Höegh Autoliners Valuation

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

HAUTOO (NOK127.8) is trading below our estimate of [[fair value]] (NOK406.74)

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

Below Fair Value: HAUTOO (NOK127.8) is trading below our estimate of fair value (NOK406.74)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for HAUTOO. This is calculated by dividing HAUTOO's market cap by their current earnings.
What is HAUTOO's PE Ratio?
PE Ratio	3.2x
Earnings	US$678.71m
Market Cap	US$2.19b

HAUTOO 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	1.7x
Enterprise Value/EBITDA	3.9x
PEG Ratio	-0.2x

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for HAUTOO 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	29.9x
GOTL A Rederiaktiebolaget Gotland	24.5x	n/a	SEK 5.5b
VSSAB B Viking Supply Ships	81.4x	n/a	SEK 1.2b
600428 COSCO SHIPPING Specialized CarriersLtd	10.9x	13.1%	CN¥15.3b
DAC Danaos	2.8x	-3.9%	US$1.7b
HAUTOO Höegh Autoliners	3.2x	-14.2%	NOK 24.3b

Price-To-Earnings vs Peers: HAUTOO is good value based on its Price-To-Earnings Ratio (3.2x) compared to the peer average (30x).

Price to Earnings Ratio vs Industry

How does HAUTOO'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: HAUTOO is good value based on its Price-To-Earnings Ratio (3.2x) compared to the European Shipping industry average (7.7x).

Price to Earnings Ratio vs Fair Ratio

What is HAUTOO'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.

HAUTOO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	3.2x
Fair PE Ratio	10.9x

Price-To-Earnings vs Fair Ratio: HAUTOO is good value based on its Price-To-Earnings Ratio (3.2x) compared to the estimated Fair Price-To-Earnings Ratio (10.9x).

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 HAUTOO 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 127.80	NOK 143.44 +12.2%	9.3%	NOK 160.07	NOK 124.24	n/a	4
Nov ’25	NOK 114.70	NOK 144.67 +26.1%	9.0%	NOK 160.06	NOK 125.73	n/a	4
Oct ’25	NOK 138.00	NOK 151.57 +9.8%	2.0%	NOK 156.39	NOK 148.42	n/a	4
Sep ’25	NOK 118.20	NOK 151.45 +28.1%	2.4%	NOK 157.60	NOK 147.74	n/a	4
Aug ’25	NOK 119.70	NOK 153.97 +28.6%	7.6%	NOK 165.81	NOK 136.42	n/a	4
Jul ’25	NOK 121.20	NOK 151.00 +24.6%	8.4%	NOK 163.62	NOK 130.92	n/a	4
Jun ’25	NOK 124.80	NOK 148.45 +18.9%	8.1%	NOK 160.99	NOK 128.81	n/a	4
May ’25	NOK 117.20	NOK 151.37 +29.2%	6.7%	NOK 160.56	NOK 135.46	n/a	4
Apr ’25	NOK 92.80	NOK 155.47 +67.5%	5.1%	NOK 167.48	NOK 146.97	n/a	4
Mar ’25	NOK 105.90	NOK 157.04 +48.3%	5.4%	NOK 169.72	NOK 148.94	n/a	4
Feb ’25	NOK 108.10	NOK 121.14 +12.1%	5.6%	NOK 129.67	NOK 112.78	n/a	4
Jan ’25	NOK 92.55	NOK 117.22 +26.7%	6.5%	NOK 130.13	NOK 110.48	n/a	4
Dec ’24	NOK 89.50	NOK 124.22 +38.8%	2.9%	NOK 129.67	NOK 119.76	n/a	4
Nov ’24	NOK 95.10	NOK 124.22 +30.6%	2.9%	NOK 129.67	NOK 119.76	NOK 114.70	4
Oct ’24	NOK 77.30	NOK 112.62 +45.7%	4.1%	NOK 120.05	NOK 107.56	NOK 138.00	4
Sep ’24	NOK 75.20	NOK 112.16 +49.1%	4.3%	NOK 119.97	NOK 106.98	NOK 118.20	4
Aug ’24	NOK 59.30	NOK 97.46 +64.3%	2.7%	NOK 100.52	NOK 94.01	NOK 119.70	4
Jul ’24	NOK 60.10	NOK 100.82 +67.7%	4.1%	NOK 104.98	NOK 94.32	NOK 121.20	4
Jun ’24	NOK 62.70	NOK 101.57 +62.0%	4.3%	NOK 104.62	NOK 93.99	NOK 124.80	4
May ’24	NOK 69.15	NOK 91.78 +32.7%	5.3%	NOK 95.66	NOK 83.48	NOK 117.20	4
Apr ’24	NOK 58.60	NOK 90.13 +53.8%	5.2%	NOK 94.12	NOK 82.14	NOK 92.80	4
Mar ’24	NOK 59.60	NOK 89.41 +50.0%	6.4%	NOK 93.90	NOK 79.92	NOK 105.90	4
Feb ’24	NOK 63.70	NOK 83.79 +31.5%	8.1%	NOK 93.59	NOK 75.43	NOK 108.10	4
Jan ’24	NOK 65.30	NOK 84.84 +29.9%	9.1%	NOK 93.82	NOK 75.02	NOK 92.55	3
Dec ’23	NOK 56.60	NOK 84.89 +50.0%	6.6%	NOK 90.52	NOK 79.26	NOK 89.50	2
Nov ’23	NOK 59.50	NOK 74.37 +25.0%	6.0%	NOK 78.86	NOK 69.88	NOK 95.10	2

Analyst Forecast: Target price is less than 20% higher than the current share price.