Buy Or Sell Opportunity • Jul 06
Now 21% overvalued Over the last 90 days, the stock has fallen 12% to €6.22. The fair value is estimated to be €5.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to decline by 64% in 2 years. Earnings are forecast to decline by 26% in the next 2 years. Announcement • Jun 30
Hafnia Limited Announces CEO Changes, Effective September 1, 2026 Hafnia Limited announced that Mikael Skov had decided to step down as Chief Executive Officer (CEO) of Hafnia effective September 1, 2026. The Board of Directors appointed Søren Steenberg Jensen, EVP, Head of Asset Management, to succeed Mikael as CEO. Mikael Skov had led Hafnia since its establishment in 2010 and had played a defining role in building the Company into one of the world’s leading product tanker platforms. The CEO transition would take effect on September 1, 2026. Declared Dividend • May 31
First quarter dividend of US$0.29 announced Shareholders will receive a dividend of US$0.29. Ex-date: 3rd June 2026 Payment date: 22nd June 2026 Dividend yield will be 10%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 55% over the next 3 years. Since a fall of 34% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 27
First quarter 2026 earnings released: EPS: US$0.36 (vs US$0.13 in 1Q 2025) First quarter 2026 results: EPS: US$0.36 (up from US$0.13 in 1Q 2025). Revenue: US$671.2m (up 23% from 1Q 2025). Net income: US$179.7m (up 184% from 1Q 2025). Profit margin: 27% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 47% 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 32% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Feb 26
Hafnia Limited Announces Cash Dividend for the Fourth Quarter of 2025, Payable on or About 18 March 2026 Hafnia Limited announced cash dividend of USD 0.1762 per share for the fourth quarter of 2025, payable on or about 18 March 2026. Record date is 6 March 2026. Ex-date is 5 March 2026. Shares registered in the Depository Trust Company: Last trading day including right to dividends: 5 March 2026. Ex-date: 6 March 2026. Payment date: On or about 13 March 2026. Announcement • Dec 24
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. Hafnia Limited entered into a binding share purchase agreement to acquire 14.45% stake in TORM plc on September 11, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants, The appointment of a new independent board chairman of TORM and approval of the Transaction by the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE) in Brazil.
As of December 18, 2025, all conditions precedent required for the completion of Hafnia’s acquisition of approximately 14.1 million A-shares in TORM plc have been satisfied. Since September 11, 2025, TORM has announced to have increased its issued share capital by 3,380,278 new A-shares. Consequently, Hafnia’s acquisition of approximately 14.1 million A-shares will represent approximately 13.97% of TORM’s issued share capital as per the date hereof. Upon completion, Hafnia will hold approximately 13.97% of the issued share capital of TORM.
Completion of the acquisition is expected to take place shortly.
Dan Schuster-Woldan, Matthew Hearn, Ross Ferguson, Christopher J. Cummings, Deeksha Rathi of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Oaktree Capital Management, L.P., and its affiliates in the sale of stake in TORM. Henrik Laursen, Janus Jepsen, Peter E. Stassen, Lise Aaby Nielsen, Lynge Daugaard Jensen of Plesner Advokatpartnerselskab acted as legal advisor to Hafnia Limited.
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates on December 22, 2025. Announcement • Dec 01
Hafnia Limited Announces Quarterly Dividend, Payable On, or About, 16 December 2025 Hafnia Limited announced that it will pay a quarterly dividend of USD 0.1470 per share. The record date will be 9 December 2025. For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 8 December 2025 and a payment date on, or about, 19 December 2025. For shares registered in the Depository Trust Company, the ex-dividend date will be 9 December 2025, with a
payment date on, or about, 16 December 2025. Announcement • Sep 23
Hafnia Limited(OB:HAFNI) dropped from Oslo OBX Total Return Index Hafnia Limited has been dropped from the Oslo OBX Total Return Index. Announcement • Sep 03
Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants and the appointment of a new independent board chairman of TORM. Announcement • Aug 27
Hafnia Limited Announces Second Quarter Cash Dividend for 2025, Payable on or About September 15, 2025 Hafnia Limited on August 27, 2025 announced second quarter cash dividend. The company announced dividend of USD 0.1210 per share, Date of approval: August 26, 2025, Record date: September 4, 2025. Dividends payable to shares registered in the Euronext VPS will be distributed in NOK, with the conversion from USD to NOK taking place two business days prior to the payment date to shareholders in VPS. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: September 2, 2025, Ex-date: September 3, 2025, Payment date: On or about September 15, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: September 3, 2025, Ex-date: September 4, 2025, Payment date: On or about September 10, 2025. Announcement • May 15
Hafnia Limited Announces First Quarter 2025 Cash Dividend, Payable on or about June 4, 2025 Hafnia Limited on May 15, 2025 announcing the Company's first quarter 2025 cash dividend of USD 0.1015 per share. Record date: May 23, 2025. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: May 21, 2025, Ex-date: May 22, 2025, Payment date: On or about June 4, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: May 22, 2025, Ex-date: May 23, 2025, Payment date: On or about May 30, 2025. Announcement • May 14
Hafnia Limited Announces Board and Committee Appointments Hafnia Limited announced that the 2025 Annual General Meeting was held on 14 May 2025 and appointed Ms. Emily Tan as a Director of the Company. Appointed Ms. Alicia Yik Jie Ting as a member of the Nomination Committee and Ms. Elaine Yew Wen Suen as Chair of the Nomination Committee. Announcement • Mar 19
Hafnia Limited Announces Stepping Down of Erik Bartnes from the Board, Effective 14 May 2025 Hafnia Limited announced Non-executive director Erik Bartnes will be stepping down from the board effective from the annual general meeting (AGM) on 14 May 2025. The nomination committee will be putting forward a new candidate for the board before the AGM. Announcement • Feb 27
Hafnia Limited Declares Dividend for the Fourth Quarter 2024, Payable on or About March 18, 2025 Hafnia Limited announced dividend of USD 0.0294 per share for the fourth quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: March 4, 2025, Ex-date: March 6, 2025, Payment date: On or about March 18, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: March 6, 2025. Ex-date: March 7, 2025. Payment date: On or about March 13, 2025. Date of approval: February 26, 2025. Record date: March 7, 2025. Announcement • Dec 24
Hafnia Limited, Annual General Meeting, May 14, 2025 Hafnia Limited, Annual General Meeting, May 14, 2025. Announcement • Nov 28
Hafnia Limited (OB:HAFNI) announces an Equity Buyback for NOK 100 million worth of its shares. Hafnia Limited (OB:HAFNI) announces a share repurchase program. Under the program, the company will repurchase shares for up to $100 million worth of its shares. The amount utilized for this program will be deducted before declaring dividends for Q4 2024. The authority shall expire on January 27, 2025. Announcement • Nov 27
Hafnia Limited Declares Dividend for the Third Quarter 2024, Payable on or About December 12, 2024 Hafnia Limited announced dividend of USD 0.3790 per share for the third quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: December 4, 2024, Ex-date: December 5, 2024, Payment date: On or about December 17, 2024. Shares registered in the Depository Trust Company: Last trading day including right to dividends: December 5, 2024. Ex-date: December 6, 2024. Payment date: On or about December 12, 2024. Announcement • Nov 14
Hafnia Limited to Report Q3, 2024 Results on Nov 27, 2024 Hafnia Limited announced that they will report Q3, 2024 results at 12:00 PM, Central European Standard Time on Nov 27, 2024 Announcement • Nov 13
Hafnia Limited to Report Q3, 2024 Results on Nov 27, 2024 Hafnia Limited announced that they will report Q3, 2024 results on Nov 27, 2024 Declared Dividend • Aug 26
Second quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 2nd September 2024 Payment date: 13th September 2024 Dividend yield will be 16%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 43% over the next 3 years. Since a fall of 16% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Aug 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$563.1m (up 17% from 2Q 2023). Net income: US$259.2m (up 22% from 2Q 2023). Profit margin: 46% (up from 44% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to fall by 32% p.a. on average during the next 3 years compared to a 1.1% decline forecast for the Oil and Gas industry in Europe. Announcement • Aug 23
Hafnia Limited Announces Dividend for the Second Quarter of 2024, on or About 10 September 2024 Hafnia Limited announced dividend of USD 0.4049 per share for the second quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: 30 August 2024, Ex-date: 2 September 2024, Payment date: On or about 13 September 2024. Shares registered in the Depository Trust Company: Last trading day including right to dividends: 30 August 2024. Ex-date: 3 September 2024. Payment date: On or about 10 September 2024. Recent Insider Transactions • Jul 07
Chief Executive Officer recently sold €7.7m worth of stock On the 3rd of July, Mikael Opstun Skov sold around 1m shares on-market at roughly €7.71 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mikael's only on-market trade for the last 12 months. Declared Dividend • May 19
First quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 22nd May 2024 Payment date: 29th May 2024 Dividend yield will be 13%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 45% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to decline by 38% over the next 3 years. Since a fall of 22% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • May 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 45% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks High level of debt (45% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (27% net profit margin). Reported Earnings • May 16
First quarter 2024 earnings released: EPS: US$0.43 (vs US$0.51 in 1Q 2023) First quarter 2024 results: EPS: US$0.43 (down from US$0.51 in 1Q 2023). Revenue: US$784.9m (up 31% from 1Q 2023). Net income: US$219.6m (down 14% from 1Q 2023). Profit margin: 28% (down from 43% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 32% 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 82% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Hafnia Limited Announces Dividend for the First Quarter of 2024, Payable on or About 29 May 2024 Hafnia Limited announced dividend of USD 0.3443 per share for the first quarter of 2024. Ex-date: 22 May 2024. Record date: 23 May 2024. Payment date: On or about 29 May 2024 for shares registered in the Depository Trust Company in the United States. Dividends payable to shares registered in Euronext Securities Oslo (VPS) will be distributed on or about 3 Jun 2024. Date of approval: 14 May 2024. Recent Insider Transactions • Apr 17
Chief Financial Officer recently sold €1.7m worth of stock On the 11th of April, Perry Van Echtelt sold around 250k shares on-market at roughly €6.93 per share. This transaction amounted to 40% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Perry's only on-market trade for the last 12 months. Announcement • Apr 10
Hafnia Limited Increases Quarterly Dividend Payout Ratio Hafnia Limited announced that its Board of Directors has approved an increase in the dividend payout ratio, which shall be effective April 9, 2024. Under the revised dividend policy, Hafnia will increase its payout ratio from the previous 70%, to 80%, when the net loan-to-value is above 20% but equal to or below 30%. Furthermore, as the net loan-to-value is equal to or below 20%, the payout ratio will be further elevated to 90% from the previous 80%. Declared Dividend • Mar 10
Fourth quarter dividend of US$0.24 announced Shareholders will receive a dividend of US$0.24. Ex-date: 11th March 2024 Payment date: 19th March 2024 Dividend yield will be 14%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 45% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to decline by 46% over the next 3 years. Since a fall of 29% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: US$1.57 (vs US$1.57 in FY 2022) Full year 2023 results: EPS: US$1.57. Revenue: US$2.67b (up 46% from FY 2022). Net income: US$793.3m (up 5.5% from FY 2022). Profit margin: 30% (down from 41% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 30% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to remain flat. Announcement • Mar 05
Hafnia Limited Announces Cash Dividend for the Fourth Quarter 2023, Payable on 19 March 2024 Hafnia Limited announced cash dividend of USD 0.2431 per share for the fourth quarter 2023. Ex-date is 11 March 2024. Record date is 12 March 2024. Payment date is 19 March 2024. Announcement • Feb 24
Hafnia Limited to Report Q4, 2023 Results on Mar 05, 2024 Hafnia Limited announced that they will report Q4, 2023 results on Mar 05, 2024 Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €6.11, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Oil and Gas industry in Europe. Total returns to shareholders of 481% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: US$0.29 (vs US$0.60 in 3Q 2022) Third quarter 2023 results: EPS: US$0.29 (down from US$0.60 in 3Q 2022). Revenue: US$427.8m (down 18% from 3Q 2022). Net income: US$146.9m (down 48% from 3Q 2022). Profit margin: 34% (down from 54% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Announcement • Nov 18
Hafnia Limited Announces Cash Dividend for the Third Quarter of 2023, Payable on 04 December 2023 Hafnia Limited announced cash dividend of USD 0.2032 per share for the third quarter of 2023. The dividend is payable on 04 December 2023 with Ex-date of 23 November 2023 and Record date of 24 November 2023. Announcement • Nov 07
Hafnia Limited Appoints Ms. Su Yin Anand as Director Hafnia Limited at Special General Meeting on 6 November 2023 approved the appointment of Ms. Su Yin Anand as Director . Reported Earnings • Aug 27
Second quarter 2023 earnings released: EPS: US$0.42 (vs US$0.41 in 2Q 2022) Second quarter 2023 results: EPS: US$0.42 (up from US$0.41 in 2Q 2022). Revenue: US$482.0m (up 3.1% from 2Q 2022). Net income: US$213.3m (up 14% from 2Q 2022). Profit margin: 44% (up from 40% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to decline by 26% 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 74% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • Aug 25
Hafnia Limited Announces Cash Dividend for the Second Quarter of 2023, Payable on September 12, 2023 Hafnia Limited announced that the company's second quarter cash dividend. Key information relating to the cash dividend paid by the Company for the second quarter 2023: Dividend amount: USD 0.2528 per share. Last day including right to dividends: 30 August 2023. Ex-date: 31 August 2023. Record date: 01 September 2023. Payment date: 12 September 2023. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: US$0.51 (vs US$0.05 in 1Q 2022) First quarter 2023 results: EPS: US$0.51 (up from US$0.05 in 1Q 2022). Revenue: US$597.1m (up 123% from 1Q 2022). Net income: US$256.6m (up US$235.3m from 1Q 2022). Profit margin: 43% (up from 8.0% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 20% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 2.9%. Announcement • May 20
Hafnia Limited Announces Cash Dividend for the First Quarter 2023, Payable on 6 June 2023 Hafnia Limited on 19 May 2023 announcing the Company's first quarter results and cash dividend. Key information relating to the cash dividend paid by the Company for the first quarter 2023: Dividend amount: 0.3044 per share, Declared currency: USD, Last day including right to dividends: 24 May 2023, Ex-date: 25 May 2023, Record date: 26 May 2023 and Payment date: 06 June 2023. Recent Insider Transactions • Apr 03
Chief Executive Officer recently sold €7.0m worth of stock On the 30th of March, Mikael Opstun Skov sold around 1m shares on-market at roughly €5.14 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €7.7m. Mikael has been a net seller over the last 12 months, reducing personal holdings by €15m. Recent Insider Transactions • Mar 10
Chief Executive Officer recently sold €7.7m worth of stock On the 3rd of March, Mikael Opstun Skov sold around 1m shares on-market at roughly €5.59 per share. This transaction amounted to 55% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mikael's only on-market trade for the last 12 months. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: US$1.57 (vs US$0.15 loss in FY 2021) Full year 2022 results: EPS: US$1.57 (up from US$0.15 loss in FY 2021). Revenue: US$1.83b (up 126% from FY 2021). Net income: US$751.6m (up US$807.1m from FY 2021). Profit margin: 41% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 25% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 7.2%. Board Change • Feb 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Ouma Sananikone-Fletcher was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 01
Hafnia Limited Announces Resignation of Guillaume Philippe Gerry Bayol as Board of Director, Effective on February 1, 2023 Board member Guillaume Philippe Gerry Bayol has informed the Board of Directors in Hafnia Limed that he will resign from the company's Board of Directors with effect from 1 February 2023. Mr. Bayol has served as a representative of funds managed by Oaktree Capital Management, L.P. (Oaktree) on the company's Board of Directors. Announcement • Jan 02
Hafnia Limited to Report Q3, 2023 Results on Nov 11, 2023 Hafnia Limited announced that they will report Q3, 2023 results on Nov 11, 2023 Buying Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €6.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 13% in 2 years. Earnings is forecast to grow by 0.5% in the next 2 years. Reported Earnings • Nov 22
Third quarter 2022 earnings released: EPS: US$0.60 (vs US$0.06 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.60 (up from US$0.06 loss in 3Q 2021). Revenue: US$522.4m (up 176% from 3Q 2021). Net income: US$280.3m (up US$301.0m from 3Q 2021). Profit margin: 54% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is expected to decline by 5.4% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 4.3%. Announcement • Nov 21
Hafnia Limited Announces Cash Dividend for the Third Quarter of 2022, Payable on December 6, 2022 Hafnia Limited announced cash dividend of USD 0.2801 per share for the third quarter of 2022. Ex-date is November 25, 2022. Record date is November 28, 2022. The dividend will be payable on December 6, 2022. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 16% share price gain to €4.70, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Oil and Gas industry in Europe. Total returns to shareholders of 162% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €7.23 per share. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: US$0.41 (vs US$0.031 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.41 (up from US$0.031 loss in 2Q 2021). Revenue: US$467.8m (up 136% from 2Q 2021). Net income: US$186.2m (up US$197.4m from 2Q 2021). Profit margin: 40% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 53% growth forecast for the Oil and Gas industry in Germany. Announcement • Aug 27
Hafnia Limited Announces Cash Dividend for the Second Quarter of 2022, Payable on 12 September 2022 Hafnia Limited announced cash dividend of USD 0.1862 per share for the second quarter of 2022. Scheduled dates are as follows: Ex-date: 1 September 2022, Record date: 2 September 2022 and Payment date: 12 September 2022. Announcement • Jul 01
Hafnia Limited Announces Resignation of Thomas Andrew Jaggers as Board of Directors, with Effect 1 July 2022 Hafnia Limited Board member Thomas Andrew Jaggers has informed the Board of Directors in Hafnia Limed ("Hafnfnia" or the "Company") that he will resign from the Company's Boardof Directors with effect 1 July 2022. Reported Earnings • May 24
First quarter 2022 earnings released: EPS: US$0.05 (vs US$0.043 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.05 (up from US$0.043 loss in 1Q 2021). Revenue: US$267.3m (up 49% from 1Q 2021). Net income: US$21.3m (up US$37.0m from 1Q 2021). Profit margin: 8.0% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 3.1%, compared to a 35% growth forecast for the industry in Germany. Announcement • May 24
Hafnia Limited Announces First Quarter Cash Dividend, Payable on 7 June 2022 Hafnia Limited on 23 May 2022 announcing the company's first quarter cash dividend. Dividend amount is $0.021 per share. Last day including right to dividends is 25 May 2022. Ex-date is 27 May 2022 and Payment date is 7 June 2022. Announcement • May 22
Hafnia Limited Announces Board Changes Hafnia Limited announced at annual general meeting held on May 20, 2022, the shareholders resolved that Ms. Sophie Smith be and is hereby appointed as a member and Chairman of the Nomination Committee replacing Mr. Andreas Sohmen-Pao. Reported Earnings • Mar 16
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: US$0.15 loss per share (down from US$0.41 profit in FY 2020). Revenue: US$811.2m (down 7.2% from FY 2020). Net loss: US$55.5m (down 137% from profit in FY 2020). Revenue missed analyst estimates by 4.3%. Over the next year, revenue is forecast to stay flat compared to a 73% growth forecast for the oil industry in Germany. Announcement • Jan 28
Hafnia Limited (OB:HAFNI) completed the acquisition of Chemical Tankers Inc. from funds managed by Oaktree Capital Management, L.P. and other shareholders. Hafnia Limited (OB:HAFNI) entered into a share purchase agreement to acquire Chemical Tankers Inc. from funds managed by Oaktree Capital Management, L.P. and other shareholders on November 11, 2021. In exchange for all outstanding shares in CTI, Hafnia will issue new shares to CTI's shareholders representing 21.5% of the outstanding shares in the combined entity. Oaktree Capital Management, L.P. as major shareholder of Chemical Tankers Inc. will hold 20.4% of the combined entity's stake. In connection with the Transaction, the Board of Directors of Hafnia has proposed, and recommends, that the Members of the Company appoint two new Directors who are associated with Oaktree Capital. Upon completion of the transaction, Thomas Andrew Jaggers will be appointed as a Class I Director and Guillaume Philippe Gerry Bayol, as a Class II Director of Hafnia. The Transaction remains subject to consent or waivers from some of CTI's existing financiers and Hafnia expects the Transaction to close before February 1, 2022. Gorrissen Federspiel I/S and Advokatfirmaet Thommessen AS acted as legal advisors to Hafnia in the deal. Fearnley Securities AS and PJT Partners, LP acted as financial advisors, Linklaters LLP and Wiersholm, Mellbye & Bech acted as legal advisors to Chemical Tankers Inc. in the deal.
Hafnia Limited (OB:HAFNI) completed the acquisition of Chemical Tankers Inc. from funds managed by Oaktree Capital Management, L.P. and other shareholders on January 27, 2022 Reported Earnings • Aug 31
Second quarter 2021 earnings released: US$0.031 loss per share (vs US$0.27 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$198.0m (down 26% from 2Q 2020). Net loss: US$11.2m (down 112% from profit in 2Q 2020). Reported Earnings • May 27
First quarter 2021 earnings released: US$0.043 loss per share (vs US$0.21 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$179.3m (down 33% from 1Q 2020). Net loss: US$15.7m (down 120% from profit in 1Q 2020). Reported Earnings • Mar 09
Full year 2020 earnings released: EPS US$0.41 (vs US$0.21 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$874.1m (up 5.6% from FY 2019). Net income: US$148.8m (up 107% from FY 2019). Profit margin: 17% (up from 8.7% in FY 2019). The increase in margin was primarily driven by higher revenue. Analyst Estimate Surprise Post Earnings • Mar 09
Revenue beats expectations Revenue exceeded analyst estimates by 21%. Over the next year, revenue is expected to shrink by 42% compared to a 33% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Mar 04
New 90-day high: €1.58 The company is up 20% from its price of €1.32 on 04 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.14 per share. Is New 90 Day High Low • Feb 11
New 90-day high: €1.49 The company is up 18% from its price of €1.26 on 12 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.44 per share. Is New 90 Day High Low • Dec 16
New 90-day high: €1.45 The company is up 2.0% from its price of €1.42 on 17 September 2020. The German market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.48 per share. Analyst Estimate Surprise Post Earnings • Nov 21
Revenue beats expectations Revenue exceeded analyst estimates by 37%. Over the next year, revenue is expected to shrink by 36% compared to a 12% growth forecast for the Oil and Gas industry in Germany. Is New 90 Day High Low • Nov 04
New 90-day low: €1.22 The company is down 19% from its price of €1.50 on 05 August 2020. The German market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 41% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.09 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €1.32 The company is down 4.0% from its price of €1.38 on 24 June 2020. The German market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 63% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.19 per share.