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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.5x - 2.8x | 2.6x |
| Selected Fwd Ps Multiple | 2.8x - 3.0x | 2.9x |
| Fair Value | €2.75 - €3.04 | €2.89 |
| Upside | -16.7% - -7.9% | -12.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Danaos Corporation | - | NYSE:DAC |
| Costamare Inc. | - | NYSE:CMRE |
| Matson, Inc. | - | NYSE:MATX |
| Navios Maritime Partners L.P. | - | NYSE:NMM |
| A.P. Møller - Mærsk A/S | - | OTCPK:AMKB.F |
| SITC International Holdings Company Limited | - | DB:7S8 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| DAC | CMRE | MATX | NMM | AMKB.F | 7S8 | |||
| NYSE:DAC | NYSE:CMRE | NYSE:MATX | NYSE:NMM | OTCPK:AMKB.F | DB:7S8 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 17.8% | 34.2% | 9.2% | 43.5% | 7.4% | 14.5% | ||
| 3Y CAGR | 13.7% | 38.0% | -4.5% | 23.2% | -3.5% | 0.5% | ||
| Latest Twelve Months | 4.2% | 56.4% | 8.8% | -0.5% | 15.9% | 38.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 73.2% | 31.7% | 15.9% | 34.0% | 18.4% | 33.5% | ||
| Prior Fiscal Year | 59.2% | 23.5% | 9.6% | 33.2% | 7.5% | 21.9% | ||
| Latest Fiscal Year | 49.8% | 13.9% | 13.9% | 27.5% | 11.0% | 33.6% | ||
| Latest Twelve Months | 44.6% | 15.1% | 14.3% | 23.3% | 12.1% | 38.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 2.7x | 3.6x | 5.2x | 5.1x | 3.1x | 7.3x | ||
| Price / LTM Sales | 1.7x | 0.7x | 1.0x | 1.1x | 0.6x | 3.1x | ||
| LTM P/E Ratio | 3.7x | 4.5x | 6.8x | 4.6x | 4.7x | 8.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.6x | 1.0x | 1.7x | |||||
| Historical LTM P/S Ratio | 1.5x | 2.6x | 3.7x | |||||
| Selected Price / Sales Multiple | 2.5x | 2.6x | 2.8x | |||||
| (x) LTM Sales | 3,422 | 3,422 | 3,422 | |||||
| (=) Equity Value | 8,516 | 8,964 | 9,412 | |||||
| (/) Shares Outstanding | 2,700.0 | 2,700.0 | 2,700.0 | |||||
| Implied Value Range | 3.15 | 3.32 | 3.49 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.69 | 2.83 | 2.97 | 3.30 | ||||
| Upside / (Downside) | -18.4% | -14.2% | -9.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | DAC | CMRE | MATX | NMM | AMKB.F | 7S8 | |
| Value of Common Equity | 1,713 | 1,412 | 3,379 | 1,386 | 33,445 | 10,442 | |
| (/) Shares Outstanding | 18.3 | 120.3 | 31.8 | 29.6 | 15.1 | 2,700.0 | |
| Implied Stock Price | 93.55 | 11.74 | 106.31 | 46.81 | 2,215.00 | 3.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 93.55 | 11.74 | 106.31 | 46.81 | 2,215.00 | 3.30 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |