olivLaw · European equity research
Hafnia Limited HAFNI.OL
Norway · Euronext Oslo Børs · Vertical: Listed companies from Norway
At the close of 06 Nov 2026, Hafnia Limited (HAFNI.OL) stock was 87.45 NOK (−3.90% on the day), with beta 0.07, 52-week range 52.54–104.80 NOK.
Data as of · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.0
- weak (30–45)
- Bollinger (20, 2)
- 89.29 – 105.37
- below the lower band · %B -0.11 · band width 16.5%
- SMA 50 / 200
- 92.42 / 76.93
- mixed trend
- MACD (12, 26, 9)
- -0.19 / 1.44
- 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 | −11.2% | −0.2% | −11.1 pp | — |
| 3 months | +23.1% | −5.4% | +28.5 pp | — |
| 6 months | +7.2% | +4.4% | +2.9 pp | — |
| Year to date | +60.8% | +6.5% | +54.3 pp | — |
| 1 year | +38.3% | +10.0% | +28.4 pp | −5.7% |
| 3 years | +25.5% | +48.6% | −23.1 pp | +15.0% |
| 5 years | +375.8% | +41.4% | +334.4 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 751.6 m | 793.3 m | 774.0 m | 339.7 m |
| Net income YoY | unavailable | +5.5% | −2.4% | −56.1% |
| Diluted EPS | 1.54 | 1.56 | 1.50 | 0.67 |
| Diluted EPS YoY | unavailable | +1.3% | −3.8% | −55.3% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 323.8 m | 876.4 m | 980.8 m | 456.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 192.6 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 930.4 m USD
- Equity
- 2.3 bn USD
- Total assets
- 3.8 bn USD
- Debt / equity
- 0.48x
- Current ratio
- 1.48x
- ROE
- 14.8%
- ROA
- 9.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating income | 823.2 m | 857.9 m | 805.7 m | 369.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | 758.3 m | 799.5 m | 778.5 m | 342.2 m | esef· 21 Oct 2026verified |
| Income tax | 6.7 m | 6.3 m | 4.4 m | 2.5 m | esef· 21 Oct 2026verified |
| Net income | 751.6 m | 793.3 m | 774.0 m | 339.7 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.54 | 1.56 | 1.50 | 0.67 | esef· 21 Oct 2026verified |
| Dividend per share | 0.51 | 1.08 | 1.12 | 0.37 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 280.3 m | 222.5 m | 283.6 m | 192.6 m | esef· 21 Oct 2026verified |
| Receivables | — | — | 503.8 m | 522.0 m | esef· 21 Oct 2026verified |
| Inventories | — | 107.7 m | 94.2 m | 69.0 m | esef· 21 Oct 2026verified |
| Current assets | — | 932.8 m | 900.1 m | 843.9 m | esef· 21 Oct 2026verified |
| Total assets | — | 3.9 bn | 3.7 bn | 3.8 bn | esef· 21 Oct 2026verified |
| Accounts payable | — | 385.5 m | 312.8 m | 354.2 m | esef· 21 Oct 2026verified |
| Short-term debt | — | 267.3 m | 336.3 m | 212.6 m | esef· 21 Oct 2026verified |
| Long-term debt | — | 1.0 bn | 786.0 m | 910.4 m | esef· 21 Oct 2026verified |
| Current liabilities | — | 661.2 m | 653.8 m | 571.9 m | esef· 21 Oct 2026verified |
| Total liabilities | — | 1.7 bn | 1.4 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Equity | 2.0 bn | 2.2 bn | 2.3 bn | 2.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 478.7 m | 505.3 m | 509.2 m | 499.5 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 770.9 m | 1.1 bn | 1.0 bn | 602.9 m | esef· 21 Oct 2026verified |
| Capex | 447.1 m | 184.4 m | 49.6 m | 146.2 m | esef· 21 Oct 2026verified |
| Free cash flow | 323.8 m ≈ | 876.4 m ≈ | 980.8 m ≈ | 456.7 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -179.1 m | -31.7 m | 29.9 m | -363.7 m | esef· 21 Oct 2026verified |
| Financing cash flow | -465.1 m | -1.1 bn | -999.2 m | -330.2 m | esef· 21 Oct 2026verified |
| Dividends paid | 243.7 m | 544.1 m | 699.9 m | 198.6 m | esef· 21 Oct 2026verified |
| Share repurchases | 0 | 0 | 49.2 m | 27.7 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 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
33% · 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: 4.86 – 21.17 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/E6.14 – 21.17 (Mid 13.24)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)4.86 – 6.53 (Mid 5.57)
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.5% | 61 (vs peers) | 31% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 134.4% | 100 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | -24.2% | 0 (on a fixed band) | 25% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.5x | 56 (on a fixed band) | 13% |
| 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 | 43.5% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial56/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality76/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
Hafnia Limited (HAFNI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 14.8%.
The estimated value range is 5.50–13.85 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 134.4%
- Payout ratio (FCF): 43.5%
What contradicts it
- EPS CAGR 3Y: -24.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for HAFNI.OL 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
The qualitative analysis has not been written for this company yet.
Products, market & competition
The qualitative analysis has not been written for this company yet.
News & filings
In the press
- Hafnia Limited Q2 2026 Earnings Call SummaryYahoo Finance — News · 28 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202308 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.