Integrated Wind Solutions ASA

OB:IWS Stock Report

Market Cap: NOK 1.8b

Integrated Wind Solutions Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: IWS (NOK45.8) is trading below our estimate of fair value (NOK209.25)

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

Key Valuation Metric

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

Key metric: As IWS is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IWS. This is calculated by dividing IWS's market cap by their current revenue.
What is IWS's PS Ratio?
PS Ratio3.7x
Sales€40.70m
Market Cap€151.67m

Price to Sales Ratio vs Peers

How does IWS's PS Ratio compare to its peers?

The above table shows the PS ratio for IWS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
NRC NRC Group
0.1x3.6%NOK 834.9m
NORCO Norconsult
1.2x3.5%NOK 12.4b
CADLR Cadeler
10.5x51.7%NOK 22.3b
ARGEO Argeo
0.8x19.0%NOK 450.4m
IWS Integrated Wind Solutions
3.7x32.3%NOK 1.8b

Price-To-Sales vs Peers: IWS is expensive based on its Price-To-Sales Ratio (3.7x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

How does IWS's PS Ratio compare vs other companies in the European Construction Industry?

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
IWS 3.7xIndustry Avg. 0.4xNo. of Companies31PS00.40.81.21.62+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IWS is expensive based on its Price-To-Sales Ratio (3.7x) compared to the European Construction industry average (0.4x).

Price to Sales Ratio vs Fair Ratio

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

IWS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.7x
Fair PS Ratio1.9x

Price-To-Sales vs Fair Ratio: IWS is expensive based on its Price-To-Sales Ratio (3.7x) compared to the estimated Fair Price-To-Sales Ratio (1.9x).

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 IWS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 45.80
NOK 51.50
+12.4%
22.3%NOK 63.00NOK 40.00n/a2
Dec ’25NOK 48.80
NOK 51.50
+5.5%
22.3%NOK 63.00NOK 40.00n/a2
Jun ’25NOK 50.00
NOK 47.50
-5.0%
15.8%NOK 55.00NOK 40.00n/a2
May ’25NOK 46.80
NOK 47.50
+1.5%
15.8%NOK 55.00NOK 40.00n/a2
Apr ’25NOK 46.80
NOK 47.50
+1.5%
15.8%NOK 55.00NOK 40.00n/a2
Mar ’25NOK 44.40
NOK 47.50
+7.0%
15.8%NOK 55.00NOK 40.00n/a2
Feb ’25NOK 43.00
NOK 47.50
+10.5%
15.8%NOK 55.00NOK 40.00n/a2
Jan ’25NOK 43.20
NOK 47.50
+10.0%
15.8%NOK 55.00NOK 40.00n/a2
Dec ’24NOK 44.60
NOK 47.50
+6.5%
15.8%NOK 55.00NOK 40.00NOK 48.802
Nov ’24NOK 40.00
NOK 47.50
+18.8%
15.8%NOK 55.00NOK 40.00NOK 50.502
Oct ’24NOK 36.40
NOK 47.50
+30.5%
15.8%NOK 55.00NOK 40.00NOK 51.502
Sep ’24NOK 37.80
NOK 47.50
+25.7%
15.8%NOK 55.00NOK 40.00NOK 53.502
Jun ’24NOK 38.60
NOK 48.00
+24.4%
16.7%NOK 56.00NOK 40.00NOK 50.002
May ’24NOK 38.00
NOK 48.00
+26.3%
16.7%NOK 56.00NOK 40.00NOK 46.802
Apr ’24NOK 33.00
NOK 48.50
+47.0%
17.5%NOK 57.00NOK 40.00NOK 46.802
Mar ’24NOK 31.40
NOK 48.50
+54.5%
17.5%NOK 57.00NOK 40.00NOK 44.402

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 Analysis2024/12/23 05:23
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Integrated Wind Solutions ASA is covered by 3 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jørgen TorstensenFearnley Securities
Magnus AndersenFearnley Securities
Jorgen OpheimPareto Securities