olivLaw · European equity research
Hunter Group ASA HUNT.OL
Norway · Euronext Oslo Børs · ISIN NO0012953720 · Vertical: Listed companies from Norway
Hunter Group ASA, listed in Oslo, focuses on chartering VLCC oil tankers through two back-to-back contracts with fixed charter-in rates and index-linked charter-out rates. The company reported a net profit of 14.05 mn USD for 2025 after a loss in 2024, and the VLCC spot market remains the main risk named by management.
At the close of 06 Nov 2026, Hunter Group ASA (HUNT.OL) stock was 15.78 NOK (−7.18% on the day), with beta 0.10, 52-week range 1.41–20.75 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)
- 41.3
- weak (30–45)
- Bollinger (20, 2)
- 15.83 – 18.87
- below the lower band · %B -0.02 · band width 17.5%
- SMA 50 / 200
- 17.13 / 9.33
- mixed trend
- MACD (12, 26, 9)
- -0.08 / 0.12
- 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 | −22.3% | −0.6% | −21.6 pp | — |
| 3 months | +83.5% | −4.2% | +87.7 pp | — |
| 6 months | +152.5% | +4.3% | +148.1 pp | — |
| Year to date | +789.5% | +7.5% | +782.0 pp | — |
| 1 year | +988.3% | +9.9% | +978.4 pp | −5.7% |
| 3 years | +1,615.2% | +49.8% | +1,565.4 pp | +15.0% |
| 5 years | −75.6% | +42.8% | −118.4 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.3 m | -11.9 m | 14.1 m |
| Net income YoY | unavailable | −1,013.9% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -721.0 k | -8.2 m | 1.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 20.7 m USD
- Total assets
- 21.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 60.57x
- ROE
- 89.3%
- ROA
- 82.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 540.0 k | -12.1 m | 13.4 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 74.0 k | 73.0 k | 69.0 k | esef· 21 Oct 2026verified |
| EBITDA | 614.0 k ≈ | -12.0 m ≈ | 13.5 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 1.3 m | -11.9 m | 14.1 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Oct 2026verified |
| Net income | 1.3 m | -11.9 m | 14.1 m | esef· 21 Oct 2026verified |
| Dividend per share | 2.31 | — | — | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.2 m | 7.8 m | 5.0 m | esef· 21 Oct 2026verified |
| Receivables | — | 0 | 43.0 k | esef· 21 Oct 2026verified |
| Current assets | 5.4 m | 7.8 m | 18.3 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 0 | 12.0 k | 9.0 k | esef· 21 Oct 2026verified |
| Total assets | 8.5 m | 13.2 m | 21.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 306.0 k | 2.3 m | 302.0 k | esef· 21 Oct 2026verified |
| Total liabilities | 317.0 k | 2.5 m | 363.0 k | esef· 21 Oct 2026verified |
| Equity | 8.2 m | 10.7 m | 20.7 m | esef· 21 Oct 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -717.0 k | -8.1 m | 1.3 m | esef· 21 Oct 2026verified |
| Capex | 4.0 k | 12.0 k | 0 | esef· 21 Oct 2026verified |
| Free cash flow | -721.0 k ≈ | -8.2 m ≈ | 1.3 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -2.5 m | -1.6 m | 56.0 k | esef· 21 Oct 2026verified |
| Financing cash flow | -130.4 m | 14.3 m | -4.1 m | esef· 21 Oct 2026verified |
| Dividends paid | 132.2 m | 0 | 4.0 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: 3 of at least 6
- score weight coverage: 14.6% 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
15% · 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: 30.36 – 40.82 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)30.36 – 40.82 (Mid 34.82)
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: 3 of at least 6; score weight coverage: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 9.0% | 0 (on a fixed band) | 43% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 60.6x | 100 (on a fixed band) | 29% |
| 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 | 316.3% | 0 (on a fixed band) | 29% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partial0/100 · 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
HUNTER GROUP ASA (HUNT.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 89.3%.
The estimated value range is 30.36–40.82 USD per share (median of 1 methods, agreement: single method); 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: 3 of at least 6; score weight coverage: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 60.6x
What contradicts it
- FCF conversion: 9.0%
- Payout ratio (FCF): 316.3%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS 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 HUNT.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
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
Hunter Group ASA, listed in Oslo, focuses on chartering VLCC oil tankers through two back-to-back contracts with fixed charter-in rates and index-linked charter-out rates. The company reported a net profit of 14.05 mn USD for 2025 after a loss in 2024, and the VLCC spot market remains the main risk named by management.
SWOT
Strengths
- The company has high equity relative to very small liabilities, which gives it financial flexibility. Charter contracts provide some revenue visibility over part of the period.
- The organizational structure is lean, with one operating segment, which makes the business easy to follow for investors.
- Demand for the first quarter of the following year is already partly booked, which gives near-term visibility.
Weaknesses
- Reliance on two charter contracts concentrates the result on a few trading partners.
- Net profit can swing widely, as the move from a loss in 2024 to a profit in 2025 shows.
- The company has no revenue from other segments, so it cannot offset weakness in chartering.
Opportunities
- If the VLCC spot market stays firm, bookings at high rates could support future results.
- The company could expand its maritime advisory activity through the existing subsidiary if that direction becomes relevant.
- Surplus capital could allow new charter commitments or shareholder distributions on favourable terms.
Threats
- A weak VLCC spot market could cause negative cash flow from chartering, as management warns.
- Counterparty risk toward Mercuria and Trafigura could affect revenue if either partner fails to meet its obligations.
- Environmental regulation and changes in the oil industry could alter demand for VLCC vessels.
Risks
- Weak VLCC spot markethigh
Management warns that a soft spot market could lead to negative cash flow from chartering, which would affect the result.
- Concentration on two contractshigh
Realized results come from two contracts with large trading partners, and disruption to either could significantly affect revenue.
- Fair value accountingmedium
The back-to-back contracts are measured at fair value, and estimates of future rates can substantially change the accounting result.
- CSOV project cancelledmedium
Cancelling the CSOV project and the lapse of the grants reduce prospects for diversifying the business.
- Cash balance pressurelow
Cash declined in 2025 following the dividend payment, and a weak quarter could put pressure on liquidity.
Investment thesis
What would need to be true (bull case)
- If bookings for the first quarter hold at high rates, charter profit could keep supporting equity.
- Very small liabilities leave the company room to manoeuvre in a volatile market.
- The 2025 profit after the 2024 loss shows the back-to-back model can produce positive results under some market conditions.
What would break the thesis
- If the VLCC spot market weakens, charter cash flow could turn negative, as management warns.
- Reliance on two contracts makes revenue vulnerable to any problem with one of the partners.
- The result was negative in 2024, which shows profitability is not stable from one year to the next.
What to watch
- Charter rate levels and remaining bookings for the first quarterQ1 2026
- Development of the VLCC spot market and its effect on charter cash flow2026
- Status of the Mercuria and Trafigura contracts, including the security depositsnext 10-K
- Effect of IFRS 18 on the presentation of the profit and loss statement2027
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 group focuses on VLCC tanker chartering and, per its 2025 annual report, has one reportable segment covering vessel chartering activities. It had 3 employees at the end of 2025, with management based in Oslo and Verbier. Revenue comes from two back-to-back time charter contracts for eco scrubber-fitted vessels 1.
The model has Hunter charter in vessels at a fixed daily rate and charter them out at a floating rate indexed to the TD3C benchmark. The contracts are accounted for as financial instruments at fair value through profit or loss, and realized and unrealized results are presented together as operating result 1.
The capital structure is simple: total equity was 20.746 mn USD at the end of 2025, and total liabilities were small at 0.363 mn USD. The company paid a dividend in 2025 classified as a repayment of capital, and the CSOV vessel project backed by an Enova grant was cancelled 1.
Segments
VLCC back-to-back charter
The single reported segment comprises two back-to-back contracts with Mercuria and Trafigura, which represent 56% and 44% respectively of the net realized charter result. The result depends on the spread between the fixed charter-in rate and the indexed charter-out rate 1.
Maritime advisory services
The wholly owned subsidiary Hunter Maritime Advisors AS complements the main activity, but the annual report does not break out separate revenue for this line. The subsidiary HG Projectco 1 AS is dormant 1.
Market context
According to the report, as of the signing date 62% of available days in the first quarter of 2026 were booked at an average rate of 113,700 USD per day, which points to firm near-term demand. The main risk named by management is a soft VLCC spot market, which could lead to negative cash flow from chartering 1.
The VLCC market is sensitive to spot rates and to conditions in the oil industry, and the report gives no market share data for the company. Future developments could change results, especially if indexed rates fall below the charter-in contract levels 1.
Trends
- High rates for Q1 2026tailwind
Bookings for the first quarter of 2026 at an average rate of 113,700 USD per day suggest the charter market supported near-term revenue 1.
- Volatile VLCC spot marketheadwind
Management identifies a possible softening of the VLCC spot market as a future challenge, which could reduce charter cash flow 1.
- CSOV project cancelledmixed
The zero-emission CSOV project was cancelled because of difficult market conditions, and the Enova grant has lapsed. The decision reduces the development component but removes an investment commitment 1.
- Capital returned to shareholdersmixed
The company paid a dividend in 2025, classified as a repayment of capital, while equity rose after the year's profit and cash balances declined 1.
Competitive position
The annual report does not name competitors, but VLCC chartering takes place alongside other tanker operators offering similar services. Competition shows up in the rates Hunter can secure on the spot market and in vessel availability 1.
Competitive position depends on access to scrubber-fitted vessels and on contracts with trading partners such as Mercuria and Trafigura, which are the main counterparties. The report offers no market share comparison 1.
- Other VLCC tanker operators
The report names no competitors. VLCC operators compete for charter contracts on the spot market and under longer-term agreements.
- Back-to-back charter intermediaries
Similar back-to-back contracts may be offered by other intermediaries, which influences the margins on indexed rates.
- Trading houses Mercuria and Trafigura
These partners are customers of the company and contribute to realized results. Their relationship forms part of the business model rather than direct competition.
- Maritime advisory firms
The advisory subsidiary operates in a maritime services market where competition comes from specialist firms, without details in the report.
News & filings
In the press
- ‘Every family has silences’: Kathryn Hunter on despair, desire, dislodgeable limbs – and her acting geniusThe Guardian — Health · 04 Nov 2026 · EN
- Judge dismisses charges against FBI agents involved in Hunter Biden caseAl Jazeera — World · 02 Nov 2026 · EN
- Judge tosses case against two officials accused of lying about Hunter BidenThe Guardian World · 02 Nov 2026 · EN
- Un judecător a anulat procedura judiciară împotriva unor foşti oficiali FBI care au fost acuzați că au mințit în cazul Hunter BidenDigi24 · 02 Nov 2026 · RO
- Judge tosses DOJ case against ex-FBI officials accused of lying about Hunter Biden probe: ReportsCNBC World · 02 Nov 2026 · EN
- From Beginner to Bug Hunter: Learning Cybersecurity in the AI Era.BleepingComputer · 31 Oct 2026 · EN
- Judge criticizes Justice Department’s handling of ex-FBI officials’ charges over Hunter Biden investigationThe Hill · 27 Oct 2026 · EN
- FFF 2026 – Aero set to launch L-39NG Drone HunterEuropean Defence Review · 26 Oct 2026 · RO
- Stunning photos capture October's Hunter's Moon around the worldBBC World News · 26 Oct 2026 · EN
- VIDEO SUA: Foști oficiali FBI, acuzați că au mințit în Congres cu privire la anchetele care îl vizau pe Hunter BidenAgerpres · 23 Oct 2026 · RO
- Foşti oficiali FBI, acuzaţi că au minţit în Congres cu privire la anchetele care îl vizau pe Hunter BidenDigi24 · 23 Oct 2026 · RO
- Former FBI officials charged in connection with Hunter Biden laptop probeAl Jazeera English · 23 Oct 2026 · EN
- Ex-FBI officials charged with lying to Congress about Hunter Biden probeThe Hill · 23 Oct 2026 · EN
- Two ex-FBI officials charged with lying about investigation into Hunter Biden’s laptopThe Guardian World · 23 Oct 2026 · EN
- Ex-FBI employees charged with lying to Congress over Hunter Biden inquiriesNPR News · 23 Oct 2026 · EN
- Two ex-FBI officials charged with allegedly lying about Hunter Biden probe: DOJCNBC — Top News · 23 Oct 2026 · EN
- In allowing coal expansion in the Hunter, Chris Minns is pouring fuel on the climate fire. His decision will come back to hurt us all | Jack EganThe Guardian — Environment · 23 Oct 2026 · EN
- How The US Navy Turned A Boeing 737 Into A Submarine HunterSimple Flying · 21 Oct 2026 · EN
- Actrița Hunter Schafer dezvăluie că a făcut o operație de schimbare de sexHotNews.ro · 20 Oct 2026 · RO
- New 'hunter-killer' chemistry captures and destroys forever chemicalsPhys.org · 19 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hunter Group 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.