Reported Earnings • 8h
First quarter 2026 earnings released: EPS: US$2.51 (vs US$0.15 in 1Q 2025) First quarter 2026 results: EPS: US$2.51 (up from US$0.15 in 1Q 2025). Revenue: US$714.2m (up 67% from 1Q 2025). Net income: US$559.1m (up US$525.8m from 1Q 2025). Profit margin: 78% (up from 7.8% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Maria Papakokkinou was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Mar 28
Frontline plc Announces Resignation of Director Richard C. Prince Frontline plc announced that Mr. Richard C. Prince has resigned as Director of the Company. Annonce • Dec 09
Frontline plc Approves to Elect Richard C. Prince as Director Frontline plc at 2025 Annual General Meeting held on 8 December 2025 approved to elect Richard C. Prince as a Director of the Company. Annonce • Feb 28
Frontline plc Declares Dividend for the Fourth Quarter of 2024 Frontline plc declared a cash dividend of $0.20 per share for the fourth quarter of 2024. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Orjan Svanevik was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Dec 13
Frontline plc Approves the Election of Directors Frontline plc advised that the 2024 Annual General Meeting of the Shareholders of the Company was held on 12 December 2024. The shareholders approved the election of Ørjan Svanevik and Dr. Maria Papakokkinou as a Director of the Company. Annonce • Nov 28
Frontline plc Declares Dividend for the Third Quarter of 2024, Payable on or About December 31, 2024 The Board of Directors of Frontline plc declared a dividend of $0.34 per share for the third quarter of 2024. The record date for the dividend will be December 11, 2024, the ex-dividend date is expected to be December 11, 2024, for shares listed on the New York Stock Exchange and December 10, 2024, for shares listed on the Oslo Stock Exchange, and the dividend is scheduled to be paid on or about December 31, 2024. Declared Dividend • Sep 09
Second quarter dividend of US$0.62 announced Shareholders will receive a dividend of US$0.62. Ex-date: 13th September 2024 Payment date: 30th September 2024 Dividend yield will be 9.2%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (72% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Sep 05
Frontline plc Announces the Resignation of Marios Demetriades as Director Frontline plc announced that Mr. Marios Demetriades has resigned as Director of the Company. Reported Earnings • Sep 01
Second quarter 2024 earnings released: EPS: US$0.84 (vs US$1.04 in 2Q 2023) Second quarter 2024 results: EPS: US$0.84 (down from US$1.04 in 2Q 2023). Revenue: US$556.0m (up 8.4% from 2Q 2023). Net income: US$187.6m (down 19% from 2Q 2023). Profit margin: 34% (down from 45% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 2.8% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 04
First quarter 2024 earnings released: EPS: US$0.81 (vs US$0.90 in 1Q 2023) First quarter 2024 results: EPS: US$0.81 (down from US$0.90 in 1Q 2023). Revenue: US$578.4m (up 16% from 1Q 2023). Net income: US$180.8m (down 9.4% from 1Q 2023). Profit margin: 31% (down from 40% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.2%. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 02
Fourth quarter dividend of US$0.62 announced Shareholders will receive a dividend of US$0.62. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 7.5%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 9.0% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 6.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: US$2.95 (vs US$2.22 in FY 2022) Full year 2023 results: EPS: US$2.95 (up from US$2.22 in FY 2022). Revenue: US$1.80b (up 26% from FY 2022). Net income: US$656.4m (up 38% from FY 2022). Profit margin: 36% (up from 33% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.37 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 27 March 2024. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 9.3%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (3.4%). Declared Dividend • Mar 04
Fourth quarter dividend of US$0.37 announced Shareholders will receive a dividend of US$0.37. Ex-date: 14th March 2024 Payment date: 27th March 2024 Dividend yield will be 9.5%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (74% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.5% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2023 earnings released: EPS: US$2.95 (vs US$2.22 in FY 2022) Full year 2023 results: EPS: US$2.95 (up from US$2.22 in FY 2022). Revenue: US$1.83b (up 28% from FY 2022). Net income: US$656.4m (up 38% from FY 2022). Profit margin: 36% (up from 33% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Annonce • Feb 29
Frontline plc Announces Dividend for the Fourth Quarter of 2023, Payable on or About 27 March, 2024 Frontline plc announced dividend of $0.37 per share for the fourth quarter of 2023. Ex-date is 14 March, 2024. Record date is 15 March, 2024. Payment date is on or about 27 March, 2024. Annonce • Dec 13
Frontline plc Elects Cato Stonex as A Director Frontline plc at its AGM held on December 12, 2023, elected Cato Stonex as a Director of the Company. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.30 per share at 6.4% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 29 December 2023. Payout ratio is a comfortable 74% and the cash payout ratio is 82%. Trailing yield: 6.4%. Within top quartile of German dividend payers (5.1%). Higher than average of industry peers (2.9%). Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: US$0.48 (vs US$0.69 in 3Q 2022) Third quarter 2023 results: EPS: US$0.48 (down from US$0.69 in 3Q 2022). Revenue: US$377.5m (down 1.2% from 3Q 2022). Net income: US$107.7m (down 30% from 3Q 2022). Profit margin: 28% (down from 40% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Nov 30
Frontline plc Announces Dividend for the Third Quarter, 2023, Payable on or About 29 December, 2023 Frontline plc announced dividend of USD 0.30 per share for the third quarter of 2023, Payment date: On or about 29 December, 2023. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 3 January, 2024. Record date is 15 December, 2023. Ex-date is 14 December, 2023. Last day including right: 13 December, 2023. Date of approval: 29 November, 2023. Annonce • Nov 24
CMB NV completed the acquisition of additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO). CMB NV entered into an agreement to acquire additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) for $1 billion on October 9, 2023. The aggregate amount of the purchase price for the sale shares is equal to $1.059 billion at $18.43 per share for 57,479,744 shares. On the date of this Agreement, CMB and its Affiliates directly own an aggregate amount of 50,450,000 Shares and Frontline and Famatown directly own an aggregate amount of 57,479,744 Shares. The purchase price shall be allocated between the Sellers as follows: (i) an amount of $251,838,818 due to Frontline as consideration for the Frontline Shares; and (ii) an amount of $807,512,864 due to Famatown as consideration for the Famatown Shares. Following its acquisition of Euronav shares from Frontline, CMB will own 49.05% of the Company’s issued shares. Euronav holds 8.23% of its shares in treasury. The Share Sale will trigger the requirement for CMB to launch a mandatory takeover offer on all shares of Euronav, at the same price as the Share Sale. Accordingly, all shareholders of Euronav will have the opportunity to sell their shares for the same price at which Frontline will have sold its shares to CMB. In a related transaction, Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion. The Related Party Transactions are conditional upon completion of the Share Sale. In addition, the Fleet Sale and the Share Sale are conditional upon, inter alia, the obtaining of regulatory approvals. The completion of the Share Purchase is subject to merger control approvals and approval by Euronav’s shareholders’ meeting of the conditionality of the Vessel Sale on the completion of the Share Purchase. Completion of the Share Purchase expected in Q4, 2023. As of October 20, 2023, CMB NV invites its shareholders to participate to the Special General Meeting to be held on November 21, 2023. All conditions pursuant to transaction fulfilled including approval by the shareholders of Euronav and anti-trust approvals.DNB Markets, a part of DNB Bank ASA is serving as financial advisor to Frontline. Advokatfirmaet Schjødt AS, Advokatfirmaet Wiersholm AS and Allen & Overy LLP are serving as legal counsel to Frontline in connection with the Acquisition. Computershare Trust Company N.A as transfer agent for its ordinary shares in the United States. Lazard BV/SRL acted as financial advisor to Euronav. CMB NV completed the acquisition of additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) on November 22, 2023. Annonce • Oct 11
CMB NV entered into an agreement to acquire additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) for $1 billion. CMB NV entered into an agreement to acquire additional 26.124% stake in Euronav NV (ENXTBR:EURN) from Famatown Finance Limited and Frontline plc (NYSE:FRO) for $1 billion on October 9, 2023. As per the terms of the transaction, the offer price per share is $18.43 for 57,479,744 shares. Following its acquisition of Euronav shares from Frontline, CMB will own 49.05% of the Company’s issued shares. Euronav holds 8.23% of its shares in treasury. The Share Sale will trigger the requirement for CMB to launch a mandatory takeover offer on all shares of Euronav, at the same price as the Share Sale. Accordingly, all shareholders of Euronav will have the opportunity to sell their shares for the same price at which Frontline will have sold its shares to CMB. In a related transaction, Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion. The Related Party Transactions are conditional upon completion of the Share Sale. In addition, the Fleet Sale and the Share Sale are conditional upon, inter alia, the obtaining of regulatory approvals. The completion of the Share Purchase is subject to merger control approvals and approval by Euronav’s shareholders’ meeting of the conditionality of the Vessel Sale on the completion of the Share Purchase. Completion of the Share Purchase expected in Q4, 2023. Annonce • Oct 06
Euronav's Shareholder CMB Offers to Acquire Frontline’s 26.12% Stake Euronav NV (ENXTBR:EURN) shareholder CMB NV is offering to acquire Frontline plc (NYSE:FRO)’s 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, Euronav said in statement. Shares of oil tanker company Euronav jumped around 18% as trading reopened at 1330 GMT. Shares were suspended earlier in the day after spiking on media reports about the company going private. Shares traded at a EUR 14.57 ($15.34) prior to the suspension. The proposed transaction would also involve peer and shareholder Frontline acquiring 24 VLCC tankers from the Euronav fleet for $2.35 billion, Euronav said. “The discussions between the parties are well advanced. However, there can be no certainty that these discussions will lead to an agreement.” The successful completion of the deal would end the arbitration action initiated against Frontline by Euronav in response to the Oslo-traded company’s decision to scrap a $4.2 billion planned merger between both companies, which would have created the world’s largest publicly listed tanker company. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €17.35, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 273% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.10 per share. Upcoming Dividend • Sep 07
Upcoming dividend of US$0.80 per share at 7.4% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 69% and the cash payout ratio is 81%. Trailing yield: 7.4%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.3%). Annonce • Aug 25
Frontline plc Announces Dividend for the Second Quarter of 2023, Payable on or About September 29, 2023 Frontline plc announced dividend of USD 0.80 per share for the second quarter of 2023, payable on or about September 29, 2023. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about October 3, 2023. Record date is September 15, 2023. Ex-date is September 14, 2023. Last day including right is September 13, 2023. Date of approval is August 23, 2023. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €16.15, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 188% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €16.46 per share. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.98, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 166% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.63 per share. Annonce • Jun 25
Frontline plc(NYSE:FRO) dropped from Russell 2000 Dynamic Index Frontline plc(NYSE:FRO) dropped from Russell 2000 Dynamic Index Buying Opportunity • Jun 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €16.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 37% in 2 years. Earnings is forecast to decline by 21% in the next 2 years. Upcoming Dividend • Jun 08
Upcoming dividend of US$0.70 per share at 8.6% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 8.6%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.3%). Buying Opportunity • Jun 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be €16.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 37% in 2 years. Earnings is forecast to decline by 20% in the next 2 years. Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: US$0.90 (vs US$0.15 in 1Q 2022) First quarter 2023 results: EPS: US$0.90 (up from US$0.15 in 1Q 2022). Revenue: US$511.6m (up 135% from 1Q 2022). Net income: US$199.6m (up US$168.5m from 1Q 2022). Profit margin: 39% (up from 14% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.9% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Annonce • Jun 01
Frontline plc Declares Cash Dividend for the First Quarter of 2023, Payment Date Is on or About 30 June, 2023 Frontline plc declared cash dividend of $0.70 per share for the first quarter of 2023. Ex-date is 15 June, 2023. Record date is 16 June, 2023. Payment date is On or about 30 June, 2023. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: US$2.21 (vs US$0.056 loss in FY 2021) Full year 2022 results: EPS: US$2.21 (up from US$0.056 loss in FY 2021). Revenue: US$1.43b (up 91% from FY 2021). Net income: US$472.7m (up US$483.9m from FY 2021). Profit margin: 33% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 9.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.1%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Buying Opportunity • Apr 30
Now 20% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be €17.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 9.8% per annum. Earnings is also forecast to decline by 4.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €15.90, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €13.31, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 129% over the past three years. Upcoming Dividend • Mar 08
Upcoming dividend of US$1.07 per share at 6.7% yield Eligible shareholders must have bought the stock before 15 March 2023. Payment date: 31 March 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 6.7%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.4%). Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$2.21 (vs US$0.056 loss in FY 2021) Full year 2022 results: EPS: US$2.21 (up from US$0.056 loss in FY 2021). Revenue: US$1.44b (up 92% from FY 2021). Net income: US$472.7m (up US$483.9m from FY 2021). Profit margin: 33% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 8.0% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €15.60, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 5x in the Oil and Gas industry in Europe. Total returns to shareholders of 151% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €29.80 per share. Annonce • Feb 09
Frontline plc Announces Emergency Arbitration Claims Filed by Euronav Have Been Fully Dismissed by the Emergency Arbitrator Frontline plc, formerly Frontline Ltd. announced that the Emergency Arbitration claims filed by Euronav have been fully dismissed by the Emergency Arbitrator. The decision was issued February 7, 2023, and in addition to fully dismissing the claims, orders Euronav to pay to Frontline all costs of the Emergency Arbitration proceedings, including full compensation for legal costs incurred. This decision strengthens Frontline’s position that its decision to terminate the combination agreement was entirely lawful. Annonce • Jan 19
Frontline plc Confirms to Terminate the Combination Agreement with Euronav NV Frontline plc confirmed that it has received from Euronav NV an emergency arbitration request for urgent interim and conservatory measures following Frontline’s decision to terminate the combination agreement as further explained in Frontline’s press release dated 9 January 2023. Frontline is currently analysing this request with its legal advisors. Frontline once again confirms that its decision to terminate the combination agreement was entirely lawful. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 17% share price gain to €12.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 37% over the past three years. Annonce • Jan 07
Frontline plc, Annual General Meeting, Sep 29, 2023 Frontline plc, Annual General Meeting, Sep 29, 2023, at 15:00 Atlantic Standard Time. Annonce • Dec 22
Frontline Ltd. Announces Executive Changes Frontline Ltd. at its Special General Meeting of Shareholders held on December 20, 2022, approved the resignations of James Ayers and Marios Saveriades as secretary and assistant secretary of Frontline (Bermuda), respectively, and the appointment of Marios Saveriades as Secretary of Frontline. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 16% share price gain to €13.41, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 61% over the past three years. Reported Earnings • Dec 01
Third quarter 2022 earnings released: EPS: US$0.69 (vs US$0.17 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.69 (up from US$0.17 loss in 3Q 2021). Revenue: US$384.1m (up 124% from 3Q 2021). Net income: US$154.4m (up US$187.6m from 3Q 2021). Profit margin: 40% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 20% share price gain to €13.01, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 71% over the past three years. Annonce • Oct 06
Frontline Ltd. Appoints Marios Demetriades as A Director Frontline Ltd. announced the appointment of Mr. Marios Demetriades as a Director of the Company. Marios Demetriades is an experienced Financial Services professional with significant experience as a Non-Executive Director in various listed and private companies in the Banking, Infrastructure and Shipping industries. He previously served as the Minister of Transport, Communications and Works for the Republic of Cyprus from 2014 to 2018 and held various positions in the Accounting, Investment and Banking sectors. He is a qualified Chartered Accountant and Chartered Financial Analyst holder and a member of the CFA Institute, the Institute of Chartered Accountants in England and Wales and the Institute of Certified Public Accountants of Cyprus (ICPAC). Mr. Demetriades is a Cypriot citizen and resides in Cyprus. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 03 October 2022. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.0%). Annonce • Aug 27
Frontline Ltd. (NYSE:FRO) agreed to acquire a 3.82% stake in Euronav NV (ENXTBR:EURN) for approximately €130 million. Frontline Ltd. (NYSE:FRO) agreed to acquire a 3.82% stake in Euronav NV (ENXTBR:EURN) for approximately €130 million on June 10, 2022. Reported Earnings • Aug 26
Second quarter 2022 earnings released: EPS: US$0.23 (vs US$0.14 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.23 (up from US$0.14 loss in 2Q 2021). Revenue: US$300.7m (up 77% from 2Q 2021). Net income: US$47.1m (up US$73.7m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is expected to shrink by 8.1% compared to a 52% growth forecast for the Oil and Gas industry in Germany. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Annonce • Aug 26
Frontline Ltd. Declares Cash Dividend for the Second Quarter of 2022, Payable on or About October 3, 2022 The Board of Directors of Frontline Ltd. decided to pay a dividend of $0.15 per share for the second quarter of 2022. The record date for the dividend will be September 16, 2022. The ex-dividend date is expected to be September 15, 2022, and the dividend will be paid on or about October 3, 2022. Reported Earnings • May 25
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$0 (down 100% from 1Q 2021). Net income: US$31.1m (up 7.8% from 1Q 2021). Profit margin: (down from 15% in 1Q 2021). Board Change • May 05
Less than half of directors are independent Following Director Steen Jakobsen's arrival on 01 May 2022, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • May 04
Frontline Ltd. Announces Executive Changes Frontline Ltd. announced that Mr. Tor Svelland has resigned as a Director. Mr. Svelland has served as a Director since August 2020. The Board would like to thank Mr. Svelland for his contribution and wishes him well in his future pursuits. The company announced the appointment of Mr. Ole B. Hjertaker as a Director. The company announced the appointment of Mr. Steen Jakobsen as a Director. Annonce • Apr 09
Frontline Ltd. (NYSE:FRO) signed a term sheet to acquire Euronav NV (ENXTBR:EURN) from CMB NV, C.K. LIMITED and others for €2.5 billion. Frontline Ltd. (NYSE:FRO) signed a term sheet to acquire Euronav NV (ENXTBR:EURN) from CMB NV, C.K. LIMITED and others for €2.5 billion on April 7, 2022. As per the transaction Frontline Ltd. will issue 1.45 shares for every Euronav NV share. The transaction is approved by board of directors of Frontline Ltd. and Euronav NV Lazard SPRL acted as financial advisor and Freshfields Bruckhaus Deringer LLP acted as legal advisor to Euronav NV. ABG Sundal Collier ASA and DNB Markets acted as financial advisor, Advokatfirmaet Schjødt As, Allen & Overy LLP, Seward & Kissel LLP, MJM Limited acted as legal advisors and KPMG acted as accountant to Frontline Ltd. Reported Earnings • Mar 19
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.056 loss per share (down from US$2.11 profit in FY 2020). Revenue: US$749.4m (down 39% from FY 2020). Net loss: US$11.1m (down 103% from profit in FY 2020). Revenue missed analyst estimates by 2.4%. Over the next year, revenue is expected to shrink by 21% compared to a 42% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Annonce • Mar 10
Frontline Ltd. Appoints Jens Martin Jensen as Director Frontline Ltd. announced the appointment of Mr. Jens Martin Jensen as Director. Jens Martin Arveschoug Jensen joined Seatankers Management 1st March, 2022 – prior to that he was the CEO of Athenian Holdings. He previously served as Head of Shipping at New Fortress Energy (USA) and prior to that he was a Partner at Pillarstone Europe. From May 2008 to September 2014, he was the CEO of Frontline Management AS. Mr. Jensen has served as a director of various companies, including 2020 Bulkers Ltd, Frontline Ltd. and Flex LNG Limited. Prior to these roles, he was a Partner/Director at Island Shipbrokers between the periods of 1996 - 2004 and held various positions at A.P. Moller/Maersk Group during 1985-1996 in Copenhagen, Mexico City, Tokyo and Singapore. Board Change • Mar 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.06 loss per share (down from US$2.11 profit in FY 2020). Revenue: US$755.3m (down 38% from FY 2020). Net loss: US$11.1m (down 103% from profit in FY 2020). Revenue missed analyst estimates by 2.4%. Over the next year, revenue is expected to shrink by 30% compared to a 66% growth forecast for the oil industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Nov 30
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: US$0.17 loss per share (down from US$0.29 profit in 3Q 2020). Revenue: US$172.1m (down 30% from 3Q 2020). Net loss: US$33.2m (down 158% from profit in 3Q 2020). Revenue missed analyst estimates by 7.4%. Over the next year, revenue is expected to shrink by 15% compared to a 53% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 30
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: US$0.17 loss per share (down from US$0.29 profit in 3Q 2020). Revenue: US$172.1m (down 30% from 3Q 2020). Net loss: US$33.2m (down 158% from profit in 3Q 2020). Revenue missed analyst estimates by 7.4%. Over the next year, revenue is expected to shrink by 15% compared to a 53% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 22% share price gain to €7.77, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 8x in the Oil and Gas industry in Europe. Total returns to shareholders of 80% over the past three years. Reported Earnings • Aug 27
Second quarter 2021 earnings released: US$0.13 loss per share (vs US$1.01 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$170.6m (down 56% from 2Q 2020). Net loss: US$26.6m (down 113% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 28
First quarter 2021 earnings released: EPS US$0.15 (vs US$0.87 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$194.0m (down 53% from 1Q 2020). Net income: US$28.9m (down 83% from 1Q 2020). Profit margin: 15% (down from 40% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2020 earnings released: EPS US$2.11 (vs US$0.81 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.22b (up 28% from FY 2019). Net income: US$412.9m (up 195% from FY 2019). Profit margin: 34% (up from 15% in FY 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Annonce • Feb 20
The Board of Frontline Ltd. Decides Not to Pay Dividend for the Fourth Quarter of 2020 The board of Frontline Ltd. has decided not to pay a dividend for the fourth quarter of 2020.