Frontline plc

OB:FRO Stock Report

Market Cap: NOK 34.9b

Frontline Valuation

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

Below Fair Value: FRO (NOK154.2) is trading below our estimate of fair value (NOK485.7)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for FRO. This is calculated by dividing FRO's market cap by their current earnings.
What is FRO's PE Ratio?
PE Ratio5.6x
EarningsUS$547.22m
Market CapUS$3.07b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for FRO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average3.2x
HAFNI Hafnia
3x-24.2%NOK 29.6b
BWLPG BWG
3x-23.3%NOK 16.6b
OET Okeanis Eco Tankers
5.3x10.3%NOK 7.2b
AGAS Avance Gas Holding
1.6x-95.7%NOK 5.5b
FRO Frontline
5.6x14.3%NOK 3.1b

Price-To-Earnings vs Peers: FRO is expensive based on its Price-To-Earnings Ratio (5.6x) compared to the peer average (3.2x).

Price to Earnings Ratio vs Industry

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

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FRO 5.6xIndustry Avg. 8.3xNo. of Companies16PE0612182430+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FRO is good value based on its Price-To-Earnings Ratio (5.6x) compared to the European Oil and Gas industry average (8.3x).

Price to Earnings Ratio vs Fair Ratio

What is FRO'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.

FRO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.6x
Fair PE Ratio11.8x

Price-To-Earnings vs Fair Ratio: FRO is good value based on its Price-To-Earnings Ratio (5.6x) compared to the estimated Fair Price-To-Earnings Ratio (11.8x).

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 FRO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 154.20
NOK 311.37
+101.9%
14.6%NOK 410.83NOK 266.49n/a7
Dec ’25NOK 180.90
NOK 309.73
+71.2%
14.6%NOK 408.67NOK 265.08n/a7
Nov ’25NOK 213.60
NOK 335.53
+57.1%
10.9%NOK 406.79NOK 291.35n/a6
Oct ’25NOK 243.70
NOK 340.61
+39.8%
8.0%NOK 392.33NOK 318.11n/a5
Sep ’25NOK 259.10
NOK 342.86
+32.3%
7.5%NOK 392.44NOK 318.20n/a5
Aug ’25NOK 267.00
NOK 358.10
+34.1%
7.3%NOK 407.77NOK 330.63n/a5
Jul ’25NOK 262.50
NOK 334.71
+27.5%
3.5%NOK 346.32NOK 314.84n/a5
Jun ’25NOK 300.80
NOK 334.71
+11.3%
3.5%NOK 346.32NOK 314.84n/a5
May ’25NOK 264.90
NOK 327.67
+23.7%
8.4%NOK 366.56NOK 288.81n/a7
Apr ’25NOK 246.40
NOK 298.36
+21.1%
10.6%NOK 341.36NOK 237.88n/a7
Mar ’25NOK 241.50
NOK 283.34
+17.3%
12.3%NOK 336.65NOK 234.61n/a7
Feb ’25NOK 242.10
NOK 280.41
+15.8%
11.9%NOK 336.52NOK 231.36n/a7
Jan ’25NOK 202.90
NOK 256.13
+26.2%
18.6%NOK 341.40NOK 181.37n/a7
Dec ’24NOK 218.80
NOK 251.11
+14.8%
19.4%NOK 341.40NOK 181.37NOK 180.907
Nov ’24NOK 253.85
NOK 238.09
-6.2%
9.9%NOK 268.08NOK 189.89NOK 213.607
Oct ’24NOK 197.00
NOK 217.19
+10.3%
12.0%NOK 250.88NOK 182.26NOK 243.707
Sep ’24NOK 186.00
NOK 217.70
+17.0%
11.8%NOK 250.05NOK 181.66NOK 259.107
Aug ’24NOK 171.50
NOK 209.24
+22.0%
12.3%NOK 237.59NOK 183.59NOK 267.004
Jul ’24NOK 154.48
NOK 209.24
+35.4%
12.3%NOK 237.59NOK 183.59NOK 262.504
Jun ’24NOK 170.60
NOK 195.70
+14.7%
19.6%NOK 244.28NOK 138.80NOK 300.804
May ’24NOK 165.44
NOK 199.43
+20.5%
21.4%NOK 239.84NOK 130.35NOK 264.904
Apr ’24NOK 171.22
NOK 199.43
+16.5%
21.4%NOK 239.84NOK 130.35NOK 246.404
Mar ’24NOK 197.84
NOK 192.10
-2.9%
23.0%NOK 238.82NOK 129.80NOK 241.504
Feb ’24NOK 144.44
NOK 168.05
+16.3%
19.8%NOK 217.48NOK 123.57NOK 242.104
Jan ’24NOK 117.60
NOK 155.26
+32.0%
15.2%NOK 185.82NOK 122.25NOK 202.904
Dec ’23NOK 132.50
NOK 153.99
+16.2%
12.0%NOK 170.26NOK 125.19NOK 218.804

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 20:11
End of Day Share Price 2024/12/19 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

Frontline plc is covered by 26 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Anders HolteABG Sundal Collier
Glenn LoddenABN AMRO Bank N.V.
Erik StavsethArctic Securities ASA