olivLaw · European equity research
Bonheur ASA BONHR.OL
Norway · Euronext Oslo Børs · ISIN NO0003110603 · Vertical: Listed companies from Norway
Bonheur ASA is a Norwegian group with interests in wind and renewable energy, offshore and onshore wind turbine services, cruise operations and other investments. The group reported revenues of NOK 12.5 billion in 2025 and is positioned in high-growth segments tied to the energy transition, amid heightened global energy security concerns.
At the close of 04 Nov 2026, Bonheur ASA (BONHR.OL) stock was 263.50 NOK (+0.00% on the day), with market capitalisation 11.2 bn NOK, P/E 7.9 on diluted EPS of 33.40 NOK over the last 12 months, dividend yield 4.60%, beta 0.42, 52-week range 210.00–276.50 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.5
- strong (55–70)
- Bollinger (20, 2)
- 243.23 – 270.52
- in the upper half of the band · %B 0.74 · band width 10.6%
- SMA 50 / 200
- 257.87 / 248.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.51 / 0.20
- 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 | +1.2% | +0.4% | +0.8 pp | — |
| 3 months | +14.8% | −3.3% | +18.1 pp | — |
| 6 months | −0.6% | +4.0% | −4.5 pp | — |
| Year to date | +4.8% | +8.1% | −3.3 pp | — |
| 1 year | +23.1% | +10.7% | +12.4 pp | −5.7% |
| 3 years | +29.2% | +50.1% | −20.9 pp | +15.4% |
| 5 years | −16.2% | +43.6% | −59.8 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 1.0, median 7.5, max 9.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 12.5 bn | 14.0 bn | 12.5 bn |
| Revenue YoY | unavailable | +12.2% | −10.8% |
| Net income | 1.0 bn | 1.1 bn | 1.4 bn |
| Net income YoY | unavailable | +9.9% | +24.7% |
| Diluted EPS | 244.00 | 26.80 | 33.40 |
| Diluted EPS YoY | unavailable | −89.0% | +24.6% |
| net % | 8.3% | 8.2% | 11.4% |
| Free cash flow | 1.5 bn | 2.1 bn | 2.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.3 bn NOK
- Financial debt
- 8.6 bn NOK
- Net debt
- 2.3 bn NOK
- Equity
- 11.3 bn NOK
- Total assets
- 25.4 bn NOK
- Debt / equity
- 0.77x
- Current ratio
- 1.74x
- ROE
- 13.9%
- ROA
- 5.6%
- FCF margin
- 0.0%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 12.5 bn | 14.0 bn | 12.5 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 1.0 bn | 973.9 m | 1.2 bn | esef· 21 Oct 2026verified |
| Gross profit | 11.4 bn ≈ | 13.0 bn ≈ | 11.3 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | 2.4 bn | 2.3 bn | 2.5 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 1.1 bn | 1.1 bn | 1.3 bn | esef· 21 Oct 2026verified |
| EBITDA | 3.5 bn ≈ | 3.5 bn ≈ | 3.8 bn ≈ | esef· 21 Oct 2026derived |
| Interest expense | 1.2 bn | 1.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Pre-tax income | 2.0 bn | 2.1 bn | 2.2 bn | esef· 21 Oct 2026verified |
| Income tax | 457.8 m | 445.4 m | 325.8 m | esef· 21 Oct 2026verified |
| Net income | 1.0 bn | 1.1 bn | 1.4 bn | esef· 21 Oct 2026verified |
| Diluted EPS | 244.00 | 26.80 | 33.40 | esef· 21 Oct 2026verified |
| Dividend per share | 236.24 | 10.81 | 12.11 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.5 bn | 6.6 bn | 6.3 bn | esef· 21 Oct 2026verified |
| Receivables | 3.4 bn | 2.8 bn | 2.7 bn | esef· 21 Oct 2026verified |
| Inventories | 549.0 m | 376.0 m | 410.0 m | esef· 21 Oct 2026verified |
| Current assets | 9.5 bn | 9.8 bn | 9.5 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 11.0 bn | 12.0 bn | 12.5 bn | esef· 21 Oct 2026verified |
| Goodwill | 411.5 m | 465.5 m | 362.0 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.2 bn | 1.3 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Total assets | 23.5 bn | 25.3 bn | 25.4 bn | esef· 21 Oct 2026verified |
| Short-term debt | 2.4 bn | 2.5 bn | 2.1 bn | esef· 21 Oct 2026verified |
| Long-term debt | 7.7 bn | 7.5 bn | 6.5 bn | esef· 21 Oct 2026verified |
| Current liabilities | 6.0 bn | 6.5 bn | 5.4 bn | esef· 21 Oct 2026verified |
| Total liabilities | 15.6 bn | 16.1 bn | 14.1 bn | esef· 21 Oct 2026verified |
| Equity | 7.9 bn | 9.2 bn | 11.3 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 4.3 m | 42.6 m | 42.6 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 2.4 bn | 3.5 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Capex | 946.2 m | 1.4 bn | 1.9 bn | esef· 21 Oct 2026verified |
| Free cash flow | 1.5 bn ≈ | 2.1 bn ≈ | 2.4 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -877.8 m | -1.2 bn | -1.3 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -1.7 bn | -1.4 bn | -774.1 m | esef· 21 Oct 2026verified |
| Dividends paid | 1.0 bn | 459.9 m | 515.8 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
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 11.2 bn NOK
Key indicators
Coverage and freshness
Score by group
- Balance sheet52
- Valuation58
- Returns39
- Quality58
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.2% | 82 (vs peers) | 13% |
| Net margin · Quality | 11.4% | 76 (vs peers) | 8% |
| FCF conversion · Quality | 0.2% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.6x | 70 (vs peers) | 13% |
| Interest coverage · Balance sheet | 1.8x | 5 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.7x | 79 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 7.9x | 79 (vs peers) | 13% |
| EV/EBITDA · Valuation | 3.6x | 83 (vs peers) | 13% |
| FCF yield · Valuation | 0.0% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 4.6% | 66 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 21,218.0% | 0 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality58/100 · 3/3 factors with a value
- Returns39/100 · 2/2 factors with a value
- Valuation58/100 · 3/3 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
Bonheur ASA (BONHR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.5 bn NOK in 2025; YoY growth -10.8%; net margin 11.4%; ROE 17.1%; net debt/EBITDA 0.6x.
The estimated value range is 293.75–626.86 NOK per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 486.21 NOK, the price of 263.50 NOK leaves a potential of 84.5% (value / price − 1) and a margin of safety of 45.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.2%
- Net margin: 11.4%
- Net debt / EBITDA: 0.6x
- Current ratio: 1.7x
- P/E (TTM): 7.9x
- EV/EBITDA: 3.6x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 0.2%
- Interest coverage: 1.8x
- FCF yield: 0.0%
- Payout ratio (FCF): 21,218.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Norway · 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 | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for BONHR.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 140.88 Total return -43% · Per year -43% | 250.33 Total return -1% · Per year -1% | 378.78 Total return 49% · Per year 49% |
| 3 years | 111.87 Total return -49% · Per year -20% | 225.92 Total return -2% · Per year -1% | 378.78 Total return 60% · Per year 17% |
| 5 years | 88.83 Total return -53% · Per year -14% | 203.89 Total return -3% · Per year -1% | 378.78 Total return 70% · Per year 11% |
- Exit P/E± 56.48
- Net margin± 39.54
- Annual revenue growth± 35.70
- Annual dilution± 3.32
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
Bonheur ASA is a Norwegian group with interests in wind and renewable energy, offshore and onshore wind turbine services, cruise operations and other investments. The group reported revenues of NOK 12.5 billion in 2025 and is positioned in high-growth segments tied to the energy transition, amid heightened global energy security concerns 1.
SWOT
Strengths
- The group is well positioned in several high-growth segments and holds a distinctive combination of interests in the renewable ecosystem 1.
- Management describes the company as well capitalised, with demonstrated ability to attract the investment its projects require 1.
- The holding structure allows dividend flows from subsidiaries and access to bank and bond financing 1.
Weaknesses
- The group has a complex portfolio of autonomous subsidiaries across jurisdictions, which can lead to inconsistent governance practices 1.
- Reporting system maturity varies between subsidiaries, which can affect the accuracy of sustainability data 1.
- Maritime operations still rely partly on fossil fuels, which can raise operating costs 1.
Opportunities
Risks
- Asset impairmenthigh
Geopolitical uncertainty could lead to asset impairments and changes in accounting estimates 1.
- Operational safety risksmedium
Work at heights, vessel transfers and harsh weather could lead to injuries, compensation claims and regulatory penalties 1.
- Local opposition to wind projectsmedium
Public opposition could delay permitting and construction for onshore projects 1.
- Whistle-blower protection and compliancelow
Insufficient whistle-blower protection could discourage reporting of misconduct, raising the risk of undetected violations 1.
- Biodiversity and regulationlow
Stricter rules on protected species could make consents harder to obtain and raise construction costs 1.
Investment thesis
What would need to be true (bull case)
- If political support for green energy holds, the group could benefit from higher demand for its renewable projects 1.
- Positioning across several high-growth segments could provide stability and new strategic opportunities 1.
- The company's solid capitalisation could allow it to finance large renewable investments 1.
What would break the thesis
- If geopolitical uncertainty persists, impairment risks could weigh on the group's accounting results 1.
- Cost pressure and competition from supply chains dominated by Chinese manufacturers could limit margins 1.
- The complexity of a structure with autonomous subsidiaries could make consistent application of governance policies harder 1.
What to watch
- Approval of the proposed dividend of NOK 7.30 per share at the annual general meeting2026
- Development of impairment risk in the geopolitical contextnext 10-K
- Results of the cruise and wind services segments2026
- Effect of parent company results and liquidity on dividend policy2027
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
Bonheur ASA operates as a holding company active across several segments, with revenues of NOK 12.5 billion in 2025 and 6,192 employees including contracted personnel 1. The group divides its investments into four segments: renewable energy, wind services, cruise and other investments, which include media and marketing technology and financial holdings 1. The company funds its activity through dividends from subsidiaries and through bank and bond market financing, with a long-term active ownership perspective 1.
Segments
Market context
Trends
- Accelerating renewable energy investmenttailwind
Heightened global energy security concerns could accelerate renewable energy investment, which would support the group's projects 1.
- Chinese dominance of supply chainsheadwind
Chinese companies already dominate the global supply chain for solar and battery technologies and are emerging in wind supply chains as well 1.
- Cost pressure across renewablesmixed
Management considers cost reduction and innovation in practices important for the renewable industry, including the group's investments 1.
- Geopolitical uncertainty and impairment riskheadwind
The long-term impact of geopolitical events is considered highly uncertain, which increases impairment risk and may affect accounting estimates 1.
Competitive position
The sources do not describe a detailed competitive landscape, but they indicate that wind and solar supply chains are dominated by Chinese companies, which shapes cost competition 1. The group relies on its position in the renewable ecosystem and its ability to attract capital 1.
- Chinese solar, battery and wind equipment makers
Chinese companies dominate the global supply chain for solar and batteries and are entering wind, which pressures costs for sector investors 1.
- Other offshore wind service providers
The group's specialised subsidiaries compete in turbine installation and maintenance, though the sources do not name specific rivals 1.
- Cruise operators
The cruise segment faces competition from industry operators in a market management describes as growing 1.
- Renewable energy developers
The group competes with other renewable developers and operators for projects and capital as demand rises 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bonheur ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.