Western Bulk Chartering AS (WEST) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Western Bulk Chartering AS stock NOK 22.30, price NOK 25.00, that is 10.8% below the price, quality 68 out of 100. Rating: overvalued. Calculated from audited financials with 18 of our 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. As of Nov 9, 2026.
How to read this chart
60‑month range kr 10.99 – kr 42.44 · fair‑value band kr 19.52 – kr 26.46 · the kr 25.00 price screens above the kr 22.30 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Western Bulk Chartering AS, together with its subsidiaries, operates as a dry bulk shipping company.
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The company engages in owning, chartering and operating ships, dry bulk vessels for the transportation of products, such as minerals, timber, cement, bauxite, steel products, grains, coal, and other products; and operation of chartered-in fleet varies between 100 and 150 vessels, including time charter trip vessels and period vessels.
It also facilitates and participates in financial transactions and any other activities, including participation in companies engaged in similar activities; and trading in securities, including purchase and sale of shares, derivatives, options, currencies and other suitable instruments.
The company operates in Norway, Far East, Europe, India, North America, South America, Africa, and the Middle East. Western Bulk Chartering AS was incorporated in 1982 and is headquartered in Oslo, Norway.
Stock analysis
Western Bulk Chartering AS (WEST) currently trades at kr 25.00, while our model-based Fair Value estimate is kr 22.30, 11% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of kr 26.39 per share, and 5 of the 18 models we run sit above the kr 25.00 price.
Bear case: the Economic Profit group reads lowest at kr 13.15, and 13 of the 18 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 19.52 (bear) to kr 26.46 (bull), the price of kr 25.00 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 68/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Western Bulk Chartering AS reported revenue of $984M in FY2025 versus $1.5B in FY2021, a compound −9.8%/yr. Reported net income was $5.4M in FY2025, compounding −49.2%/yr from FY2021.
Key figures
Market cap 840M NOK (≈ $89.0M) Micro · P/E ratio 125.0 · P/S ratio 0.81 · EPS (TTM) kr 0.2000 · Dividend yield 10.4% · Net margin 0.1% · Return on equity 2.0% · Return on assets (EBIT) 11.9% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (low confidence).
What moves the price
The share trades about 10% 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 13% fair-value upside, at −11%, WEST screens richer than that median.
Fair Value models
Bearkr 19.52Fair Value kr 22.30Bullkr 26.46
Price kr 25.00 · Downside -10.8%
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.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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−22.5%
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.
−15.2%
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.
+4.8%
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.
+5.0%
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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.
−23.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−33.8%
Dividend (yield on the price)10.4%
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.1% → 0%
⚠ Revenue per share shrinking 9.4%/yr over ~7Y (margins eroding too) ⓘ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
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).
+10.8%
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 +8.2% a year for the price.
Compare Western Bulk Chartering AS 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 · 220 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−10.8% · Below median
Profitability
Return on equity (12 months)2.0% · Bottom 25%
Return on assets5.0% · Above median
Net margin (12 months)0.1% · Bottom 25%
Operating margin (12 months)−1.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)12.9% · Above median
Dividend yield (12 months)10.4% · Top 25%
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). "Western Bulk Chartering AS Fair Value". https://www.fairvalue-calculator.com/stock/WEST
Frequently asked questions
Is Western Bulk Chartering AS (WEST) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of kr 22.30 versus a price of kr 25.00, about 11% lower (overvalued).
What is the fair value of WEST?
Our model-based fair value for Western Bulk Chartering AS is kr 22.30 (as of Nov 9, 2026), built from audited fundamentals. The current price: kr 25.00.
What is the quality score of WEST?
Western Bulk Chartering AS has a Quality Score of 68/100. 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 Western Bulk Chartering AS (WEST)?
Our model-based price target is the fair value of kr 22.30 (as of Nov 9, 2026) from 18 valuation models. Cautious scenario kr 19.52, optimistic scenario kr 26.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Western Bulk Chartering AS stock forecast for 2026?
Our models put fair value at kr 22.30, about 11% lower versus a price of kr 25.00 (overvalued). Cautious scenario kr 19.52, optimistic scenario kr 26.46. The calculation is refreshed regularly with new filings.
What is the revenue of Western Bulk Chartering AS (WEST)?
Western Bulk Chartering AS reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Nov 9, 2026).
Does Western Bulk Chartering AS pay a dividend?
Western Bulk Chartering AS currently shows a dividend yield of 10.40% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Western Bulk Chartering AS (WEST) and when is the ex-dividend date?
Western Bulk Chartering AS pays a dividend of kr 2.60 per share a year, a dividend yield of 10.4%. The last ex-dividend date was Oct 15, 2026. The payout ratio is 168% of earnings. Free cash flow covers the dividend 0.42 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Western Bulk Chartering AS (WEST)?
For today's price to be fair in a discounted-cash-flow model, Western Bulk Chartering AS would have to grow free cash flow by +10.8 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.8 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of WEST use?
Our models discount Western Bulk Chartering AS at 12.2 %: a base by market capitalisation (micro), damped by beta 0.90, 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 Western Bulk Chartering AS that is +10.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Western Bulk Chartering AS (WEST) delivered so far?
Over the past 5 years revenue at Western Bulk Chartering AS grew +4.8 % a year. The price currently implies free-cash-flow growth of +10.8 % per 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 Western Bulk Chartering AS (WEST) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Western Bulk Chartering AS (+10.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Western Bulk Chartering AS (WEST)?
The free-cash-flow yield on the price is 4.21 %: that much free cash flow Western Bulk Chartering AS produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Western Bulk Chartering AS (WEST)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Western Bulk Chartering AS it is kr 22.30 per share (as of Nov 9, 2026), against a price of kr 25.00. It is the blended result of 18 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Western Bulk Chartering AS stock overvalued or undervalued in 2026?
As of Nov 9, 2026, WEST trades above its calculated fair value: price kr 25.00, fair value kr 22.30, a gap of about −11% (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 WEST?
No. The price is what the market pays today (kr 25.00); the fair value is what the company's own numbers justify (kr 22.30). For Western Bulk Chartering AS the two are kr 2.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Western Bulk Chartering AS worth?
The market values Western Bulk Chartering AS at about 840M NOK (market capitalisation, as of Nov 9, 2026). Per share that is kr 25.00; our models calculate a fair value of kr 22.30 per share.
What do the bullish and bearish scenarios say about WEST?
Our models span a range for Western Bulk Chartering AS: cautious scenario kr 19.52, base kr 22.30, optimistic kr 26.46 per share (as of Nov 9, 2026, price kr 25.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WEST?
Western Bulk Chartering AS trades at a price-to-earnings ratio of 125.0 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 22.30 is built from several models across several years. Other multiples: P/B 1.8, P/S 0.1.
How solid is the balance sheet of Western Bulk Chartering AS (WEST)?
Balance-sheet figures for Western Bulk Chartering AS (as of Nov 9, 2026): return on equity 2.0%. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is WEST from its 52-week high?
Western Bulk Chartering AS trades at kr 25.00, about 10% below its 52-week high of kr 27.80 and 67% above the low of kr 14.93 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 22.30 is for.
Which stocks are comparable to Western Bulk Chartering AS?
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 Western Bulk Chartering AS stock attractive at the current price?
The data as of Nov 9, 2026: price kr 25.00, calculated fair value kr 22.30 (−11%), Quality Score 68/100, from 18 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 WEST calculated?
We run Western Bulk Chartering AS through 18 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 22.30 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Western Bulk Chartering 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 Western Bulk Chartering AS (WEST)?
The closing price on Nov 6, 2026 was kr 25.00. Our model-based fair value is kr 22.30, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Western Bulk Chartering AS right now?
The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Western Bulk Chartering AS
How large is the market capitalisation of Western Bulk Chartering AS (WEST)?
The market capitalisation of Western Bulk Chartering AS is 840M NOK (≈ $89.0M). 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 Western Bulk Chartering AS (WEST)?
The price-to-sales ratio of Western Bulk Chartering AS is 0.81 (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 Western Bulk Chartering AS (WEST)?
Earnings per share at Western Bulk Chartering AS are kr 0.2000 (price ÷ EPS = P/E 125.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Western Bulk Chartering AS (WEST)?
The dividend yield of Western Bulk Chartering AS is 10.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Western Bulk Chartering AS (WEST)?
The net margin of Western Bulk Chartering AS is 0.1% (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 Western Bulk Chartering AS (WEST)?
The return on equity (ROE) of Western Bulk Chartering AS is 2.0% (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 Western Bulk Chartering AS (WEST)?
On an EBIT basis the return on assets of Western Bulk Chartering AS is 11.9% (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 Western Bulk Chartering AS (WEST)?
The operating margin of Western Bulk Chartering AS is −1.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Western Bulk Chartering AS (WEST)?
Revenue at Western Bulk Chartering AS is growing +12.9% versus a year earlier (3y avg −15.2%). 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 Western Bulk Chartering AS (WEST)?
Earnings per share at Western Bulk Chartering AS are growing −60.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Western Bulk Chartering AS (WEST) hold?
Western Bulk Chartering AS holds more cash than debt, $34.2M net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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Some data
Nov 9, 2026