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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,6x - 12,9x | 12,3x |
| Selected Fwd EBIT Multiple | 3,2x - 3,5x | 3,3x |
| Fair Value | €0,44 - €0,53 | €0,49 |
| Upside | 6,2% - 26,7% | 16,4% |
| Benchmarks | Ticker | Full Ticker |
| Star Bulk Carriers Corp. | SBLK | NasdaqGS:SBLK |
| Golden Ocean Group Limited | GOGL | NasdaqGS:GOGL |
| First Ship Lease Trust | D8DU | SGX:D8DU |
| Lakeside Holding Limited | LSH | NasdaqCM:LSH |
| PT Trans Power Marine Tbk | TPMA | IDX:TPMA |
| Seacon Shipping Group Holdings Limited | K2N | DB:K2N |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SBLK | GOGL | D8DU | LSH | TPMA | K2N | ||
| NasdaqGS:SBLK | NasdaqGS:GOGL | SGX:D8DU | NasdaqCM:LSH | IDX:TPMA | DB:K2N | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 34.2% | 23.8% | -30.6% | NM- | 26.3% | 31.1% | |
| 3Y CAGR | -22.6% | -16.8% | 53.3% | NM- | 83.4% | 3.4% | |
| Latest Twelve Months | 2.7% | -26.4% | 1.8% | -2451.6% | -13.8% | 114.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 30.5% | 27.3% | 27.5% | -6.7% | 22.5% | 11.3% | |
| Prior Fiscal Year | 20.7% | 21.6% | 40.6% | 1.9% | 32.1% | 8.1% | |
| Latest Fiscal Year | 26.9% | 30.2% | 41.6% | -2.5% | 28.6% | 15.8% | |
| Latest Twelve Months | 21.0% | 21.9% | 41.6% | -29.0% | 28.4% | 15.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.56x | 3.55x | 5.31x | 0.81x | 1.73x | 1.81x | |
| EV / LTM EBITDA | 7.3x | 9.4x | NA | -2.9x | 3.8x | 9.0x | |
| EV / LTM EBIT | 12.2x | 16.2x | 12.8x | -2.8x | 6.1x | 11.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.8x | 12.2x | 16.2x | ||||
| Historical EV / LTM EBIT | 11.4x | 17.2x | 22.9x | ||||
| Selected EV / LTM EBIT | 11.6x | 12.3x | 12.9x | ||||
| (x) LTM EBIT | 45 | 45 | 45 | ||||
| (=) Implied Enterprise Value | 520 | 548 | 575 | ||||
| (-) Non-shareholder Claims * | (242) | (242) | (242) | ||||
| (=) Equity Value | 279 | 306 | 333 | ||||
| (/) Shares Outstanding | 556.3 | 556.3 | 556.3 | ||||
| Implied Value Range | 0.50 | 0.55 | 0.60 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.43 | 0.47 | 0.51 | 0.42 | |||
| Upside / (Downside) | 2.0% | 12.1% | 22.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBLK | GOGL | D8DU | LSH | TPMA | K2N | |
| Enterprise Value | 3,168 | 3,067 | 46 | 13 | 201 | 515 | |
| (+) Cash & Short Term Investments | 422 | 107 | 15 | 1 | 22 | 67 | |
| (+) Investments & Other | 2 | 0 | 0 | 0 | 15 | 19 | |
| (-) Debt | (1,418) | (1,445) | (5) | (6) | (89) | (322) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (19) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,173 | 1,729 | 55 | 9 | 129 | 273 | |
| (/) Shares Outstanding | 115.6 | 199.4 | 1,768.1 | 10.5 | 3,496.5 | 556.3 | |
| Implied Stock Price | 18.80 | 8.67 | 0.03 | 0.84 | 0.04 | 0.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.78 | 1.00 | 0.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 18.80 | 8.67 | 0.04 | 0.84 | 605.00 | 0.42 | |
| Trading Currency | USD | USD | SGD | USD | IDR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.78 | 1.00 | 0.00 | 1.17 | |