olivLaw · European equity research
DAMPSKIBSSELSKABET NORDEN A/S DNORD.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060083210 · Vertical: Listed companies from Denmark
Dampskibsselskabet Norden is a Danish shipowner operating dry cargo and tanker vessels, both owned and on long-term charter. In the second quarter of 2026, TCE revenue reached USD 662.9 million and net profit USD 100.8 million, on the back of a very strong tanker market driven by the Persian Gulf conflict.
At the close of 05 Nov 2026, DAMPSKIBSSELSKABET NORDEN A/S (DNORD.CO) stock was 363.40 DKK (−1.73% on the day), with beta 0.44, 52-week range 238.00–401.80 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.7
- weak (30–45)
- Bollinger (20, 2)
- 355.48 – 401.26
- in the lower half of the band · %B 0.17 · band width 12.1%
- SMA 50 / 200
- 381.79 / 322.67
- mixed trend
- MACD (12, 26, 9)
- -2.68 / -1.26
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.2% | +0.4% | −9.6 pp | — |
| 3 months | +11.5% | −3.3% | +14.7 pp | — |
| 6 months | +16.5% | +4.0% | +12.6 pp | — |
| Year to date | +44.2% | +8.1% | +36.1 pp | — |
| 1 year | +46.5% | +10.7% | +35.8 pp | −7.7% |
| 3 years | +12.6% | +50.1% | −37.5 pp | −0.6% |
| 5 years | +127.0% | +43.6% | +83.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 |
|---|---|
| Revenue | 3.1 bn |
| Revenue YoY | unavailable |
| Net income | 120.3 m |
| Net income YoY | unavailable |
| Diluted EPS | 4.10 |
| Diluted EPS YoY | unavailable |
| net % | 3.8% |
| Free cash flow | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 382.1 m USD
- Financial debt
- 305.3 m USD
- Net debt
- -76.8 m USD
- Equity
- 1.3 bn USD
- Total assets
- 2.4 bn USD
- Debt / equity
- 0.24x
- Current ratio
- 1.60x
- ROE
- unavailable
- ROA
- 5.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 3.1 bn | esef· 27 May 2026verified |
| Operating income | 158.4 m | esef· 27 May 2026verified |
| Interest expense | 37.0 m | esef· 27 May 2026verified |
| Pre-tax income | 138.8 m | esef· 27 May 2026verified |
| Income tax | 18.5 m | esef· 27 May 2026verified |
| Net income | 120.3 m | esef· 27 May 2026verified |
| Diluted EPS | 4.10 | esef· 27 May 2026verified |
| Dividend per share | 1.21 | esef· 27 May 2026derived |
Balance sheet · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 382.1 m | esef· 27 May 2026verified |
| Inventories | 105.7 m | esef· 27 May 2026verified |
| Current assets | 930.8 m | esef· 27 May 2026verified |
| Property, plant & equipment, net | 1.3 bn | esef· 27 May 2026verified |
| Goodwill | 44.6 m | esef· 27 May 2026verified |
| Intangibles (excl. goodwill) | 6.7 m | esef· 27 May 2026verified |
| Total assets | 2.4 bn | esef· 27 May 2026verified |
| Short-term debt | 50.1 m | esef· 27 May 2026verified |
| Long-term debt | 255.2 m | esef· 27 May 2026verified |
| Current liabilities | 580.7 m | esef· 27 May 2026verified |
| Total liabilities | 1.1 bn | esef· 27 May 2026verified |
| Equity | 1.3 bn | esef· 27 May 2026verified |
| Shares outstanding at year end | 29.3 m | esef· 02 Sept 2026derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.90 – 69.48 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E45.63 – 69.48 (Mid 53.99)17 companies used · median multiple 13.2x · quartiles 11.1x – 16.9x3NOV25.CO, BAVA.CO, BIOMAR.CO, CEMAT.CO, CHEMM.CO, EGNETY.CO, FLS.CO, GJ.CO, GN.CO, GREENM.CO, GUBRA.CO, ISS.CO, JDAN.CO, MATAS.CO, NORTHM.CO, PFINV.CO, PNDORA.CO
- Dividend discount (DDM)15.90 – 21.38 (Mid 18.24)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.3% | 72 (vs peers) | 38% |
| Net margin · Quality | 3.8% | 55 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality66/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DAMPSKIBSSELSKABET NORDEN A/S (DNORD.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.1 bn USD in 2025; net margin 3.8%; ROE 9.1%.
The estimated value range is 30.77–45.43 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 10.3%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for DNORD.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Dampskibsselskabet Norden is a Danish shipowner operating dry cargo and tanker vessels, both owned and on long-term charter. In the second quarter of 2026, TCE revenue reached USD 662.9 million and net profit USD 100.8 million, on the back of a very strong tanker market driven by the Persian Gulf conflict.
SWOT
Strengths
- A balance sheet with low leverage and solid liquidity, giving financial flexibility for investment and share buy-backs.
- A mixed fleet of owned ships and chartered vessels with purchase options, which supports the NAV.
- Long-term contracted cover for a large part of the tanker fleet, which reduces exposure to spot market volatility.
Weaknesses
- Dry cargo results are sensitive to unexpected costs, such as those linked to vessels stuck in the Persian Gulf.
- Net debt is dominated by lease obligations for the chartered fleet, which makes the capital structure more complex.
- Quarterly results depend heavily on spot market conditions, which can change sharply from one quarter to the next.
Opportunities
- Long-term contracts, such as the one with LKAB, could stabilise dry cargo earnings.
- Exercising purchase options on chartered vessels could increase the value of owned assets.
- Higher vessel values could support sale gains and the NAV estimate.
Threats
- A prolonged closure of the Strait of Hormuz could keep tanker rates low and raise operating costs.
- Growth in the clean tanker fleet in 2027 could weigh on rates over the medium term.
- A fall in energy prices or coal demand could reduce support for dry cargo rates.
Risks
- Geopolitical exposure in the Persian Gulfhigh
Tensions in the region could affect traffic through the Strait of Hormuz, rates and costs for stranded vessels. The report says the situation remains fluid.
- Spot market volatilityhigh
Quarterly results depend on spot rates, which can fall quickly if fleets redeploy or demand weakens.
- Growth in the tanker fleetmedium
Growth in the clean tanker fleet could lower rates in 2027, affecting tanker segment revenue.
- Decline in vessel valuesmedium
The NAV estimate is sensitive to vessel values. A decline could materially reduce the group's asset valuation.
- Operating and insurance costslow
Fuel, insurance and repair costs could rise, especially in regions affected by conflict, compressing margins.
Investment thesis
What would need to be true (bull case)
- Rising NAV and high vessel values could support the group's valuation if the market stays favourable.
- Long-term contracted cover for tankers and long-term dry cargo contracts could stabilise revenue.
- A solid balance sheet and the share buy-back programme could support value for remaining shareholders.
What would break the thesis
- If the Strait of Hormuz stays closed, rates could remain low and results could weaken from the second-quarter level.
- Fleet growth in tankers in 2027 could lower rates and weigh on tanker segment revenue.
- A fall in vessel values could reduce the NAV and the group's sale gains.
What to watch
- Developments in the Strait of Hormuz and their impact on tanker ratesQ3 2026
- Interim report for the first nine months of 2026 and the updated net profit guidance29 October 2026
- Realisation of the vessel sale gains expected in the second half of the year2026
- Movements in vessel values and the NAV, including sensitivity to market changesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Norden runs a mixed fleet split between the dry cargo and tanker segments, earning revenue from chartering and operating its vessels. The fleet includes owned ships and long-term chartered ships, so the capital structure is dominated by lease obligations on the chartered fleet. The annual report says the group aims to reduce short-term exposure to market volatility and strengthen long-term contracted earnings.
The estimated net asset value (NAV) rose 23% in the first half of 2026 to DKK 466 per share, driven mainly by higher Capesize asset values. The group also holds purchase options on some chartered vessels, which could change the fleet mix if exercised.
Market context
The dry cargo market stayed strong in Q2 2026, supported by coal demand from high energy prices and bauxite flows out of Guinea. Vessel values rose a further 5–10% in the quarter, reflecting constrained yard capacity and an ageing fleet. The outlook remains uncertain and depends on the status of the Strait of Hormuz.
The tanker market was exceptionally volatile, with spot rates high in the West and lower in the East. The report warns that if the strait stays closed, rates could remain low, and for 2027 the outlook for clean tankers looks challenging because fleet growth is expected to be high. The advanced age of part of the fleet could partly offset new deliveries.
Trends
- Tensions in the Persian Gulf and the Strait of Hormuzmixed
The regional conflict has pushed tanker rates up but has also added operating and insurance costs for stranded vessels. The group says the outlook depends mainly on geopolitics rather than market fundamentals.
- Coal demand and expensive energytailwind
High oil and gas prices have driven substitution toward coal, supporting dry cargo volumes. If energy prices stay elevated, demand could continue to support freight rates.
- Rising asset valuestailwind
Vessel values kept rising, supported by constrained yard capacity and strong ordering, which underpins the group's NAV. A decline in values would however reduce this valuation materially.
- New tanker supply in 2027headwind
Expected growth in the clean tanker fleet could weigh on rates, while part of the existing fleet nearing scrapping age could offset the effect. The final impact remains uncertain.
Competitive position
Norden competes with other shipowners operating dry cargo and tanker vessels in global markets, where rates and vessel availability shape competitive position. The analysed sources do not explicitly name the group's competitors, so the list below reflects only general competitor categories.
The group's stated advantage lies in the combination of owned fleet, leases with purchase options and long-term revenue cover. This structure could reduce sensitivity to spot volatility but does not remove competitive pressure in shipping markets.
- Dry cargo shipowners
Companies operating Capesize, Supramax and Handysize vessels in dry bulk markets, competing directly on rates and long-term contracts.
- Tanker shipowners
Operators of MR and LR2 vessels competing on oil transport routes, where rates are shaped by geopolitics and export flows.
- Chartered fleet providers
Companies offering vessels on long-term time charters, competing for customers who prefer contracted cover.
- Regional small-vessel operators
Operators of Handysize and Supramax vessels with a regional profile, competing on specialised cargo and niche routes.
News & filings
In the press
- Norden Is Assuming Its Ships Will Be Stuck in Hormuz All YearBloomberg Markets · 11 May 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202627 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / DAMPSKIBSSELSKABET NORDEN A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.