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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Selected Fwd EBITDA Multiple | 5.3x - 5.8x | 5.6x |
| Fair Value | €1.91 - €2.15 | €2.03 |
| Upside | 17.7% - 32.7% | 25.2% |
| Benchmarks | Ticker | Full Ticker |
| Wilh. Wilhelmsen Holding ASA | WWIB | OB:WWIB |
| Höegh Autoliners ASA | HAUTO | OB:HAUTO |
| Odfjell SE | ODF | OB:ODF |
| Klaveness Combination Carriers ASA | KCC | OB:KCC |
| Wallenius Wilhelmsen ASA | WAWI | OB:WAWI |
| MPC Container Ships ASA | MP2 | DB:MP2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WWIB | HAUTO | ODF | KCC | WAWI | MP2 | ||
| OB:WWIB | OB:HAUTO | OB:ODF | OB:KCC | OB:WAWI | DB:MP2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.2% | 42.0% | 26.9% | 37.7% | 21.2% | 70.7% | |
| 3Y CAGR | 7.7% | 66.0% | 35.4% | 28.9% | 33.8% | 20.4% | |
| Latest Twelve Months | 21.9% | -6.0% | 2.9% | -21.2% | -1.5% | -33.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.2% | 33.4% | 25.1% | 37.7% | 22.3% | 49.6% | |
| Prior Fiscal Year | 11.9% | 47.3% | 31.5% | 47.0% | 30.2% | 69.5% | |
| Latest Fiscal Year | 11.4% | 47.6% | 35.1% | 45.2% | 30.5% | 60.5% | |
| Latest Twelve Months | 11.9% | 46.3% | 33.1% | 40.0% | 29.4% | 58.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.16x | 1.84x | 1.49x | 2.35x | 1.04x | 2.01x | |
| EV / LTM EBITDA | 1.4x | 4.0x | 4.5x | 5.9x | 3.5x | 3.4x | |
| EV / LTM EBIT | 1.9x | 4.6x | 5.9x | 8.4x | 4.3x | 4.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.4x | 4.0x | 5.9x | ||||
| Historical EV / LTM EBITDA | 1.3x | 2.5x | 33.1x | ||||
| Selected EV / LTM EBITDA | 3.9x | 4.1x | 4.3x | ||||
| (x) LTM EBITDA | 306 | 306 | 306 | ||||
| (=) Implied Enterprise Value | 1,192 | 1,255 | 1,317 | ||||
| (-) Non-shareholder Claims * | (212) | (212) | (212) | ||||
| (=) Equity Value | 980 | 1,043 | 1,105 | ||||
| (/) Shares Outstanding | 443.7 | 443.7 | 443.7 | ||||
| Implied Value Range | 2.21 | 2.35 | 2.49 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.91 | 2.03 | 2.15 | 1.62 | |||
| Upside / (Downside) | 17.7% | 25.2% | 32.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WWIB | HAUTO | ODF | KCC | WAWI | MP2 | |
| Enterprise Value | 83 | 2,504 | 1,798 | 604 | 5,526 | 1,045 | |
| (+) Cash & Short Term Investments | 301 | 233 | 86 | 47 | 1,666 | 220 | |
| (+) Investments & Other | 2,052 | 6 | 176 | 5 | 0 | 5 | |
| (-) Debt | (480) | (760) | (1,075) | (239) | (3,317) | (433) | |
| (-) Other Liabilities | (123) | 0 | 0 | 0 | (9) | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,833 | 1,983 | 984 | 417 | 3,866 | 833 | |
| (/) Shares Outstanding | 42.3 | 190.8 | 79.1 | 59.3 | 422.8 | 443.7 | |
| Implied Stock Price | 43.36 | 10.40 | 12.44 | 7.03 | 9.14 | 1.88 | |
| FX Conversion Rate to Trading Currency | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 1.16 | |
| Implied Stock Price (Trading Cur) | 445.50 | 106.80 | 127.80 | 72.20 | 93.95 | 1.62 | |
| Trading Currency | NOK | NOK | NOK | NOK | NOK | EUR | |
| FX Rate to Reporting Currency | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 1.16 | |