Havila Kystruten AS
Havila Kystruten AS operates as a passenger transportation company providing ferry services along the Norwegian coast, generating revenue primarily through ticket sales and onboard services.
Business. Havila Kystruten AS (HKY.OL) is a Norwegian transportation company operating in the passenger transportation, ground and sea industry. The firm generates service revenue by providing passenger transport services, with performance typically measured by metrics such as available seat miles and load factors. Headquarters are located in Norway, and the company is primarily listed on the Oslo Børs. Specific operating segments and geographic revenue breakdowns are not disclosed in the available data.
Analyst recommendations
3 analysts · consensus BuyAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Havila Kystruten AS (HKY.OL) is a Norwegian transportation company operating in the passenger transportation, ground and sea industry. The firm generates service revenue by providing passenger transport services, with performance typically measured by metrics such as available seat miles and load factors. Headquarters are located in Norway, and the company is primarily listed on the Oslo Børs. Specific operating segments and geographic revenue breakdowns are not disclosed in the available data.
Havila Kystruten's capital structure is highly leveraged, with total liabilities of NOK 5.88 billion and total equity of NOK -1.39 billion, resulting in a debt-to-equity ratio of -3.83. The company's liquidity position is constrained, with cash and equivalents of NOK 213.56 million and a current ratio of 0.87, indicating short-term obligations may exceed current assets. Despite a positive operating cash flow of NOK 398.6 million, the company's free cash flow is negative at NOK -940.7 million, driven by capital expenditures of NOK -87.44 million.
Profitability metrics reveal mixed performance. The company reported a gross profit of NOK 1.57 billion and operating income of NOK 154.7 million, but net income is negative at NOK -1.07 billion. Return on equity is 76.87%, but return on assets is negative at -23.9%, reflecting the impact of significant debt on asset returns. These figures suggest operational efficiency is being offset by high interest costs and leverage.
The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification beyond Norway. This concentration increases exposure to regional economic conditions and regulatory changes, particularly in the Norwegian transportation sector.
Looking ahead, the company's revenue is expected to grow, supported by a positive outlook for the transportation sector in Norway. Analysts project a mean price target of NOK 68.33, with a median of NOK 60.00, indicating optimism about future performance. However, the company must address its net loss and leverage to sustain long-term growth.
Risk factors include liquidity constraints and the potential for dilution, although the risk of dilution is currently assessed as low. The company's negative net cash position after subtracting total debt is a key flag, suggesting potential challenges in meeting long-term obligations. Management must balance capital expenditures with cash flow generation to improve financial stability.
Recent events include the publication of the latest financial report, which highlights the company's operational and financial performance. Analysts have issued a mean recommendation of 1.67, indicating a generally positive outlook, with two strong-buy ratings and one hold rating. These assessments reflect confidence in the company's strategic direction and market position.
- Havila Kystruten operates in a specialized transportation niche with high leverage and liquidity constraints.
- The company's profitability is mixed, with strong gross margins but a significant net loss.
- Revenue is concentrated in a single segment and geographic region, increasing exposure to local economic conditions.
- Analysts are optimistic about future performance, with a mean price target of NOK 68.33.
- Liquidity and debt management are critical challenges that must be addressed to sustain growth.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -1,74 |
| Revenue | —no estimate | —no estimate | 2,1B NOK |
| Operating income | —no estimate | —no estimate | 440,1M NOK |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
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- Market data
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- Issuer disclosures
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- Earnings transcripts
- Consensus estimates
- ESG data
- Ev To Operating Cash Flowenterprise_value / operating_cash_flow
- Return On Equitynet_income / total_equity
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Market Capmarket_price * shares_outstanding_diluted
- Ev To Revenueenterprise_value / revenue
- Havila Kystruten AS Market data — financials · 2026-05-28
- Havila Kystruten AS Market data — analyst estimates · 2026-05-28
Ownership & reference
Leadership
- Bent MartiniCEO
Insider activity
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Current ratio (FY 2024-12-31): 0.09xDerived (calculated)
- Return on equity (FY 2024-12-31): -262.0%Derived (calculated)
- Return on assets (FY 2024-12-31): -86.2%Derived (calculated)
- Debt-to-equity (FY 2024-12-31): 2.04xDerived (calculated)
- Total equity & liabilities (annual): NOK 1.82BBRREG filing
- Current assets (annual): NOK 235.5KBRREG filing
- Finance expense (annual): NOK 1.7BBRREG filing
- Total operating expenses (annual): NOK 4.61MBRREG filing
- Revenue (annual): NOK 0BRREG filing
- Total liabilities (annual): NOK 1.22BBRREG filing
- Operating income (annual): NOK -4.61MBRREG filing
- Current liabilities (annual): NOK 2.53MBRREG filing
- Non current liabilities (annual): NOK 1.22BBRREG filing
- Shareholders' equity (annual): NOK 600MBRREG filing
- Total assets (annual): NOK 1.82BBRREG filing
- Non current assets (annual): NOK 1.82BBRREG filing
- Pre-tax income (annual): NOK -1.57BBRREG filing
- Net income (annual): NOK -1.57BBRREG filing