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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | kr15,240 - kr16,652 | kr15,946 |
| Upside | 18.6% - 29.6% | 24.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ZIM Integrated Shipping Services Ltd. | 2SV | DB:2SV |
| Matson, Inc. | 68M | DB:68M |
| Danaos Corporation | DVW1 | DB:DVW1 |
| Costamare Inc. | LCM | DB:LCM |
| SITC International Holdings Company Limited | 7S8 | DB:7S8 |
| A.P. Møller - Mærsk A/S | MAERSK B | CPSE:MAERSKB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 2SV | 68M | DVW1 | LCM | 7S8 | MAERSK B | |||
| DB:2SV | DB:68M | DB:DVW1 | DB:LCM | DB:7S8 | CPSE:MAERSKB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 20.6% | 9.2% | 17.8% | 34.2% | 14.5% | 7.4% | ||
| 3Y CAGR | -7.7% | -4.5% | 13.7% | 38.0% | 0.5% | -3.5% | ||
| Latest Twelve Months | 63.3% | 11.9% | 3.1% | 18.2% | 25.9% | 14.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 26.6% | 18.7% | 53.5% | 37.0% | 29.8% | 19.0% | ||
| Prior Fiscal Year | -8.7% | 11.2% | 59.4% | 23.6% | 19.9% | 6.7% | ||
| Latest Fiscal Year | 29.5% | 16.4% | 52.4% | 22.3% | 32.6% | 10.8% | ||
| Latest Twelve Months | 29.5% | 17.2% | 50.4% | 22.9% | 32.6% | 12.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.60x | 1.22x | 1.88x | 1.15x | 2.56x | 0.44x | ||
| EV / LTM EBIT | 2.0x | 7.1x | 3.7x | 5.0x | 7.9x | 3.5x | ||
| Price / LTM Sales | 0.26x | 1.08x | 1.59x | 0.51x | 2.68x | 0.52x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.60x | 1.22x | 2.56x | |||||
| Historical EV / LTM Revenue | 0.39x | 0.41x | 1.42x | |||||
| Selected EV / LTM Revenue | 0.56x | 0.59x | 0.62x | |||||
| (x) LTM Revenue | 56,448 | 56,448 | 56,448 | |||||
| (=) Implied Enterprise Value | 31,555 | 33,216 | 34,877 | |||||
| (-) Non-shareholder Claims * | 4,228 | 4,228 | 4,228 | |||||
| (=) Equity Value | 35,783 | 37,444 | 39,105 | |||||
| (/) Shares Outstanding | 15.4 | 15.4 | 15.4 | |||||
| Implied Value Range | 2,327.95 | 2,436.00 | 2,544.05 | |||||
| FX Rate: USD/DKK | 0.2 | 0.2 | 0.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15,399.33 | 16,114.05 | 16,828.78 | 12,845.00 | ||||
| Upside / (Downside) | 19.9% | 25.5% | 31.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 2SV | 68M | DVW1 | LCM | 7S8 | MAERSK B | |
| Enterprise Value | 5,063 | 4,288 | 1,921 | 2,347 | 7,607 | 25,620 | |
| (+) Cash & Short Term Investments | 2,115 | 122 | 481 | 817 | 769 | 22,313 | |
| (+) Investments & Other | 1,106 | 91 | 0 | 215 | 75 | 0 | |
| (-) Debt | (6,030) | (706) | (770) | (2,278) | (389) | (17,039) | |
| (-) Other Liabilities | (6) | 0 | 0 | (57) | (17) | (1,046) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,249 | 3,795 | 1,632 | 1,044 | 8,045 | 29,848 | |
| (/) Shares Outstanding | 120.5 | 32.6 | 18.7 | 120.1 | 2,700.0 | 15.4 | |
| Implied Stock Price | 18.67 | 116.25 | 87.42 | 8.69 | 2.98 | 1,941.81 | |
| FX Conversion Rate to Trading Currency | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 0.15 | |
| Implied Stock Price (Trading Cur) | 16.54 | 103.00 | 77.45 | 7.70 | 2.64 | 12,845.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 0.15 | |