Stolt-Nielsen Valuation

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

SNI (NOK288) is trading below our estimate of [[fair value]] (NOK848.03)

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

Valuation Score

5/6

Valuation Score 5/6

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 SNI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SNI (NOK288) is trading below our estimate of fair value (NOK848.03)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SNI. This is calculated by dividing SNI's market cap by their current earnings.
What is SNI's PE Ratio?
PE Ratio	3.5x
Earnings	US$401.70m
Market Cap	US$1.51b

SNI 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	1.2x
Enterprise Value/EBITDA	4.8x
PEG Ratio	-0.6x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SNI 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	3.5x
WWI Wilh. Wilhelmsen Holding	3.5x	6.5%	NOK 18.2b
HAUTO Höegh Autoliners	3.3x	-14.8%	NOK 26.0b
ODF Odfjell	2.8x	-11.4%	NOK 9.0b
MPCC MPC Container Ships	4.2x	-33.2%	NOK 11.8b
SNI Stolt-Nielsen	3.5x	-6.1%	NOK 16.6b

Price-To-Earnings vs Peers: SNI is expensive based on its Price-To-Earnings Ratio (3.5x) compared to the peer average (3.5x).

Price to Earnings Ratio vs Industry

How does SNI'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: SNI is good value based on its Price-To-Earnings Ratio (3.5x) compared to the European Shipping industry average (7.8x).

Price to Earnings Ratio vs Fair Ratio

What is SNI'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.

SNI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.5x
Fair PE Ratio	5.9x

Price-To-Earnings vs Fair Ratio: SNI is good value based on its Price-To-Earnings Ratio (3.5x) compared to the estimated Fair Price-To-Earnings Ratio (5.9x).

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 SNI 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 288.00	NOK 497.48 +72.7%	6.7%	NOK 551.08	NOK 463.31	n/a	5
Nov ’25	NOK 314.50	NOK 496.02 +57.7%	6.5%	NOK 548.75	NOK 461.35	n/a	5
Oct ’25	NOK 388.00	NOK 513.59 +32.4%	4.2%	NOK 542.19	NOK 483.46	n/a	5
Sep ’25	NOK 422.50	NOK 519.47 +23.0%	6.1%	NOK 560.22	NOK 480.07	n/a	5
Aug ’25	NOK 425.00	NOK 526.03 +23.8%	6.3%	NOK 569.55	NOK 488.06	n/a	5
Jul ’25	NOK 488.00	NOK 518.60 +6.3%	5.8%	NOK 566.17	NOK 485.44	n/a	5
Jun ’25	NOK 484.50	NOK 509.66 +5.2%	5.7%	NOK 554.95	NOK 477.29	n/a	5
May ’25	NOK 475.00	NOK 529.61 +11.5%	4.7%	NOK 566.45	NOK 505.21	n/a	5
Apr ’25	NOK 400.00	NOK 493.37 +23.3%	1.9%	NOK 501.21	NOK 478.24	n/a	5
Mar ’25	NOK 393.00	NOK 483.43 +23.0%	2.3%	NOK 493.78	NOK 466.44	n/a	5
Feb ’25	NOK 405.00	NOK 455.14 +12.4%	6.4%	NOK 495.73	NOK 424.39	n/a	5
Jan ’25	NOK 311.50	NOK 443.19 +42.3%	2.8%	NOK 463.39	NOK 429.66	n/a	6
Dec ’24	NOK 315.50	NOK 443.19 +40.5%	2.8%	NOK 463.39	NOK 429.66	n/a	6
Nov ’24	NOK 364.00	NOK 443.19 +21.8%	2.8%	NOK 463.39	NOK 429.66	NOK 314.50	6
Oct ’24	NOK 310.00	NOK 414.02 +33.6%	4.7%	NOK 448.14	NOK 391.21	NOK 388.00	6
Sep ’24	NOK 276.00	NOK 412.65 +49.5%	4.6%	NOK 447.22	NOK 390.08	NOK 422.50	6
Aug ’24	NOK 256.00	NOK 406.93 +59.0%	4.4%	NOK 439.46	NOK 385.15	NOK 425.00	6
Jul ’24	NOK 273.00	NOK 419.09 +53.5%	5.4%	NOK 450.91	NOK 385.80	NOK 488.00	6
Jun ’24	NOK 281.00	NOK 431.10 +53.4%	5.3%	NOK 459.76	NOK 399.54	NOK 484.50	5
May ’24	NOK 307.50	NOK 413.81 +34.6%	3.0%	NOK 430.57	NOK 399.96	NOK 475.00	5
Apr ’24	NOK 333.00	NOK 405.89 +21.9%	5.3%	NOK 430.22	NOK 369.26	NOK 400.00	5
Mar ’24	NOK 318.00	NOK 374.22 +17.7%	6.2%	NOK 398.26	NOK 338.99	NOK 393.00	5
Feb ’24	NOK 275.00	NOK 333.47 +21.3%	7.7%	NOK 365.06	NOK 302.90	NOK 405.00	4
Jan ’24	NOK 269.50	NOK 296.23 +9.9%	9.2%	NOK 322.86	NOK 252.50	NOK 311.50	4
Dec ’23	NOK 257.50	NOK 305.76 +18.7%	8.7%	NOK 337.07	NOK 263.61	NOK 315.50	4
Nov ’23	NOK 252.00	NOK 317.54 +26.0%	8.6%	NOK 353.12	NOK 276.16	NOK 364.00	4

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