Harbour Energy plc
Harbour Energy plc, together with its subsidiaries, engages in the acquisition, exploration, development, and production of oil and gas reserves in Norway, the United Kingdom, Germany, Mexico, Argentina, North Africa, and Southeast Asia. The company also engages in the production and sale of crude …
Harbour Energy plc, together with its subsidiaries, engages in the acquisition, exploration, development, and production of oil and gas reserves in Norway, the United Kingdom, Germany, Mexico, Argentina, North Africa, and Southeast Asia. The company also engages in the production and sale of crude oil, natural gas, and condensate, as well as the development and management of carbon capture and storage projects. It is involved in the decommissioning; financing and servicing; distribution, transportation, and trade; gas trading; and risk mitigation activities. The company was formerly known as Chrysaor Holdings Limited and changed its name to Harbour Energy plc in March 2021. The company was incorporated in 2002 and is headquartered in London, the United Kingdom.Looks undervalued
5-year outlook: Not shown because confidence is low: EV/EBITDA (12x) disagrees strongly.
Other models: GBP 12.84–36.12 (median 24.48). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price below modeled range
Free-cash-flow DCF using a three-year average of free cash flow, because the latest figure is depressed by heavy investment or one-off items, with cash, debt, and shares from the latest report. Base assumptions are 3.86% growth, 2.5% terminal growth, and 9.2% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 3.86%, discount rate 9.20%, terminal growth 2.50% (sector defaults). See a worked example.
Blended growth assumption: 3.9% (sector default 4.6%, own revenue history 30.9%, analyst revenue consensus -10.0%).
Analyst consensus expects revenue growth of -10.4% a year; the growth assumption used is 3.9%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — GBP 6.88 (+162.6%)
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EPS-based Gordon proxy
— not applicable
Not used: Cannot be computed: net income is zero or negative.
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DCF (trailing free cash flow)
— GBP 13.60 (+419.2%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— GBP 12.84 (+390.2%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— GBP 36.12 (+1278.8%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— GBP 13.58 (+418.1%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— GBP 63.59 (+2327.0%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear GBP 5.30 | 50.5% |
| Base GBP 6.88 | 61.9% |
| Bull GBP 9.52 | 72.5% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
The price implies free-cash-flow decline faster than 15% a year.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| -0.1% | 10.26 | 8.51 | 7.29 | 6.38 | 5.68 |
| 1.9% | 11.21 | 9.28 | 7.93 | 6.93 | 6.16 |
| 3.9% | 12.24 | 10.11 | 8.63 | 7.53 | 6.68 |
| 5.9% | 13.34 | 11.01 | 9.37 | 8.16 | 7.23 |
| 7.9% | 14.53 | 11.97 | 10.18 | 8.85 | 7.83 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 92 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 3 of 5 years profitable | 12 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +30.9% a year | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 66% | 20 / 20 |
Peers in Energy
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| HBR.L (this company) | GBP 2.62 | 61.9% | – | 1.4 | 7.9% | 92 |
| FANG Diamondback Energy | USD 179.58 | 36.7% | 24.4 | 1.3 | 2.4% | 100 |
| SHEL.L Shell plc | GBP 36.98 | 32.8% | 8.6 | 1.4 | 3.0% | 84 |
| AKSO.OL Aker Solutions ASA | NOK 35.92 | 22.8% | 6.8 | 1.5 | 9.1% | 75 |
| BP.L BP p.l.c. | GBP 5.54 | 19.2% | – | – | 4.4% | 69 |
| BWLPG.OL BW LPG Limited | NOK 208.40 | 7.3% | 7.5 | 1.8 | 1.2% | 100 |
| EOG EOG Resources | USD 144.89 | 6.1% | 11.1 | 2.4 | 2.8% | 92 |
| TTE.PA TotalEnergies SE | EUR 79.16 | 5.4% | 8.9 | 1.5 | 4.3% | 84 |
| ENB.TO Enbridge Inc. | CAD 67.33 | -11.4% | 19.6 | 2.4 | 5.9% | 80 |
| Peer median | 8.9 | 1.5 | ||||
Dividends
Paid in the last 12 months: GBP 0.00 per share · yield 0.05% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.001 |
| 2025 | 0.002 |
| 2024 | 0.002 |
| 2023 | 0.002 |
| 2022 | 0.002 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | GBP 7,640,821,364 |
|---|---|
| EBITDA | GBP 5,019,636,245 |
| EBIT | GBP 2,500,595,966 |
| Net income | GBP -139,202,150 |
| Free cash flow | GBP 1,385,137,888 |
| Capital expenditures | GBP 1,097,555,420 |
| Debt | GBP 651,980,535 |
| Cash | GBP 997,455,278 |
| Working capital | GBP 113,909,243 |
| Shares outstanding | 1,677,000,000 |
| Reported dividends per share | GBP 0.2075 |