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 1 285.1 346.3 518.4 394.9 467.9 670.4 - -
Change - 21.46% 49.67% -23.82% 18.48% 43.29% - -
Enterprise Value (EV) 1 586 600.9 697.2 563.1 687.3 953.7 929.7 901.8
Change - 2.55% 16.03% -19.23% 22.04% 38.77% -2.52% -3.01%
P/E 11.7x 5.71x 5.64x 4.85x 14.1x 7.78x 10x 11x
PBR 1.04x 1.16x 1.43x 1.1x 1.28x 1.7x 1.7x 1.73x
PEG - 0x 0.2x -0.4x -0.2x 0x -0.4x -1.23x
Capitalization / Revenue 2.46x 2.1x 2.63x 2.06x 3.24x 2.64x 2.77x 2.75x
EV / Revenue 5.06x 3.65x 3.54x 2.93x 4.76x 3.76x 3.84x 3.7x
EV / EBITDA 8.73x 5.62x 5.17x 4.45x 8.62x 6.24x 6.86x 7.13x
EV / EBIT 15.3x 7.95x 6.76x 5.86x 15.3x 9.06x 10.9x 11.8x
EV / FCF -8x 6.28x 5.12x 5.22x -403x 119x 8.69x 9.8x
FCF Yield -12.5% 15.9% 19.5% 19.1% -0.25% 0.84% 11.5% 10.2%
Dividend per Share 2 0.22 0.81 1.25 1.05 0.285 1.308 1.032 1.023
Rate of return 4.04% 12.2% 14.6% 16% 3.61% 11.6% 9.14% 9.05%
EPS 2 0.464 1.16 1.52 1.35 0.56 1.453 1.126 1.025
Distribution rate 47.4% 69.8% 82.2% 77.8% 50.9% 90% 91.7% 99.8%
Net sales 1 115.9 164.6 196.8 191.9 144.4 253.9 242.2 243.5
EBITDA 1 67.1 107 134.9 126.5 79.77 152.8 135.6 126.5
EBIT 1 38.4 75.61 103.1 96.07 45.02 105.2 85.34 76.14
Net income 1 22.6 60.87 86.9 81.41 33.41 86.33 66.84 60.63
Net Debt 1 300.8 254.6 178.9 168.2 219.4 283.3 259.3 231.3
Reference price 2 5.45 6.62 8.58 6.55 7.89 11.30 11.30 11.30
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.($)
7.78x3.76x6.24x11.57% 670M
6.03x1.15x3.29x7.42% 15.98B
10.66x1.73x5.8x7.7% 7.27B
47.46x18.21x25.17x1.88% 5.42B
10.06x - - - 4.56B
9.42x2.71x7.78x9.26% 3.45B
7.38x3.53x5.66x11.93% 3.55B
5.38x0.8x2.38x7.12% 3.38B
5.07x2.56x3.43x - 2.79B
Average 12.14x 4.31x 7.47x 8.13% 5.23B
Weighted average by Cap. 12.18x 3.86x 7.05x 7.32%

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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