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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9,3x - 10,3x | 9,8x |
| Selected Fwd EBITDA Multiple | 2,9x - 3,2x | 3,0x |
| Fair Value | €0,46 - €0,54 | €0,50 |
| Upside | 5,3% - 25,4% | 15,3% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SBLK | GOGL | D8DU | LSH | TPMA | K2N | ||
| NasdaqGS:SBLK | NasdaqGS:GOGL | SGX:D8DU | NasdaqCM:LSH | IDX:TPMA | DB:K2N | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 20.3% | 15.1% | NM- | NM- | 21.9% | 33.8% | |
| 3Y CAGR | -17.1% | -11.9% | NM- | NM- | 47.9% | 10.0% | |
| Latest Twelve Months | 12.0% | -17.4% | NM | -1284.1% | -129.7% | 98.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 44.3% | 41.4% | 0.0% | -5.6% | 47.4% | 13.7% | |
| Prior Fiscal Year | 35.3% | 36.7% | NA | 3.2% | 46.6% | 11.1% | |
| Latest Fiscal Year | 39.9% | 44.7% | NA | -1.5% | 45.3% | 20.1% | |
| Latest Twelve Months | 35.2% | 37.8% | NA | -27.4% | -37.3% | 20.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.60x | 3.61x | 5.20x | 0.88x | 1.67x | 1.83x | |
| EV / LTM EBITDA | 7.4x | 9.6x | NA | -3.2x | 3.6x | 9.1x | |
| EV / LTM EBIT | 12.4x | 16.5x | 13.4x | -3.0x | 5.9x | 11.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.2x | 5.5x | 9.6x | ||||
| Historical EV / LTM EBITDA | 9.1x | 11.2x | 13.4x | ||||
| Selected EV / LTM EBITDA | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBITDA | 57 | 57 | 57 | ||||
| (=) Implied Enterprise Value | 530 | 558 | 586 | ||||
| (-) Non-shareholder Claims * | (242) | (242) | (242) | ||||
| (=) Equity Value | 289 | 316 | 344 | ||||
| (/) Shares Outstanding | 556.3 | 556.3 | 556.3 | ||||
| Implied Value Range | 0.52 | 0.57 | 0.62 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.45 | 0.49 | 0.53 | 0.43 | |||
| Upside / (Downside) | 2.7% | 12.6% | 22.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBLK | GOGL | D8DU | LSH | TPMA | K2N | |
| Enterprise Value | 3,227 | 3,113 | 38 | 14 | 206 | 523 | |
| (+) Cash & Short Term Investments | 422 | 107 | 20 | 1 | 15 | 67 | |
| (+) Investments & Other | 2 | 0 | 0 | 0 | 16 | 19 | |
| (-) Debt | (1,418) | (1,445) | (2) | (6) | (94) | (322) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (18) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,232 | 1,775 | 56 | 10 | 124 | 281 | |
| (/) Shares Outstanding | 115.6 | 199.4 | 1,768.1 | 12.0 | 3,496.5 | 556.3 | |
| Implied Stock Price | 19.31 | 8.90 | 0.03 | 0.84 | 0.04 | 0.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.78 | 1.00 | 0.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 19.31 | 8.90 | 0.04 | 0.84 | 580.00 | 0.43 | |
| Trading Currency | USD | USD | SGD | USD | IDR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.78 | 1.00 | 0.00 | 1.16 | |