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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,1x - 14,4x | 13,8x |
| Selected Fwd EBIT Multiple | 13,9x - 15,4x | 14,7x |
| Fair Value | €0,22 - €0,25 | €0,23 |
| Upside | -17,3% - -8,5% | -12,9% |
| Benchmarks | Ticker | Full Ticker |
| Dampskibsselskabet Norden A/S | DPBS.F | OTCPK:DPBS.F |
| Diana Shipping Inc. | DSX | NYSE:DSX |
| Wisdom Marine Lines Co., Limited (Cayman) | 2637 | TWSE:2637 |
| Safe Bulkers, Inc. | SB | NYSE:SB |
| Pangaea Logistics Solutions, Ltd. | PANL | NasdaqCM:PANL |
| Pacific Basin Shipping Limited | OYD | DB:OYD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DPBS.F | DSX | 2637 | SB | PANL | OYD | ||
| OTCPK:DPBS.F | NYSE:DSX | TWSE:2637 | NYSE:SB | NasdaqCM:PANL | DB:OYD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.7% | 7.6% | 13.9% | 20.5% | 8.3% | 14.2% | |
| 3Y CAGR | -22.0% | -5.2% | -10.6% | -14.6% | -15.0% | -43.9% | |
| Latest Twelve Months | -46.3% | -16.5% | -26.3% | -31.8% | -26.5% | -6.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.5% | 25.7% | 31.4% | 37.6% | 10.1% | 12.1% | |
| Prior Fiscal Year | 9.3% | 30.7% | 20.5% | 33.0% | 9.3% | 5.4% | |
| Latest Fiscal Year | 2.9% | 23.2% | 33.3% | 36.4% | 9.0% | 5.0% | |
| Latest Twelve Months | 3.0% | 22.1% | 23.3% | 27.7% | 6.3% | 4.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.39x | 2.59x | 4.51x | 3.25x | 1.25x | 0.71x | |
| EV / LTM EBITDA | 9.1x | 6.5x | 10.2x | 6.6x | 10.0x | 6.6x | |
| EV / LTM EBIT | 12.7x | 11.7x | 19.4x | 11.7x | 19.9x | 16.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.7x | 12.7x | 19.9x | ||||
| Historical EV / LTM EBIT | 2.0x | 8.7x | 51.9x | ||||
| Selected EV / LTM EBIT | 13.1x | 13.8x | 14.4x | ||||
| (x) LTM EBIT | 98 | 98 | 98 | ||||
| (=) Implied Enterprise Value | 1,276 | 1,343 | 1,411 | ||||
| (-) Non-shareholder Claims * | (15) | (15) | (15) | ||||
| (=) Equity Value | 1,262 | 1,329 | 1,396 | ||||
| (/) Shares Outstanding | 5,123.7 | 5,123.7 | 5,123.7 | ||||
| Implied Value Range | 0.25 | 0.26 | 0.27 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.21 | 0.22 | 0.23 | 0.27 | |||
| Upside / (Downside) | -22.5% | -18.4% | -14.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DPBS.F | DSX | 2637 | SB | PANL | OYD | |
| Enterprise Value | 1,295 | 582 | 2,449 | 902 | 720 | 1,643 | |
| (+) Cash & Short Term Investments | 280 | 174 | 90 | 117 | 59 | 296 | |
| (+) Investments & Other | 14 | 64 | 10 | 0 | 6 | 0 | |
| (-) Debt | (560) | (610) | (1,087) | (553) | (376) | (310) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (45) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,029 | 209 | 1,462 | 467 | 364 | 1,629 | |
| (/) Shares Outstanding | 29.0 | 109.7 | 746.4 | 102.3 | 65.2 | 5,123.7 | |
| Implied Stock Price | 35.50 | 1.91 | 1.96 | 4.56 | 5.58 | 0.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.03 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 35.50 | 1.91 | 58.90 | 4.56 | 5.58 | 0.27 | |
| Trading Currency | USD | USD | TWD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.03 | 1.00 | 1.00 | 1.18 | |