Valuation Norden

Stocks

Market Closed - Nasdaq Copenhagen 11:20:00 2026-10-02 EDT			5-day change	1st Jan Change
397.00 ^DKK	+2.27%		+6.26%	+57.54%

08-20	Clarksons Platou Securities upgrades D/S Norden to buy (neutral), target price DKK 400 - BN	FW
08-13	D/s Norden: Tankers strong, sequential Dry Operator improvement

Data adjusted to current consolidation scope

Fiscal Period: December	2020	2021	2022	2023	2024	2025
Market Cap ¹	685.6	932.5	2,029	1,504	885.8	1,138
Change	-	36.01%	117.57%	-25.86%	-41.11%	28.43%
Enterprise Value (EV) ¹	1,029	1,584	2,001	1,549	1,149	1,519
Change	-	53.88%	26.34%	-22.62%	-25.77%	32.18%
P/E	8.16x	4.68x	2.85x	3.87x	5.58x	9.68x
PBR	0.76x	0.94x	1.52x	1.25x	0.68x	0.89x
PEG	-	0x	0x	-0.1x	-0.1x	-0.4x
Capitalization / Revenue	0.26x	0.26x	0.38x	0.41x	0.22x	0.36x
EV / Revenue	0.4x	0.45x	0.38x	0.42x	0.28x	0.49x
EV / EBITDA	5.46x	5.38x	2.68x	4.03x	7.04x	11.6x
EV / EBIT	7.35x	6.31x	2.79x	4.49x	9.65x	17.2x
EV / FCF	5.31x	-53x	3.24x	8.67x	-6.38x	-6.55x
FCF Yield	18.8%	-1.89%	30.9%	11.5%	-15.7%	-15.3%
Dividend per Share ²	1.479	2.753	12.93	6.673	1.111	1.258
Rate of return	8.17%	10.9%	21.5%	14%	3.76%	3.17%
EPS ²	2.218	5.42	21.1	12.3	5.3	4.1
Distribution rate	66.7%	50.8%	61.3%	54.3%	21%	30.7%
Net sales ¹	2,598	3,552	5,312	3,692	4,040	3,126
EBITDA ¹	188.7	294.5	748	384.3	163.3	130.5
EBIT ¹	140.1	251.1	718.3	345.2	119.1	88.2
Net income ¹	86	204.5	743.5	400.1	162.7	120.3
Net Debt ¹	343.8	651.6	-27.5	44.6	263.7	381.7
Reference price ²	18.10	25.34	60.06	47.60	29.56	39.69
Nbr of stocks (in thousands)	37,883	36,796	33,780	31,596	29,967	28,663
Announcement Date	3/4/21	3/3/22	2/10/23	2/8/24	2/5/25	2/4/26

¹USD in Million²USD

Estimates

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
NORDEN	-	-	-	-	1.65B
AP MOLLER MAERSK	8x	0.75x	3.59x	4.76%	51.55B
COSCO SHIPPING HOLDINGS CO., LTD.	7.41x	0.6x	2.46x	7.37%	35.95B
HAPAG-LLOYD AG	33.22x	1.37x	7.43x	1.79%	27.93B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	9.93x	4.29x	8x	3.96%	24.27B
NIPPON YUSEN KABUSHIKI KAISHA	10.7x	1.43x	10.38x	4.12%	18.27B
SITC INTERNATIONAL HOLDINGS COMPANY LIMITED	12.39x	4.15x	10.42x	6.62%	16.52B
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	6.5x	1.2x	3.64x	7.09%	16.31B
MITSUI O.S.K. LINES, LTD.	8.81x	2.1x	13.69x	2.87%	15.55B
HMM CO.,LTD	10.91x	0.87x	3.78x	3.07%	15.06B
Average	11.99x	1.86x	7.04x	4.63%	22.31B
Weighted average by Cap.	11.99x	1.64x	6.17x	4.73%