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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.0x |
| Fair Value | $9.54 - $10.70 | $10.12 |
| Upside | -17.2% - -7.2% | -12.2% |
| Benchmarks | Ticker | Full Ticker |
| Teekay Tankers Ltd. | TNK | NYSE:TNK |
| Nordic American Tankers Limited | NAT | NYSE:NAT |
| Ardmore Shipping Corporation | ASC | NYSE:ASC |
| International Seaways, Inc. | INSW | NYSE:INSW |
| Teekay Corporation Ltd. | TK | NYSE:TK |
| DHT Holdings, Inc. | DHT | NYSE:DHT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TNK | NAT | ASC | INSW | TK | DHT | ||
| NYSE:TNK | NYSE:NAT | NYSE:ASC | NYSE:INSW | NYSE:TK | NYSE:DHT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.0% | 6.8% | 26.7% | 35.4% | 14.4% | 2.2% | |
| 3Y CAGR | NM- | NM- | 137.9% | 403.8% | NM- | 31.7% | |
| Latest Twelve Months | -48.3% | -25.6% | -50.7% | -41.2% | -48.6% | -3.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 25.8% | 26.5% | 29.5% | 45.3% | 10.5% | 47.9% | |
| Prior Fiscal Year | 41.2% | 45.8% | 39.4% | 63.4% | 40.4% | 52.0% | |
| Latest Fiscal Year | 34.0% | 38.2% | 39.1% | 55.9% | 33.0% | 49.7% | |
| Latest Twelve Months | 26.0% | 33.9% | 26.4% | 46.1% | 24.9% | 50.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.95x | 2.67x | 1.44x | 3.25x | 1.10x | 3.73x | |
| EV / LTM EBITDA | 3.6x | 7.9x | 5.5x | 7.1x | 4.4x | 7.4x | |
| EV / LTM EBIT | 5.0x | 15.7x | 8.6x | 10.5x | 6.1x | 11.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.6x | 5.5x | 7.9x | ||||
| Historical EV / LTM EBITDA | 2.7x | 6.2x | 13.7x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.3x | 6.6x | ||||
| (x) LTM EBITDA | 283 | 283 | 283 | ||||
| (=) Implied Enterprise Value | 1,699 | 1,789 | 1,878 | ||||
| (-) Non-shareholder Claims * | (226) | (226) | (226) | ||||
| (=) Equity Value | 1,473 | 1,563 | 1,652 | ||||
| (/) Shares Outstanding | 160.8 | 160.8 | 160.8 | ||||
| Implied Value Range | 9.16 | 9.72 | 10.27 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.16 | 9.72 | 10.27 | 11.53 | |||
| Upside / (Downside) | -20.5% | -15.7% | -10.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TNK | NAT | ASC | INSW | TK | DHT | |
| Enterprise Value | 947 | 875 | 467 | 2,600 | 1,088 | 2,080 | |
| (+) Cash & Short Term Investments | 731 | 103 | 49 | 150 | 931 | 83 | |
| (+) Investments & Other | 17 | 0 | 5 | 0 | 17 | 0 | |
| (-) Debt | (50) | (340) | (29) | (562) | (53) | (308) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (1,299) | (0) | |
| (-) Preferred Stock | 0 | 0 | (28) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,645 | 637 | 466 | 2,188 | 685 | 1,854 | |
| (/) Shares Outstanding | 34.5 | 211.8 | 40.6 | 49.4 | 85.3 | 160.8 | |
| Implied Stock Price | 47.63 | 3.01 | 11.46 | 44.33 | 8.03 | 11.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47.63 | 3.01 | 11.46 | 44.33 | 8.03 | 11.53 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |