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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.4x - 7.1x | 6.8x |
| Selected Fwd EBIT Multiple | 19.0x - 21.0x | 20.0x |
| Fair Value | $0.30 - $0.46 | $0.38 |
| Upside | -8.0% - 43.1% | 17.6% |
| Benchmarks | Ticker | Full Ticker |
| FLEX LNG Ltd. | FLNG | OB:FLNG |
| Dynagas LNG Partners LP | DGL | DB:DGL |
| Exmar NV | EXM | ENXTBR:EXM |
| Navigator Holdings Ltd. | 1NV | DB:1NV |
| Golar LNG Limited | GOL | OTCNO:GOL |
| Awilco LNG ASA | AWLN.F | OTCPK:AWLN.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FLNG | DGL | EXM | 1NV | GOL | AWLN.F | ||
| OB:FLNG | DB:DGL | ENXTBR:EXM | DB:1NV | OTCNO:GOL | OTCPK:AWLN.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 29.2% | 5.3% | 106.7% | 35.7% | -1.0% | 129.5% | |
| 3Y CAGR | -0.6% | 6.2% | 52.1% | 35.3% | -34.8% | 2.8% | |
| Latest Twelve Months | -8.9% | 19.6% | 54.1% | 13.4% | 342.9% | -34.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 55.4% | 43.5% | 26.7% | 16.9% | 81.4% | 43.4% | |
| Prior Fiscal Year | 58.5% | 40.3% | 9.4% | 24.0% | 6.4% | 63.2% | |
| Latest Fiscal Year | 55.5% | 49.5% | 20.2% | 26.5% | 32.7% | 49.2% | |
| Latest Twelve Months | 55.5% | 49.5% | 20.2% | 26.5% | 32.7% | 49.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.99x | 3.24x | 1.65x | 2.42x | 17.91x | 3.13x | |
| EV / LTM EBITDA | 9.4x | 4.6x | 5.6x | 5.3x | 33.6x | 4.3x | |
| EV / LTM EBIT | 12.6x | 6.5x | 8.2x | 9.1x | 54.8x | 6.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.5x | 9.1x | 54.8x | ||||
| Historical EV / LTM EBIT | 6.3x | 10.9x | 25.3x | ||||
| Selected EV / LTM EBIT | 6.4x | 6.8x | 7.1x | ||||
| (x) LTM EBIT | 33 | 33 | 33 | ||||
| (=) Implied Enterprise Value | 214 | 225 | 236 | ||||
| (-) Non-shareholder Claims * | (167) | (167) | (167) | ||||
| (=) Equity Value | 47 | 58 | 69 | ||||
| (/) Shares Outstanding | 132.5 | 132.5 | 132.5 | ||||
| Implied Value Range | 0.35 | 0.44 | 0.52 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.35 | 0.44 | 0.52 | 0.32 | |||
| Upside / (Downside) | 9.8% | 36.3% | 62.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FLNG | DGL | EXM | 1NV | GOL | AWLN.F | |
| Enterprise Value | 2,524 | 516 | 572 | 1,347 | 5,558 | 210 | |
| (+) Cash & Short Term Investments | 437 | 68 | 275 | 131 | 569 | 24 | |
| (+) Investments & Other | 40 | 0 | 221 | 261 | 77 | 0 | |
| (-) Debt | (1,810) | (321) | (317) | (857) | (1,459) | (191) | |
| (-) Other Liabilities | 0 | 0 | 0 | (41) | (355) | 0 | |
| (-) Preferred Stock | 0 | (127) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,191 | 137 | 750 | 840 | 4,389 | 43 | |
| (/) Shares Outstanding | 54.1 | 47.9 | 57.5 | 69.3 | 115.9 | 132.5 | |
| Implied Stock Price | 22.01 | 2.86 | 13.04 | 12.13 | 37.86 | 0.32 | |
| FX Conversion Rate to Trading Currency | 0.09 | 1.13 | 1.13 | 1.13 | 0.09 | 1.00 | |
| Implied Stock Price (Trading Cur) | 234.50 | 2.52 | 11.50 | 10.70 | 403.29 | 0.32 | |
| Trading Currency | NOK | EUR | EUR | EUR | NOK | USD | |
| FX Rate to Reporting Currency | 0.09 | 1.13 | 1.13 | 1.13 | 0.09 | 1.00 | |