Golden Ocean Group Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: GOGL (NOK122.45) is trading below our estimate of fair value (NOK637.83)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for GOGL. This is calculated by dividing GOGL's market cap by their current earnings.
What is GOGL's PE Ratio?
PE Ratio	10.4x
Earnings	US$214.08m
Market Cap	US$2.22b

GOGL 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	3.6x
Enterprise Value/EBITDA	8.1x
PEG Ratio	0.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GOGL 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	3.7x
HAUTO Höegh Autoliners	3.3x	-14.2%	NOK 24.7b
WWI Wilh. Wilhelmsen Holding	3.3x	-8.0%	NOK 17.7b
SNI Stolt-Nielsen	3.4x	-6.1%	NOK 15.3b
WAWI Wallenius Wilhelmsen	4.7x	7.8%	NOK 46.8b
GOGL Golden Ocean Group	10.4x	16.2%	NOK 2.2b

Price-To-Earnings vs Peers: GOGL is expensive based on its Price-To-Earnings Ratio (10.4x) compared to the peer average (3.7x).

Price to Earnings Ratio vs Industry

How does GOGL's PE Ratio compare vs other companies in the European Shipping Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: GOGL is expensive based on its Price-To-Earnings Ratio (10.4x) compared to the European Shipping industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is GOGL'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.

GOGL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	10.4x
Fair PE Ratio	9.4x

Price-To-Earnings vs Fair Ratio: GOGL is expensive based on its Price-To-Earnings Ratio (10.4x) compared to the estimated Fair Price-To-Earnings Ratio (9.4x).

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 GOGL 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 122.45	NOK 167.81 +37.0%	16.9%	NOK 201.71	NOK 139.74	n/a	4
Nov ’25	NOK 118.10	NOK 173.13 +46.6%	13.3%	NOK 198.21	NOK 137.31	n/a	4
Oct ’25	NOK 139.10	NOK 172.58 +24.1%	8.4%	NOK 191.51	NOK 153.89	n/a	4
Sep ’25	NOK 131.00	NOK 165.99 +26.7%	9.9%	NOK 190.21	NOK 146.02	n/a	5
Aug ’25	NOK 134.00	NOK 175.24 +30.8%	8.9%	NOK 191.01	NOK 149.05	n/a	5
Jul ’25	NOK 149.30	NOK 173.23 +16.0%	10.0%	NOK 189.98	NOK 142.92	n/a	5
Jun ’25	NOK 150.35	NOK 167.74 +11.6%	9.3%	NOK 187.04	NOK 143.22	n/a	5
May ’25	NOK 156.85	NOK 169.18 +7.9%	7.7%	NOK 186.83	NOK 147.27	n/a	5
Apr ’25	NOK 136.70	NOK 143.51 +5.0%	17.9%	NOK 164.59	NOK 95.57	n/a	5
Mar ’25	NOK 140.75	NOK 143.51 +2.0%	17.9%	NOK 164.59	NOK 95.57	n/a	5
Feb ’25	NOK 112.80	NOK 124.33 +10.2%	13.4%	NOK 136.71	NOK 94.65	n/a	5
Jan ’25	NOK 98.42	NOK 111.09 +12.9%	11.0%	NOK 125.43	NOK 92.71	n/a	6
Dec ’24	NOK 102.80	NOK 106.26 +3.4%	16.0%	NOK 123.83	NOK 76.45	n/a	6
Nov ’24	NOK 80.04	NOK 106.95 +33.6%	13.4%	NOK 122.87	NOK 83.77	NOK 118.10	4
Oct ’24	NOK 84.34	NOK 93.52 +10.9%	12.4%	NOK 105.98	NOK 79.48	NOK 139.10	4
Sep ’24	NOK 77.50	NOK 93.52 +20.7%	12.4%	NOK 105.98	NOK 79.48	NOK 131.00	4
Aug ’24	NOK 78.96	NOK 97.45 +23.4%	12.4%	NOK 115.83	NOK 85.61	NOK 134.00	4
Jul ’24	NOK 80.80	NOK 138.64 +71.6%	42.4%	NOK 238.29	NOK 94.23	NOK 149.30	4
Jun ’24	NOK 78.74	NOK 116.74 +48.3%	18.7%	NOK 149.60	NOK 92.96	NOK 150.35	4
May ’24	NOK 98.06	NOK 109.05 +11.2%	20.9%	NOK 142.02	NOK 81.15	NOK 156.85	4
Apr ’24	NOK 98.52	NOK 109.05 +10.7%	20.9%	NOK 142.02	NOK 81.15	NOK 136.70	4
Mar ’24	NOK 109.40	NOK 109.05 -0.3%	20.9%	NOK 142.02	NOK 81.15	NOK 140.75	4
Feb ’24	NOK 95.66	NOK 110.01 +15.0%	17.6%	NOK 139.70	NOK 90.80	NOK 112.80	4
Jan ’24	NOK 85.94	NOK 101.80 +18.5%	20.1%	NOK 137.04	NOK 88.10	NOK 98.42	4
Dec ’23	NOK 81.02	NOK 106.45 +31.4%	19.4%	NOK 141.60	NOK 91.03	NOK 102.80	4
Nov ’23	NOK 89.68	NOK 116.26 +29.6%	17.9%	NOK 151.41	NOK 97.33	NOK 80.04	4

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.