Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Bonheur ASA is a publicly traded Norwegian holding company headquartered in Oslo, established in 1897 and listed on the Oslo Stock Exchange since 1920. It focuses on long-term investments across renewable energy, wind service, cruise, and other sectors, reflecting a strategic shift from traditional shipping and offshore activities to sustainable energy solutions. The Renewable Energy segment, through Fred. Olsen Renewables AS, develops, constructs, and operates wind farms primarily in Scandinavia, the UK, and Ireland, with a portfolio including operational capacity and development projects in onshore and floating offshore wind. The Wind Service division, via Fred. Olsen Ocean Ltd., operates specialized jack-up vessels for transportation, installation, and maintenance of offshore wind turbines. The Cruise segment manages ocean cruise holidays through Fred. Olsen Cruise Lines Ltd., offering unique European and world itineraries. Other investments encompass a significant stake in NHST Media Group AS, publishing key industry titles like Dagens Næringsliv and Tradewinds, alongside real estate, drilling interests, and innovation ventures. Controlled by Fred. Olsen & Co., Bonheur ASA plays a pivotal role in Norway's maritime and green energy ecosystems, supporting the global transition to renewables.
€19.84
€0.21 (-1.05%)
EOD Jul 2, 2026
19.72% operating margin is respectable but not wide. ROIC at 10.75%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 7.7% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 100% versus the prior year, cash generation momentum has weakened. Net debt of NOK 2.80B represents 1151.7x FCF, leverage limits flexibility.
6.1x earnings, 17.3x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 12.46B
▼ -7.7% YoY
Net Income (TTM)
NOK 2.09B
▲ +14.5% YoY
Op. Margin
20.34%
▲ +2.0pp YoY
ROIC
10.75%
▲ +0.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
NOK 550M
▼ -99.9% YoY
Op. Cash Flow (TTM)
NOK 2.10B
▼ -54.9% YoY
Net Debt
NOK 2.80B
Cash & Equiv.
NOK 5.83B
3Y CAGR: +3.0%
3Y CAGR: -88.2%
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At a P/E of 6.1 and a price-to-free-cash-flow of 17.3, Bonheur ASA (BONHR.XOSL) trades below a two-stage DCF intrinsic value of about NOK 158.44 per share, so at NOK 19.84 the stock looks undervalued (698.6% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Bonheur ASA scores 45/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 5.4%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about NOK 158.44 per share for BONHR.XOSL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around NOK 118.83. At today's NOK 19.84, that puts the stock about 698.6% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Bonheur ASA scores 45 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a 20.3% operating margin and a 10.7% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Bonheur ASA pays a regular dividend of about NOK 12.13 per share per year (typically in quarterly installments), a yield of roughly 5.4% at the current price. That is a payout ratio of about 24.7% of earnings, so the dividend is amply covered by earnings. Bonheur ASA has grown the dividend at roughly 12.7% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For BONHR.XOSL's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. BONHR.XOSL currently trades below its estimated intrinsic value and scores 45/100 on quality (mixed). It also yields about 5.4%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.