Company Valuation: Dolphin Drilling ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,603 1,862 1,080 430 874.5 - -
Change - 16.15% -42.01% -60.19% 103.4% - -
Enterprise Value (EV) 1 1,236 1,663 1,587 961.9 1,309 1,522 1,275
Change - 34.48% -4.54% -39.4% 36.05% 16.33% -16.27%
P/E -2.42x -13.9x -1.48x -0.2x -23.2x 11.6x 4.63x
PBR 1.93x 1.26x - - 0x 1.16x 1.16x
PEG - 0.2x -0x 0x 0.2x -0x 0x
Capitalization / Revenue 7.33x 2.48x 1.04x 0.25x 0.59x 0.48x 0.45x
EV / Revenue 5.65x 2.22x 1.54x 0.57x 0.89x 0.83x 0.65x
EV / EBITDA -2.19x -19.8x -4.18x 7.25x 9.77x 3.22x 2.02x
EV / EBIT -1.92x 29.3x -2.59x -10.7x -11.9x 6.61x 3.32x
EV / FCF -1.99x -2.55x -1.79x -1.7x -3.65x -8.39x 3.86x
FCF Yield -50.2% -39.3% -55.7% -58.8% -27.4% -11.9% 25.9%
Dividend per Share 3 - - - - - - -
Rate of return - - - - - - -
EPS 3 -162 -18 -66 -1.37 -0.01 0.02 0.05
Distribution rate - - - - - - -
Net sales 1 218.7 749.8 1,034 1,696 1,471 1,827 1,960
EBITDA 1 -563.9 -84.13 -380.1 132.7 133.9 473.4 631.2
EBIT 1 -642.7 56.78 -613.5 -89.74 -109.8 230.4 384
Net income 1 -699.7 -75.71 -662.4 -517.4 -276.6 90.94 253.6
Net Debt 1 -367.1 -199.8 507.2 531.9 434.1 647.8 400.1
Reference price 3 392.7515 250.5841 97.5998 0.2690 0.2315 0.2315 0.2315
Nbr of stocks (in thousands) 414 733 973 159,241 406,758 - -
Announcement Date 2/28/23 2/26/24 2/25/25 2/27/26 - - -
1USD in Million2NOK in Million3USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.57x5.48x12.38x4.26% 25.69B
7.05x0.85x3.32x4.73% 7.26B
69.9x3.06x9.89x4.42% 7.23B
18.13x2.67x7.59x-.--% 6.33B
25.86x2.85x12.47x-.--% 5.81B
22.74x3.91x8.19x2.76% 5.29B
15.87x0.54x5.25x2.84% 4.99B
-257x1.17x6.04x3.11% 4.9B
-65.79x1.48x6.65x2.32% 4.4B
Average -16.19x 2.44x 7.98x 2.71% 7.99B
Weighted average by Cap. -1.07x 3.31x 9.22x 3.2%

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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