New Risk • Jan 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (kr270.8m market cap, or US$27.0m). Buy Or Sell Opportunity • Dec 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to kr1.04. The fair value is estimated to be kr1.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.1% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: kr0.03 (vs kr0.15 in 3Q 2024) Third quarter 2025 results: EPS: kr0.03. Revenue: kr156.8m (up 4.9% from 3Q 2024). Net income: kr8.95m (up 147% from 3Q 2024). Profit margin: 5.7% (up from 2.4% in 3Q 2024). The increase in margin was driven by higher revenue. Reported Earnings • Aug 22
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr174.9m (up 14% from 2Q 2024). Net income: kr8.65m (up 115% from 2Q 2024). Profit margin: 4.9% (up from 2.6% in 2Q 2024). Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr1.78, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 8x in the Energy Services industry in Norway. Total loss to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr1.58, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 8x in the Energy Services industry in Norway. Total loss to shareholders of 89% over the past three years. New Risk • May 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Minor Risks High level of debt (247% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (kr407.2m market cap, or US$39.2m). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to kr1.60, the stock trades at a trailing P/E ratio of 42.3x. Average trailing P/E is 7x in the Energy Services industry in Norway. Total loss to shareholders of 85% over the past three years. Reported Earnings • Apr 28
Full year 2024 earnings released: EPS: kr0.41 (vs kr4.75 in FY 2023) Full year 2024 results: EPS: kr0.41 (down from kr4.75 in FY 2023). Revenue: kr580.3m (down 17% from FY 2023). Net income: kr10.4m (down 91% from FY 2023). Profit margin: 1.8% (down from 16% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr1.28, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 8x in the Energy Services industry in Norway. Total loss to shareholders of 76% over the past three years. New Risk • Mar 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 265% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Minor Risks High level of debt (265% net debt to equity). Share price has been volatile over the past 3 months (9.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (kr373.1m market cap, or US$34.4m). Reported Earnings • Feb 27
Full year 2024 earnings released: kr1.21 loss per share (vs kr4.75 profit in FY 2023) Full year 2024 results: kr1.21 loss per share (down from kr4.75 profit in FY 2023). Revenue: kr167.1m (down 76% from FY 2023). Net loss: kr28.9m (down 126% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. New Risk • Jan 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 10x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 10x increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (kr416.6m market cap, or US$36.6m). Announcement • Dec 31
Havila Shipping ASA to Report Q1, 2025 Results on May 15, 2025 Havila Shipping ASA announced that they will report Q1, 2025 results on May 15, 2025 Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: kr0.15 (vs kr1.22 in 3Q 2023) Third quarter 2024 results: EPS: kr0.15 (down from kr1.22 in 3Q 2023). Revenue: kr149.4m (down 16% from 3Q 2023). Net income: kr3.63m (down 88% from 3Q 2023). Profit margin: 2.4% (down from 16% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to kr3.84, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 8x in the Energy Services industry in Norway. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to kr3.45, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 14x in the Energy Services industry in Norway. Total loss to shareholders of 31% over the past three years. New Risk • Sep 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr82.0m (US$7.75m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (kr82.0m market cap, or US$7.75m). Minor Risks High level of debt (5,066% net debt to equity). Large one-off items impacting financial results. New Risk • Aug 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 5,169% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (5,169% net debt to equity). Share price has been volatile over the past 3 months (7.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (kr121.5m market cap, or US$11.5m). Reported Earnings • May 22
First quarter 2024 earnings released: EPS: kr0.01 (vs kr4.98 in 1Q 2023) First quarter 2024 results: EPS: kr0.01 (down from kr4.98 in 1Q 2023). Revenue: kr124.5m (down 22% from 1Q 2023). Net income: kr84.0k (down 100% from 1Q 2023). Profit margin: 0.1% (down from 74% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: kr4.75 (vs kr4.74 loss in FY 2022) Full year 2023 results: EPS: kr4.75 (up from kr4.74 loss in FY 2022). Revenue: kr699.1m (up 2.1% from FY 2022). Net income: kr112.9m (up kr225.6m from FY 2022). Profit margin: 16% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 04
Full year 2023 earnings released: EPS: kr4.75 (vs kr4.74 loss in FY 2022) Full year 2023 results: EPS: kr4.75 (up from kr4.74 loss in FY 2022). Revenue: kr701.8m (up 2.5% from FY 2022). Net income: kr113.0m (up kr225.7m from FY 2022). Profit margin: 16% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. New Risk • Feb 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr104.6m (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.0% operating cash flow to total debt). Market cap is less than US$10m (kr104.6m market cap, or US$9.88m). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.9% net profit margin). Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: kr1.22 (vs kr2.05 loss in 3Q 2022) Third quarter 2023 results: EPS: kr1.22 (up from kr2.05 loss in 3Q 2022). Revenue: kr178.1m (down 11% from 3Q 2022). Net income: kr28.9m (up kr77.6m from 3Q 2022). Profit margin: 16% (up from net loss in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 127 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 01
Second quarter 2023 earnings released: kr0.23 loss per share (vs kr1.38 profit in 2Q 2022) Second quarter 2023 results: kr0.23 loss per share (down from kr1.38 profit in 2Q 2022). Revenue: kr203.5m (up 7.6% from 2Q 2022). Net loss: kr5.44m (down 117% from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 144 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to kr13.90, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 11x in the Energy Services industry in Norway. Total returns to shareholders of 479% over the past three years. Reported Earnings • Apr 30
Full year 2022 earnings released: kr4.75 loss per share (vs kr2.76 profit in FY 2021) Full year 2022 results: kr4.75 loss per share (down from kr2.76 profit in FY 2021). Revenue: kr689.3m (up 26% from FY 2021). Net loss: kr112.8m (down 272% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 81% per year, which means it is well ahead of earnings. Reported Earnings • Mar 02
Full year 2022 earnings released: kr4.75 loss per share (vs kr2.76 profit in FY 2021) Full year 2022 results: kr4.75 loss per share (down from kr2.76 profit in FY 2021). Revenue: kr825.1m (up 51% from FY 2021). Net loss: kr112.8m (down 272% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 85% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 41% share price gain to kr17.32, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 8x in the Energy Services industry in Norway. Total returns to shareholders of 426% over the past three years. Reported Earnings • Nov 24
Third quarter 2022 earnings released: kr2.05 loss per share (vs kr2.44 loss in 3Q 2021) Third quarter 2022 results: kr2.05 loss per share (improved from kr2.44 loss in 3Q 2021). Revenue: kr217.4m (up 41% from 3Q 2021). Net loss: kr48.7m (loss narrowed 16% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). Chairman Jostein Sætrenes was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Sep 01
Second quarter 2022 earnings released: EPS: kr1.38 (vs kr0.039 loss in 2Q 2021) Second quarter 2022 results: EPS: kr1.38 (up from kr0.039 loss in 2Q 2021). Revenue: kr285.6m (up 96% from 2Q 2021). Net income: kr32.7m (up kr33.6m from 2Q 2021). Profit margin: 12% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 26% share price gain to kr17.42, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 10x in the Energy Services industry in Norway. Total returns to shareholders of 336% over the past three years. Reported Earnings • May 28
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: kr0.68 loss per share (up from kr4.75 loss in 1Q 2021). Revenue: kr148.0m (up 47% from 1Q 2021). Net loss: kr16.3m (loss narrowed 86% from 1Q 2021). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 997%. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 71% share price gain to kr11.00, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 10x in the Energy Services industry in Norway. Total returns to shareholders of 158% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 23% share price gain to kr6.15, the stock trades at a trailing P/E ratio of 2.2x. Average trailing P/E is 9x in the Energy Services industry in Norway. Total returns to shareholders of 50% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). Chairman Jostein Sætrenes was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 62% share price gain to kr6.52, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 10x in the Energy Services industry in Norway. Total returns to shareholders of 72% over the past three years. Reported Earnings • Feb 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: kr2.76 (down from kr49.29 in FY 2020). Revenue: kr546.5m (down 22% from FY 2020). Net income: kr65.7m (down 94% from FY 2020). Profit margin: 12% (down from 168% in FY 2020). Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 21
Third quarter 2021 earnings released: kr2.44 loss per share (vs kr0.70 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: kr154.7m (down 19% from 3Q 2020). Net loss: kr58.1m (down 446% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 26
Second quarter 2021 earnings released: kr0.04 loss per share (vs kr61.32 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: kr145.7m (down 32% from 2Q 2020). Net loss: kr932.0k (down 100% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Reported Earnings • May 28
First quarter 2021 earnings released: kr2.45 loss per share (vs kr9.75 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: kr101.0m (down 46% from 1Q 2020). Net loss: kr58.1m (loss narrowed 75% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS kr49.20 (vs kr13.48 loss in FY 2019) Full year 2020 results: Revenue: kr706.2m (down 3.3% from FY 2019). Net income: kr1.17b (up kr1.49b from FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Mar 10
New 90-day low: kr2.78 The company is down 21% from its price of kr3.50 on 10 December 2020. The Norwegian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 12% over the same period. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS kr49.20 (vs kr13.48 loss in FY 2019) Full year 2020 results: Revenue: kr706.2m (down 3.3% from FY 2019). Net income: kr1.17b (up kr1.49b from FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Announcement • Jan 22
Havila Shipping ASA Enters into Charter Contract with Nexans Norway as for the Subsea Vessel Havila Phoenix Havila Shipping ASA has entered into a charter contract with Nexans Norway AS for the subsea vessel Havila Phoenix. The contract is for a firm period of 90 days with optional periods of 90 days. The Commencement is planned to during April 2021. Announcement • Jan 06
Havila Shipping ASA Announces Resignation of Olav Haug Vikebakk as Deputy CEO Havila Shipping ASA announced that the Deputy CEO Olav Haug Vikebakk will resign during the first quarter to take up another senior position in the region. Reported Earnings • Nov 29
Third quarter 2020 earnings released: EPS kr0.71 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: kr191.4m (down 7.7% from 3Q 2019). Net income: kr16.8m (up kr116.8m from 3Q 2019). Profit margin: 8.8% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 19
New 90-day high: kr3.85 The company is up 29% from its price of kr2.99 on 20 August 2020. The Norwegian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Energy Services industry, which is up 9.0% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: kr2.22 The company is down 21% from its price of kr2.80 on 31 July 2020. The Norwegian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 16% over the same period. Is New 90 Day High Low • Oct 05
New 90-day low: kr2.30 The company is down 4.0% from its price of kr2.40 on 07 July 2020. The Norwegian market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 3.0% over the same period.