Jacktel
47
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Concentration−8
- Multiples vs own history−7
- Quality of growth−6
Strengths
- Dividend+3
- Growing order book+2
How the score is built
From 100 to 47, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 5.82 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +34%
- P/E (trailing)
- 4.8
- Forward P/E
- 8.8
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−20 of −30
- −6Quality of growthNet profit for 2025 (USD 32.4m) includes a reversed impairment of USD 20.6m. In H1 2026 revenue fell 4% (35.5 vs 37.0m) and profit to 6.9m vs 8.1m: no underlying growth.
- −5MoatThe only NCS-approved harsh-environment jack-up accommodation rig, but it competes with semi-submersibles (Floatel, Prosafe) and drilling rigs used as hotels (Noble Interceptor, West Elara). One rig from 2011 is not a scalable moat.
- −5Capital allocationAccumulated losses of USD 188m, and the history includes years of negative EBITDA (2020–21) and heavy dilution in the 2022 restructuring.
- −4Future segmentDependent on maintenance on the Norwegian shelf. Offshore wind is only an option, and there is no order book after June 2028.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −7Multiples vs own historyP/B 1.6 vs 0.3–0.9 in 2022–2025 and P/S 2.3 vs 0.9–1.5. Adjusted for the reversal, annualised H1 2026 gives a P/E of about 11, not 4.9.
- −3Price vs order bookEV of about NOK 2.07bn (about USD 200m) is about 3× the firm EBITDA backlog of USD 67m (86m incl. options). The rest of the value needs a new contract after 2028 for a 17-year-old rig.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−22 of −35
- −8Concentration100% of earnings come from one rig (Haven) working for one customer (Aker BP, Valhall) in one region.
- −5Debt and recontractingA USD 70m bond with a 10% coupon (65m outstanding, 10m amortised a year) runs to Oct 2029, i.e. after the firm contract expires in Feb 2028. There is recontracting risk before the refinancing.
- −3GovernanceNo employees of its own: Haven is run by Macro Offshore Management, which also owns and operates the competing accommodation rig Crossway Eagle. That is a conflict of interest.
- −4MacroDay rates swing wildly: USD 358,000/day on Johan Sverdrup vs 49,000 on paid standby. Revenue was USD 1–9m in the weak years, and demand follows oil companies' spending.
- −2Liquidity and coverageListed on Euronext Growth since March 2026; average turnover about 184,000 shares a day (about NOK 1.1m), no analyst coverage and unknown insider ownership.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3DividendQuarterly payouts totalling USD 0.125 per share over the last four quarters (about a 12% yield) under a fixed dividend policy.
- +2Growing order bookAker BP extended the contract from 15 to 21 months (July 2026) and added 4×1-month options; the firm contract value rose from USD 87m to 121m.
Caveats
What the score does not capture, or where the data is weak.
One asset (Haven, built 2011) and one customer; fixed contract to Feb. 2028, nothing after Jun. 2028; trailing P/E 4.9 is inflated by a USD 20.6m impairment reversal
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