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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.8x - 0.9x | 0.9x |
| Selected Fwd Ps Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | €0.35 - €0.39 | €0.37 |
| Upside | -23.2% - -15.1% | -19.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Star Bulk Carriers Corp. | - | NasdaqGS:SBLK |
| Golden Ocean Group Limited | - | NasdaqGS:GOGL |
| Xin Yuan Enterprises Group Limited | 174,800.0% | SEHK:1748 |
| Wisdom Marine Lines Co., Limited (Cayman) | 263,700.0% | TWSE:2637 |
| Performance Shipping Inc. | - | NasdaqCM:PSHG |
| Seacon Shipping Group Holdings Limited | - | DB:K2N |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| SBLK | GOGL | 1748 | 2637 | PSHG | K2N | |||
| NasdaqGS:SBLK | NasdaqGS:GOGL | SEHK:1748 | TWSE:2637 | NasdaqCM:PSHG | DB:K2N | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 9.0% | 6.6% | 6.6% | 7.2% | 69.2% | 15.8% | ||
| 3Y CAGR | -3.9% | -6.9% | 1.7% | -2.6% | 33.8% | -8.9% | ||
| Latest Twelve Months | 33.3% | 9.3% | -3.0% | 16.3% | -19.7% | 8.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 24.9% | 19.7% | 13.4% | 26.1% | 4.8% | 13.5% | ||
| Prior Fiscal Year | 18.3% | 12.7% | 17.0% | 19.2% | 52.3% | 8.2% | ||
| Latest Fiscal Year | 24.1% | 23.0% | 14.4% | 29.6% | 47.9% | 24.9% | ||
| Latest Twelve Months | 24.1% | 23.0% | 23.1% | 29.6% | 47.9% | 24.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.2x | 6.0x | 4.9x | 7.1x | -0.1x | 9.6x | ||
| Price / LTM Sales | 1.3x | 1.5x | 2.0x | 2.2x | 0.2x | 1.0x | ||
| LTM P/E Ratio | 5.2x | 6.4x | 8.8x | 7.3x | 0.4x | 4.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 1.5x | 2.2x | |||||
| Historical LTM P/S Ratio | 0.0x | 0.8x | 1.0x | |||||
| Selected Price / Sales Multiple | 0.8x | 0.9x | 0.9x | |||||
| (x) LTM Sales | 282 | 282 | 282 | |||||
| (=) Equity Value | 231 | 243 | 255 | |||||
| (/) Shares Outstanding | 556.3 | 556.3 | 556.3 | |||||
| Implied Value Range | 0.42 | 0.44 | 0.46 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.36 | 0.38 | 0.40 | 0.46 | ||||
| Upside / (Downside) | -21.5% | -17.3% | -13.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBLK | GOGL | 1748 | 2637 | PSHG | K2N | |
| Value of Common Equity | 1,587 | 1,420 | 120 | 1,377 | 17 | 294 | |
| (/) Shares Outstanding | 116.7 | 199.4 | 528.0 | 746.4 | 12.4 | 556.3 | |
| Implied Stock Price | 13.59 | 7.12 | 0.23 | 1.85 | 1.37 | 0.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.13 | 0.03 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 13.59 | 7.12 | 1.76 | 60.00 | 1.37 | 0.46 | |
| Trading Currency | USD | USD | HKD | TWD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.13 | 0.03 | 1.00 | 1.15 | |