Norsk Hydro ASA

DB:NOH1 Stock Report

Market Cap: €16.4b

Norsk Hydro Valuation

Is NOH1 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of NOH1 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: NOH1 (€7.95) is trading below our estimate of future cash flow value (€11.72)

Significantly Below Future Cash Flow Value: NOH1 is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NOH1?

Key metric: As NOH1 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NOH1. This is calculated by dividing NOH1's market cap by their current earnings.
What is NOH1's PE Ratio?
PE Ratio27.2x
EarningsNOK 6.72b
Market CapNOK 182.93b

Price to Earnings Ratio vs Peers

How does NOH1's PE Ratio compare to its peers?

The above table shows the PE ratio for NOH1 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average25.2x
NDA Aurubis
11.9x-13.66%€7.2b
TKA thyssenkrupp
34.5x38.19%€5.6b
SY1 Symrise
39.1x22.12%€9.8b
HEI Heidelberg Materials
15.1x9.64%€30.2b
NOH1 Norsk Hydro
27.2x20.32%€182.9b

Price-To-Earnings vs Peers: NOH1 is expensive based on its Price-To-Earnings Ratio (27.2x) compared to the peer average (25.2x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does NOH1's PE Ratio compare vs other companies in the European Metals and Mining Industry?

20 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NOH1 27.2xIndustry Avg. 19.6xNo. of Companies20PE01224364860+
20 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOH1 is expensive based on its Price-To-Earnings Ratio (27.2x) compared to the European Metals and Mining industry average (19.6x).

Price to Earnings Ratio vs Fair Ratio

What is NOH1's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NOH1 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27.2x
Fair PE Ratio27.9x

Price-To-Earnings vs Fair Ratio: NOH1 is good value based on its Price-To-Earnings Ratio (27.2x) compared to the estimated Fair Price-To-Earnings Ratio (27.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NOH1 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€7.95
€7.78
-2.19%
16.89%€9.40€4.12n/a16
Mar ’27€7.90
€7.38
-6.53%
20.00%€9.34€4.09n/a16
Feb ’27€7.61
€6.88
-9.55%
17.65%€8.56€3.98n/a16
Jan ’27€6.47
€6.26
-3.23%
16.46%€7.52€3.84n/a15
Dec ’26€6.21
€6.15
-0.86%
15.37%€7.66€3.92n/a15
Nov ’26€5.74
€6.03
+5.03%
14.28%€7.31€3.96n/a15
Oct ’26€5.95
€5.70
-4.10%
14.77%€6.77€3.77n/a15
Sep ’26€5.56
€5.53
-0.65%
15.09%€6.62€3.69n/a15
Aug ’26€5.23
€5.59
+7.01%
15.09%€6.70€3.73n/a15
Jul ’26€4.86
€5.50
+13.14%
16.73%€6.73€3.62n/a15
Jun ’26€4.83
€5.93
+22.68%
13.76%€6.90€4.57n/a15
May ’26€4.66
€5.82
+25.08%
14.75%€7.21€4.49n/a15
Apr ’26€5.35
€6.91
+29.03%
16.81%€8.79€4.74n/a15
Mar ’26€5.68
€6.83
+20.34%
14.66%€8.56€4.71€7.9014
Feb ’26€5.78
€6.87
+18.87%
13.89%€8.51€4.68€7.6114
Jan ’26€5.28
€6.82
+29.28%
13.01%€8.04€4.70€6.4715
Dec ’25€5.87
€6.77
+15.29%
13.26%€8.05€4.71€6.2115
Nov ’25€5.74
€6.57
+14.52%
12.75%€7.69€4.60€5.7415
Oct ’25€5.80
€6.58
+13.50%
15.60%€7.84€4.26€5.9514
Sep ’25€5.11
€6.54
+27.95%
15.30%€7.80€4.24€5.5614
Aug ’25€4.95
€6.55
+32.36%
14.35%€7.69€4.18€5.2314
Jul ’25€5.87
€6.89
+17.39%
13.54%€8.15€4.38€4.8614
Jun ’25€6.30
€6.51
+3.39%
12.69%€7.28€4.28€4.8313
May ’25€5.75
€6.47
+12.41%
13.68%€7.65€4.25€4.6613
Apr ’25€5.14
€6.31
+22.75%
13.81%€7.45€4.28€5.3513
Mar ’25€4.89
€6.45
+31.97%
14.63%€7.62€4.38€5.6813
€7.42
Fair Value
7.1% overvalued intrinsic discount
16
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/03/11 23:39
End of Day Share Price 2026/03/11 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Norsk Hydro ASA is covered by 35 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Amos FletcherBarclays
Charlie ClarkBerenberg