olivLaw · European equity research
Viking Line Abp VIK1V.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Viking Line Abp operates passenger and cargo ferry services and cruises across the northern Baltic Sea, with Finland, Sweden, Åland and the Baltic states as its main markets. For fiscal 2024 the company reported revenue of 480.2 MEUR, and given economic uncertainty in its traffic area, the key question is how well it can sustain revenue and profitability in the coming years.
At the close of 05 Nov 2026, Viking Line Abp (VIK1V.HE) stock was 19.30 EUR (−0.77% on the day), with market capitalisation 333.6 m EUR, P/E 21.0 on diluted EPS of 0.92 EUR over the last 12 months, dividend yield 5.19%, beta 0.11, 52-week range 18.40–21.40 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.5
- neutral
- Bollinger (20, 2)
- 18.50 – 19.82
- in the upper half of the band · %B 0.60 · band width 6.9%
- SMA 50 / 200
- 19.63 / 20.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.09 / -0.17
- MACD above 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 | −2.0% | −0.6% | −1.4 pp | — |
| 3 months | −7.2% | −4.2% | −3.0 pp | — |
| 6 months | −6.3% | +4.3% | −10.6 pp | — |
| Year to date | −9.8% | +7.5% | −17.3 pp | — |
| 1 year | −5.9% | +9.9% | −15.8 pp | −1.2% |
| 3 years | +2.1% | +49.8% | −47.7 pp | +6.8% |
| 5 years | +47.8% | +42.8% | +5.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 8.9, median 9.6, max 22.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 494.7 m | 491.4 m | 480.2 m |
| Revenue YoY | unavailable | −0.7% | −2.3% |
| Net income | 22.7 m | 36.3 m | 15.9 m |
| Net income YoY | unavailable | +59.9% | −56.2% |
| Diluted EPS | 1.31 | 2.10 | 0.92 |
| Diluted EPS YoY | unavailable | +60.3% | −56.2% |
| net % | 4.6% | 7.4% | 3.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 55.8 m EUR
- Financial debt
- 151.7 m EUR
- Net debt
- 95.9 m EUR
- Equity
- 321.5 m EUR
- Total assets
- 607.4 m EUR
- Debt / equity
- 0.47x
- Current ratio
- 1.01x
- ROE
- 4.9%
- ROA
- 2.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 494.7 m | 491.4 m | 480.2 m | esef· 15 Apr 2025verified |
| Operating income | 38.3 m | 55.0 m | 26.7 m | esef· 15 Apr 2025verified |
| Interest expense | 12.3 m | 11.8 m | 11.2 m | esef· 15 Apr 2025verified |
| Pre-tax income | 28.0 m | 45.4 m | 19.8 m | esef· 15 Apr 2025verified |
| Income tax | 5.3 m | 9.2 m | 3.8 m | esef· 15 Apr 2025verified |
| Net income | 22.7 m | 36.3 m | 15.9 m | esef· 15 Apr 2025verified |
| Diluted EPS | 1.31 | 2.10 | 0.92 | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 0.40 | 1.00 | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 89.0 m | 85.3 m | 55.8 m | esef· 15 Apr 2025verified |
| Receivables | 36.7 m | 40.1 m | 40.4 m | esef· 15 Apr 2025verified |
| Inventories | 14.0 m | 12.7 m | 13.4 m | esef· 15 Apr 2025verified |
| Current assets | 139.8 m | 138.3 m | 109.7 m | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 2.8 m | 5.4 m | 8.1 m | esef· 15 Apr 2025verified |
| Total assets | 631.4 m | 639.8 m | 607.4 m | esef· 15 Apr 2025verified |
| Accounts payable | 73.0 m | 75.1 m | 77.1 m | esef· 15 Apr 2025verified |
| Short-term debt | 36.7 m | 36.7 m | 29.2 m | esef· 15 Apr 2025verified |
| Long-term debt | 186.3 m | 150.6 m | 122.5 m | esef· 15 Apr 2025verified |
| Current liabilities | 112.2 m | 114.5 m | 109.0 m | esef· 15 Apr 2025verified |
| Total liabilities | 339.0 m | 316.6 m | 285.9 m | esef· 15 Apr 2025verified |
| Equity | 292.4 m | 323.2 m | 321.5 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 17.3 m | 17.3 m | 17.3 m | esef· 15 Apr 2025derived |
Cash flow · EUR
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 333.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: 7.58 – 18.56 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E7.58 – 17.02 (Mid 10.21)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)13.61 – 18.56 (Mid 15.71)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.1% | 36 (vs peers) | 24% |
| Net margin · Quality | 3.3% | 51 (vs peers) | 14% |
| 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 | 2.4x | 14 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 21.0x | 36 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.2% | 74 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality42/100 · 2/3 factors with a value
- Returns· partial74/100 · 1/2 factors with a value
- Valuation· partial36/100 · 1/3 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
Viking Line Abp (VIK1V.HE). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 480.2 m EUR in 2024; YoY growth -2.3%; net margin 3.3%; ROE 4.9%.
The estimated value range is 10.59–17.79 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 12.96 EUR, the price of 19.30 EUR leaves a potential of -32.9% (value / price − 1) and a margin of safety of -48.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.2%
What contradicts it
- Interest coverage: 2.4x
- Current ratio: 1.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · 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 | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| VIK1V.HEViking Line Abp | 333.6 m | 21.0 | 4.9% | 3.3% | −2.3% | −6% / +2% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for VIK1V.HE 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.63 Total return -41% · Per year -41% | 18.86 Total return 2% · Per year 2% | 28.50 Total return 53% · Per year 53% |
| 3 years | 8.96 Total return -44% · Per year -18% | 18.01 Total return 7% · Per year 2% | 30.07 Total return 73% · Per year 20% |
| 5 years | 7.55 Total return -46% · Per year -12% | 17.20 Total return 11% · Per year 2% | 31.73 Total return 94% · Per year 14% |
- Exit P/E± 4.50
- Net margin± 3.15
- Annual revenue growth± 2.77
- Annual dilution± 0.26
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
Viking Line Abp operates passenger and cargo ferry services and cruises across the northern Baltic Sea, with Finland, Sweden, Åland and the Baltic states as its main markets. For fiscal 2024 the company reported revenue of 480.2 MEUR 1, and given economic uncertainty in its traffic area, the key question is how well it can sustain revenue and profitability in the coming years.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Carbon costshigh
ETS inclusion and the FuelEU regulation can raise operating costs, and penalties can become significant if ships do not meet requirements 1.
- Demand and regional economyhigh
Economic uncertainty in the traffic area has weighed on customer consumption, and this pressure could continue 1.
- Fuel pricesmedium
Bunker price fluctuations directly affect results, and the company has hedged only part of its exposure 1.
- Interest rates and debtmedium
Most of the debt carries a floating rate, and higher rates could raise financing costs 1.
- Operational risksmedium
Traffic disruptions, cyber attacks and supply chain problems can affect operational continuity 1.
Investment thesis
What would need to be true (bull case)
- If demand in the traffic area recovers and the company keeps its cost discipline, results could return toward earlier levels, supported by a solid position on key routes 1.
- The permanent Åland tax exemption and the use of the fleet for passengers and cargo can support stable revenue 1.
- If zero-emission technologies become affordable, the company could turn environmental requirements into a competitive advantage 1.
What would break the thesis
What to watch
- Development of revenue and operating result compared with 20242025
- Dividend payment pace and the ability to fund it from profit2025
- ETS and FuelEU compliance costs and the availability of alternative fuels2025
- Outcome of the review of traffic support received during the pandemic yearsnext 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
The company runs ferry lines for passengers and cargo and cruise services, and its fleet combines cabins with vehicle capacity. Revenue comes mainly from on-board restaurants and shops, passenger tickets and accommodation, and vehicle and cargo transport 1. It had 2,583 employees at the end of 2024 1 and is listed on Nasdaq Helsinki.
The business model emphasises cost efficiency and high capacity utilisation for both passengers and cargo. The company has decentralised commercial responsibility to its ships, which could speed up its response to new opportunities 1.
On sustainability, Viking Line aims to offer fossil-free transport services by 2050, but renewable fuels are costlier than fossil ones and zero-emission fuels were not available, making the transition uncertain 1.
Segments
Scheduled passenger traffic
The passenger line includes routes between Turku and Stockholm and between Helsinki and Tallinn, which are EU TEN-T transport corridors 1. The segment is exposed to weaker consumption in Finland and Sweden and to competition from other travel options 1.
Cargo
Cargo transport, including vehicles, uses the same fleet as passengers and helps load the ships 1. The company describes high capacity utilisation as a condition for an optimal revenue flow 1.
Cruises
The cruise segment sells travel experiences and on-board services, and M/S Birka Gotland, operated in a joint venture with Destination Gotland, started traffic during the reporting period 1.
Market context
The core market is the northern Baltic Sea, covering Finland, Sweden, Åland and the Baltic states. The company notes that economic uncertainty in the region and higher energy prices have affected passenger consumption and demand 1.
The company cannot easily predict passenger market development, since uncertainty linked to energy prices and the geopolitical context remains high 1.
Trends
- Inclusion in the EU ETSheadwind
From 2024 maritime transport enters the EU emissions trading system, and the share of allowances to surrender rises gradually, though an island exemption covers part of the traffic 1. Cost pressure could increase if the regime does not change.
- FuelEU Maritimeheadwind
From 2025 the FuelEU Maritime regulation requires reductions in greenhouse gas intensity, and penalties can become significant if ships do not comply 1. The effect depends on the availability and price of alternative fuels.
- Åland tax exemption as an advantagetailwind
The Åland tax exemption is permanent, which gives a stable advantage for on-board sales on routes to and from the islands 1.
- Digitalisation and cyber riskmixed
Rapid technological development and rising cyber threats can affect operations and also create opportunities for digital services 1.
Competitive position
The sources provided do not identify a clear set of competitors listed on a US exchange. Competition comes from other transport and travel options on northern Baltic routes, and passengers can choose easily substitutable alternatives 1.
To assess its position, the company should be compared with regional ferry and cruise operators, since the source received does not name specific competitors 1.
- Regional ferry operators
The source does not name specific competitors; competition comes from other routes and travel modes on the Baltic Sea 1.
- Other travel options
Passengers can choose alternatives, and the company describes its product as largely leisure and therefore easily replaceable 1.
- Baltic Sea cruise operators
The cruise segment competes with other operators in the region, though the source does not detail them 1.
- Road freight carriers
Vehicle and cargo transport competes with other transport routes in the region, without named competitors in the source 1.
News & filings
In the press
- Acum peste 1.000 de ani, un viking a scrijelit „Halvdan a fost aici” pe un perete de marmură din Hagia Sofia. Un mileniu mai târziu, graffiti-ul nordic încă poate fi cititLibertatea.ro · 05 Nov 2026 · RO
- Galata - Barcelona 1-4, Inter - Brugge 3-4, Atletico - United 2-0 și Viking - Bayern 3-3, în a doua etapă din UCL. Seară plină de surprize: toate rezultatele, AICI! - iAM SPORTSurge — Google News · 04 Nov 2026 · RO
- Coaches see red as Bodo/Glimt edge Viking in fiery Norwegian thrillerCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- Viking Kids Training Camp la Mall Moldova – 23 octombrie – 1 noiembrie 2026 - Zile și NopțiSurge — Google News · 23 Oct 2026 · RO
- Reexamined Viking 2 signal reveals possible marsquake from region active decades laterPhys.org · 21 Oct 2026 · EN
- Fast-growing Viking adds 7 more new ships from Europe to EgyptThe Points Guy · 16 Oct 2026 · EN
- Galatasaray - Barcelona 1-1, Atletico - United 1-0, Inter - Brugge 1-1, Viking - Bayern 2-0, ACUM, DGS 1, 2, 3, 4. Programul - Digi SportSurge — Google News · 13 Oct 2026 · RO
- Galatasaray - Barcelona 1-1, Atletico - United 1-0, Inter - Brugge 1-1, Viking - Bayern 2-0, ACUM, DGS 1, 2, 3, 4. Programul - Digi SportSurge — Google News · 13 Oct 2026 · RO
- Here are Tuesday's biggest analyst calls: Nvidia, Apple, Netflix, Meta, Galaxy, SoFi, Viking, AT&T & moreCNBC — Top News · 13 Oct 2026 · EN
- Fotbal: Neuer nu a fost inclus în lotul lui Bayern pentru meciul din Liga Campionilor cu VikingAgerpres · 13 Oct 2026 · RO
- Broken bones in ancient homes shed new light on Viking violencePhys.org · 09 Oct 2026 · EN
- „Războinicii secolului”, adevărate tancuri ale lumii medievale. Cum au reinventat fancezii cu sânge viking arta războiului călareAdevărul · 30 Sept 2026 · RO
- Why Viking museums still can’t escape the warrior mythScienceDaily · 23 Sept 2026 · EN
- Viking Therapeutics (VKTX) Rockets 35.7% After Weight Loss Drug Trial — What’s The Selling Point?Yahoo Finance — News · 22 Sept 2026 · EN
- Sandisk, Lennar, Viking Therapeutics, Shopify, GameStop, and More Stocks That Explain Today’s MarketYahoo Finance — News · 22 Sept 2026 · EN
- VKTX Stock Soars as Viking Therapeutics Announces Positive GLP-1 Trial ResultsYahoo Finance — News · 22 Sept 2026 · EN
- Viking Therapeutics Skyrockets On Obesity Drug Data. Eli Lilly, Novo Fall.Yahoo Finance — News · 22 Sept 2026 · EN
- Novo Nordisk Falls 7% as Post-Wegovy Growth Plan Fails to Ease Competition Fears; Eli Lilly Slips, Viking Therapeutics Edges HigherYahoo Finance — News · 21 Sept 2026 · EN
- Viking Village applies for premise licence after closingSurge — GDELT DOC · 13 Sept 2026 · RO
- Northern Viking 26: SUA și aliații din NATO au exersat apărarea IslandeiDefenseRomania.ro · 07 Sept 2026 · RO
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
- Annual report 202318 Mar 2024
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Viking Line Abp · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.