Viking Supply Ships AB (publ) (VSSAB-B) fair value: what the stock is really worth
As of Oct 19, 2026: fair value (intrinsic value) of Viking Supply Ships AB (publ) stock SEK 184, price SEK 174, upside +5.9%, quality 57 out of 100. Rating: fairly valued. 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, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range kr 31.70 – kr 181.00 · fair‑value band kr 154.30 – kr 230.38 · the kr 174.00 price screens below the kr 184.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 2, 2026.
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Viking Supply Ships AB (publ) provides offshore anchor handling and ice-breaking services to oil industry primarily in the Arctic and North Sea. The company offers ice-classed Anchor Handling Tug Supply (AHTS), which performs icebreaking and tasks in the offshore industry, such as repositioning of rigs and anchor handling.
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It operates through a fleet of 7 vessels. The company operates in Sweden, Norway, Denmark, France, the United Kingdom, the Netherlands, Spain, Italy, Greece, Canada, Singapore, Australia, and internationally.
The company was formerly known as Rederi AB TransAtlantic (publ) and changed its name to Viking Supply Ships AB (publ) in April 2015. Viking Supply Ships AB (publ) was founded in 1946 and is headquartered in Stenungsund, Sweden. Viking Supply Ships AB (publ) is a subsidiary of Viking Invest AS.
Stock analysis
Viking Supply Ships AB (publ) (VSSAB-B) currently trades at kr 174.00, while our model-based Fair Value estimate is kr 184.30, so the stock looks roughly fairly valued today (gap 5.6%).
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 193.65 per share, and 9 of the 23 models we run sit above the kr 174.00 price.
Bear case: the Earnings-Based group reads lowest at kr 37.83, and 14 of the 23 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 154.30 (bear) to kr 230.38 (bull), the price of kr 174.00 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 57/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Viking Supply Ships AB (publ) reported revenue of 924M SEK in FY2025 versus 311M SEK in FY2021, a compound +31.2%/yr. Reported net income was 55.0M SEK in FY2025.
Key figures
Market cap 2.3B SEK (≈ $231M) Micro · P/E ratio 11.1 · P/S ratio 1.95 · EPS (TTM) kr 15.39 · Net margin 17.3% · Return on equity 9.7% · Return on assets (EBIT) 0.3% · Operating margin 51.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 55 out of 100 (medium confidence).
What moves the price
The share trades about 4% below its 52-week high and 67% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 53% fair-value upside, at 6%, VSSAB-B screens richer than that median.
Fair Value models
Bearkr 154.30Fair Value kr 184.30Bullkr 230.38
Price kr 174.00 · Upside +5.9%
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 12.35 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+36.1%
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.
+17.0%
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.
+26.4%
Start year 2020 (pandemic). Over 10 years: −7.3% a year
Revenue growth 22 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.
−3.1%
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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.
−3.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.9%
Dividend (yield on the price)0.0%
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.−3.9% vs −25.5%, 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.−63% → 18%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 27.4%/yr over ~10Y (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.
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).
+4.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +2.3% a year for the price.
Compare Viking Supply Ships AB (publ) with another stock
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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 · 226 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside+5.9% · Above median
Profitability
Return on equity (12 months)9.7% · Above median
Return on assets1.9% · Below median
Net margin (12 months)17.3% · Above median
Operating margin (12 months)51.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)46.8% · Top 25%
Balance sheet
Debt / equity0.14× · Below median
Valuation Multiplesvs Marine Shipping 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). "Viking Supply Ships AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/VSSAB-B
Frequently asked questions
Is Viking Supply Ships AB (publ) (VSSAB-B) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of kr 184.30 versus a price of kr 174.00, about +6% upside (fairly valued).
What is the fair value of VSSAB-B?
Our model-based fair value for Viking Supply Ships AB (publ) is kr 184.30 (as of Oct 2, 2026), built from audited fundamentals. The current price: kr 174.00.
What is the quality score of VSSAB-B?
Viking Supply Ships AB (publ) has a Quality Score of 57/100. 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 Viking Supply Ships AB (publ) (VSSAB-B)?
Our model-based price target is the fair value of kr 184.30 (as of Oct 2, 2026) from 23 valuation models. Cautious scenario kr 154.30, optimistic scenario kr 230.38. It is a calculation from audited fundamentals, not an analyst target.
What is the Viking Supply Ships AB (publ) stock forecast for 2026?
Our models put fair value at kr 184.30, about +6% upside versus a price of kr 174.00 (fairly valued). Cautious scenario kr 154.30, optimistic scenario kr 230.38. The calculation is refreshed regularly with new filings.
What is the revenue of Viking Supply Ships AB (publ) (VSSAB-B)?
Viking Supply Ships AB (publ) reported trailing-twelve-month revenue of about 1.2B SEK (latest available figure, as of Oct 2, 2026).
What growth is priced into Viking Supply Ships AB (publ) (VSSAB-B)?
For today's price to be fair in a discounted-cash-flow model, Viking Supply Ships AB (publ) would have to grow free cash flow by +4.3 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +26.4 % per year. As of Oct 2, 2026.
What discount rate (WACC) does the fair value of VSSAB-B use?
Our models discount Viking Supply Ships AB (publ) at 11.0 %: a base by market capitalisation (micro), damped by beta 0.08, country premium for Sweden. 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 Viking Supply Ships AB (publ) that is +4.3 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Viking Supply Ships AB (publ) (VSSAB-B) delivered so far?
Over the past 5 years revenue at Viking Supply Ships AB (publ) grew +26.4 % a year. The price currently implies +4.3 % 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 Viking Supply Ships AB (publ) (VSSAB-B) growing?
The median revenue growth in the sector is +7.5 % a year. That is the yardstick for the growth priced into Viking Supply Ships AB (publ) (+4.3 % 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 Viking Supply Ships AB (publ) (VSSAB-B)?
The free-cash-flow yield on the price is 8.47 %: that much free cash flow Viking Supply Ships AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Viking Supply Ships AB (publ) (VSSAB-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Viking Supply Ships AB (publ) it is kr 184.30 per share (as of Oct 2, 2026), against a price of kr 174.00. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Viking Supply Ships AB (publ) stock overvalued or undervalued in 2026?
As of Oct 2, 2026, VSSAB-B trades below its calculated fair value: price kr 174.00, fair value kr 184.30, a gap of about +6% (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 VSSAB-B?
No. The price is what the market pays today (kr 174.00); the fair value is what the company's own numbers justify (kr 184.30). For Viking Supply Ships AB (publ) the two are kr 10.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Viking Supply Ships AB (publ) worth?
The market values Viking Supply Ships AB (publ) at about 2.3B SEK (market capitalisation, as of Oct 2, 2026). Per share that is kr 174.00; our models calculate a fair value of kr 184.30 per share.
What do the bullish and bearish scenarios say about VSSAB-B?
Our models span a range for Viking Supply Ships AB (publ): cautious scenario kr 154.30, base kr 184.30, optimistic kr 230.38 per share (as of Oct 2, 2026, price kr 174.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VSSAB-B?
Viking Supply Ships AB (publ) trades at a price-to-earnings ratio of 11.1 (as of Oct 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 184.30 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2018 to 2025), reported earnings: 13.5. Other multiples: PEG 0.7, P/B 1.2, P/S 1.9, EV/EBITDA 5.7.
What is the PEG ratio of VSSAB-B?
The PEG ratio of Viking Supply Ships AB (publ) is 0.74 (P/E divided by earnings growth, as of Oct 2, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Viking Supply Ships AB (publ) (VSSAB-B)?
Balance-sheet figures for Viking Supply Ships AB (publ) (as of Oct 2, 2026): return on equity 9.7%, debt of 0.14 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is VSSAB-B from its 52-week high?
Viking Supply Ships AB (publ) trades at kr 174.00, about 4% below its 52-week high of kr 181.00 and 67% above the low of kr 104.50 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 184.30 is for.
Which stocks are comparable to Viking Supply Ships AB (publ)?
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 Viking Supply Ships AB (publ) stock attractive at the current price?
The data as of Oct 2, 2026: price kr 174.00, calculated fair value kr 184.30 (+6%), Quality Score 57/100, from 23 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 VSSAB-B calculated?
We run Viking Supply Ships AB (publ) through 23 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 184.30, 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 13.9 % above its aggregate fair value. Viking Supply Ships AB (publ) currently trades 6 % 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 Viking Supply Ships AB (publ) (VSSAB-B)?
The closing price on Oct 19, 2026 was kr 174.00. Our model-based fair value is kr 184.30, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Viking Supply Ships AB (publ) right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Viking Supply Ships AB (publ)
How large is the market capitalisation of Viking Supply Ships AB (publ) (VSSAB-B)?
The market capitalisation of Viking Supply Ships AB (publ) is 2.3B SEK (≈ $231M). 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 Viking Supply Ships AB (publ) (VSSAB-B)?
The price-to-sales ratio of Viking Supply Ships AB (publ) is 1.95 (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 Viking Supply Ships AB (publ) (VSSAB-B)?
Earnings per share at Viking Supply Ships AB (publ) are kr 15.39 (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Viking Supply Ships AB (publ) (VSSAB-B)?
The net margin of Viking Supply Ships AB (publ) is 17.3% (last twelve months). 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 Viking Supply Ships AB (publ) (VSSAB-B)?
The return on equity (ROE) of Viking Supply Ships AB (publ) is 9.7% (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 Viking Supply Ships AB (publ) (VSSAB-B)?
On an EBIT basis the return on assets of Viking Supply Ships AB (publ) is 0.3% (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 Viking Supply Ships AB (publ) (VSSAB-B)?
The operating margin of Viking Supply Ships AB (publ) is 51.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Viking Supply Ships AB (publ) (VSSAB-B)?
Revenue at Viking Supply Ships AB (publ) is growing +46.8% versus a year earlier (3y avg +17.0%). 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 Viking Supply Ships AB (publ) (VSSAB-B)?
Earnings per share at Viking Supply Ships AB (publ) are growing +109% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Viking Supply Ships AB (publ) (VSSAB-B) carry?
The net debt of Viking Supply Ships AB (publ) is 803M SEK (fiscal year 2025, ≈ 4.1 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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Oct 2, 2026