Norsk Hydro ASA

LSE:0Q11 Stock Report

Market Cap: NOK 138.2b

Norsk Hydro Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair 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.

NOK 93.13
Fair Value
25.0% undervalued intrinsic discount
15
Number of Analysts

Below Fair Value: 0Q11 (NOK69.86) is trading below our estimate of fair value (NOK93.13)

Significantly Below Fair Value: 0Q11 is trading below fair value by more than 20%.

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 Ratio12.6x
EarningsNOK 10.99b
Market CapNOK 138.22b

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 Average28.9x
FRES Fresnillo
46.6x33.26%UK£16.2b
ANTO Antofagasta
32.4x15.44%UK£26.8b
HILS Hill & Smith
20.7x10.22%UK£1.7b
PAF Pan African Resources
16.1x27.81%UK£1.7b
0Q11 Norsk Hydro
12.6x9.12%NOK 138.2b

Price-To-Earnings vs Peers: 0Q11 is good value based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (30.3x).

Price to Earnings Ratio vs Industry

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

7 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 12.6xIndustry Avg. 14.7xNo. of Companies7PE01020304050+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0Q11 is good value based on its Price-To-Earnings Ratio (12.6x) compared to the UK Metals and Mining industry average (14.7x).

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 Ratio12.6x
Fair PE Ratio20.3x

Price-To-Earnings vs Fair Ratio: 0Q11 is good value based on its Price-To-Earnings Ratio (12.6x) compared to the estimated Fair Price-To-Earnings Ratio (20.3x).

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 69.86
NOK 70.27
+0.58%
14.01%NOK 85.00NOK 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 44.00n/a15
Jul ’26NOK 57.45
NOK 65.40
+13.83%
16.73%NOK 80.00NOK 43.00n/a15
Jun ’26NOK 55.74
NOK 68.67
+23.18%
13.76%NOK 80.00NOK 53.00n/a15
May ’26NOK 54.60
NOK 68.67
+25.76%
14.75%NOK 85.00NOK 53.00n/a15
Apr ’26NOK 60.98
NOK 78.62
+28.92%
16.81%NOK 100.00NOK 54.00n/a15
Mar ’26NOK 65.68
NOK 79.79
+21.47%
14.66%NOK 100.00NOK 55.00n/a14
Feb ’26NOK 67.26
NOK 80.71
+20.01%
13.89%NOK 100.00NOK 55.00n/a14
Jan ’26NOK 62.48
NOK 79.80
+27.72%
13.01%NOK 94.00NOK 55.00n/a15
Dec ’25NOK 68.14
NOK 79.00
+15.94%
13.26%NOK 94.00NOK 55.00n/a15
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
Jul ’25NOK 66.86
NOK 78.57
+17.52%
13.54%NOK 93.00NOK 50.00NOK 57.4514
Jun ’25NOK 70.92
NOK 76.08
+7.28%
12.69%NOK 85.00NOK 50.00NOK 55.7413
May ’25NOK 69.14
NOK 76.08
+10.04%
13.68%NOK 90.00NOK 50.00NOK 54.6013
Apr ’25NOK 59.40
NOK 73.62
+23.93%
13.81%NOK 87.00NOK 50.00NOK 60.9813
Mar ’25NOK 54.80
NOK 73.62
+34.33%
14.63%NOK 87.00NOK 50.00NOK 65.6813
Feb ’25NOK 61.73
NOK 75.69
+22.63%
14.34%NOK 89.00NOK 55.00NOK 67.2613
Jan ’25NOK 68.36
NOK 74.15
+8.48%
15.78%NOK 92.00NOK 55.00NOK 62.4813
Dec ’24NOK 64.34
NOK 74.00
+15.01%
18.30%NOK 95.00NOK 55.00NOK 68.1413
Nov ’24NOK 63.44
NOK 75.08
+18.34%
18.83%NOK 100.00NOK 55.00NOK 68.8713
NOK 70.27
Fair Value
0.6% undervalued intrinsic discount
15
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 Analysis2025/11/08 00:20
End of Day Share Price 2025/11/07 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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 38 analysts. 11 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