As of June 18, 2025, Fjordkraft Holding ASA has a Discounted Cash Flow (DCF) derived fair value of $38.92 per share. With the current market price at $24.36, this represents a potential upside of 59.8%.
| Key Metrics | Value |
|---|---|
| DCF Fair Value (5-year) | $35.41 |
| DCF Fair Value (10-year) | $38.92 |
| Potential Upside (5-year) | 45.4% |
| Potential Upside (10-year) | 59.8% |
| Discount Rate (WACC) | 5.4% - 7.1% |
Revenue is projected to grow from $15209 million in 12-2021 to $13214 million by 12-2031, representing a compound annual growth rate of approximately -1.4%.
| Fiscal Year | Revenue (USD millions) | Growth |
|---|---|---|
| 12-2021 | 15209 | 261% |
| 12-2022 | 10226 | -33% |
| 12-2023 | 10771 | 5% |
| 12-2024 | 11235 | 4% |
| 12-2025 | 11460 | 2% |
| 12-2026 | 11689 | 2% |
| 12-2027 | 11997 | 3% |
| 12-2028 | 12237 | 2% |
| 12-2029 | 12691 | 4% |
| 12-2030 | 12945 | 2% |
| 12-2031 | 13214 | 2% |
Net profit margin is expected to improve from 2% in 12-2021 to 2% by 12-2031, driven by operational efficiency and economies of scale.
| Fiscal Year | Net Profit (USD millions) | Profit Margin |
|---|---|---|
| 12-2021 | 342 | 2% |
| 12-2022 | 228 | 2% |
| 12-2023 | 241 | 2% |
| 12-2024 | 251 | 2% |
| 12-2025 | 256 | 2% |
| 12-2026 | 261 | 2% |
| 12-2027 | 268 | 2% |
| 12-2028 | 273 | 2% |
| 12-2029 | 283 | 2% |
| 12-2030 | 289 | 2% |
| 12-2031 | 295 | 2% |
with a 5-year average of $61 million. Projected CapEx is expected to maintain at approximately 1% of revenue.
Depreciation is based on an average useful life of 5 years for capital assets.
| Fiscal Year | D&A (USD millions) |
|---|---|
| 12-2022 | 72 |
| 12-2023 | 79 |
| 12-2024 | 90 |
| 12-2025 | 98 |
| 12-2026 | 102 |
| 12-2027 | 106 |
Net working capital is expected to increase gradually, with projected changes affecting free cash flow.
| Components | Average Days |
|---|---|
| Days Receivables | 110 |
| Days Inventory | 0 |
| Days Payables | 103 |
| Fiscal Year | EBITDA | Tax | CapEx | Change in NWC | FCF |
|---|---|---|---|---|---|
| 2022 | 393 | 71 | 94 | (203) | 430 |
| 2023 | 417 | 74 | 100 | (103) | 346 |
| 2024 | 442 | 77 | 104 | 96 | 165 |
| 2025 | 457 | 79 | 106 | 5 | 267 |
| 2026 | 469 | 81 | 108 | (12) | 292 |
| Valuation Method | Fair Price (USD) | Potential Upside |
|---|---|---|
| 5-Year DCF (Growth) | 35.41 | 45.4% |
| 10-Year DCF (Growth) | 38.92 | 59.8% |
| 5-Year DCF (EBITDA) | 12.42 | -49.0% |
| 10-Year DCF (EBITDA) | 17.65 | -27.5% |
Is Fjordkraft Holding ASA (FKRFT.OL) a buy or a sell? Fjordkraft Holding ASA is definitely a buy. Based on our DCF analysis, Fjordkraft Holding ASA (FKRFT.OL) appears to be significantly undervalued with upside potential of 59.8%.
Investors should consider a strong buy at the current market price of $24.36.