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Norwegian maritime and energy holding company (Fred. Olsen group) with offshore wind installation vessels, renewables and cruise interests.
Norwegian maritime and energy holding company (Fred. Olsen group) with offshore wind installation vessels, renewables and cruise interests.
Earns day rates on its specialised installation vessels under contracts with wind-farm builders, power sales from its own wind farms, and cruise fares, so the three lines move on different cycles. The founding Olsen family controls the group.
In one line: A Norwegian maritime/energy holding company (Fred. Olsen group).
Moat: narrow (installed base, scale). Owns a niche fleet of specialized offshore wind turbine installation vessels with high entry barriers.
Headquarters: Oslo, Norway · Founded: 1935
Size Bonheur (BONHR.OL) is a Norway Industrials company (Air Freight/Couriers) with a market value of $1.20B, the 56th largest of 115 Norway companies the cockpit tracks. Shares closed at NOK 262.00 on 6 Nov 2026.
Performance Over six months the shares gained 0.6%, against -9.7% for the median peer and +2.7% for the Norway market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +4.0%); the operating margin is 7.4% (peer median 5.6%).
Valuation It trades at 10.0× forward earnings against a peer median of 12.8× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points below its cost of capital (6.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NOK 10.7B | NOK 12.5B | NOK 12.5B | NOK 11.2B | NOK 10.4B |
| Revenue growth | — | 0% | +11% | +8% | — |
| Gross profit | n/a | n/a | NOK 899M | NOK 1.18B | NOK 1.75B |
| EBITDA | NOK 2.08B | NOK 3.75B | NOK 2.48B | NOK 2.47B | NOK 3.08B |
| Net income | NOK 1.05B | NOK 1.42B | NOK 1.14B | NOK 1.04B | NOK 397M |
| Free cash flow | NOK 1.30B | NOK 2.00M | NOK 2.45B | NOK 1.73B | NOK 1.58B |
| Capital expenditure | NOK 1.77B | NOK 2.26B | NOK 1.39B | NOK 946M | NOK 1.04B |
| Total debt | NOK 7.07B | NOK 8.82B | NOK 9.98B | NOK 10.1B | NOK 10.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bonheur BONHR.OL | $1.20B | +1% | +4% | 7% | 10.0× | 3.1% |
| Cadeler A/S CADLR.OL | $2.41B | -14% | +53% | 36% | 9.4× | n/a |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 20.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BONHR.OL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.8% | -1.5% | 11th highest of 21 |
| 6-month return | +0.6% | -9.7% | 7th highest of 21 |
| Distance from 52-week high | -6.4% | -26.9% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.4% | +4.0% | 10th highest of 20 |
| Operating margin | 7.4% | 5.6% | 8th highest of 20 |
| Forward P/E | 10.0× | 12.8× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | 8.7% | 7th least demanding of 15 |
| Growth delivered (Del g) | +20.6% | +4.5% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | -17.5 pp | +2.5 pp | 3rd least demanding of 15 |
| ROIC minus cost of capital | -2.3 pp | -0.5 pp | 7th lowest of 20 |
| EV / EBITDA | 7.0× | 7.5× | 4th cheapest of 10 |
| Net debt / EBITDA | -0.0× | 0.2× | 6th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bonheur BONHR.OL | Norway | $1.20B | +1% | +4% | 7% | 10.0× | 3.1% | +20.6% |
| Blue Dart Express BLUEDART.NS | India | $1.14B | -20% | +9% | 7% | 26.5× | 22.4% | +13.3% |
| Shipping Corporation of India SCI.NS | India | $1.29B | -18% | +17% | 24% | n/a | n/a | n/a |
| KLN Logistics 0636.HK | Hong Kong | $1.30B | -15% | -2% | 4% | 7.0× | -10.4% | +2.6% |
| COSCO SHIPPING International (Hong Kong) 0517.HK | Hong Kong | $1.32B | +8% | +1% | 5% | 12.6× | 2.3% | +1.5% |
| Cargojet CJT.TO | Canada | $1.00B | +15% | +1% | 10% | 23.4× | 12.4% | +8.2% |
| Eternal Asia Supply Chain Management 002183.SZ | China | $1.48B | -32% | -25% | 0% | 54.3× | 29.9% | 0.0% |
| Hub HUBG | United States | $1.48B | -44% | n/a | n/a | 51.6× | n/a | n/a |
| Konoike Transport 9025.T | Japan | $973M | +2% | +1% | 6% | 10.9× | -12.5% | +4.0% |
| CMST Development 600787.SS | China | $1.49B | -12% | +23% | 0% | n/a | n/a | n/a |
| Fukuyama Transporting 9075.T | Japan | $1.51B | +18% | +6% | 4% | 11.6× | 12.0% | +2.2% |
| Hangzhou SF Intra-city Industrial 9699.HK | Hong Kong | $941M | -24% | +32% | 1% | 13.3× | 5.9% | +35.5% |
| Orient International Enterprise 600278.SS | China | $919M | +1% | -12% | 1% | n/a | n/a | n/a |
| Swedish Logistic Property SLP-B.ST | Sweden | $876M | -9% | +27% | 86% | 14.2× | 11.6% | +60.3% |
| Hengtong Logistic 603223.SS | China | $870M | -9% | +2% | 30% | 15.5× | -9.5% | -24.6% |
| Shenzhen Easttop Supply Chain Management 002889.SZ | China | $845M | +14% | -35% | 6% | n/a | 12.0% | +6.7% |
| Xiamen International Trade 600755.SS | China | $1.77B | -10% | +28% | 0% | 11.5× | n/a | n/a |
| Hamakyorex 9037.T | Japan | $808M | -2% | +9% | 10% | 11.4× | -9.0% | +5.5% |
| Ferrari FERGR.AS | Netherlands | $780M | -4% | +3% | 17% | 12.8× | -2.7% | +5.0% |
| Shenzhen Feima International Supply Chain 002210.SZ | China | $768M | -36% | +116% | 11% | n/a | 34.5% | +1.5% |
| Friend 605050.SS | China | $709M | -24% | +4% | 4% | 10.1× | n/a | n/a |