Viking Supply Ships AB (publ) (VSSAB-B.ST) fair value

ACCE thesis

Viking Supply Ships operates a fleet of offshore support vessels that serve the North Sea and other offshore energy markets, with business split across supply, subsea and related marine services. The company's edge is its vessel base and contract coverage in a niche where new tonnage is costly and slow to arrive, which tends to support utilisation and pricing when demand firms. Revenue grew 46.8% in the latest reported period, and a 51.0% operating margin against a 62.6% gross margin indicates the incremental fleet utilisation is dropping through to profit. At 11.3 times trailing earnings the stock is priced well below that growth rate, but return on equity of 9.7% and the absence of a forward multiple mean the earnings trajectory needs checking before the valuation can be called cheap. The starting question for a deeper look is whether the 46.8% growth reflects sustained day rates and utilisation or a one-off lift, and how much of the margin is repeatable.