New Risk • May 11
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 148% Dividend yield: 16% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Cash payout ratio: 148% Earnings are forecast to decline by an average of 21% per year for the foreseeable future. Minor Risks High level of debt (51% net debt to equity). Profit margins are more than 30% lower than last year (32% net profit margin). Reported Earnings • Apr 20
Full year 2025 earnings released: EPS: US$2.69 (vs US$3.25 in FY 2024) Full year 2025 results: EPS: US$2.69 (down from US$3.25 in FY 2024). Revenue: US$1.43b (up 4.0% from FY 2024). Net income: US$513.5m (down 17% from FY 2024). Profit margin: 36% (down from 45% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: US$2.69 (vs US$3.25 in FY 2024) Full year 2025 results: EPS: US$2.69 (down from US$3.25 in FY 2024). Revenue: US$1.43b (up 4.0% from FY 2024). Net income: US$513.5m (down 17% from FY 2024). Profit margin: 36% (down from 45% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 4.6% 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 14% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jan 22
Chief Executive Officer recently bought kr2.8m worth of stock On the 15th of January, Andreas Enger bought around 28k shares on-market at roughly kr98.40 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andreas has been a buyer over the last 12 months, purchasing a net total of kr5.5m worth in shares. Recent Insider Transactions • Dec 22
Chief Strategy recently bought kr1.7m worth of stock On the 19th of December, Lise Duetoft bought around 17k shares on-market at roughly kr96.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr6.0m more in shares than they have sold in the last 12 months. Announcement • Nov 26
Höegh Autoliners ASA, Annual General Meeting, May 27, 2026 Höegh Autoliners ASA, Annual General Meeting, May 27, 2026. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: US$0.69 (vs US$1.01 in 3Q 2024) Third quarter 2025 results: EPS: US$0.69 (down from US$1.01 in 3Q 2024). Revenue: US$370.5m (up 6.1% from 3Q 2024). Net income: US$131.2m (down 32% from 3Q 2024). Profit margin: 35% (down from 55% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 2.7% 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 20% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr92.40, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Shipping industry in Europe. Total returns to shareholders of 119% over the past three years. New Risk • Aug 22
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 52% 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 Risks Earnings are forecast to decline by an average of 22% per year for the foreseeable future. High level of non-cash earnings (28% accrual ratio). Minor Risks High level of debt (52% net debt to equity). Dividend is not well covered by cash flows (379% cash payout ratio). New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 230% Earnings are forecast to decline by an average of 23% per year for the foreseeable future. High level of non-cash earnings (27% accrual ratio). Reported Earnings • Apr 28
First quarter 2025 earnings released: EPS: US$0.81 (vs US$0.60 in 1Q 2024) First quarter 2025 results: EPS: US$0.81 (up from US$0.60 in 1Q 2024). Revenue: US$329.3m (flat on 1Q 2024). Net income: US$154.7m (up 34% from 1Q 2024). Profit margin: 47% (up from 35% in 1Q 2024). Revenue is forecast to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr76.80, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Shipping industry in Europe. Total loss to shareholders of 26% over the past year. New Risk • Feb 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 136% Cash payout ratio: 192% Dividend yield: 35% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 136% Cash payout ratio: 192% Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risks High level of debt (42% net debt to equity). Significant insider selling over the past 3 months (kr65m sold). New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% 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 Earnings are forecast to decline by an average of 12% per year for the foreseeable future. High level of non-cash earnings (22% accrual ratio). Minor Risks High level of debt (42% net debt to equity). Dividend is not well covered by cash flows (192% cash payout ratio). Significant insider selling over the past 3 months (kr65m sold). Recent Insider Transactions • Dec 13
Chief Executive Officer recently sold kr65m worth of stock On the 9th of December, Andreas Enger sold around 567k shares on-market at roughly kr115 per share. This transaction amounted to 38% 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 Andreas' only on-market trade for the last 12 months. Announcement • Dec 13
Höegh Autoliners ASA to Report Fiscal Year 2024 Final Results on Apr 25, 2025 Höegh Autoliners ASA announced that they will report fiscal year 2024 final results at 7:30 AM, Central European Standard Time on Apr 25, 2025 Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr106, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Shipping industry in Europe. Total returns to shareholders of 20% over the past year. Announcement • Dec 11
Höegh Autoliners ASA, Annual General Meeting, May 27, 2025 Höegh Autoliners ASA, Annual General Meeting, May 27, 2025. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr136, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Shipping industry in Europe. Total returns to shareholders of 55% over the past year. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$1.01 (vs US$0.75 in 3Q 2023) Third quarter 2024 results: EPS: US$1.01 (up from US$0.75 in 3Q 2023). Revenue: US$349.1m (down 1.6% from 3Q 2023). Net income: US$192.6m (up 36% from 3Q 2023). Profit margin: 55% (up from 40% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Shipping industry in Europe. Announcement • Sep 20
Emanuele Grimaldi acquired an additional minority stake in Höegh Autoliners ASA (OB:HAUTO). Emanuele Grimaldi acquired an additional minority stake in Höegh Autoliners ASA (OB:HAUTO) on September 20, 2024.
Emanuele Grimaldi completed the acquisition of an additional minority stake in Höegh Autoliners ASA (OB:HAUTO) on September 20, 2024. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr138, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 68% over the past year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: US$0.91 (vs US$0.70 in 2Q 2023) Second quarter 2024 results: EPS: US$0.91 (up from US$0.70 in 2Q 2023). Revenue: US$341.2m (down 4.1% from 2Q 2023). Net income: US$173.6m (up 31% from 2Q 2023). Profit margin: 51% (up from 37% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Shipping industry in Europe. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr127, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 89% over the past year. Simply Wall St's valuation model estimates the intrinsic value at kr244 per share. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.60 (vs US$0.61 in 1Q 2023) First quarter 2024 results: EPS: US$0.60 (down from US$0.61 in 1Q 2023). Revenue: US$328.2m (down 7.2% from 1Q 2023). Net income: US$115.1m (down 1.8% from 1Q 2023). Profit margin: 35% (up from 33% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Shipping industry in Europe. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr107, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 63% over the past year. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: US$3.09 (vs US$1.57 in FY 2022) Full year 2023 results: EPS: US$3.09 (up from US$1.57 in FY 2022). Revenue: US$1.45b (up 14% from FY 2022). Net income: US$589.6m (up 98% from FY 2022). Profit margin: 41% (up from 24% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr123, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Shipping industry in Europe. Total returns to shareholders of 105% over the past year. Board Change • Feb 01
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. 4 experienced directors. 4 highly experienced directors. Director Gyrid Ingero was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 23
Höegh Autoliners ASA Appoints Mirjam Peters as Chief Customer Sustainability Officer and Member of Executive Leadership Team, Effective 1 May 2024 Höegh Autoliners ASA announced that Dr. Mirjam Peters will take on a new role as Chief Customer Sustainability Officer (CCSO) from 1 May 2024. Mirjam will be part of the Executive leadership team and will be based in the company’s office in Germany. Mirjam’s experience and passion for sustainability will provide an additional avenue for value creation for the company's customers. Mirjam comes from Continental AG in the automotive supplier business and has held various positions within technology development, R&D and more recently focussing on the development and execution of their global sustainability strategy. Mirjam is a studied natural scientist, with emphasis on sustainability research ever since. After her PhD graduation she started her career at Continental AG in the automotive supplier business. She was holding several positions in the Tire Sector including international assignments in South Africa and China in technology development, R&D and OE. In her last position in Continental AG, she was responsible for the development and execution of the global sustainability strategy of the Industry Sector, reporting to the COO and CEO. Recent Insider Transactions • Nov 12
Chief Executive Officer recently sold kr53m worth of stock On the 8th of November, Andreas Enger sold around 620k shares on-market at roughly kr86.07 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andreas has been a net seller over the last 12 months, reducing personal holdings by kr53m. Reported Earnings • Oct 28
Third quarter 2023 earnings released: EPS: US$0.75 (vs US$0.48 in 3Q 2022) Third quarter 2023 results: EPS: US$0.75 (up from US$0.48 in 3Q 2022). Revenue: US$354.7m (up 7.7% from 3Q 2022). Net income: US$142.2m (up 55% from 3Q 2022). Profit margin: 40% (up from 28% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is expected to fall by 2.3% p.a. on average during the next 3 years compared to a 5.7% decline forecast for the Shipping industry in Europe. Reported Earnings • Aug 22
Second quarter 2023 earnings released: EPS: US$0.70 (vs US$0.28 in 2Q 2022) Second quarter 2023 results: EPS: US$0.70 (up from US$0.28 in 2Q 2022). Revenue: US$355.8m (up 12% from 2Q 2022). Net income: US$132.9m (up 150% from 2Q 2022). Profit margin: 37% (up from 17% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is expected to fall by 1.9% p.a. on average during the next 3 years compared to a 6.2% decline forecast for the Shipping industry in Europe. Recent Insider Transactions • May 25
Chief Executive Officer recently bought kr740k worth of stock On the 24th of May, Andreas Enger bought around 12k shares on-market at roughly kr61.67 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Andreas' only on-market trade for the last 12 months. Recent Insider Transactions • May 06
Director recently bought kr474k worth of stock On the 4th of May, Gyrid Ingero bought around 8k shares on-market at roughly kr63.22 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr762k more in shares than they have sold in the last 12 months. Buying Opportunity • Apr 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be kr71.99, 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. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 3.8% per annum. Earnings is also forecast to decline by 9.4% per annum over the same time period. Buying Opportunity • Mar 15
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be kr74.33, 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. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 3.8% per annum. Earnings is also forecast to decline by 9.4% per annum over the same time period. Recent Insider Transactions • Mar 10
Independent Director recently bought kr288k worth of stock On the 8th of March, Kjersti Aass bought around 5k shares on-market at roughly kr64.00 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 the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: US$1.57 (vs US$0.92 in FY 2021) Full year 2022 results: EPS: US$1.57 (up from US$0.92 in FY 2021). Revenue: US$1.27b (up 34% from FY 2021). Net income: US$298.6m (up 139% from FY 2021). Profit margin: 24% (up from 13% 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. Reported Earnings • Oct 29
Third quarter 2022 earnings released: EPS: US$0.48 (vs US$0.07 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.48 (up from US$0.07 loss in 3Q 2021). Revenue: US$329.3m (up 44% from 3Q 2021). Net income: US$91.9m (up US$101.0m from 3Q 2021). Profit margin: 28% (up from net loss in 3Q 2021). Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 12% decline forecast for the Shipping industry in Europe. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improved over the past week After last week's 16% share price gain to kr49.05, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Shipping industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at kr75.59 per share. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: US$0.28 (vs US$0.07 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.28 (up from US$0.07 loss in 2Q 2021). Revenue: US$318.5m (up 39% from 2Q 2021). Net income: US$53.2m (up US$62.3m from 2Q 2021). Profit margin: 17% (up from net loss in 2Q 2021). Over the next year, revenue is expected to shrink by 50% compared to a 1.0% decline forecast for the Shipping industry in Sweden. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 19% share price gain to kr40.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Shipping industry in Europe. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment improved over the past week After last week's 20% share price gain to kr34.20, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Shipping industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at kr58.61 per share. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr28.00, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Shipping industry in Europe.