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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.3x - 8.1x | 7.7x |
| Selected Fwd P/E Multiple | 3.4x - 3.8x | 3.6x |
| Fair Value | kr245.74 - kr271.60 | kr258.67 |
| Upside | 9.7% - 21.3% | 15.5% |
| Benchmarks | - | Full Ticker |
| Star Bulk Carriers Corp. | - | DB:4FAP |
| Pacific Basin Shipping Limited | - | DB:OYD |
| Klaveness Combination Carriers ASA | - | OB:KCC |
| Golden Ocean Group Limited | - | DB:KT31 |
| Costamare Bulkers Holdings Limited | - | DUSE:CR1 |
| Dampskibsselskabet Norden A/S | - | CPSE:DNORD |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 4FAP | OYD | KCC | KT31 | CR1 | DNORD | |||
| DB:4FAP | DB:OYD | OB:KCC | DB:KT31 | DUSE:CR1 | CPSE:DNORD | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 39.3% | 167.3% | 43.1% | NM- | 53.3% | ||
| 3Y CAGR | -23.5% | -46.2% | 53.3% | -24.9% | NM- | -7.3% | ||
| Latest Twelve Months | 13.7% | 20.4% | -29.4% | -39.0% | 33.5% | -57.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 25.9% | 9.0% | 19.9% | 21.2% | -0.6% | 7.5% | ||
| Prior Fiscal Year | 18.3% | 4.8% | 30.3% | 12.7% | -22.3% | 10.8% | ||
| Latest Fiscal Year | 24.1% | 5.1% | 29.3% | 23.0% | -8.2% | 4.0% | ||
| Latest Twelve Months | 18.6% | 5.1% | 23.1% | 13.2% | -8.2% | 3.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.1x | 4.7x | 5.8x | 9.1x | -13475.7x | 6.7x | ||
| Price / LTM Sales | 1.7x | 0.5x | 1.6x | 1.9x | 0.2x | 0.3x | ||
| LTM P/E Ratio | 9.0x | 9.6x | 6.8x | 14.3x | -2.3x | 7.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -2.3x | 9.0x | 14.3x | |||||
| Historical LTM P/E Ratio | 2.7x | 5.0x | 11.1x | |||||
| Selected P/E Multiple | 7.3x | 7.7x | 8.1x | |||||
| (x) LTM Net Income | 133 | 133 | 133 | |||||
| (=) Equity Value | 972 | 1,023 | 1,074 | |||||
| (/) Shares Outstanding | 29.1 | 29.1 | 29.1 | |||||
| Implied Value Range | 33.35 | 35.11 | 36.86 | |||||
| FX Rate: USD/DKK | 0.2 | 0.2 | 0.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 212.93 | 224.13 | 235.34 | 224.00 | ||||
| Upside / (Downside) | -4.9% | 0.1% | 5.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4FAP | OYD | KCC | KT31 | CR1 | DNORD | |
| Value of Common Equity | 2,067 | 1,362 | 410 | 1,585 | 226 | 1,022 | |
| (/) Shares Outstanding | 115.6 | 5,114.2 | 59.3 | 199.4 | 24.2 | 29.1 | |
| Implied Stock Price | 17.88 | 0.27 | 6.91 | 7.95 | 9.35 | 35.09 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.17 | 0.10 | 1.17 | 1.17 | 0.16 | |
| Implied Stock Price (Trading Cur) | 15.30 | 0.23 | 70.10 | 6.80 | 8.00 | 224.00 | |
| 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 | |