Golden Ocean Group Limited

OM:GOGLO Stock Report

Market Cap: NOK 19.7b

Golden Ocean Group Valuation

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

Below Fair Value: GOGLO (NOK99.94) is trading below our estimate of fair value (NOK652.42)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for GOGLO. This is calculated by dividing GOGLO's market cap by their current earnings.
What is GOGLO's PE Ratio?
PE Ratio7.2x
EarningsUS$241.68m
Market CapUS$1.74b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for GOGLO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average30.1x
GOTL A Rederiaktiebolaget Gotland
23.6xn/aSEK 5.3b
VSSAB B Viking Supply Ships
83.4xn/aSEK 1.2b
SBLK Star Bulk Carriers
5.8x11.1%US$1.7b
2637 Wisdom Marine Lines Limited (Cayman)
7.5x-7.2%NT$47.3b
GOGLO Golden Ocean Group
7.2x14.4%NOK 1.7b

Price-To-Earnings vs Peers: GOGLO is good value based on its Price-To-Earnings Ratio (7.2x) compared to the peer average (30.1x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GOGLO 7.2xIndustry Avg. 7.4xNo. of Companies6PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GOGLO is good value based on its Price-To-Earnings Ratio (7.2x) compared to the European Shipping industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is GOGLO'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.

GOGLO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate GOGLO's Price-To-Earnings Fair Ratio for valuation analysis.

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 GOGLO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 99.94
NOK 156.89
+57.0%
17.7%NOK 195.31NOK 125.12n/a4
Dec ’25n/a
NOK 152.34
0%
17.7%NOK 189.65NOK 121.50n/a4
Nov ’25n/a
NOK 172.78
0%
13.1%NOK 196.81NOK 137.31n/a4
Oct ’25n/a
NOK 172.25
0%
8.1%NOK 190.16NOK 153.89n/a4
Sep ’25n/a
NOK 165.99
0%
9.9%NOK 190.21NOK 146.02n/a5
Aug ’25n/a
NOK 175.24
0%
8.9%NOK 191.01NOK 149.05n/a5
Jul ’25n/a
NOK 173.23
0%
10.0%NOK 189.98NOK 142.92n/a5
Jun ’25n/a
NOK 167.74
0%
9.3%NOK 187.04NOK 143.22n/a5
May ’25n/a
NOK 169.18
0%
7.7%NOK 186.83NOK 147.27n/a5
Apr ’25n/a
NOK 143.51
0%
17.9%NOK 164.59NOK 95.57n/a5
Mar ’25n/a
NOK 143.51
0%
17.9%NOK 164.59NOK 95.57n/a5
Feb ’25n/a
NOK 124.33
0%
13.4%NOK 136.71NOK 94.65n/a5
Jan ’25n/a
NOK 111.09
0%
11.0%NOK 125.43NOK 92.71n/a6
Dec ’24n/a
NOK 106.26
0%
16.0%NOK 123.83NOK 76.45n/a6
Nov ’24n/a
NOK 106.95
0%
13.4%NOK 122.87NOK 83.77n/a4
Oct ’24n/a
NOK 93.52
0%
12.4%NOK 105.98NOK 79.48n/a4
Sep ’24n/a
NOK 93.52
0%
12.4%NOK 105.98NOK 79.48n/a4
Aug ’24n/a
NOK 97.45
0%
12.4%NOK 115.83NOK 85.61n/a4
Jul ’24n/a
NOK 138.64
0%
42.4%NOK 238.29NOK 94.23n/a4
Jun ’24n/a
NOK 116.74
0%
18.7%NOK 149.60NOK 92.96n/a4
May ’24n/a
NOK 109.05
0%
20.9%NOK 142.02NOK 81.15n/a4
Apr ’24n/a
NOK 109.05
0%
20.9%NOK 142.02NOK 81.15n/a4
Mar ’24n/a
NOK 109.05
0%
20.9%NOK 142.02NOK 81.15n/a4
Feb ’24n/a
NOK 110.01
0%
17.6%NOK 139.70NOK 90.80n/a4
Jan ’24n/a
NOK 101.80
0%
20.1%NOK 137.04NOK 88.10n/a4
Dec ’23n/a
NOK 106.45
0%
19.4%NOK 141.60NOK 91.03n/a4

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.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 22:18
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

Golden Ocean Group Limited is covered by 19 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Glenn LoddenABN AMRO Bank N.V.
Gregory LewisBTIG
Marius FurulyCarnegie Investment Bank AB