Klaveness Combination Carriers Valuation

Q: What is the Fair Price of KCC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

KCC (NOK82.3) is trading below our estimate of [[fair value]] (NOK215.57)

Is KCC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of KCC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: KCC (NOK82.3) is trading below our estimate of fair value (NOK215.57)

Significantly Below Fair Value: KCC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for KCC?

Key metric: As KCC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for KCC. This is calculated by dividing KCC's market cap by their current earnings.
What is KCC's PE Ratio?
PE Ratio	4.5x
Earnings	US$98.69m
Market Cap	US$449.00m

KCC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.1x
Enterprise Value/EBITDA	4.3x
PEG Ratio	-0.3x

Price to Earnings Ratio vs Peers

How does KCC's PE Ratio compare to its peers?

The above table shows the PE ratio for KCC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	9.8x
FROY Frøy	26.7x	n/a	NOK 6.6b
2020 2020 Bulkers	3.3x	-33.7%	NOK 3.2b
ODF Odfjell	2.9x	-8.8%	NOK 9.0b
BELCO Belships	6.1x	18.2%	NOK 4.7b
KCC Klaveness Combination Carriers	4.5x	-17.4%	NOK 5.0b

Price-To-Earnings vs Peers: KCC is expensive based on its Price-To-Earnings Ratio (4.5x) compared to the peer average (4.1x).

Price to Earnings Ratio vs Industry

How does KCC's PE Ratio compare vs other companies in the European Shipping Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: KCC is good value based on its Price-To-Earnings Ratio (4.5x) compared to the European Shipping industry average (7.7x).

Price to Earnings Ratio vs Fair Ratio

What is KCC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

KCC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	4.5x
Fair PE Ratio	4x

Price-To-Earnings vs Fair Ratio: KCC is expensive based on its Price-To-Earnings Ratio (4.5x) compared to the estimated Fair Price-To-Earnings Ratio (4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst KCC forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 82.30	NOK 118.98 +44.6%	13.5%	NOK 141.48	NOK 105.08	n/a	3
Nov ’25	NOK 85.10	NOK 118.98 +39.8%	13.5%	NOK 141.48	NOK 105.08	n/a	3
Oct ’25	NOK 91.20	NOK 123.64 +35.6%	12.3%	NOK 144.77	NOK 109.80	n/a	3
Sep ’25	NOK 93.30	NOK 128.63 +37.9%	9.1%	NOK 144.13	NOK 115.84	n/a	3
Aug ’25	NOK 101.20	NOK 128.56 +27.0%	7.0%	NOK 139.97	NOK 118.00	n/a	3
Jul ’25	NOK 109.60	NOK 125.42 +14.4%	7.4%	NOK 136.99	NOK 114.30	n/a	3
Jun ’25	NOK 103.60	NOK 125.42 +21.1%	7.4%	NOK 136.99	NOK 114.30	n/a	3
May ’25	NOK 108.20	NOK 125.32 +15.8%	3.0%	NOK 129.62	NOK 120.45	n/a	3
Apr ’25	NOK 94.20	NOK 122.76 +30.3%	1.8%	NOK 124.81	NOK 119.73	n/a	3
Mar ’25	NOK 96.80	NOK 122.76 +26.8%	1.8%	NOK 124.81	NOK 119.73	n/a	3
Feb ’25	NOK 109.50	NOK 106.68 -2.6%	10.4%	NOK 120.74	NOK 93.69	n/a	3
Jan ’25	NOK 87.00	NOK 95.03 +9.2%	7.6%	NOK 105.08	NOK 88.50	n/a	3
Dec ’24	NOK 79.00	NOK 96.94 +22.7%	1.7%	NOK 98.56	NOK 95.32	n/a	2
Nov ’24	NOK 82.00	NOK 97.33 +18.7%	2.4%	NOK 99.64	NOK 95.03	NOK 85.10	2
Oct ’24	NOK 69.40	NOK 96.84 +39.5%	7.0%	NOK 103.64	NOK 90.04	NOK 91.20	2
Sep ’24	NOK 66.00	NOK 95.97 +45.4%	6.9%	NOK 102.56	NOK 89.37	NOK 93.30	2
Aug ’24	NOK 70.20	NOK 106.43 +51.6%	5.9%	NOK 112.71	NOK 100.15	NOK 101.20	2
Jul ’24	NOK 66.20	NOK 106.43 +60.8%	5.9%	NOK 112.71	NOK 100.15	NOK 109.60	2
May ’24	NOK 80.60	NOK 117.42 +45.7%	12.5%	NOK 132.06	NOK 102.78	NOK 108.20	2
Apr ’24	NOK 76.20	NOK 114.33 +50.0%	12.1%	NOK 128.16	NOK 100.51	NOK 94.20	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.