Update shared on27 Aug 2025
Fair value Decreased 2.21%The downward revision in DOF Group’s price target reflects a sharp increase in the forecast P/E ratio and a notable slowdown in projected revenue growth, lowering the fair value estimate from NOK122.20 to NOK119.50.
What's in the News
- DOF Group secured an addendum worth over USD 50 million to its long-term inspection contract with Petrobras in Brazil, alongside a new 4-year contract for the Skandi Salvador valued at approximately USD 165 million, commencing December 2025.
- Following Petrobras tenders, DOF was awarded new 4-year RSV contracts for Skandi Carla and Geoholm, both commencing December 2025, each deploying ROVs and subsea cranes.
- DOF won 4-year Petrobras AHTS contracts for Skandi Fluminense (starting January 2026) and Skandi Lifter (starting February 2026, to be reflagged Brazilian).
- DOF signed agreements to sell Skandi Tender and Skandi Trader to an international buyer, with delivery planned for September 2025, subject to inspection.
- Substantial contract extension secured for Skandi Cutter in Canada for three years (plus two annual options), and multiple projects awarded to Skandi Inventor in the Atlantic region post vessel upgrades.
Valuation Changes
Summary of Valuation Changes for DOF Group
- The Consensus Analyst Price Target has fallen slightly from NOK122.20 to NOK119.50.
- The Future P/E for DOF Group has significantly risen from 9.18x to 97.83x.
- The Consensus Revenue Growth forecasts for DOF Group has significantly fallen from 13.5% per annum to 8.9% per annum.
Disclaimer
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