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 1 285.1 346.3 518.4 394.9 467.9 628 - -
Change - 21.46% 49.67% -23.82% 18.48% 34.23% - -
Enterprise Value (EV) 1 586 600.9 697.2 563.1 687.3 913.1 875 841.6
Change - 2.55% 16.03% -19.23% 22.04% 32.85% -4.17% -3.82%
P/E 11.7x 5.71x 5.64x 4.85x 14.1x 7.33x 9.32x 10.1x
PBR 1.04x 1.16x 1.43x 1.1x 1.28x 1.6x 1.6x 1.63x
PEG - 0x 0.2x -0.4x -0.2x 0x -0.4x -1.28x
Capitalization / Revenue 2.46x 2.1x 2.63x 2.06x 3.24x 2.48x 2.57x 2.55x
EV / Revenue 5.06x 3.65x 3.54x 2.93x 4.76x 3.61x 3.58x 3.42x
EV / EBITDA 8.73x 5.62x 5.17x 4.45x 8.62x 5.96x 6.37x 6.52x
EV / EBIT 15.3x 7.95x 6.76x 5.86x 15.3x 8.71x 10.1x 10.8x
EV / FCF -8x 6.28x 5.12x 5.22x -403x 114x 8.18x 9.15x
FCF Yield -12.5% 15.9% 19.5% 19.1% -0.25% 0.88% 12.2% 10.9%
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% 12.3% 9.99% 9.67%
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 85.79 67.51 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 10.59 10.59 10.59
Nbr of stocks (in thousands) 52,332 52,332 60,418 60,284 59,290 59,318 - -
Announcement Date 2/18/22 2/16/23 2/16/24 2/14/25 2/13/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.75x1.21x3.69x7% 16.56B
11.8x1.87x6.27x6.95% 7.97B
9.96x - - - 4.52B
10.08x2.85x8.16x8.67% 3.7B
5.31x0.82x2.44x6.84% 3.52B
6.48x3.26x5.19x13.18% 3.43B
5.1x2.57x3.45x - 2.81B
4.66x3.02x4.55x0.26% 2.65B
Average 7.52x 2.23x 4.82x 7.15% 5.64B
Weighted average by Cap. 7.88x 1.84x 4.66x 7.23%

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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