Financials Norden

Equities

DNORD

DK0060083210

Marine Freight & Logistics

Market Closed - Nasdaq Copenhagen Other stock markets 10:59:34 2024-04-26 am EDT			5-day change	1st Jan Change
310.8 ^DKK	+11.88%		+7.84%	-3.18%

Apr. 25	Transcript : Dampskibsselskabet Norden A/S, Q1 2024 Earnings Call, Apr 25, 2024
Apr. 25	Dampskibsselskabet Norden to Launch $21 Million Share Buyback Program	MT

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Capitalization ¹	567.4	629.4	686.3	932.6	2,033	1,502
Enterprise Value (EV) ¹	710.8	1,054	1,030	1,584	2,005	1,546
P/E ratio	19.9 x	33.3 x	8.17 x	4.68 x	2.85 x	3.86 x
Yield	2.17%	2.35%	8.16%	10.9%	21.5%	14%
Capitalization / Revenue	0.23 x	0.24 x	0.26 x	0.26 x	0.38 x	0.41 x
EV / Revenue	0.29 x	0.41 x	0.4 x	0.45 x	0.38 x	0.42 x
EV / EBITDA	9.81 x	10 x	5.46 x	5.38 x	2.68 x	4.02 x
EV / FCF	-4.31 x	45.2 x	5.31 x	-53 x	3.24 x	8.66 x
FCF Yield	-23.2%	2.21%	18.8%	-1.89%	30.9%	11.5%
Price to Book	0.68 x	0.73 x	0.76 x	0.94 x	1.53 x	1.25 x
Nbr of stocks (in thousands)	40,075	39,339	37,883	36,796	33,780	31,596
Reference price ²	14.16	16.00	18.12	25.35	60.17	47.53
Announcement Date	3/5/19	3/4/20	3/4/21	3/3/22	2/10/23	2/8/24

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net sales ¹	2,455	2,584	2,598	3,552	5,312	3,692
EBITDA ¹	72.44	105.4	188.7	294.5	748	384.3
EBIT ¹	28.14	60	140.1	251.1	718.3	345.2
Operating Margin	1.15%	2.32%	5.39%	7.07%	13.52%	9.35%
Earnings before Tax (EBT) ¹	32.44	24.1	92.7	210.7	751.9	410.2
Net income ¹	28.76	19.2	86	204.5	743.5	400.1
Net margin	1.17%	0.74%	3.31%	5.76%	14%	10.84%
EPS ²	0.7100	0.4800	2.218	5.420	21.10	12.30
Free Cash Flow ¹	-164.8	23.32	193.8	-29.91	618.6	178.6
FCF margin	-6.71%	0.9%	7.46%	-0.84%	11.64%	4.84%
FCF Conversion (EBITDA)	-	22.12%	102.72%	-	82.7%	46.47%
FCF Conversion (Net income)	-	121.46%	225.38%	-	83.2%	44.64%
Dividend per Share ²	0.3068	0.3754	1.479	2.753	12.93	6.673
Announcement Date	3/5/19	3/4/20	3/4/21	3/3/22	2/10/23	2/8/24

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2022 Q2
Net sales	940.4	-
EBITDA	148	-
EBIT	64.9	-
Operating Margin	6.9%	-
Earnings before Tax (EBT)	67.2	-
Net income ¹	65	178.7
Net margin	6.91%	-
EPS ²	1.720	5.110
Dividend per Share	-	-
Announcement Date	11/4/21	8/18/22

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023
Net Debt ¹	143	425	344	652	-	44.6
Net Cash position ¹	-	-	-	-	27.5	-
Leverage (Debt/EBITDA)	1.979 x	4.028 x	1.822 x	2.213 x	-	0.1161 x
Free Cash Flow ¹	-165	23.3	194	-29.9	619	179
ROE (net income / shareholders' equity)	3.46%	2.28%	9.76%	21.6%	64%	31.6%
ROA (Net income/ Total Assets)	1.26%	2.34%	4.91%	7.34%	17.2%	8.46%
Assets ¹	2,283	821	1,752	2,787	4,313	4,728
Book Value Per Share ²	20.70	21.90	23.90	27.00	39.40	37.90
Cash Flow per Share ²	4.620	5.320	8.770	11.20	25.00	17.70
Capex ¹	203	146	99	248	328	350
Capex / Sales	8.26%	5.65%	3.81%	6.98%	6.18%	9.47%
Announcement Date	3/5/19	3/4/20	3/4/21	3/3/22	2/10/23	2/8/24

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
NORDEN	-3.18%	1.33B
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
STAR BULK CARRIERS CORP.	+16.23%	2.8B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
GULF NAVIGATION HOLDING	+0.95%	1.66B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+32.12%	1.57B

Deep Sea Freight

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