New Risk • May 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings are forecast to decline by an average of 2.4% per year for the foreseeable future. Minor Risks 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 (8.8% net profit margin). Upcoming Dividend • Apr 14
Upcoming dividend of US$1.00 per share Eligible shareholders must have bought the stock before 21 April 2026. Payment date: 06 May 2026. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 6.2%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (3.8%). New Risk • Apr 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.8% Last year net profit margin: 15% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks 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 (8.8% net profit margin). Reported Earnings • Mar 23
Full year 2025 earnings released: EPS: US$6.57 (vs US$7.37 in FY 2024) Full year 2025 results: EPS: US$6.57 (down from US$7.37 in FY 2024). Revenue: US$2.77b (down 4.2% from FY 2024). Net income: US$350.1m (down 11% from FY 2024). Profit margin: 13% (down from 14% in FY 2024). Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Mar 02
Final dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 21st April 2026 Payment date: 6th May 2026 Dividend yield will be 3.3%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 27% over the next 3 years. However, it would need to fall by 65% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 27
Stolt-Nielsen Limited Board Recommends Final Dividend for 2025, Payable on May 6, 2026 Stolt-Nielsen Limited announced that the Company's Board of Directors recommended a final dividend for 2025 of $1.00 per Common Share, payable on May 6, 2026 to shareholders of record as of April 22, 2026. The shares will trade ex-dividend on and after April 21, 2026. The dividend, which is subject to shareholder approval, will be voted on at the Company's Annual General Meeting of Shareholders scheduled for April 16, 2026 in Bermuda. If approved, this will bring the full dividend for 2025 to $2.00 per Common Share. Reported Earnings • Jan 29
Full year 2025 earnings released: EPS: US$6.57 (vs US$7.37 in FY 2024) Full year 2025 results: EPS: US$6.57 (down from US$7.37 in FY 2024). Revenue: US$2.77b (down 4.2% from FY 2024). Net income: US$350.2m (down 11% from FY 2024). Profit margin: 13% (down from 14% in FY 2024). Revenue is forecast to stay flat during the next 2 years, in line with the revenue forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
Stolt-Nielsen Limited in Discussions to Sell Up to 50% in Avenir LNG Limited Stolt-Nielsen Limited (OB:SNI) through its subsidiary Stolt-Nielsen Gas Ltd., confirmed it is in discussions with a strategic buyer, regarding the potential sale of up to 50% of its interest in Avenir LNG Limited (Avenir LNG). Avenir LNG is an industry leader in small-scale liquefied natural gas (LNG) supply and is focused on supporting the marine energy transition through one of the largest fleets of small-scale LNG vessels. Avenir LNG owns and operates a fleet of five modern small-scale LNG bunkering vessels, with two newbuildings under construction. The potential sale agreement is subject to final documentation and customary approvals, which are expected in the first quarter of 2026. Should a formal agreement be reached, Stolt-Nielsen intends to jointly own and operate Avenir LNG as a joint venture. Declared Dividend • Nov 10
Dividend of US$1.00 announced Shareholders will receive a dividend of US$1.00. Ex-date: 19th November 2025 Payment date: 3rd December 2025 Dividend yield will be 4.1%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 2 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 06
Stolt-Nielsen Limited (OB:SNI) acquired Suttons International Limited. Stolt-Nielsen Limited (OB:SNI) completed the acquisition of Suttons International Limited on November 5, 2025. The acquisition of Suttons adds over 11,000 ISO tank containers to our fleet and broadens our product offering. Following the acquisition, Suttons International Limited is now a 100% owned subsidiary of Stolt-Nielsen Limited.
Stolt-Nielsen Limited (OB:SNI) acquired Suttons International Limited on November 5, 2025. Reported Earnings • Oct 02
Third quarter 2025 earnings released: EPS: US$1.20 (vs US$1.85 in 3Q 2024) Third quarter 2025 results: EPS: US$1.20 (down from US$1.85 in 3Q 2024). Revenue: US$699.9m (down 4.5% from 3Q 2024). Net income: US$64.0m (down 36% from 3Q 2024). Profit margin: 9.1% (down from 14% in 3Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Oct 02
Stolt-Nielsen Limited, Annual General Meeting, Apr 16, 2026 Stolt-Nielsen Limited, Annual General Meeting, Apr 16, 2026. New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks High level of debt (90% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jul 03
Second quarter 2025 earnings released: EPS: US$1.41 (vs US$1.87 in 2Q 2024) Second quarter 2025 results: EPS: US$1.41 (down from US$1.87 in 2Q 2024). Revenue: US$712.9m (down 3.8% from 2Q 2024). Net income: US$75.2m (down 25% from 2Q 2024). Profit margin: 11% (down from 14% in 2Q 2024). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 1.0% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Recent Insider Transactions • Apr 17
Chief Executive Officer recently bought kr1.1m worth of stock On the 11th of April, Udo Lange bought around 5k shares on-market at roughly kr222 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Udo's only on-market trade for the last 12 months. Upcoming Dividend • Apr 16
Upcoming dividend of US$1.25 per share Eligible shareholders must have bought the stock before 23 April 2025. Payment date: 07 May 2025. Payout ratio is a comfortable 30% and the cash payout ratio is 77%. Trailing yield: 12%. Within top quartile of British dividend payers (6.2%). Higher than average of industry peers (7.8%). Announcement • Apr 04
Stolt-Nielsen Limited (OB:SNI) announces an Equity Buyback for 800,000 shares, for $8.75 million. Stolt-Nielsen Limited (OB:SNI) announces a share repurchase program. Under the program, the company will repurchase up to 800,000 shares, for $8.75 million. The purpose of the buy-back program is to reduce the number of the Company's outstanding shares and to return capital to the Company's shareholders. The program is valid until October 2, 2025. Reported Earnings • Apr 03
First quarter 2025 earnings released: EPS: US$2.83 (vs US$1.94 in 1Q 2024) First quarter 2025 results: EPS: US$2.83 (up from US$1.94 in 1Q 2024). Revenue: US$675.6m (down 4.5% from 1Q 2024). Net income: US$151.4m (up 46% from 1Q 2024). Profit margin: 22% (up from 15% in 1Q 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 17
Final dividend of US$1.25 announced Shareholders will receive a dividend of US$1.25. Ex-date: 23rd April 2025 Payment date: 7th May 2025 Dividend yield will be 5.6%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (37% earnings payout ratio) but not covered by cash flows (110% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 59% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 12
Stolt-Nielsen Limited Announces Final Dividend for 2024, Payable on May 7, 2025 Stolt-Nielsen Limited announced that the Company's Board of Directors recommended a final dividend for 2024 of $1.25 per Common Share, payable on May 7, 2025 to shareholders of record as of April 24, 2025. The shares will trade ex-dividend on and after April 23, 2025. The dividend, which is subject to shareholder approval, will be voted on at the Company's Annual General Meeting of Shareholders scheduled for April 17, 2025 in Bermuda. If approved, this will bring the full dividend for 2024 to $2.50 per Common Share. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks High level of debt (71% net debt to equity). Dividend is not well covered by cash flows (110% cash payout ratio). Recent Insider Transactions • Dec 10
Independent Director recently bought kr14m worth of stock On the 4th of December, Tor Troim bought around 50k shares on-market at roughly kr277 per share. This transaction increased Tor's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Nov 08
Stolt-Nielsen Limited Declares Interim Dividend, Payable on December 4, 2024 Stolt-Nielsen Limited announced that the Company's Board of Directors approved an interim dividend payment of $1.25 per Common Share, payable on December 4, 2024 to shareholders of record as of November 22, 2024. The shares will trade ex-dividend on and after November 21, 2024. Announcement • Oct 08
Stolt-Nielsen Limited to Report Q1, 2025 Results on Apr 03, 2025 Stolt-Nielsen Limited announced that they will report Q1, 2025 results on Apr 03, 2025 Reported Earnings • Oct 02
Third quarter 2024 earnings released: EPS: US$1.85 (vs US$1.68 in 3Q 2023) Third quarter 2024 results: EPS: US$1.85 (up from US$1.68 in 3Q 2023). Revenue: US$732.8m (up 5.5% from 3Q 2023). Net income: US$99.2m (up 10% from 3Q 2023). Profit margin: 14% (in line with 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.0% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 44% per year. Reported Earnings • Jul 12
Second quarter 2024 earnings released: EPS: US$1.87 (vs US$0.15 in 2Q 2023) Second quarter 2024 results: EPS: US$1.87 (up from US$0.15 in 2Q 2023). Revenue: US$741.1m (up 2.7% from 2Q 2023). Net income: US$100.2m (up US$91.9m from 2Q 2023). Profit margin: 14% (up from 1.1% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 49% per year whereas the company’s share price has increased by 53% per year. Announcement • May 16
Stolt-Nielsen Limited Announces Executive Changes Stolt-Nielsen Limited announced that Lucas Vos will step down as President, Stolt Tankers, with effect from July 1, 2024. He will be replaced by Maren Schroeder as President and Chief Operating Officer, whilst Bjarke Nissen will assume the role of Chief Commercial Officer at Stolt Tankers. Ms. Schroeder has held the position of Managing Director, Shipowning, at Stolt Tankers since 2022, and prior to joining as Fleet Director in 2019, was Head of Technical at Vroon B.V. She has also held fleet management positions with Exmar, Euronav and Germanischer Lloyd. During her time with Stolt Tankers she has been instrumental in driving collaboration across the business and providing quality ships to customers. She has also successfully developed strong virtual connections between ship and shore personnel, crucial to operations during the Covid-19 pandemic. Ms. Schroeder is a member of the Intertanko Council, the DNV Owners Committee and the board of ITOPF, and she is also President and Chairwoman of the Board of Directors of the European International Shipowners' Association of Portugal (EISAP). She holds an MBA from the WHU/Kellogg School of Management and is a Harvard Business School Alumni. Mr. Nissen began his career as an officer in the Danish army and joined Stolt Tankers in 1993 from AP Moller Maersk. He was promoted to Business Director in 2009 and has been Managing Director since 2019, responsible for the development and implementation of commercial strategy, which creates value for customers through the delivery of seamless services. During his time with the company, Mr. Nissen has enjoyed various commercial postings in the UK, the Netherlands, and the US. He is an Alumni of Harvard Business School. Announcement • Apr 20
Stolt-Nielsen Limited Approves Dividend for 2023, Payable on May 8, 2024 Stolt-Nielsen Limited announced that at the AGM held on April 18, 2024 approved a dividend of USD 1.50 per common share payable on May 8, 2024 to Shareholders of record as of April 25, 2024. Upcoming Dividend • Apr 17
Upcoming dividend of US$1.50 per share Eligible shareholders must have bought the stock before 24 April 2024. Payment date: 08 May 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of British dividend payers (6.2%). In line with average of industry peers (6.3%). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: US$5.54 (vs US$5.25 in FY 2022) Full year 2023 results: EPS: US$5.54 (up from US$5.25 in FY 2022). Revenue: US$2.82b (up 1.7% from FY 2022). Net income: US$296.6m (up 5.6% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 28
Final dividend of US$1.50 announced Shareholders will receive a dividend of US$1.50. Ex-date: 24th April 2024 Payment date: 9th May 2024 Dividend yield will be 3.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 22
Stolt-Nielsen Limited Recommends Final Dividend, Payable on May 9, 2024 Stolt-Nielsen Limited announced that the Company's Board of Directors recommended a final dividend for 2023 of $1.50 per Common Share, payable on May 9, 2024 to shareholders of record as of April 25, 2024. The shares will trade ex-dividend on and after April 24, 2024. The dividend, which is subject to shareholder approval, will be voted on at the Company's Annual General Meeting of Shareholders scheduled for April 18, 2024 in Bermuda. If approved, this will bring the full dividend for 2023 to $2.50 per Common Share. Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: US$5.54 (vs US$5.25 in FY 2022) Full year 2023 results: EPS: US$5.54 (up from US$5.25 in FY 2022). Revenue: US$2.82b (up 1.7% from FY 2022). Net income: US$296.7m (up 5.6% from FY 2022). Profit margin: 11% (in line with FY 2022). Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 1.7% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Stolt-Nielsen Limited Declares Interim Dividend, Payable on December 07, 2023 Stolt-Nielsen Limited announced that the Company's Board of Directors approved an interim dividend payment of $1.00 per Common Share, payable on December 07, 2023 to shareholders of record as of November 23, 2023. The shares will trade ex-dividend on and after November 22, 2023. Announcement • Oct 29
Stolt-Nielsen Limited to Report Q1, 2024 Results on Apr 10, 2024 Stolt-Nielsen Limited announced that they will report Q1, 2024 results on Apr 10, 2024 Reported Earnings • Oct 06
Third quarter 2023 earnings released: EPS: US$1.68 (vs US$1.40 in 3Q 2022) Third quarter 2023 results: EPS: US$1.68 (up from US$1.40 in 3Q 2022). Revenue: US$694.4m (down 6.7% from 3Q 2022). Net income: US$90.1m (up 21% from 3Q 2022). Profit margin: 13% (up from 10.0% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.6% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. New Risk • Jul 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (100% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jul 07
Second quarter 2023 earnings released: EPS: US$0.15 (vs US$1.10 in 2Q 2022) Second quarter 2023 results: EPS: US$0.15 (down from US$1.10 in 2Q 2022). Revenue: US$721.9m (up 4.8% from 2Q 2022). Net income: US$8.29m (down 86% from 2Q 2022). Profit margin: 1.1% (down from 8.5% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 9.1% decline forecast for the Shipping industry in Europe. 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 46% per year, which means it is significantly lagging earnings growth. Announcement • Jul 04
Court of Appeals Ruling Against Stolt Tank Containers BV in Msc Flaminia Case Stolt-Nielsen Limited reported that the Court of Appeals has affirmed by two to one, in all material respects the ruling on liability from 2018 by the US District Court for the Southern District of New York regarding the 2012 incident on board the MSC Flaminia. Stolt Tank Containers BV has been found at fault together with Deltech for 45% and 55%, respectively. The Company is disappointed by the decision of the Court of Appeals upholding the lower court's 2018 decision. The Company is currently assessing the legal and financial implications of the Court's decision, which included a dissenting opinion, and is considering further appeals and mitigations. The potential liability for the full award is being assessed. The Company will record a loss provision related to the ruling in its second quarter financials, due to be reported on July 6, 2023, of $155 million, which net of tax will impact the Company's net profit for the quarter by approximately $115 million. The Company has liquidity in place to fund its potential liability and remains in a financially strong position. As reported in our annual reports, the ruling concerns the incident that took place on July 14, 2012, during which a fire broke out in cargo hold number four aboard the MSC Flaminia during the ship's crossing of the Atlantic Ocean. During the crew's attempt to extinguish the fire, an explosion occurred. Stolt Tank Containers had 29 tank containers onboard the ship, three of which were stowed in cargo hold number four. On May 29, 2013, the vessel interests, namely the owner, manager and operator filed counter and crossclaims against Stolt TankContainers and Deltech, the shipper of the three tank containers stowed in cargo hold number 4, alleging that these tank containers were the cause of the fire and that Stolt Tank Containers did not adequately warn of the inherently dangerous nature of the cargo. The Phase 2 trial was completed in August 2018. The US District Court for the Southern District of New York delivered a judgment on September 10, 2018, which held the Group jointly and severally liable with Deltech for the incident. Upcoming Dividend • Apr 18
Upcoming dividend of US$1.25 per share at 7.7% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 10 May 2023. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 7.7%. Within top quartile of British dividend payers (5.8%). Lower than average of industry peers (14%). Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: US$5.25 (vs US$1.47 in FY 2021) Full year 2022 results: EPS: US$5.25 (up from US$1.47 in FY 2021). Revenue: US$2.77b (up 27% from FY 2021). Net income: US$280.8m (up 257% from FY 2021). Profit margin: 10% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 05
Full year 2022 earnings released: EPS: US$5.25 (vs US$1.47 in FY 2021) Full year 2022 results: EPS: US$5.25 (up from US$1.47 in FY 2021). Revenue: US$2.77b (up 27% from FY 2021). Net income: US$280.9m (up 257% from FY 2021). Profit margin: 10% (up from 3.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 11% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 24
Now 22% undervalued Over the last 90 days, the stock is up 4.0%. The fair value is estimated to be kr333, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 90%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Dec 28
Now 22% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be kr352, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 90%. Revenue is forecast to grow by 7.7% in 2 years. Earnings is forecast to grow by 3.5% in the next 2 years. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Janet Ashdown was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 07
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$744.0m (up 28% from 3Q 2021). Net income: US$74.7m (up 123% from 3Q 2021). Profit margin: 10.0% (up from 5.8% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 3.4% p.a. on average during the next 3 years compared to a 12% decline forecast for the Shipping industry in Europe. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 16% share price gain to kr231, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 4x in the Shipping industry in Europe. Total returns to shareholders of 148% over the past three years. Reported Earnings • Jul 01
Second quarter 2022 earnings released: EPS: US$1.09 (vs US$0.15 in 2Q 2021) Second quarter 2022 results: EPS: US$1.09 (up from US$0.15 in 2Q 2021). Revenue: US$689.1m (up 31% from 2Q 2021). Net income: US$58.6m (up US$50.8m from 2Q 2021). Profit margin: 8.5% (up from 1.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Janet Ashdown was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 19
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of British dividend payers (4.6%). Lower than average of industry peers (9.8%). Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.47 (up from US$0.65 in FY 2020). Revenue: US$2.18b (up 12% from FY 2020). Net income: US$78.7m (up 97% from FY 2020). Profit margin: 3.6% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 13%, compared to a 14% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.47 (up from US$0.65 in FY 2020). Revenue: US$2.18b (up 12% from FY 2020). Net income: US$78.8m (up 97% from FY 2020). Profit margin: 3.6% (up from 2.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 8.7%, compared to a 28% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 07
Third quarter 2021 earnings released: EPS US$0.63 (vs US$0.48 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$580.9m (up 23% from 3Q 2020). Net income: US$33.5m (up 9.8% from 3Q 2020). Profit margin: 5.8% (down from 6.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 04
Second quarter 2021 earnings released: EPS US$0.15 (vs US$0.21 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: US$526.9m (up 4.7% from 2Q 2020). Net income: US$7.82m (down 40% from 2Q 2020). Profit margin: 1.5% (down from 2.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 14
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 21 April 2021. Payment date: 05 May 2021. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (4.2%). Higher than average of industry peers (2.2%). Reported Earnings • Apr 10
First quarter 2021 earnings released: EPS US$0.047 (vs US$0.32 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: US$480.2m (down 3.4% from 1Q 2020). Net income: US$2.50m (up US$21.5m from 1Q 2020). Profit margin: 0.5% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Mar 18
Full year 2020 earnings released: EPS US$0.65 (vs US$0.46 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$1.96b (down 3.8% from FY 2019). Net income: US$40.0m (up 44% from FY 2019). Profit margin: 2.0% (up from 1.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS US$0.65 (vs US$0.35 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$1.96b (down 4.0% from FY 2019). Net income: US$40.1m (up 91% from FY 2019). Profit margin: 2.1% (up from 1.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Jan 30
Revenue misses expectations Revenue missed analyst estimates by 0.7%. Over the next year, revenue is forecast to grow 6.6%, compared to a 12% growth forecast for the Shipping industry in the United Kingdom. Is New 90 Day High Low • Jan 12
New 90-day high: kr116 The company is up 27% from its price of kr91.70 on 09 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 34% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr244 per share. Is New 90 Day High Low • Jan 07
New 90-day high: kr113 The company is up 23% from its price of kr91.70 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 32% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr238 per share. Is New 90 Day High Low • Dec 31
New 90-day high: kr109 The company is up 35% from its price of kr80.70 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr238 per share. Is New 90 Day High Low • Dec 23
New 90-day high: kr108 The company is up 33% from its price of kr81.40 on 23 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping 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 kr241 per share. Is New 90 Day High Low • Dec 18
New 90-day high: kr107 The company is up 31% from its price of kr81.60 on 18 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping 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 kr242 per share. Recent Insider Transactions • Dec 16
Independent Director recently bought kr510k worth of stock On the 14th of December, Håkan Larsson bought around 5k shares on-market at roughly kr102 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr798k more in shares than they have sold in the last 12 months. Is New 90 Day High Low • Nov 19
New 90-day high: kr93.70 The company is up 13% from its price of kr82.80 on 19 August 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr201 per share. Recent Insider Transactions • Oct 11
Insider recently bought kr287k worth of stock On the 9th of October, Christian Mathiesen bought around 3k shares on-market at roughly kr92.91 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Oct 09
Third quarter earnings released Over the last 12 months the company has reported total profits of US$25.3m, up 6.9% from the prior year. Total revenue was US$1.97b over the last 12 months, down 4.3% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 09
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 4.2% at US$474.0m. Revenue is forecast to grow 5.1% over the next year, compared to a 7.4% growth forecast for the Shipping industry in the United Kingdom. Is New 90 Day High Low • Oct 08
New 90-day high: kr86.20 The company is up 2.0% from its price of kr84.10 on 08 July 2020. The British market is flat over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr416 per share. 
