. 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 Vow ASA that is +44.5 % per year a year over ten years, using the same discount rate (14.3 %) and the same formula as our fair value.
How much growth has Vow ASA (SSHPF) delivered so far?
Over the past 5 years revenue at Vow ASA grew +17.6 % a year. The price currently implies +44.5 % 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 Vow ASA (SSHPF) growing?
The median revenue growth in the sector is +7.3 % a year. That is the yardstick for the growth priced into Vow ASA (+44.5 % 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 Vow ASA (SSHPF)?
The free-cash-flow yield on the price is 2.15 %: that much free cash flow Vow ASA produces per unit of market value. When it exceeds the discount rate of our models (14.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vow ASA (SSHPF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vow ASA it is $0.3100 per share (as of Sep 24, 2026), against a price of $0.3620. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Vow ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SSHPF trades above its calculated fair value: price $0.3620, fair value $0.3100, a gap of about −14% (overvalued). 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 SSHPF?
No. The price is what the market pays today ($0.3620); the fair value is what the company's own numbers justify ($0.3100). For Vow ASA the two are $0.0520 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vow ASA worth?
The market values Vow ASA at about $105M (market capitalisation, as of Sep 24, 2026). Per share that is $0.3620; our models calculate a fair value of $0.3100 per share.
What do the bullish and bearish scenarios say about SSHPF?
Our models span a range for Vow ASA: cautious scenario $0.1900, base $0.3100, optimistic $0.4800 per share (as of Sep 24, 2026, price $0.3620). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is SSHPF from its 52-week high?
Vow ASA trades at $0.3620, at its 52-week high of $0.3620 and 94% above the low of $0.1864 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of $0.3100 is for.
Which stocks are comparable to Vow ASA?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, CECO Environmental Corp, Fujian Longking 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 Vow ASA stock attractive at the current price?
The data as of Sep 24, 2026: price $0.3620, calculated fair value $0.3100 (−14%), Quality Score 28/100, from 7 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 SSHPF calculated?
We run Vow ASA through 7 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 $0.3100, 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 14.5 % above its aggregate fair value. Vow ASA 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 Vow ASA (SSHPF)?
The closing price on Sep 28, 2026 was $0.3620. Our model-based fair value is $0.3100, about −14% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vow ASA right now?
A fairly wide model range ($0.1900 to $0.4800) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Vow ASA

How large is the market capitalisation of Vow ASA (SSHPF)?
The market capitalisation of Vow ASA is $105M. 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 Vow ASA (SSHPF)?
The price-to-sales ratio of Vow ASA is 0.07 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vow ASA (SSHPF)?
Earnings per share at Vow ASA are $−0.0900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vow ASA (SSHPF)?
The net margin of Vow ASA is −27.0% (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 Vow ASA (SSHPF)?
The return on equity (ROE) of Vow ASA is −75.1% (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 Vow ASA (SSHPF)?
On an EBIT basis the return on assets of Vow ASA is −2.5% (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 Vow ASA (SSHPF)?
The operating margin of Vow ASA is 3.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vow ASA (SSHPF)?
Revenue at Vow ASA is growing +15.9% versus a year earlier (3y avg +9.7%). 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 Vow ASA (SSHPF)?
Earnings per share at Vow ASA are growing +59.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vow ASA (SSHPF) carry?
The net debt of Vow ASA is 432M NOK (fiscal year 2025, ≈ 19.8 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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