Norske Skog ASA

OB:NSKOG Stock Report

Market Cap: NOK 2.0b

Norske Skog Valuation

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

Below Fair Value: NSKOG (NOK23) is trading below our estimate of fair value (NOK104.39)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for NSKOG. This is calculated by dividing NSKOG's market cap by their current earnings.
What is NSKOG's PE Ratio?
PE Ratio7.9x
EarningsNOK 246.00m
Market CapNOK 1.95b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for NSKOG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.2x
RANA Rana Gruber
5.4x3.0%NOK 2.7b
BOR Borgestad
20.3x46.0%NOK 624.1m
ALEXA Exacompta Clairefontaine
7.8xn/a€166.3m
TNPL Tamil Nadu Newsprint and Papers
19.5xn/a₹14.3b
NSKOG Norske Skog
7.9x54.6%NOK 2.0b

Price-To-Earnings vs Peers: NSKOG is good value based on its Price-To-Earnings Ratio (7.9x) compared to the peer average (13.2x).

Price to Earnings Ratio vs Industry

How does NSKOG's PE Ratio compare vs other companies in the European Forestry Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NSKOG 7.9xIndustry Avg. 10.2xNo. of Companies9PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NSKOG is good value based on its Price-To-Earnings Ratio (7.9x) compared to the European Forestry industry average (10.2x).

Price to Earnings Ratio vs Fair Ratio

What is NSKOG'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.

NSKOG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.9x
Fair PE Ratio20.3x

Price-To-Earnings vs Fair Ratio: NSKOG is good value based on its Price-To-Earnings Ratio (7.9x) compared to the estimated Fair Price-To-Earnings Ratio (20.3x).

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 NSKOG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 23.00
NOK 38.50
+67.4%
16.9%NOK 45.00NOK 32.00n/a2
Dec ’25NOK 21.12
NOK 38.50
+82.3%
16.9%NOK 45.00NOK 32.00n/a2
Nov ’25NOK 23.20
NOK 39.00
+68.1%
13.7%NOK 45.00NOK 32.00n/a3
Oct ’25NOK 34.90
NOK 41.00
+17.5%
7.2%NOK 45.00NOK 38.00n/a3
Sep ’25NOK 38.22
NOK 48.33
+26.5%
17.6%NOK 60.00NOK 40.00n/a3
Aug ’25NOK 40.54
NOK 48.33
+19.2%
17.6%NOK 60.00NOK 40.00n/a3
Jul ’25NOK 40.72
NOK 48.33
+18.7%
17.6%NOK 60.00NOK 40.00n/a3
Jun ’25NOK 42.80
NOK 46.67
+9.0%
20.2%NOK 60.00NOK 40.00n/a3
May ’25NOK 37.36
NOK 46.67
+24.9%
20.2%NOK 60.00NOK 40.00n/a3
Apr ’25NOK 33.54
NOK 46.67
+39.1%
20.2%NOK 60.00NOK 40.00n/a3
Mar ’25NOK 37.46
NOK 53.33
+42.4%
17.7%NOK 60.00NOK 40.00n/a3
Feb ’25NOK 36.46
NOK 56.67
+55.4%
8.3%NOK 60.00NOK 50.00n/a3
Jan ’25NOK 41.40
NOK 66.67
+61.0%
25.5%NOK 90.00NOK 50.00n/a3
Dec ’24NOK 40.50
NOK 66.67
+64.6%
25.5%NOK 90.00NOK 50.00NOK 21.123
Nov ’24NOK 41.30
NOK 76.67
+85.6%
12.3%NOK 90.00NOK 70.00NOK 23.203
Oct ’24NOK 46.44
NOK 81.67
+75.9%
10.4%NOK 90.00NOK 70.00NOK 34.903
Sep ’24NOK 42.24
NOK 81.67
+93.3%
10.4%NOK 90.00NOK 70.00NOK 38.223
Aug ’24NOK 45.10
NOK 81.67
+81.1%
10.4%NOK 90.00NOK 70.00NOK 40.543
Jul ’24NOK 42.22
NOK 88.33
+109.2%
9.6%NOK 100.00NOK 80.00NOK 40.723
Jun ’24NOK 41.40
NOK 93.33
+125.4%
10.1%NOK 100.00NOK 80.00NOK 42.803
May ’24NOK 47.30
NOK 93.33
+97.3%
10.1%NOK 100.00NOK 80.00NOK 37.363
Apr ’24NOK 57.70
NOK 102.33
+77.4%
15.7%NOK 117.00NOK 80.00NOK 33.543
Mar ’24NOK 67.35
NOK 102.33
+51.9%
15.7%NOK 117.00NOK 80.00NOK 37.463
Feb ’24NOK 68.20
NOK 102.33
+50.0%
15.7%NOK 117.00NOK 80.00NOK 36.463
Jan ’24NOK 67.25
NOK 93.33
+38.8%
10.1%NOK 100.00NOK 80.00NOK 41.403
Dec ’23NOK 58.05
NOK 93.33
+60.8%
10.1%NOK 100.00NOK 80.00NOK 40.503

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 00:26
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

Norske Skog ASA is covered by 2 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
Johannes GrunseliusDNB Markets
Kenneth SivertsenPareto Securities