Norsk Hydro ASA

LSE:0Q11 Stock Report

Market Cap: NOK 180.8b

Norsk Hydro Valuation

Is 0Q11 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • 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 Fair Value

What is the Fair Price of 0Q11 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: 0Q11 (NOK91.38) is trading below our estimate of future cash flow value (NOK106.72)

Significantly Below Future Cash Flow Value: 0Q11 is trading below future cash flow value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0Q11?

Key metric: As 0Q11 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0Q11. This is calculated by dividing 0Q11's market cap by their current earnings.
What is 0Q11's PE Ratio?
PE Ratio18.5x
EarningsNOK 9.76b
Market CapNOK 180.77b

Price to Earnings Ratio vs Peers

How does 0Q11's PE Ratio compare to its peers?

The above table shows the PE ratio for 0Q11 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average24x
FRES Fresnillo
14.2x-2.28%UK£23.7b
ANTO Antofagasta
31.8x12.03%UK£38.5b
GLEN Glencore
17.6x2.52%UK£70.0b
HILS Hill & Smith
32.3x19.00%UK£2.3b
0Q11 Norsk Hydro
18.5x9.49%NOK 180.8b

Price-To-Earnings vs Peers: 0Q11 is good value based on its Price-To-Earnings Ratio (18.5x) compared to the peer average (24x).

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 0Q11's PE Ratio compare vs other companies in the GB Metals and Mining Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ENPL En+ Group International
2.2x8.04%US$4.67b
NLMK Novolipetsk Steel
0.8xn/aUS$4.08b
EVR EVRAZ
0.4xn/aUS$1.42b
POG Petropavlovsk
2.5x12.47%US$56.91m
0Q11 18.5xIndustry Avg. 16.1xNo. of Companies6PE01020304050+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0Q11 is expensive based on its Price-To-Earnings Ratio (18.5x) compared to the UK Metals and Mining industry average (16.1x).

Price to Earnings Ratio vs Fair Ratio

What is 0Q11'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.

0Q11 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.5x
Fair PE Ratio18.1x

Price-To-Earnings vs Fair Ratio: 0Q11 is expensive based on its Price-To-Earnings Ratio (18.5x) compared to the estimated Fair Price-To-Earnings Ratio (18.1x).

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 0Q11 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 91.38
NOK 95.47
+4.48%
16.12%NOK 120.00NOK 55.00n/a17
Aug ’27NOK 87.26
NOK 96.76
+10.89%
18.11%NOK 137.00NOK 55.00n/a17
Jul ’27NOK 87.95
NOK 106.53
+21.13%
19.06%NOK 137.00NOK 60.00n/a17
Jun ’27NOK 114.22
NOK 106.76
-6.53%
17.44%NOK 137.00NOK 60.00n/a17
May ’27NOK 101.77
NOK 104.53
+2.72%
18.54%NOK 137.00NOK 60.00n/a17
Apr ’27NOK 103.05
NOK 89.06
-13.57%
17.96%NOK 110.00NOK 46.00n/a16
Mar ’27NOK 88.56
NOK 83.00
-6.28%
20.00%NOK 105.00NOK 46.00n/a16
Feb ’27NOK 86.35
NOK 79.56
-7.86%
17.65%NOK 99.00NOK 46.00n/a16
Jan ’27NOK 77.55
NOK 74.93
-3.37%
16.46%NOK 90.00NOK 46.00n/a15
Dec ’26NOK 72.96
NOK 72.27
-0.95%
15.37%NOK 90.00NOK 46.00n/a15
Nov ’26NOK 68.32
NOK 70.13
+2.65%
14.28%NOK 85.00NOK 46.00n/a15
Oct ’26NOK 67.58
NOK 66.53
-1.55%
14.77%NOK 79.00NOK 44.00n/a15
Sep ’26NOK 65.16
NOK 65.93
+1.19%
15.09%NOK 79.00NOK 44.00n/a15
Aug ’26NOK 61.66
NOK 65.93
+6.93%
15.09%NOK 79.00NOK 44.00NOK 87.2615
Jul ’26NOK 57.45
NOK 65.40
+13.83%
16.73%NOK 80.00NOK 43.00NOK 87.9515
Jun ’26NOK 55.74
NOK 68.67
+23.18%
13.76%NOK 80.00NOK 53.00NOK 114.2215
May ’26NOK 54.60
NOK 68.67
+25.76%
14.75%NOK 85.00NOK 53.00NOK 101.7715
Apr ’26NOK 60.98
NOK 78.62
+28.92%
16.81%NOK 100.00NOK 54.00NOK 103.0515
Mar ’26NOK 65.68
NOK 79.79
+21.47%
14.66%NOK 100.00NOK 55.00NOK 88.5614
Feb ’26NOK 67.26
NOK 80.71
+20.01%
13.89%NOK 100.00NOK 55.00NOK 86.3514
Jan ’26NOK 62.48
NOK 79.80
+27.72%
13.01%NOK 94.00NOK 55.00NOK 77.5515
Dec ’25NOK 68.14
NOK 79.00
+15.94%
13.26%NOK 94.00NOK 55.00NOK 72.9615
Nov ’25NOK 68.87
NOK 78.60
+14.13%
12.75%NOK 92.00NOK 55.00NOK 68.3215
Oct ’25NOK 68.63
NOK 77.21
+12.51%
15.60%NOK 92.00NOK 50.00NOK 67.5814
Sep ’25NOK 59.72
NOK 77.21
+29.30%
15.30%NOK 92.00NOK 50.00NOK 65.1614
Aug ’25NOK 59.21
NOK 78.36
+32.33%
14.35%NOK 92.00NOK 50.00NOK 61.6614
NOK 94.85
Fair Value
3.7% undervalued intrinsic discount
17
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/24 07:45
End of Day Share Price 2026/08/21 00:00
Earnings2026/06/30
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 34 analysts. 15 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