AKVA group stock: fair value
AKVA.OLThe fair value of AKVA group under our model is $23.85, the price is 30% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $17.04 and expensive above $39.75 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $36.62 (cash-flow model) and $11.08 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 8.5%. At 9.5% the fair value would be $20.62, at 7.5% it would be $28.71.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (18.4).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.5%. Discounted at 8.5% (floor: government bond yield 3.5% plus 5 percentage points, since beta 1.14 times the risk premium would give less); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $36.62 per share: free cash flow for the next ten years, each year discounted to today at 8.5%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 8.5%) |
|---|---|---|---|---|
| 2026 | $39.28M | extrapolated at 32.7% | 0.9217 | $36.2M |
| 2027 | $48.67M | extrapolated at 23.9% | 0.8496 | $41.35M |
| 2028 | $57.33M | extrapolated at 17.8% | 0.7831 | $44.9M |
| 2029 | $65.08M | extrapolated at 13.5% | 0.7218 | $46.97M |
| 2030 | $71.91M | extrapolated at 10.5% | 0.6654 | $47.84M |
| 2031 | $77.94M | extrapolated at 8.4% | 0.6133 | $47.8M |
| 2032 | $83.34M | extrapolated at 6.9% | 0.5653 | $47.11M |
| 2033 | $88.25M | extrapolated at 5.9% | 0.5211 | $45.98M |
| 2034 | $92.82M | extrapolated at 5.2% | 0.4803 | $44.58M |
| 2035 | $97.15M | extrapolated at 4.7% | 0.4427 | $43.01M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $445.76M |
| Terminal value: cash flow 2035 × (1 + 3.5%) / (8.5% − 3.5%) | $2.01B |
| Present value of terminal value (× 0.4427) | $890.17M |
| Equity value (sum plus present value of terminal value) | $1.34B |
| Shares (diluted) | 36.48M |
| Value per share (equity value divided by shares) | $36.62 |
| Earnings per share, last twelve months | $0.60 |
| × 18.4 (industry P/E) | $11.08 |
| Fair value (average of both parts) | $23.85 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = NOK 9.5325)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 9 May 2025)
- Valuation signal Undervalued since 13 Nov 2026, previously Fairly valued
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.