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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | kr184.05 - kr208.29 | kr196.17 |
| Upside | -9.8% - 2.1% | -3.8% |
| Benchmarks | Ticker | Full Ticker |
| Star Bulk Carriers Corp. | 4FAP | DB:4FAP |
| Pacific Basin Shipping Limited | OYD | DB:OYD |
| Klaveness Combination Carriers ASA | KCC | OB:KCC |
| Golden Ocean Group Limited | KT31 | DB:KT31 |
| Costamare Bulkers Holdings Limited | CR1 | DUSE:CR1 |
| Dampskibsselskabet Norden A/S | DNORD | CPSE:DNORD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4FAP | OYD | KCC | KT31 | CR1 | DNORD | ||
| DB:4FAP | DB:OYD | OB:KCC | DB:KT31 | DUSE:CR1 | CPSE:DNORD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.2% | 14.2% | 52.1% | 23.8% | NM- | 14.7% | |
| 3Y CAGR | -22.6% | -43.9% | 46.0% | -16.8% | NM- | -22.0% | |
| Latest Twelve Months | 2.7% | 4.0% | -28.2% | -26.4% | 71.0% | -44.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 30.5% | 11.9% | 25.7% | 27.3% | 3.8% | 7.6% | |
| Prior Fiscal Year | 20.7% | 5.4% | 35.9% | 21.6% | -19.5% | 9.3% | |
| Latest Fiscal Year | 26.9% | 5.0% | 34.2% | 30.2% | -3.1% | 2.9% | |
| Latest Twelve Months | 21.0% | 5.0% | 27.9% | 21.9% | -3.1% | 3.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.41x | 0.54x | 2.14x | 3.31x | 0.70x | 0.30x | |
| EV / LTM EBITDA | 6.8x | 4.9x | 5.4x | 8.8x | -13337.4x | 6.4x | |
| EV / LTM EBIT | 11.5x | 10.8x | 7.7x | 15.1x | -22.4x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -22.4x | 10.8x | 15.1x | ||||
| Historical EV / LTM EBIT | 3.1x | 7.2x | 12.1x | ||||
| Selected EV / LTM EBIT | 7.4x | 7.8x | 8.2x | ||||
| (x) LTM EBIT | 137 | 137 | 137 | ||||
| (=) Implied Enterprise Value | 1,012 | 1,065 | 1,118 | ||||
| (-) Non-shareholder Claims * | (212) | (212) | (212) | ||||
| (=) Equity Value | 800 | 853 | 907 | ||||
| (/) Shares Outstanding | 29.2 | 29.2 | 29.2 | ||||
| Implied Value Range | 27.42 | 29.25 | 31.07 | ||||
| FX Rate: USD/DKK | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 174.65 | 186.28 | 197.90 | 204.00 | |||
| Upside / (Downside) | -14.4% | -8.7% | -3.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4FAP | OYD | KCC | KT31 | CR1 | DNORD | |
| Enterprise Value | 2,991 | 1,345 | 545 | 2,867 | 219 | 1,146 | |
| (+) Cash & Short Term Investments | 422 | 282 | 47 | 107 | 0 | 291 | |
| (+) Investments & Other | 2 | 2 | 5 | 0 | 0 | 14 | |
| (-) Debt | (1,418) | (344) | (239) | (1,445) | 0 | (516) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,996 | 1,284 | 358 | 1,529 | 219 | 934 | |
| (/) Shares Outstanding | 116.8 | 5,037.5 | 59.3 | 199.4 | 24.2 | 29.2 | |
| Implied Stock Price | 17.09 | 0.25 | 6.03 | 7.67 | 9.06 | 32.03 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.17 | 0.10 | 1.17 | 1.17 | 0.16 | |
| Implied Stock Price (Trading Cur) | 14.60 | 0.22 | 60.70 | 6.55 | 7.74 | 204.00 | |
| Trading Currency | EUR | EUR | NOK | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.17 | 1.17 | 0.10 | 1.17 | 1.17 | 0.16 | |