Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Hafnia Limited (HAFNI.OL)

Price updated 06 Nov 2026 09:56; TTM through 30 Jun 2026; TTM financials updated 06 Nov 2026 12:46.

Starts from TTM through 30 Jun 2026 financials in NOK and a share price of NOK 89.00. Growth begins at 3.0% a year (capped from 3.9% because the latest annual revenue declined) and fades to 2.7% by year 10. Margins held at EBITDA 33.8%, net 24.7%, free cash flow 21.9% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Starting growth was capped from 3.9% to 3.0% because the latest annual revenue declined.
Margins drift toward their 5-year average over 5 years (EBITDA, net, free cash flow), because this is a cyclical business.
Year 1 uses analyst consensus revenue growth (-11.7%); year 2 is halfway back to the model's own path.
NOK 150.40Model fair value (Free-cash-flow DCF); range NOK 110.48 to NOK 221.44
69%Fair value vs today's price
LowModel confidence
25%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years; cyclical business: current cash flow is a poor guide to the cycle.

1.9%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
NOK 26.45BRevenue in year 10 (base)
NOK 5.83BNet income in year 10 (base)
NOK 5.99BFree cash flow in year 10 (base)
NOK 1.04Dividend per share in year 10 (base)
NOK 98.11Implied share price in year 10 (base), today NOK 89.00
13.5%Year-10 free cash flow per share vs today's price

Free cash flow over time

NOK 0 NOK 2.28B NOK 4.55B NOK 6.83B NOK 9.10B FY2021 FY2023 FY2025 TTM through 30 Jun 2026 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -17.7% NOK 4.16B -2.8%
Base -11.7% NOK 5.99B 0.9%
Bull -5.7% NOK 8.49B 4.4%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Jun 2026– NOK 25.09BNOK 8.48BNOK 6.20BNOK 5.50B 12.4011.001.1149.8989.00
Year 1-11.7% NOK 22.15BNOK 7.54BNOK 5.35BNOK 4.89B 10.719.780.9659.6479.51
Year 2-4.4% NOK 21.18BNOK 7.25BNOK 5.00BNOK 4.70B 10.019.410.9068.7676.82
Year 32.9% NOK 21.80BNOK 7.51BNOK 5.04BNOK 4.87B 10.089.750.9077.9379.79
Year 42.9% NOK 22.43BNOK 7.78BNOK 5.06BNOK 5.05B 10.1310.100.9187.1582.71
Year 52.9% NOK 23.07BNOK 8.05BNOK 5.08BNOK 5.23B 10.1710.450.9196.4285.59
Year 62.8% NOK 23.73BNOK 8.28BNOK 5.23BNOK 5.37B 10.4610.750.94105.9488.02
Year 72.8% NOK 24.39BNOK 8.51BNOK 5.37BNOK 5.52B 10.7511.050.96115.7390.48
Year 82.8% NOK 25.07BNOK 8.75BNOK 5.52BNOK 5.68B 11.0511.360.99125.7992.99
Year 92.7% NOK 25.75BNOK 8.99BNOK 5.67BNOK 5.83B 11.3511.671.02136.1395.53
Year 102.7% NOK 26.45BNOK 9.23BNOK 5.83BNOK 5.99B 11.6611.981.04146.7498.11

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.