Hafnia Limited

OB:HAFNI Stock Report

Market Cap: NOK 30.5b

Hafnia Valuation

Is HAFNI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation 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 (NOK59.65) is trading below our estimate of fair value (NOK246.43)

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.

The above table shows the Price to Earnings ratio for HAFNI. This is calculated by dividing HAFNI's market cap by their current earnings.
What is HAFNI's PE Ratio?
PE Ratio3.4x
EarningsUS$802.14m
Market CapUS$2.75b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for HAFNI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average6.2x
BWLPG BWG
4.4x-26.6%NOK 23.1b
OET Okeanis Eco Tankers
6.6x10.3%NOK 8.6b
AGAS Avance Gas Holding
2.5x-81.6%NOK 8.2b
BWEK BW Epic Kosan
11.1x1.3%NOK 3.9b
HAFNI Hafnia
3.4x-20.2%NOK 30.5b

Price-To-Earnings vs Peers: HAFNI is good value based on its Price-To-Earnings Ratio (3.4x) compared to the peer average (6.2x).

Price to Earnings Ratio vs Industry

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

5 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HAFNI 3.4xIndustry Avg. 8.3xNo. of Companies18PE0612182430+
5 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HAFNI is good value based on its Price-To-Earnings Ratio (3.4x) 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.

HAFNI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.4x
Fair PE Ratio6.5x

Price-To-Earnings vs Fair Ratio: HAFNI is good value based on its Price-To-Earnings Ratio (3.4x) compared to the estimated Fair Price-To-Earnings Ratio (6.5x).

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 HAFNI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 59.65
NOK 98.96
+65.9%
7.2%NOK 109.81NOK 88.00n/a5
Nov ’25NOK 64.25
NOK 98.96
+54.0%
7.2%NOK 109.81NOK 88.00n/a5
Oct ’25NOK 75.80
NOK 102.16
+34.8%
7.3%NOK 109.81NOK 88.00n/a5
Sep ’25NOK 86.00
NOK 106.36
+23.7%
2.9%NOK 110.00NOK 102.00n/a5
Aug ’25NOK 85.65
NOK 105.56
+23.2%
3.8%NOK 110.00NOK 100.00n/a5
Jul ’25NOK 87.00
NOK 105.20
+20.9%
3.5%NOK 110.00NOK 100.00n/a5
Jun ’25NOK 91.95
NOK 105.20
+14.4%
3.5%NOK 110.00NOK 100.00n/a5
May ’25NOK 84.20
NOK 98.20
+16.6%
5.4%NOK 105.00NOK 92.00n/a5
Apr ’25NOK 74.65
NOK 95.40
+27.8%
4.1%NOK 100.00NOK 91.00n/a5
Mar ’25NOK 78.05
NOK 94.00
+20.4%
3.7%NOK 100.00NOK 90.00n/a5
Feb ’25NOK 78.55
NOK 91.60
+16.6%
2.4%NOK 95.00NOK 89.00n/a5
Jan ’25NOK 70.20
NOK 93.17
+32.7%
7.0%NOK 105.00NOK 84.00n/a6
Dec ’24NOK 68.00
NOK 93.17
+37.0%
7.0%NOK 105.00NOK 84.00n/a6
Nov ’24NOK 74.00
NOK 90.33
+22.1%
10.3%NOK 105.00NOK 74.00NOK 64.256
Oct ’24NOK 66.55
NOK 86.40
+29.8%
9.3%NOK 95.00NOK 74.00NOK 75.805
Sep ’24NOK 61.85
NOK 86.40
+39.7%
9.3%NOK 95.00NOK 74.00NOK 86.005
Aug ’24NOK 54.95
NOK 86.17
+56.8%
9.5%NOK 95.00NOK 74.00NOK 85.656
Jul ’24NOK 52.45
NOK 88.17
+68.1%
6.7%NOK 95.00NOK 77.00NOK 87.006
Jun ’24NOK 52.90
NOK 87.80
+66.0%
7.2%NOK 95.00NOK 77.00NOK 91.955
May ’24NOK 57.65
NOK 83.60
+45.0%
3.2%NOK 87.00NOK 80.00NOK 84.205
Apr ’24NOK 59.70
NOK 81.60
+36.7%
2.5%NOK 85.00NOK 80.00NOK 74.655
Mar ’24NOK 63.70
NOK 80.20
+25.9%
5.1%NOK 85.00NOK 73.00NOK 78.055
Feb ’24NOK 53.60
NOK 76.50
+42.7%
6.8%NOK 83.00NOK 70.00NOK 78.554
Jan ’24NOK 50.40
NOK 76.50
+51.8%
6.8%NOK 83.00NOK 70.00NOK 70.204
Dec ’23NOK 53.80
NOK 78.67
+46.2%
5.3%NOK 83.00NOK 73.00NOK 68.003
Nov ’23NOK 55.80
NOK 76.00
+36.2%
7.5%NOK 84.00NOK 71.00NOK 74.003

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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