Hafnia Valuation
Is HAFNI undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
6/6Valuation Score 6/6
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 HAFNI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: HAFNI (NOK58.1) is trading below our estimate of fair value (NOK261.74)
Significantly Below Fair Value: HAFNI is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for HAFNI?
Key metric: As HAFNI is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is HAFNI's PE Ratio? | |
|---|---|
| PE Ratio | 3x |
| Earnings | US$870.84m |
| Market Cap | US$2.61b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 1.1x |
| Enterprise Value/EBITDA | 3.6x |
| PEG Ratio | -0.1x |
Price to Earnings Ratio vs Peers
How does HAFNI's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 3.6x | ||
BWLPG BWG | 3x | -23.3% | NOK 16.6b |
OET Okeanis Eco Tankers | 5.3x | 10.3% | NOK 7.2b |
AGAS Avance Gas Holding | 1.6x | -95.7% | NOK 5.5b |
CLCO Cool | 4.2x | -20.5% | NOK 4.5b |
HAFNI Hafnia | 3x | -24.2% | NOK 29.6b |
Price-To-Earnings vs Peers: HAFNI is good value based on its Price-To-Earnings Ratio (3x) compared to the peer average (3.6x).
Price to Earnings Ratio vs Industry
How does HAFNI's PE Ratio compare vs other companies in the European Oil and Gas Industry?
| 6 Companies | Price / Earnings | Estimated Growth | Market Cap |
|---|---|---|---|
| 6 Companies | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Earnings vs Industry: HAFNI is good value based on its Price-To-Earnings Ratio (3x) compared to the European Oil and Gas industry average (8.3x).
Price to Earnings Ratio vs Fair Ratio
What is HAFNI'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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 3x |
| Fair PE Ratio | 6.1x |
Price-To-Earnings vs Fair Ratio: HAFNI is good value based on its Price-To-Earnings Ratio (3x) compared to the estimated Fair Price-To-Earnings Ratio (6.1x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | NOK 58.10 | NOK 92.96 +60.0% | 12.8% | NOK 109.81 | NOK 73.00 | n/a | 5 |
| Dec ’25 | NOK 63.70 | NOK 95.96 +50.6% | 7.9% | NOK 109.81 | NOK 88.00 | n/a | 5 |
| Nov ’25 | NOK 64.25 | NOK 98.96 +54.0% | 7.2% | NOK 109.81 | NOK 88.00 | n/a | 5 |
| Oct ’25 | NOK 75.80 | NOK 102.16 +34.8% | 7.3% | NOK 109.81 | NOK 88.00 | n/a | 5 |
| Sep ’25 | NOK 86.00 | NOK 106.36 +23.7% | 2.9% | NOK 110.00 | NOK 102.00 | n/a | 5 |
| Aug ’25 | NOK 85.65 | NOK 105.56 +23.2% | 3.8% | NOK 110.00 | NOK 100.00 | n/a | 5 |
| Jul ’25 | NOK 87.00 | NOK 105.20 +20.9% | 3.5% | NOK 110.00 | NOK 100.00 | n/a | 5 |
| Jun ’25 | NOK 91.95 | NOK 105.20 +14.4% | 3.5% | NOK 110.00 | NOK 100.00 | n/a | 5 |
| May ’25 | NOK 84.20 | NOK 98.20 +16.6% | 5.4% | NOK 105.00 | NOK 92.00 | n/a | 5 |
| Apr ’25 | NOK 74.65 | NOK 95.40 +27.8% | 4.1% | NOK 100.00 | NOK 91.00 | n/a | 5 |
| Mar ’25 | NOK 78.05 | NOK 94.00 +20.4% | 3.7% | NOK 100.00 | NOK 90.00 | n/a | 5 |
| Feb ’25 | NOK 78.55 | NOK 91.60 +16.6% | 2.4% | NOK 95.00 | NOK 89.00 | n/a | 5 |
| Jan ’25 | NOK 70.20 | NOK 93.17 +32.7% | 7.0% | NOK 105.00 | NOK 84.00 | n/a | 6 |
| Dec ’24 | NOK 68.00 | NOK 93.17 +37.0% | 7.0% | NOK 105.00 | NOK 84.00 | NOK 63.70 | 6 |
| Nov ’24 | NOK 74.00 | NOK 90.33 +22.1% | 10.3% | NOK 105.00 | NOK 74.00 | NOK 64.25 | 6 |
| Oct ’24 | NOK 66.55 | NOK 86.40 +29.8% | 9.3% | NOK 95.00 | NOK 74.00 | NOK 75.80 | 5 |
| Sep ’24 | NOK 61.85 | NOK 86.40 +39.7% | 9.3% | NOK 95.00 | NOK 74.00 | NOK 86.00 | 5 |
| Aug ’24 | NOK 54.95 | NOK 86.17 +56.8% | 9.5% | NOK 95.00 | NOK 74.00 | NOK 85.65 | 6 |
| Jul ’24 | NOK 52.45 | NOK 88.17 +68.1% | 6.7% | NOK 95.00 | NOK 77.00 | NOK 87.00 | 6 |
| Jun ’24 | NOK 52.90 | NOK 87.80 +66.0% | 7.2% | NOK 95.00 | NOK 77.00 | NOK 91.95 | 5 |
| May ’24 | NOK 57.65 | NOK 83.60 +45.0% | 3.2% | NOK 87.00 | NOK 80.00 | NOK 84.20 | 5 |
| Apr ’24 | NOK 59.70 | NOK 81.60 +36.7% | 2.5% | NOK 85.00 | NOK 80.00 | NOK 74.65 | 5 |
| Mar ’24 | NOK 63.70 | NOK 80.20 +25.9% | 5.1% | NOK 85.00 | NOK 73.00 | NOK 78.05 | 5 |
| Feb ’24 | NOK 53.60 | NOK 76.50 +42.7% | 6.8% | NOK 83.00 | NOK 70.00 | NOK 78.55 | 4 |
| Jan ’24 | NOK 50.40 | NOK 76.50 +51.8% | 6.8% | NOK 83.00 | NOK 70.00 | NOK 70.20 | 4 |
| Dec ’23 | NOK 53.80 | NOK 78.67 +46.2% | 5.3% | NOK 83.00 | NOK 73.00 | NOK 68.00 | 3 |
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
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2024/12/19 17:53 |
| End of Day Share Price | 2024/12/19 00:00 |
| Earnings | 2024/09/30 |
| Annual Earnings | 2023/12/31 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* 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
Hafnia Limited is covered by 9 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Gregory Lewis | BTIG |
| Hans Rettedal Christiansen | Danske Bank |
| Jørgen Lian | DNB Markets |