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.
Havila Kystruten AS is a Norwegian shipping company specializing in operating environmentally friendly coastal voyages along Norway's classic route between Bergen and Kirkenes. Founded in 2017 and headquartered in Fosnavåg, the company operates a fleet of four modern hybrid cruise ships known for their large battery packs—the largest on passenger ships globally—that enable noise- and emission-free sailing through sensitive natural areas such as World Heritage fjords. These ships are powered primarily by hydropower-recharged batteries, supplemented by energy-efficient natural gas, and use surplus heat recovery for onboard heating, underscoring the company's commitment to sustainable maritime transport. Havila Kystruten offers onboard travel services, including food and souvenir sales, designed to immerse passengers in Norwegian coastal landscapes and experiences. The company is a subsidiary of Havila Holding AS and holds a contract with the Norwegian Ministry of Transport to operate part of the coastal cruise service, thereby playing a key role in Norway’s eco-friendly passenger transportation sector.
€5.20
+€0.05 (+0.97%)
EOD Jul 2, 2026
Operating margin is thin at 8.75%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 16.1% YoY with margins expanding 8.4pp.
Insufficient data to identify specific risks. Treat any missing metrics as a data gap, not a clean bill of health.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
NOK 1.82B
▲ +16.1% YoY
Net Income (TTM)
-NOK 888M
▼ -36.0% YoY
Op. Margin
9.75%
▲ +8.4pp YoY
ROIC
5.56%
▲ +5.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
NOK 305M
▲ +55.3% YoY
Op. Cash Flow (TTM)
NOK 726M
▲ +52.6% YoY
Net Debt
-NOK 201M
Net Cash Position
Cash & Equiv.
NOK 214M
3Y CAGR: +74.8%
Continue Research
Havila Kystruten AS (HKY.XOSL) trades below a two-stage DCF intrinsic value of about NOK 909.93 per share, so at NOK 5.20 the stock looks undervalued (17,398.7% 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, Havila Kystruten AS scores 80/100 on Intrinsiqq's quality scorecard (a high-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. 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 909.93 per share for HKY.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 682.45. At today's NOK 5.20, that puts the stock about 17,398.7% 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.
Havila Kystruten AS scores 80 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a high-quality business on these measures. Recent fundamentals include a 9.7% operating margin and a 5.6% 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.
That depends on valuation and quality together, not either alone. HKY.XOSL currently trades below its estimated intrinsic value and scores 80/100 on quality (high-quality). 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.