Himalaya Shipping Valuation

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

Below Fair Value: HSHP (NOK80) is trading below our estimate of fair value (NOK314.4)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for HSHP. This is calculated by dividing HSHP's market cap by their current earnings.
What is HSHP's PE Ratio?
PE Ratio	12.8x
Earnings	US$24.63m
Market Cap	US$316.40m

HSHP 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	8.7x
Enterprise Value/EBITDA	11.5x
PEG Ratio	0.4x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for HSHP 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	4.5x
KCC Klaveness Combination Carriers	4.4x	-17.8%	NOK 4.8b
2020 2020 Bulkers	3.5x	-33.1%	NOK 3.4b
MPCC MPC Container Ships	4.1x	-33.2%	NOK 11.1b
BELCO Belships	6.1x	18.9%	NOK 4.6b
HSHP Himalaya Shipping	12.8x	34.0%	NOK 3.5b

Price-To-Earnings vs Peers: HSHP is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the peer average (4.5x).

Price to Earnings Ratio vs Industry

How does HSHP'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: HSHP is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the European Shipping industry average (7.6x).

Price to Earnings Ratio vs Fair Ratio

What is HSHP'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.

HSHP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	12.8x
Fair PE Ratio	9.7x

Price-To-Earnings vs Fair Ratio: HSHP is expensive based on its Price-To-Earnings Ratio (12.8x) compared to the estimated Fair Price-To-Earnings Ratio (9.7x).

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 HSHP 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 80.00	NOK 105.98 +32.5%	22.2%	NOK 122.66	NOK 65.42	n/a	4
Nov ’25	NOK 72.30	NOK 103.89 +43.7%	22.2%	NOK 121.06	NOK 64.97	n/a	4
Oct ’25	NOK 90.80	NOK 103.76 +14.3%	20.9%	NOK 120.10	NOK 67.26	n/a	4
Sep ’25	NOK 80.00	NOK 102.22 +27.8%	19.8%	NOK 119.88	NOK 66.29	n/a	6
Aug ’25	NOK 85.80	NOK 110.70 +29.0%	14.6%	NOK 130.24	NOK 85.72	n/a	6
Jul ’25	NOK 96.10	NOK 110.15 +14.6%	14.1%	NOK 129.71	NOK 83.93	n/a	6
Jun ’25	NOK 99.70	NOK 101.41 +1.7%	18.3%	NOK 130.28	NOK 79.68	n/a	5
May ’25	NOK 90.20	NOK 97.36 +7.9%	11.0%	NOK 116.15	NOK 84.28	n/a	5
Apr ’25	NOK 79.80	NOK 83.64 +4.8%	17.2%	NOK 99.86	NOK 60.44	n/a	4
Mar ’25	NOK 86.00	NOK 84.32 -2.0%	16.9%	NOK 100.02	NOK 61.09	n/a	4
Feb ’25	NOK 69.80	NOK 80.45 +15.3%	14.5%	NOK 90.68	NOK 60.86	n/a	4
Jan ’25	NOK 68.00	NOK 71.99 +5.9%	12.4%	NOK 83.46	NOK 58.80	n/a	4
Dec ’24	NOK 65.80	NOK 64.34 -2.2%	24.1%	NOK 77.68	NOK 38.04	n/a	4
Nov ’24	NOK 50.20	NOK 75.41 +50.2%	7.5%	NOK 83.14	NOK 69.90	NOK 72.30	3
Oct ’24	NOK 52.00	NOK 73.82 +42.0%	6.2%	NOK 80.24	NOK 70.56	NOK 90.80	3
Sep ’24	NOK 53.60	NOK 76.02 +41.8%	10.0%	NOK 83.66	NOK 68.39	NOK 80.00	2
Aug ’24	NOK 61.20	NOK 76.66 +25.3%	7.8%	NOK 82.65	NOK 70.68	NOK 85.80	2
Jul ’24	NOK 57.40	NOK 76.66 +33.6%	7.8%	NOK 82.65	NOK 70.68	NOK 96.10	2
Jun ’24	NOK 54.40	NOK 76.05 +39.8%	8.2%	NOK 82.26	NOK 69.84	NOK 99.70	2

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.