Buy Or Sell Opportunity • Jul 02
Now 22% overvalued Over the last 90 days, the stock has fallen 11% to US$7.02. The fair value is estimated to be US$5.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to decline by 64% in 2 years. Earnings are forecast to decline by 26% in the next 2 years. Announcement • Jun 30
Hafnia Limited Announces CEO Changes, Effective September 1, 2026 Hafnia Limited announced that Mikael Skov had decided to step down as Chief Executive Officer (CEO) of Hafnia effective September 1, 2026. The Board of Directors appointed Søren Steenberg Jensen, EVP, Head of Asset Management, to succeed Mikael as CEO. Mikael Skov had led Hafnia since its establishment in 2010 and had played a defining role in building the Company into one of the world’s leading product tanker platforms. The CEO transition would take effect on September 1, 2026. Declared Dividend • May 29
First quarter dividend increased to US$0.29 Dividend of US$0.29 is 183% higher than last year. Ex-date: 4th June 2026 Payment date: 16th June 2026 Dividend yield will be 9.6%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 16% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 55% over the next 3 years. Since a fall of 34% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 27
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: US$0.36 (up from US$0.13 in 1Q 2025). Revenue: US$671.2m (up 23% from 1Q 2025). Net income: US$179.7m (up 184% from 1Q 2025). Profit margin: 27% (up from 12% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) exceeded analyst estimates by 44%. Revenue is expected to decline by 47% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Apr 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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 0.3% per year for the foreseeable future. Minor Risks High level of debt (41% net debt to equity). 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 (15% net profit margin). Significant insider selling over the past 3 months (US$8.9m sold). Reported Earnings • Apr 21
Full year 2025 earnings released: EPS: US$0.68 (vs US$1.52 in FY 2024) Full year 2025 results: EPS: US$0.68 (down from US$1.52 in FY 2024). Revenue: US$2.28b (down 21% from FY 2024). Net income: US$339.7m (down 56% from FY 2024). Profit margin: 15% (down from 27% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 41% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.9%. 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 13% per year, which means it is well ahead of earnings. New Risk • Mar 04
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 44% 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: Minor Risks High level of debt (44% net debt to equity). 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 (15% net profit margin). New Risk • Mar 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% 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 Risk Earnings are forecast to decline by an average of 7.4% 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 (14% net profit margin). New Risk • Mar 02
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: 14% Last year net profit margin: 29% 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: 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 (14% net profit margin). Declared Dividend • Mar 01
Fourth quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 6th March 2026 Payment date: 13th March 2026 Dividend yield will be 7.1%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but not covered by cash flows (112% cash payout ratio). The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 19% over the next 3 years. However, it would need to fall by 28% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 27
Full year 2025 earnings released Full year 2025 results: Revenue: US$1.42b (down 50% from FY 2024). Net income: US$339.7m (down 56% from FY 2024). Profit margin: 24% (down from 27% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 26
Hafnia Limited Announces Cash Dividend for the Fourth Quarter of 2025, Payable on or About 18 March 2026 Hafnia Limited announced cash dividend of USD 0.1762 per share for the fourth quarter of 2025, payable on or about 18 March 2026. Record date is 6 March 2026. Ex-date is 5 March 2026. Shares registered in the Depository Trust Company: Last trading day including right to dividends: 5 March 2026. Ex-date: 6 March 2026. Payment date: On or about 13 March 2026. Announcement • Dec 24
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. Hafnia Limited entered into a binding share purchase agreement to acquire 14.45% stake in TORM plc on September 11, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants, The appointment of a new independent board chairman of TORM and approval of the Transaction by the Administrative Council for Economic Defense (Conselho Administrativo de Defesa Econômica – CADE) in Brazil.
As of December 18, 2025, all conditions precedent required for the completion of Hafnia’s acquisition of approximately 14.1 million A-shares in TORM plc have been satisfied. Since September 11, 2025, TORM has announced to have increased its issued share capital by 3,380,278 new A-shares. Consequently, Hafnia’s acquisition of approximately 14.1 million A-shares will represent approximately 13.97% of TORM’s issued share capital as per the date hereof. Upon completion, Hafnia will hold approximately 13.97% of the issued share capital of TORM.
Completion of the acquisition is expected to take place shortly.
Dan Schuster-Woldan, Matthew Hearn, Ross Ferguson, Christopher J. Cummings, Deeksha Rathi of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Oaktree Capital Management, L.P., and its affiliates in the sale of stake in TORM. Henrik Laursen, Janus Jepsen, Peter E. Stassen, Lise Aaby Nielsen, Lynge Daugaard Jensen of Plesner Advokatpartnerselskab acted as legal advisor to Hafnia Limited.
Hafnia Limited (OB:HAFNI) completed the acquisition of 13.97% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates on December 22, 2025. New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% 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 2.5% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Profit margins are more than 30% lower than last year (14% net profit margin). Price Target Changed • Dec 11
Price target increased by 18% to US$10.00 Up from US$8.50, the current price target is an average from 3 analysts. New target price is 77% above last closing price of US$5.66. Stock is up 4.0% over the past year. The company is forecast to post earnings per share of US$0.70 for next year compared to US$1.52 last year. Declared Dividend • Dec 03
Third quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 9th December 2025 Payment date: 9th December 2025 Dividend yield will be 6.7%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but not covered by cash flows (112% cash payout ratio). The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 7.8% over the next 2 years. However, it would need to fall by 28% to increase the payout ratio to a potentially unsustainable range. New Risk • Dec 02
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: 18% Last year net profit margin: 27% 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 Earnings are forecast to decline by an average of 12% 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 (18% net profit margin). New Risk • Dec 02
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 Risk Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 01
Hafnia Limited Announces Quarterly Dividend, Payable On, or About, 16 December 2025 Hafnia Limited announced that it will pay a quarterly dividend of USD 0.1470 per share. The record date will be 9 December 2025. For shares registered in the Euronext VPS Oslo Stock Exchange, dividends will be distributed in NOK with an ex-dividend date of 8 December 2025 and a payment date on, or about, 19 December 2025. For shares registered in the Depository Trust Company, the ex-dividend date will be 9 December 2025, with a
payment date on, or about, 16 December 2025. Announcement • Sep 23
Hafnia Limited(OB:HAFNI) dropped from Oslo OBX Total Return Index Hafnia Limited has been dropped from the Oslo OBX Total Return Index. Price Target Changed • Sep 16
Price target increased by 9.4% to US$8.75 Up from US$8.00, the current price target is an average from 3 analysts. New target price is 38% above last closing price of US$6.33. Stock is down 18% over the past year. The company is forecast to post earnings per share of US$0.68 for next year compared to US$1.52 last year. Announcement • Sep 03
Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million. Hafnia Limited (OB:HAFNI) enters into a preliminary agreement to acquire 14.45% stake in TORM plc (CPSE:TRMD A) from Oaktree Capital Management, L.P. and and its affiliates for approximately $310 million on September 3, 2025. A cash consideration valued at $22 per share will be paid by Hafnia Limited.
The Announcement notes that completion of the Share Purchase is subject to entry into a definitive agreement and the fulfilment of customary conditions precedent, including among others, obtaining any required regulatory clearances and approvals, the satisfaction of certain covenants and the appointment of a new independent board chairman of TORM. Declared Dividend • Aug 31
Second quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 4th September 2025 Payment date: 10th September 2025 Dividend yield will be 10%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (80% cash payout ratio). The dividend has increased by an average of 31% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 28% over the next 3 years. Since a fall of 18% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • Aug 28
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: 18% Last year net profit margin: 27% 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 Earnings are forecast to decline by an average of 4.8% 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 (18% net profit margin). Reported Earnings • Aug 27
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: US$0.15 (down from US$0.51 in 2Q 2024). Revenue: US$346.6m (down 58% from 2Q 2024). Net income: US$75.3m (down 71% from 2Q 2024). Profit margin: 22% (down from 31% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 32% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 27
Hafnia Limited Announces Second Quarter Cash Dividend for 2025, Payable on or About September 15, 2025 Hafnia Limited on August 27, 2025 announced second quarter cash dividend. The company announced dividend of USD 0.1210 per share, Date of approval: August 26, 2025, Record date: September 4, 2025. Dividends payable to shares registered in the Euronext VPS will be distributed in NOK, with the conversion from USD to NOK taking place two business days prior to the payment date to shareholders in VPS. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: September 2, 2025, Ex-date: September 3, 2025, Payment date: On or about September 15, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: September 3, 2025, Ex-date: September 4, 2025, Payment date: On or about September 10, 2025. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% 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 16% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Recent Insider Transactions • May 27
Chief Financial Officer recently sold US$517k worth of stock On the 23rd of May, Perry Van Echtelt sold around 100k shares on-market at roughly US$5.17 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Perry has been a net seller over the last 12 months, reducing personal holdings by US$669k. Declared Dividend • May 19
First quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 23rd May 2025 Payment date: 4th June 2025 Dividend yield will be 17%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (75% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 38% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 53% over the next 3 years. Since a fall of 17% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% 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 17% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 15
Hafnia Limited Announces First Quarter 2025 Cash Dividend, Payable on or about June 4, 2025 Hafnia Limited on May 15, 2025 announcing the Company's first quarter 2025 cash dividend of USD 0.1015 per share. Record date: May 23, 2025. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: May 21, 2025, Ex-date: May 22, 2025, Payment date: On or about June 4, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: May 22, 2025, Ex-date: May 23, 2025, Payment date: On or about May 30, 2025. Announcement • May 14
Hafnia Limited Announces Board and Committee Appointments Hafnia Limited announced that the 2025 Annual General Meeting was held on 14 May 2025 and appointed Ms. Emily Tan as a Director of the Company. Appointed Ms. Alicia Yik Jie Ting as a member of the Nomination Committee and Ms. Elaine Yew Wen Suen as Chair of the Nomination Committee. Reported Earnings • May 04
Full year 2024 earnings released: EPS: US$1.52 (vs US$1.57 in FY 2023) Full year 2024 results: EPS: US$1.52 (down from US$1.57 in FY 2023). Revenue: US$2.87b (up 7.4% from FY 2023). Net income: US$774.0m (down 2.4% from FY 2023). Profit margin: 27% (down from 30% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 60% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.1%. Price Target Changed • Apr 23
Price target decreased by 20% to US$8.00 Down from US$10.00, the current price target is an average from 3 analysts. New target price is 82% above last closing price of US$4.39. Stock is down 42% over the past year. The company is forecast to post earnings per share of US$0.77 for next year compared to US$1.52 last year. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$4.21, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Oil and Gas industry in the US. Total loss to shareholders of 34% over the past year. Announcement • Mar 19
Hafnia Limited Announces Stepping Down of Erik Bartnes from the Board, Effective 14 May 2025 Hafnia Limited announced Non-executive director Erik Bartnes will be stepping down from the board effective from the annual general meeting (AGM) on 14 May 2025. The nomination committee will be putting forward a new candidate for the board before the AGM. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.029 announced Shareholders will receive a dividend of US$0.029. Ex-date: 7th March 2025 Payment date: 18th March 2025 Dividend yield will be 29%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 57% over the next 3 years. Since a fall of 11% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Feb 28
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$1.52 (down from US$1.57 in FY 2023). Revenue: US$2.87b (up 7.4% from FY 2023). Net income: US$774.0m (down 2.4% from FY 2023). Profit margin: 27% (down from 30% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 6.7%. Revenue is expected to decline by 57% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the US are expected to grow by 4.1%. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$4.21, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Oil and Gas industry in the US. Total loss to shareholders of 31% over the past year. Announcement • Feb 27
Hafnia Limited Declares Dividend for the Fourth Quarter 2024, Payable on or About March 18, 2025 Hafnia Limited announced dividend of USD 0.0294 per share for the fourth quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: March 4, 2025, Ex-date: March 6, 2025, Payment date: On or about March 18, 2025. Shares registered in the Depository Trust Company: Last trading day including right to dividends: March 6, 2025. Ex-date: March 7, 2025. Payment date: On or about March 13, 2025. Date of approval: February 26, 2025. Record date: March 7, 2025. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$5.10, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Oil and Gas industry in the US. Total loss to shareholders of 15% over the past year. Announcement • Dec 24
Hafnia Limited, Annual General Meeting, May 14, 2025 Hafnia Limited, Annual General Meeting, May 14, 2025. Declared Dividend • Nov 29
Third quarter dividend of US$0.38 announced Shareholders will receive a dividend of US$0.38. Ex-date: 6th December 2024 Payment date: 17th December 2024 Dividend yield will be 24%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 45% over the next 2 years. Since a fall of 11% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Nov 29
Third quarter 2024 earnings released: EPS: US$0.42 (vs US$0.29 in 3Q 2023) Third quarter 2024 results: EPS: US$0.42 (up from US$0.29 in 3Q 2023). Revenue: US$719.7m (up 11% from 3Q 2023). Net income: US$215.6m (up 47% from 3Q 2023). Profit margin: 30% (up from 23% in 3Q 2023). Revenue is expected to decline by 37% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.4%. Announcement • Nov 28
Hafnia Limited (OB:HAFNI) announces an Equity Buyback for NOK 100 million worth of its shares. Hafnia Limited (OB:HAFNI) announces a share repurchase program. Under the program, the company will repurchase shares for up to $100 million worth of its shares. The amount utilized for this program will be deducted before declaring dividends for Q4 2024. The authority shall expire on January 27, 2025. Announcement • Nov 27
Hafnia Limited Declares Dividend for the Third Quarter 2024, Payable on or About December 12, 2024 Hafnia Limited announced dividend of USD 0.3790 per share for the third quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: December 4, 2024, Ex-date: December 5, 2024, Payment date: On or about December 17, 2024. Shares registered in the Depository Trust Company: Last trading day including right to dividends: December 5, 2024. Ex-date: December 6, 2024. Payment date: On or about December 12, 2024. Price Target Changed • Nov 17
Price target decreased by 10.0% to US$9.00 Down from US$10.00, the current price target is an average from 5 analysts. New target price is 71% above last closing price of US$5.27. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$1.62 for next year compared to US$1.57 last year. Declared Dividend • Aug 28
Second quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 3rd September 2024 Payment date: 13th September 2024 Dividend yield will be 15%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 34% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to decline by 43% over the next 3 years. Since a fall of 16% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Aug 25
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$563.1m (up 17% from 2Q 2023). Net income: US$259.2m (up 22% from 2Q 2023). Profit margin: 46% (up from 44% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 32% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.0%. Announcement • Aug 23
Hafnia Limited Announces Dividend for the Second Quarter of 2024, on or About 10 September 2024 Hafnia Limited announced dividend of USD 0.4049 per share for the second quarter of 2024. Shares registered in the Euronext VPS Oslo Stock Exchange: Last trading day including right to dividends: 30 August 2024, Ex-date: 2 September 2024, Payment date: On or about 13 September 2024. Shares registered in the Depository Trust Company: Last trading day including right to dividends: 30 August 2024. Ex-date: 3 September 2024. Payment date: On or about 10 September 2024. Recent Insider Transactions • Jul 07
Chief Executive Officer recently sold US$8.3m worth of stock On the 3rd of July, Mikael Opstun Skov sold around 1m shares on-market at roughly US$8.33 per share. This transaction amounted to 31% 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 Mikael's only on-market trade for the last 12 months. Declared Dividend • May 19
First quarter dividend increased to US$0.34 Dividend of US$0.34 is 13% higher than last year. Ex-date: 22nd May 2024 Payment date: 3rd June 2024 Dividend yield will be 12%, which is higher than the industry average of 4.5%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 45% per year over the past 4 years. However, payments have been volatile during that time. EPS is expected to decline by 38% over the next 3 years. Since a fall of 22% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: US$0.43 (vs US$0.51 in 1Q 2023) First quarter 2024 results: EPS: US$0.43 (down from US$0.51 in 1Q 2023). Revenue: US$784.9m (up 31% from 1Q 2023). Net income: US$219.6m (down 14% from 1Q 2023). Profit margin: 28% (down from 43% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 32% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 2.3%. Announcement • May 16
Hafnia Limited Announces Dividend for the First Quarter of 2024, Payable on or About 29 May 2024 Hafnia Limited announced dividend of USD 0.3443 per share for the first quarter of 2024. Ex-date: 22 May 2024. Record date: 23 May 2024. Payment date: On or about 29 May 2024 for shares registered in the Depository Trust Company in the United States. Dividends payable to shares registered in Euronext Securities Oslo (VPS) will be distributed on or about 3 Jun 2024. Date of approval: 14 May 2024. Recent Insider Transactions • Apr 17
Chief Financial Officer recently sold US$1.9m worth of stock On the 11th of April, Perry Van Echtelt sold around 250k shares on-market at roughly US$7.42 per share. This transaction amounted to 40% 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 Perry's only on-market trade for the last 12 months. Announcement • Apr 10
Hafnia Limited Increases Quarterly Dividend Payout Ratio Hafnia Limited announced that its Board of Directors has approved an increase in the dividend payout ratio, which shall be effective April 9, 2024. Under the revised dividend policy, Hafnia will increase its payout ratio from the previous 70%, to 80%, when the net loan-to-value is above 20% but equal to or below 30%. Furthermore, as the net loan-to-value is equal to or below 20%, the payout ratio will be further elevated to 90% from the previous 80%. Announcement • Mar 05
Hafnia Limited Announces Cash Dividend for the Fourth Quarter 2023, Payable on 19 March 2024 Hafnia Limited announced cash dividend of USD 0.2431 per share for the fourth quarter 2023. Ex-date is 11 March 2024. Record date is 12 March 2024. Payment date is 19 March 2024. Announcement • Feb 24
Hafnia Limited to Report Q4, 2023 Results on Mar 05, 2024 Hafnia Limited announced that they will report Q4, 2023 results on Mar 05, 2024 Announcement • Nov 18
Hafnia Limited Announces Cash Dividend for the Third Quarter of 2023, Payable on 04 December 2023 Hafnia Limited announced cash dividend of USD 0.2032 per share for the third quarter of 2023. The dividend is payable on 04 December 2023 with Ex-date of 23 November 2023 and Record date of 24 November 2023. Announcement • Nov 07
Hafnia Limited Appoints Ms. Su Yin Anand as Director Hafnia Limited at Special General Meeting on 6 November 2023 approved the appointment of Ms. Su Yin Anand as Director . Announcement • Aug 25
Hafnia Limited Announces Cash Dividend for the Second Quarter of 2023, Payable on September 12, 2023 Hafnia Limited announced that the company's second quarter cash dividend. Key information relating to the cash dividend paid by the Company for the second quarter 2023: Dividend amount: USD 0.2528 per share. Last day including right to dividends: 30 August 2023. Ex-date: 31 August 2023. Record date: 01 September 2023. Payment date: 12 September 2023. Announcement • May 20
Hafnia Limited Announces Cash Dividend for the First Quarter 2023, Payable on 6 June 2023 Hafnia Limited on 19 May 2023 announcing the Company's first quarter results and cash dividend. Key information relating to the cash dividend paid by the Company for the first quarter 2023: Dividend amount: 0.3044 per share, Declared currency: USD, Last day including right to dividends: 24 May 2023, Ex-date: 25 May 2023, Record date: 26 May 2023 and Payment date: 06 June 2023. Announcement • Feb 01
Hafnia Limited Announces Resignation of Guillaume Philippe Gerry Bayol as Board of Director, Effective on February 1, 2023 Board member Guillaume Philippe Gerry Bayol has informed the Board of Directors in Hafnia Limed that he will resign from the company's Board of Directors with effect from 1 February 2023. Mr. Bayol has served as a representative of funds managed by Oaktree Capital Management, L.P. (Oaktree) on the company's Board of Directors. Announcement • Jan 02
Hafnia Limited to Report Q3, 2023 Results on Nov 11, 2023 Hafnia Limited announced that they will report Q3, 2023 results on Nov 11, 2023