Dolphin Drilling AS

OB:DDRIL Stock Report

Market Cap: NOK 1.1b

Dolphin Drilling Valuation

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

Below Fair Value: DDRIL (NOK3.6) is trading below our estimate of fair value (NOK66.1)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for DDRIL. This is calculated by dividing DDRIL's market cap by their current revenue.
What is DDRIL's PS Ratio?
PS Ratio1.2x
SalesUS$81.80m
Market CapUS$99.80m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for DDRIL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.9x
DVD Deep Value Driller
2.4x-1.6%NOK 1.4b
OTL Odfjell Technology
0.4x2.7%NOK 1.9b
ARCH Archer
0.2x8.9%NOK 2.0b
NOL Northern Ocean
0.9x10.5%NOK 2.5b
DDRIL Dolphin Drilling
1.2x35.1%NOK 1.1b

Price-To-Sales vs Peers: DDRIL is expensive based on its Price-To-Sales Ratio (1.2x) compared to the peer average (0.9x).

Price to Sales Ratio vs Industry

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

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
PRS Prosafe
0.08x24.4%US$11.25m
HAVI Havila Shipping
0.1xn/aUS$5.35m
DWELLOP Dwellop
0.09xn/aUS$1.28m
No more companies available in this PS range
DDRIL 1.2xIndustry Avg. 1.0xNo. of Companies5PS00.61.21.82.43+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: DDRIL is expensive based on its Price-To-Sales Ratio (1.2x) compared to the Norwegian Energy Services industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is DDRIL'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.

DDRIL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio0.5x

Price-To-Sales vs Fair Ratio: DDRIL is expensive based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (0.5x).

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 DDRIL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 3.60
NOK 4.26
+18.3%
4.6%NOK 4.51NOK 4.06n/a4
Nov ’25NOK 4.15
NOK 4.22
+1.6%
5.3%NOK 4.53NOK 4.00n/a4
Oct ’25NOK 3.29
NOK 4.58
+39.4%
6.4%NOK 5.07NOK 4.29n/a4
Sep ’25NOK 4.20
NOK 6.56
+56.2%
49.1%NOK 12.11NOK 4.20n/a4
Aug ’25NOK 5.12
NOK 7.38
+44.1%
45.9%NOK 12.16NOK 4.98n/a3
Jul ’25NOK 4.85
NOK 7.38
+52.1%
45.9%NOK 12.16NOK 4.98n/a3
Jun ’25NOK 4.43
NOK 8.82
+99.0%
33.6%NOK 12.24NOK 5.02n/a3
May ’25NOK 6.13
NOK 10.04
+63.8%
18.8%NOK 12.59NOK 8.08n/a3
Apr ’25NOK 6.63
NOK 10.52
+58.6%
10.9%NOK 12.40NOK 9.32n/a4
Mar ’25NOK 6.95
NOK 10.20
+46.8%
11.0%NOK 12.01NOK 8.94n/a4
Feb ’25NOK 7.20
NOK 13.51
+87.6%
23.4%NOK 18.20NOK 9.61n/a4
Jan ’25NOK 8.47
NOK 13.51
+59.5%
23.4%NOK 18.20NOK 9.61n/a4
Dec ’24NOK 8.68
NOK 14.19
+63.4%
24.1%NOK 19.28NOK 10.18n/a4
Nov ’24NOK 10.24
NOK 16.36
+59.8%
14.6%NOK 18.99NOK 13.09NOK 4.154
Oct ’24NOK 10.10
NOK 16.36
+62.0%
14.6%NOK 18.99NOK 13.09NOK 3.294
Jul ’24NOK 8.00
NOK 21.17
+164.6%
5.3%NOK 22.29NOK 20.04NOK 4.852
Jun ’24NOK 11.84
NOK 21.17
+78.8%
5.3%NOK 22.29NOK 20.04NOK 4.432

Analyst Forecast: Target price is less than 20% higher than the current share price.

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