Valuation Norden

Equities

Market Closed - Nasdaq Copenhagen Other stock markets 11:20:00 2025-12-12 EST			5-day change	1st Jan Change
256.80 ^DKK	-3.89%		-1.46%	+20.90%

10-31	Kepler Withdraws Buy Recommendation for D/S Norden	FW
10-31	Kepler Cheuvreux Downgrades D/S Norden to Hold (Buy), Raises Target Price to 278 Danish Kroner (274)	FW

Data adjusted to current consolidation scope

Fiscal Period: December	2019	2020	2021	2022	2023	2024
Capitalization ¹	630.3	685.6	932.5	2,029	1,504	885.8
Change	-	8.77%	36.01%	117.57%	-25.86%	-41.11%
Enterprise Value (EV) ¹	1,055	1,029	1,584	2,001	1,549	1,149
Change	-	-2.41%	53.88%	26.34%	-22.62%	-25.77%
P/E ratio	33.4x	8.16x	4.68x	2.85x	3.87x	5.58x
PBR	0.73x	0.76x	0.94x	1.52x	1.25x	0.68x
PEG	-	0x	0x	0x	-0.1x	-0.1x
Capitalization / Revenue	0.24x	0.26x	0.26x	0.38x	0.41x	0.22x
EV / Revenue	0.41x	0.4x	0.45x	0.38x	0.42x	0.28x
EV / EBITDA	10x	5.46x	5.38x	2.68x	4.03x	7.04x
EV / EBIT	17.6x	7.35x	6.31x	2.79x	4.49x	9.65x
EV / FCF	45.2x	5.31x	-53x	3.24x	8.67x	-6.38x
FCF Yield	2.21%	18.8%	-1.89%	30.9%	11.5%	-15.7%
Dividend per Share ²	0.3754	1.479	2.753	12.93	6.673	1.111
Rate of return	2.34%	8.17%	10.9%	21.5%	14%	3.76%
EPS ²	0.48	2.218	5.42	21.1	12.3	5.3
Distribution rate	78.2%	66.7%	50.8%	61.3%	54.3%	21%
Net sales ¹	2,584	2,598	3,552	5,312	3,692	4,040
EBITDA ¹	105.4	188.7	294.5	748	384.3	163.3
EBIT ¹	60	140.1	251.1	718.3	345.2	119.1
Net income ¹	19.2	86	204.5	743.5	400.1	162.7
Net Debt ¹	424.5	343.8	651.6	-27.5	44.6	263.7
Reference price ²	16.02	18.10	25.34	60.06	47.60	29.56
Nbr of stocks (in thousands)	39,339	37,883	36,796	33,780	31,596	29,967
Announcement Date	3/4/20	3/4/21	3/3/22	2/10/23	2/8/24	2/5/25

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	-	-	-	-	1.21B
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	6.47x	0.85x	2.72x	10.08%	12.52B
WALLENIUS WILHELMSEN ASA	4.25x	1.15x	3.28x	16.58%	4.49B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	10x	-	-	-	2.72B
ZIM INTEGRATED SHIPPING SERVICES LTD.	6.98x	0.77x	2.56x	5.54%	2.39B
STAR BULK CARRIERS CORP.	18.64x	3.23x	8.41x	3.12%	2.12B
HÖEGH AUTOLINERS ASA	3.71x	1.72x	4.06x	23.05%	1.82B
DANAOS CORPORATION	3.49x	1.73x	2.36x	3.62%	1.72B
Average	7.65x	1.57x	3.90x	10.33%	3.62B
Weighted average by Cap.	7.06x	1.22x	3.36x	10.73%