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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 4.0x - 4.5x | 4.2x |
Selected Fwd EBITDA Multiple | 5.0x - 5.5x | 5.3x |
Fair Value | kr13.43 - kr16.19 | kr14.81 |
Upside | -9.5% - 9.1% | -0.2% |
Benchmarks | Ticker | Full Ticker |
Dolphin Drilling AS | DDRIL | OB:DDRIL |
Aquila Holdings ASA | AQUIL | OB:AQUIL |
DOF Group ASA | DOFG | OB:DOFG |
Electromagnetic Geoservices ASA | EMGS | OB:EMGS |
Prosafe SE | PRS | OB:PRS |
Deep Value Driller AS | DVD | OB:DVD |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
DDRIL | AQUIL | DOFG | EMGS | PRS | DVD | ||
OB:DDRIL | OB:AQUIL | OB:DOFG | OB:EMGS | OB:PRS | OB:DVD | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 17.1% | -21.7% | -24.5% | NM- | |
3Y CAGR | NM- | NM- | 29.1% | -11.5% | 0.4% | NM- | |
Latest Twelve Months | 20.0% | -1271.5% | -88.3% | 649.4% | 288.9% | 687.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -83.6% | -1009.7% | 29.1% | 19.9% | 9.5% | -189.0% | |
Prior Fiscal Year | -60.7% | -3.5% | 30.8% | -24.2% | -13.1% | -69.4% | |
Latest Fiscal Year | -38.4% | -177.9% | 30.9% | 43.0% | 17.0% | 89.7% | |
Latest Twelve Months | -38.4% | -177.9% | 30.9% | 43.0% | 17.0% | 89.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.19x | 3.70x | 2.32x | 1.59x | 2.98x | 4.13x | |
EV / LTM EBITDA | -3.1x | -2.1x | 7.5x | 3.7x | 17.5x | 4.6x | |
EV / LTM EBIT | -1.9x | -0.8x | 12.0x | 7.0x | -45.3x | 6.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -3.1x | 3.7x | 17.5x | ||||
Historical EV / LTM EBITDA | -13.3x | -12.7x | 4.6x | ||||
Selected EV / LTM EBITDA | 4.0x | 4.2x | 4.5x | ||||
(x) LTM EBITDA | 52 | 52 | 52 | ||||
(=) Implied Enterprise Value | 208 | 219 | 230 | ||||
(-) Non-shareholder Claims * | (106) | (106) | (106) | ||||
(=) Equity Value | 102 | 113 | 124 | ||||
(/) Shares Outstanding | 86.4 | 86.4 | 86.4 | ||||
Implied Value Range | 1.18 | 1.31 | 1.43 | ||||
FX Rate: USD/NOK | 0.1 | 0.1 | 0.1 | Market Price | |||
Implied Value Range (Trading Cur) | 12.34 | 13.66 | 14.98 | 14.84 | |||
Upside / (Downside) | -16.9% | -8.0% | 0.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DDRIL | AQUIL | DOFG | EMGS | PRS | DVD | |
Enterprise Value | 107 | 8 | 3,113 | 38 | 384 | 228 | |
(+) Cash & Short Term Investments | 34 | 1 | 419 | 9 | 45 | 12 | |
(+) Investments & Other | 0 | 6 | 311 | 0 | 0 | 0 | |
(-) Debt | (80) | 0 | (1,657) | (22) | (416) | (118) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 61 | 15 | 2,186 | 25 | 13 | 123 | |
(/) Shares Outstanding | 291.9 | 215.8 | 246.3 | 131.0 | 17.9 | 86.4 | |
Implied Stock Price | 0.21 | 0.07 | 8.88 | 0.19 | 0.73 | 1.42 | |
FX Conversion Rate to Trading Currency | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | |
Implied Stock Price (Trading Cur) | 2.18 | 0.71 | 92.70 | 2.01 | 7.59 | 14.84 | |
Trading Currency | NOK | NOK | NOK | NOK | NOK | NOK | |
FX Rate to Reporting Currency | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |