Golden Ocean Group Valuation

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

GOGLO (NOK130.1) is trading below our estimate of [[fair value]] (NOK679.77)

Is GOGLO 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 GOGLO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GOGLO (NOK130.1) is trading below our estimate of fair value (NOK679.77)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for GOGLO. This is calculated by dividing GOGLO's market cap by their current preferred multiple.
What is GOGLO's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$2.27b

GOGLO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.7x
Enterprise Value/EBITDA	8.2x
PEG Ratio	0.7x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GOGLO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	24x
CKN Clarkson	13.4x	2.1%	UK£1.1b
ICGC Irish Continental Group	14.6x	n/a	UK£760.4m
IDS International Distribution Services	61.2x	47.6%	UK£3.3b
ZIG Zigup	6.6x	-5.7%	UK£821.7m
GOGLO Golden Ocean Group	10.6x	15.3%	NOK 2.3b

Price-To-Earnings vs Peers: GOGLO is good value based on its Price-To-Earnings Ratio (10.6x) compared to the peer average (23.9x).

Price to Earnings Ratio vs Industry

How does GOGLO's PE Ratio compare vs other companies in the European Shipping Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	-6.7%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	-6.7%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: GOGLO is expensive based on its Price-To-Earnings Ratio (10.6x) compared to the European Shipping industry average (7.8x).

Price to Earnings Ratio vs Fair Ratio

What is GOGLO'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.

GOGLO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.6x
Fair PE Ratio	13.8x

Price-To-Earnings vs Fair Ratio: GOGLO is good value based on its Price-To-Earnings Ratio (10.6x) compared to the estimated Fair Price-To-Earnings Ratio (13.8x).

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 GOGLO forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	NOK 172.56 0%	8.4%	NOK 191.48	NOK 153.87	n/a	4
Oct ’25	NOK 137.55	NOK 172.58 +25.5%	8.4%	NOK 191.51	NOK 153.89	n/a	4
Sep ’25	NOK 129.40	NOK 165.99 +28.3%	9.9%	NOK 190.21	NOK 146.02	n/a	5
Aug ’25	NOK 139.65	NOK 175.24 +25.5%	8.9%	NOK 191.01	NOK 149.05	n/a	5
Jul ’25	NOK 149.20	NOK 173.23 +16.1%	10.0%	NOK 189.98	NOK 142.92	n/a	5
Jun ’25	NOK 153.20	NOK 167.74 +9.5%	9.3%	NOK 187.04	NOK 143.22	n/a	5
May ’25	NOK 156.55	NOK 169.18 +8.1%	7.7%	NOK 186.83	NOK 147.27	n/a	5
Apr ’25	NOK 135.10	NOK 143.51 +6.2%	17.9%	NOK 164.59	NOK 95.57	n/a	5
Mar ’25	NOK 138.18	NOK 143.51 +3.9%	17.9%	NOK 164.59	NOK 95.57	n/a	5
Feb ’25	NOK 112.95	NOK 124.33 +10.1%	13.4%	NOK 136.71	NOK 94.65	n/a	5
Jan ’25	n/a	NOK 111.09 0%	11.0%	NOK 125.43	NOK 92.71	n/a	6
Dec ’24	NOK 99.56	NOK 106.26 +6.7%	16.0%	NOK 123.83	NOK 76.45	n/a	6
Nov ’24	NOK 80.08	NOK 106.95 +33.6%	13.4%	NOK 122.87	NOK 83.77	n/a	4
Oct ’24	NOK 84.72	NOK 93.52 +10.4%	12.4%	NOK 105.98	NOK 79.48	NOK 137.55	4
Sep ’24	NOK 76.24	NOK 93.52 +22.7%	12.4%	NOK 105.98	NOK 79.48	NOK 129.40	4
Aug ’24	NOK 79.16	NOK 97.45 +23.1%	12.4%	NOK 115.83	NOK 85.61	NOK 139.65	4
Jul ’24	NOK 81.34	NOK 138.64 +70.4%	42.4%	NOK 238.29	NOK 94.23	NOK 149.20	4
Jun ’24	NOK 78.76	NOK 116.74 +48.2%	18.7%	NOK 149.60	NOK 92.96	NOK 153.20	4
May ’24	NOK 97.50	NOK 109.05 +11.8%	20.9%	NOK 142.02	NOK 81.15	NOK 156.55	4
Apr ’24	NOK 97.99	NOK 109.05 +11.3%	20.9%	NOK 142.02	NOK 81.15	NOK 135.10	4
Mar ’24	NOK 109.35	NOK 109.05 -0.3%	20.9%	NOK 142.02	NOK 81.15	NOK 138.18	4
Feb ’24	NOK 96.34	NOK 110.01 +14.2%	17.6%	NOK 139.70	NOK 90.80	NOK 112.95	4
Jan ’24	NOK 87.38	NOK 101.80 +16.5%	20.1%	NOK 137.04	NOK 88.10	n/a	4
Dec ’23	NOK 81.70	NOK 106.45 +30.3%	19.4%	NOK 141.60	NOK 91.03	NOK 99.56	4
Nov ’23	NOK 88.90	NOK 116.26 +30.8%	17.9%	NOK 151.41	NOK 97.33	NOK 80.08	4
Oct ’23	NOK 81.76	NOK 116.26 +42.2%	17.9%	NOK 151.41	NOK 97.33	NOK 84.72	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.