Company Valuation: Klaveness Combination Carriers ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 285.1 346.3 518.4 394.9 467.9 659.2 - -
Change - 21.46% 49.67% -23.82% 18.48% 40.88% - -
Enterprise Value (EV) 1 586 600.9 697.2 563.1 687.3 944.2 906.1 872.7
Change - 2.55% 16.03% -19.23% 22.04% 37.38% -4.03% -3.69%
P/E 11.7x 5.71x 5.64x 4.85x 14.1x 7.69x 9.78x 10.6x
PBR 1.04x 1.16x 1.43x 1.1x 1.28x 1.68x 1.68x 1.71x
PEG - 0x 0.2x -0.4x -0.2x 0x -0.5x -1.34x
Capitalization / Revenue 2.46x 2.1x 2.63x 2.06x 3.24x 2.6x 2.7x 2.68x
EV / Revenue 5.06x 3.65x 3.54x 2.93x 4.76x 3.73x 3.71x 3.55x
EV / EBITDA 8.73x 5.62x 5.17x 4.45x 8.62x 6.16x 6.59x 6.77x
EV / EBIT 15.3x 7.95x 6.76x 5.86x 15.3x 9.01x 10.5x 11.2x
EV / FCF -8x 6.28x 5.12x 5.22x -403x 118x 8.47x 9.49x
FCF Yield -12.5% 15.9% 19.5% 19.1% -0.25% 0.85% 11.8% 10.5%
Dividend per Share 2 0.22 0.81 1.25 1.05 0.285 1.308 1.058 1.023
Rate of return 4.04% 12.2% 14.6% 16% 3.61% 11.8% 9.52% 9.21%
EPS 2 0.464 1.16 1.52 1.35 0.56 1.444 1.137 1.047
Distribution rate 47.4% 69.8% 82.2% 77.8% 50.9% 90.5% 93% 97.8%
Net sales 1 115.9 164.6 196.8 191.9 144.4 253.1 244.1 246.1
EBITDA 1 67.1 107 134.9 126.5 79.77 153.2 137.4 129
EBIT 1 38.4 75.61 103.1 96.07 45.02 104.8 86.5 78.11
Net income 1 22.6 60.87 86.9 81.41 33.41 85.84 67.49 61.91
Net Debt 1 300.8 254.6 178.9 168.2 219.4 285 246.9 213.5
Reference price 2 5.45 6.62 8.58 6.55 7.89 11.11 11.11 11.11
Nbr of stocks (in thousands) 52,332 52,332 60,418 60,284 59,290 59,318 - -
Announcement Date 2/18/22 A 2/16/23 A 2/16/24 A 2/14/25 A 2/13/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.51x1.17x3.56x7.25% 16.05B
11.55x1.84x6.19x7.1% 7.8B
46.55x18.13x24.83x1.89% 5.4B
10.14x - - - 4.6B
10.05x2.85x8.14x8.7% 3.69B
5.68x0.83x2.46x6.75% 3.56B
7.23x3.46x5.55x12.18% 3.48B
5.27x2.66x3.57x - 2.9B
Average 12.87x 4.42x 7.76x 7.31% 5.94B
Weighted average by Cap. 12.43x 3.83x 7.18x 7.02%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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