Aker Horizons Valuation

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

Below Fair Value: Insufficient data to calculate AKH's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate AKH's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As AKH is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for AKH. This is calculated by dividing AKH's market cap by their current revenue.
What is AKH's PS Ratio?
PS Ratio	0.3x
Sales	NOK 3.90b
Market Cap	NOK 1.23b

AKH 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	4.7x
Enterprise Value/EBITDA	-13.5x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for AKH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	8.9x
PYRUM Pyrum Innovations	10.4x	50.9%	NOK 1.2b
QFUEL Quantafuel	21.8x	105.3%	NOK 1.8b
ACC Aker Carbon Capture	2.1x	20.5%	NOK 3.4b
OCEAN Ocean GeoLoop	1.2x	n/a	NOK 225.6m
AKH Aker Horizons	0.3x	n/a	NOK 1.2b

Price-To-Sales vs Peers: AKH is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (8.9x).

Price to Sales Ratio vs Industry

How does AKH's PS Ratio compare vs other companies in the European Commercial Services Industry?

17 Companies	Price / Sales	Estimated Growth	Market Cap

17 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: AKH is good value based on its Price-To-Sales Ratio (0.3x) compared to the European Commercial Services industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

What is AKH'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.

AKH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.3x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate AKH's Price-To-Sales Fair Ratio for valuation analysis.

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 AKH 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	NOK 1.78	NOK 6.50 +265.0%	69.2%	NOK 11.00	NOK 2.00	n/a	2
Nov ’25	NOK 2.32	NOK 14.73 +535.6%	76.4%	NOK 30.00	NOK 3.20	n/a	3
Oct ’25	NOK 2.66	NOK 14.73 +453.9%	76.4%	NOK 30.00	NOK 3.20	n/a	3
Sep ’25	NOK 2.41	NOK 14.73 +511.8%	76.4%	NOK 30.00	NOK 3.20	n/a	3
Aug ’25	NOK 2.70	NOK 14.73 +446.5%	76.4%	NOK 30.00	NOK 3.20	n/a	3
Jul ’25	NOK 2.82	NOK 14.80 +424.5%	75.6%	NOK 30.00	NOK 3.40	n/a	3
Jun ’25	NOK 3.04	NOK 14.80 +386.8%	75.6%	NOK 30.00	NOK 3.40	n/a	3
May ’25	NOK 2.85	NOK 15.13 +431.7%	71.7%	NOK 30.00	NOK 4.40	n/a	3
Apr ’25	NOK 3.10	NOK 15.13 +388.2%	71.7%	NOK 30.00	NOK 4.40	n/a	3
Mar ’25	NOK 3.83	NOK 15.13 +295.5%	71.7%	NOK 30.00	NOK 4.40	n/a	3
Feb ’25	NOK 4.64	NOK 15.23 +228.6%	70.6%	NOK 30.00	NOK 4.70	n/a	3
Jan ’25	NOK 4.36	NOK 13.93 +219.7%	68.8%	NOK 30.00	NOK 4.70	n/a	4
Dec ’24	NOK 4.13	NOK 13.93 +237.2%	68.8%	NOK 30.00	NOK 4.70	n/a	4
Nov ’24	NOK 3.37	NOK 14.30 +324.3%	64.6%	NOK 30.00	NOK 6.20	NOK 2.32	4
Oct ’24	NOK 4.59	NOK 14.30 +211.5%	64.6%	NOK 30.00	NOK 6.20	NOK 2.66	4
Sep ’24	NOK 4.64	NOK 14.30 +208.3%	64.6%	NOK 30.00	NOK 6.20	NOK 2.41	4
Aug ’24	NOK 5.70	NOK 14.30 +150.9%	64.6%	NOK 30.00	NOK 6.20	NOK 2.70	4
Jul ’24	NOK 6.79	NOK 19.00 +179.8%	41.4%	NOK 30.00	NOK 12.00	NOK 2.82	3
Jun ’24	NOK 7.36	NOK 19.00 +158.2%	41.4%	NOK 30.00	NOK 12.00	NOK 3.04	3
May ’24	NOK 8.39	NOK 26.67 +217.8%	9.4%	NOK 30.00	NOK 24.00	NOK 2.85	3
Apr ’24	NOK 9.31	NOK 26.67 +186.4%	9.4%	NOK 30.00	NOK 24.00	NOK 3.10	3
Mar ’24	NOK 11.67	NOK 26.67 +128.5%	9.4%	NOK 30.00	NOK 24.00	NOK 3.83	3
Feb ’24	NOK 15.30	NOK 29.67 +93.9%	4.2%	NOK 31.00	NOK 28.00	NOK 4.64	3
Jan ’24	NOK 12.90	NOK 29.67 +130.1%	4.2%	NOK 31.00	NOK 28.00	NOK 4.36	3
Dec ’23	NOK 12.70	NOK 29.75 +134.3%	3.7%	NOK 31.00	NOK 28.00	NOK 4.13	4
Nov ’23	NOK 14.13	NOK 30.38 +115.0%	3.2%	NOK 32.00	NOK 29.50	NOK 3.37	4

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.