Shelf Drilling, Ltd.

OB:SHLF Stock Report

Market Cap: NOK 2.3b

Shelf Drilling Valuation

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

Below Fair Value: SHLF (NOK9.08) is trading below our estimate of fair value (NOK26.22)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SHLF. This is calculated by dividing SHLF's market cap by their current earnings.
What is SHLF's PE Ratio?
PE Ratio5.1x
EarningsUS$40.50m
Market CapUS$204.95m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SHLF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average47.9x
OTL Odfjell Technology
5.5x15.7%NOK 1.7b
ARCH Archer
153.1x109.8%NOK 2.1b
PLSV Paratus Energy Services
22.7x32.6%NOK 7.6b
BORR Borr Drilling
10.3x45.4%NOK 9.8b
SHLF Shelf Drilling
5.1x11.9%NOK 2.3b

Price-To-Earnings vs Peers: SHLF is good value based on its Price-To-Earnings Ratio (5.1x) compared to the peer average (47.9x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SEA1 Sea1 Offshore
1.2x-42.6%US$327.32m
AWDR Awilco Drilling
0.3xn/aUS$48.07m
DWELLOP Dwellop
1.7xn/aUS$2.16m
No more companies available in this PE range
SHLF 5.1xIndustry Avg. 6.2xNo. of Companies4PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SHLF is good value based on its Price-To-Earnings Ratio (5.1x) compared to the Norwegian Energy Services industry average (6.2x).

Price to Earnings Ratio vs Fair Ratio

What is SHLF'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.

SHLF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5.1x
Fair PE Ratio9.1x

Price-To-Earnings vs Fair Ratio: SHLF is good value based on its Price-To-Earnings Ratio (5.1x) compared to the estimated Fair Price-To-Earnings Ratio (9.1x).

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 SHLF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 9.08
NOK 27.64
+204.5%
27.3%NOK 35.19NOK 20.09n/a2
Dec ’25NOK 10.26
NOK 27.58
+168.8%
27.5%NOK 35.17NOK 19.99n/a2
Nov ’25NOK 14.45
NOK 36.60
+153.3%
7.3%NOK 39.29NOK 33.91n/a2
Oct ’25NOK 18.19
NOK 36.60
+101.2%
7.3%NOK 39.29NOK 33.91n/a2
Sep ’25NOK 16.74
NOK 37.76
+125.6%
5.9%NOK 39.98NOK 35.54n/a2
Aug ’25NOK 22.56
NOK 38.61
+71.1%
4.3%NOK 40.26NOK 36.96n/a2
Jul ’25NOK 23.10
NOK 38.61
+67.1%
4.3%NOK 40.26NOK 36.96n/a2
Jun ’25NOK 23.86
NOK 38.16
+59.9%
4.8%NOK 39.99NOK 36.33n/a2
May ’25NOK 18.74
NOK 38.89
+107.5%
2.6%NOK 39.89NOK 37.89n/a2
Apr ’25NOK 25.40
NOK 48.84
+92.3%
2.3%NOK 49.98NOK 47.70n/a2
Mar ’25NOK 27.30
NOK 48.39
+77.2%
3.1%NOK 49.88NOK 46.89n/a2
Feb ’25NOK 28.00
NOK 48.39
+72.8%
3.1%NOK 49.88NOK 46.89n/a2
Jan ’25NOK 29.00
NOK 49.65
+71.2%
1.3%NOK 50.28NOK 49.02n/a2
Dec ’24NOK 29.75
NOK 51.55
+73.3%
0.5%NOK 51.80NOK 51.30NOK 10.262
Nov ’24NOK 30.30
NOK 52.37
+72.8%
4.9%NOK 54.94NOK 49.80NOK 14.452
Oct ’24NOK 37.50
NOK 48.23
+28.6%
16.4%NOK 56.12NOK 40.33NOK 18.192
Sep ’24NOK 29.00
NOK 44.70
+54.1%
11.1%NOK 49.68NOK 39.72NOK 16.742
Aug ’24NOK 24.40
NOK 40.80
+67.2%
1.3%NOK 41.34NOK 40.27NOK 22.562
Jul ’24NOK 19.68
NOK 42.93
+118.1%
2.7%NOK 44.08NOK 41.77NOK 23.102
Jun ’24NOK 21.25
NOK 42.93
+102.0%
2.7%NOK 44.08NOK 41.77NOK 23.862
May ’24NOK 24.20
NOK 41.96
+73.4%
2.5%NOK 42.99NOK 40.93NOK 18.742
Apr ’24NOK 25.15
NOK 41.63
+65.5%
3.8%NOK 43.22NOK 40.05NOK 25.402
Mar ’24NOK 31.05
NOK 42.04
+35.4%
2.8%NOK 43.21NOK 40.88NOK 27.302
Feb ’24NOK 27.90
NOK 31.68
+13.5%
35.8%NOK 43.01NOK 20.35NOK 28.002
Jan ’24NOK 22.05
NOK 31.12
+41.1%
35.7%NOK 42.22NOK 20.02NOK 29.002
Dec ’23NOK 22.50
NOK 31.74
+41.1%
35.4%NOK 42.99NOK 20.49NOK 29.752

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 01:27
End of Day Share Price 2024/12/20 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

Shelf Drilling, Ltd. is covered by 5 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Martin KarlsenDNB Markets
James WestEvercore ISI
Truls OlsenFearnley Securities