BW Offshore Valuation

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

BWO (NOK27.45) is trading below our estimate of [[fair value]] (NOK129.85)

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

Below Fair Value: BWO (NOK27.45) is trading below our estimate of fair value (NOK129.85)

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

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BWO. This is calculated by dividing BWO's market cap by their current preferred multiple.
What is BWO's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$473.24m

BWO 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	2.9x
Enterprise Value/EBITDA	5.8x
PEG Ratio	-0.06x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BWO 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	8.1x
AKAST Akastor	3.1x	-74.8%	NOK 3.8b
SEA1 Sea1 Offshore	1.6x	-39.9%	NOK 4.4b
SDSD S.D. Standard ETC	22.6x	n/a	NOK 944.1m
DOFG DOF Group	5.2x	23.9%	NOK 16.1b
BWO BW Offshore	3.5x	-62.5%	NOK 5.0b

Price-To-Earnings vs Peers: BWO is good value based on its Price-To-Earnings Ratio (3.5x) compared to the peer average (8.1x).

Price to Earnings Ratio vs Industry

How does BWO's PE Ratio compare vs other companies in the NO Energy Services Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	36.1%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	36.1%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: BWO is good value based on its Price-To-Earnings Ratio (3.5x) compared to the Norwegian Energy Services industry average (7.9x).

Price to Earnings Ratio vs Fair Ratio

What is BWO'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.

BWO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.5x
Fair PE Ratio	3x

Price-To-Earnings vs Fair Ratio: BWO is expensive based on its Price-To-Earnings Ratio (3.5x) compared to the estimated Fair Price-To-Earnings Ratio (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 BWO 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 27.45	NOK 39.23 +42.9%	10.0%	NOK 43.60	NOK 34.11	n/a	3
Sep ’25	NOK 29.05	NOK 39.23 +35.0%	10.0%	NOK 43.60	NOK 34.11	n/a	3
Aug ’25	NOK 29.85	NOK 39.54 +32.5%	10.0%	NOK 43.78	NOK 34.25	n/a	3
Jul ’25	NOK 31.10	NOK 39.54 +27.1%	10.0%	NOK 43.78	NOK 34.25	n/a	3
Jun ’25	NOK 30.30	NOK 39.59 +30.7%	11.7%	NOK 45.03	NOK 33.75	n/a	3
May ’25	NOK 27.95	NOK 43.49 +55.6%	8.2%	NOK 47.06	NOK 39.92	n/a	2
Apr ’25	NOK 27.20	NOK 44.26 +62.7%	3.9%	NOK 45.97	NOK 42.55	n/a	2
Mar ’25	NOK 26.48	NOK 37.83 +42.9%	9.5%	NOK 41.19	NOK 32.85	n/a	3
Feb ’25	NOK 24.00	NOK 37.83 +57.6%	9.5%	NOK 41.19	NOK 32.85	n/a	3
Jan ’25	NOK 22.42	NOK 36.75 +63.9%	8.3%	NOK 40.11	NOK 31.99	n/a	4
Dec ’24	NOK 22.42	NOK 38.80 +73.1%	7.0%	NOK 41.16	NOK 34.28	n/a	4
Nov ’24	NOK 23.52	NOK 38.63 +64.2%	7.8%	NOK 42.01	NOK 33.82	n/a	4
Oct ’24	NOK 24.60	NOK 38.63 +57.0%	7.8%	NOK 42.01	NOK 33.82	n/a	4
Sep ’24	NOK 25.12	NOK 39.66 +57.9%	12.4%	NOK 47.22	NOK 33.50	NOK 29.05	4
Aug ’24	NOK 28.50	NOK 41.37 +45.2%	7.8%	NOK 45.55	NOK 36.85	NOK 29.85	4
Jul ’24	NOK 26.20	NOK 42.93 +63.9%	6.6%	NOK 45.89	NOK 39.02	NOK 31.10	4
Jun ’24	NOK 25.70	NOK 44.93 +74.8%	4.4%	NOK 46.61	NOK 42.13	NOK 30.30	3
May ’24	NOK 28.36	NOK 43.50 +53.4%	5.4%	NOK 45.77	NOK 40.23	NOK 27.95	3
Apr ’24	NOK 29.72	NOK 42.47 +42.9%	5.9%	NOK 45.56	NOK 39.98	NOK 27.20	4
Mar ’24	NOK 28.98	NOK 40.46 +39.6%	6.0%	NOK 44.31	NOK 37.67	NOK 26.48	4
Feb ’24	NOK 27.08	NOK 40.46 +49.4%	6.0%	NOK 44.31	NOK 37.67	NOK 24.00	4
Jan ’24	NOK 24.86	NOK 40.46 +62.7%	6.0%	NOK 44.31	NOK 37.67	NOK 22.42	4
Dec ’23	NOK 25.10	NOK 43.16 +71.9%	9.5%	NOK 48.90	NOK 38.13	NOK 22.42	4
Nov ’23	NOK 27.10	NOK 44.10 +62.7%	7.5%	NOK 49.71	NOK 41.42	NOK 23.52	4
Oct ’23	NOK 22.98	NOK 44.10 +91.9%	7.5%	NOK 49.71	NOK 41.42	NOK 24.60	4
Sep ’23	NOK 27.08	NOK 43.65 +61.2%	7.7%	NOK 49.48	NOK 41.23	NOK 25.12	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.