Shelf Drilling Valuation

Q: What is the Fair Price of SHLF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SHLF (NOK15.2) is trading below our estimate of [[fair value]] (NOK87.12)

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

Valuation Score

4/6

Valuation Score 4/6

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 (NOK15.2) is trading below our estimate of fair value (NOK87.12)

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?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for SHLF. This is calculated by dividing SHLF's market cap by their current preferred multiple.
What is SHLF's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	US$353.18m

SHLF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	5.7x
PEG Ratio	0.3x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	40.2x
OTL Odfjell Technology	5.5x	8.2%	NOK 2.0b
ARCH Archer	125.5x	102.1%	NOK 1.7b
PLSV Paratus Energy Services	16x	25.2%	NOK 8.3b
BORR Borr Drilling	14x	35.0%	NOK 11.5b
SHLF Shelf Drilling	25.4x	82.4%	NOK 3.9b

Price-To-Earnings vs Peers: SHLF is good value based on its Price-To-Earnings Ratio (25.4x) compared to the peer average (40.2x).

Price to Earnings Ratio vs Industry

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

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	25.0%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	25.0%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: SHLF is expensive based on its Price-To-Earnings Ratio (25.4x) compared to the Norwegian Energy Services industry average (11.2x).

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 Ratio	25.4x
Fair PE Ratio	29.8x

Price-To-Earnings vs Fair Ratio: SHLF is good value based on its Price-To-Earnings Ratio (25.4x) compared to the estimated Fair Price-To-Earnings Ratio (29.8x).

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 SHLF forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 15.20	NOK 36.57 +140.6%	7.3%	NOK 39.22	NOK 33.91	n/a	2
Oct ’25	NOK 18.19	NOK 36.57 +101.0%	7.3%	NOK 39.22	NOK 33.91	n/a	2
Sep ’25	NOK 16.74	NOK 37.76 +125.6%	5.9%	NOK 39.98	NOK 35.54	n/a	2
Aug ’25	NOK 22.56	NOK 38.61 +71.1%	4.3%	NOK 40.26	NOK 36.96	n/a	2
Jul ’25	NOK 23.10	NOK 38.61 +67.1%	4.3%	NOK 40.26	NOK 36.96	n/a	2
Jun ’25	NOK 23.86	NOK 38.16 +59.9%	4.8%	NOK 39.99	NOK 36.33	n/a	2
May ’25	NOK 18.74	NOK 38.89 +107.5%	2.6%	NOK 39.89	NOK 37.89	n/a	2
Apr ’25	NOK 25.40	NOK 48.84 +92.3%	2.3%	NOK 49.98	NOK 47.70	n/a	2
Mar ’25	NOK 27.30	NOK 48.39 +77.2%	3.1%	NOK 49.88	NOK 46.89	n/a	2
Feb ’25	NOK 28.00	NOK 48.39 +72.8%	3.1%	NOK 49.88	NOK 46.89	n/a	2
Jan ’25	NOK 29.00	NOK 49.65 +71.2%	1.3%	NOK 50.28	NOK 49.02	n/a	2
Dec ’24	NOK 29.75	NOK 51.55 +73.3%	0.5%	NOK 51.80	NOK 51.30	n/a	2
Nov ’24	NOK 30.30	NOK 52.37 +72.8%	4.9%	NOK 54.94	NOK 49.80	NOK 14.45	2
Oct ’24	NOK 37.50	NOK 48.23 +28.6%	16.4%	NOK 56.12	NOK 40.33	NOK 18.19	2
Sep ’24	NOK 29.00	NOK 44.70 +54.1%	11.1%	NOK 49.68	NOK 39.72	NOK 16.74	2
Aug ’24	NOK 24.40	NOK 40.80 +67.2%	1.3%	NOK 41.34	NOK 40.27	NOK 22.56	2
Jul ’24	NOK 19.68	NOK 42.93 +118.1%	2.7%	NOK 44.08	NOK 41.77	NOK 23.10	2
Jun ’24	NOK 21.25	NOK 42.93 +102.0%	2.7%	NOK 44.08	NOK 41.77	NOK 23.86	2
May ’24	NOK 24.20	NOK 41.96 +73.4%	2.5%	NOK 42.99	NOK 40.93	NOK 18.74	2
Apr ’24	NOK 25.15	NOK 41.63 +65.5%	3.8%	NOK 43.22	NOK 40.05	NOK 25.40	2
Mar ’24	NOK 31.05	NOK 42.04 +35.4%	2.8%	NOK 43.21	NOK 40.88	NOK 27.30	2
Feb ’24	NOK 27.90	NOK 31.68 +13.5%	35.8%	NOK 43.01	NOK 20.35	NOK 28.00	2
Jan ’24	NOK 22.05	NOK 31.12 +41.1%	35.7%	NOK 42.22	NOK 20.02	NOK 29.00	2
Dec ’23	NOK 22.50	NOK 31.74 +41.1%	35.4%	NOK 42.99	NOK 20.49	NOK 29.75	2
Nov ’23	NOK 23.75	NOK 31.82 +34.0%	35.4%	NOK 43.09	NOK 20.55	NOK 30.30	2

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.