FLEX LNG Ltd.

OB:FLNG Stock Report

Market Cap: NOK 14.3b

FLEX LNG Valuation

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

Below Fair Value: FLNG (NOK267) is trading below our estimate of fair value (NOK633.58)

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

Key Valuation Metric

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

Key metric: As FLNG is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FLNG. This is calculated by dividing FLNG's market cap by their current earnings.
What is FLNG's PE Ratio?
PE Ratio14.1x
EarningsUS$91.86m
Market CapUS$1.30b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FLNG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average4x
AGAS Avance Gas Holding
2.7x-94.6%NOK 8.7b
OET Okeanis Eco Tankers
6x10.1%NOK 7.8b
BWLPG BWG
3.5x-21.4%NOK 18.9b
HAFNI Hafnia
3.6x-19.7%NOK 32.3b
FLNG FLEX LNG
14.1x17.1%NOK 1.3b

Price-To-Earnings vs Peers: FLNG is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (4x).

Price to Earnings Ratio vs Industry

How does FLNG's PE Ratio compare vs other companies in the European Oil and Gas Industry?

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FLNG 14.1xIndustry Avg. 8.5xNo. of Companies16PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FLNG is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the European Oil and Gas industry average (9x).

Price to Earnings Ratio vs Fair Ratio

What is FLNG'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.

FLNG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.1x
Fair PE Ratio10.9x

Price-To-Earnings vs Fair Ratio: FLNG is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (10.9x).

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 FLNG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 267.00
NOK 299.01
+12.0%
11.1%NOK 332.23NOK 265.79n/a2
Nov ’25NOK 269.80
NOK 296.59
+9.9%
11.1%NOK 329.54NOK 263.63n/a2
Oct ’25NOK 270.80
NOK 289.41
+6.9%
11.1%NOK 321.57NOK 257.26n/a2
Sep ’25NOK 283.20
NOK 289.41
+2.2%
11.1%NOK 321.57NOK 257.26n/a2
Aug ’25NOK 291.00
NOK 290.59
-0.1%
13.2%NOK 328.97NOK 252.21n/a2
Jul ’25NOK 286.80
NOK 288.81
+0.7%
9.1%NOK 315.07NOK 262.56n/a2
Jun ’25NOK 302.40
NOK 288.81
-4.5%
9.1%NOK 315.07NOK 262.56n/a2
Feb ’25NOK 316.20
NOK 350.53
+10.9%
3.0%NOK 361.15NOK 339.91n/a2
Jan ’25NOK 298.40
NOK 350.53
+17.5%
3.0%NOK 361.15NOK 339.91n/a2
Dec ’24NOK 310.60
NOK 350.53
+12.9%
3.0%NOK 361.15NOK 339.91n/a2
Nov ’24NOK 344.40
NOK 350.53
+1.8%
3.0%NOK 361.15NOK 339.91NOK 269.802
Oct ’24NOK 320.00
NOK 350.53
+9.5%
3.0%NOK 361.15NOK 339.91NOK 270.802
Sep ’24NOK 323.20
NOK 350.53
+8.5%
3.0%NOK 361.15NOK 339.91NOK 283.202
Jun ’24NOK 335.00
NOK 358.23
+6.9%
5.9%NOK 379.30NOK 337.16NOK 302.402
May ’24NOK 369.80
NOK 358.23
-3.1%
5.9%NOK 379.30NOK 337.16NOK 291.202
Apr ’24NOK 345.00
NOK 328.42
-4.8%
5.9%NOK 347.74NOK 309.10NOK 270.002
Mar ’24NOK 364.20
NOK 328.42
-9.8%
5.9%NOK 347.74NOK 309.10NOK 267.602
Feb ’24NOK 313.40
NOK 328.42
+4.8%
5.9%NOK 347.74NOK 309.10NOK 316.202
Jan ’24NOK 320.80
NOK 328.42
+2.4%
5.9%NOK 347.74NOK 309.10NOK 298.402
Dec ’23NOK 371.00
NOK 328.42
-11.5%
5.9%NOK 347.74NOK 309.10NOK 310.602
Nov ’23NOK 328.40
NOK 328.42
+0.007%
5.9%NOK 347.74NOK 309.10NOK 344.402

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

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