odin maritim - odin fond
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ODIN Maritim Årskommentar 2014
Fondens portfölj
ODIN Maritim – december 2014
Avkastning senaste månaden och hittills i år
• Fonden hade en avkastning på 2,0 procent den senaste månaden. Avkastningen för fondens referensindex
under samma tidsperiod var 0,1 procent.
• Fondens avkastning hittills i år är -18,6 procent. Referensindex avkastning hittills i år är 5,3 procent.
Köp och försäljning i fonden, senaste månaden och hittills i år
• Den senaste månaden har vi minskat våra innehav i tank bolagen DHT och Tanker Investments efter goda
kursuppgångar och vi har utnyttjat kursfallet i Navigator Holdings till att öka vår exponering.
• I år är de största förändringarna i portföljen köp av Maersk och Aurora LPG och vi har sålt Neptun Orient
Lines och gjort gradvis minskat i torrlastbolag.
Bidragsgivare, senaste månaden och hittills i år
• De bästa bidragsgivarna till denna månads avkastning var Tanker Investements, DHT och Navios Maritime
Aquisition.
• De bolag som bidrog minst denna månad var Awilco LNG, Golden Ocean och Pacific Basin.
• I år har bolagen Tanker Investements , Hurtigruten och DHT Holdings bidragit mest.
• De svagaste bidragen till avkastningen i portföljen i år är DS Norden, Western Bulk och Golden Ocean.
ODIN Maritim – december 2014
Prissättning av fonden
• Fonden prissätts till 11,3 gånger de kommande 12 månadernas resultat.
• Fonden ger en direktavkastning på 2,6 procent. Utöver detta tillkommer även återköp av aktier i bolagen.
• Mätt mot bokfört egenkapital prissätts fonden till 0,8.
• Innehaven i fonden har en genomsnittlig egenkapitalavkastning på 1,6 procent.
Prissättning av den aktiemarknaden för shipping - MSCI World Gross Marine Index
• MSCI World Marine prissätts till 10,5 gånger de kommande 12 månadernas resultat.
• MSCI World Marine ger en direktavkastning på 2,9 procent.
• Mätt mot bokfört egenkapital prissätts MSCI World Marine till 1,1 gånger.
• Bolagen i MSCI World Marine har en genomsnittlig egenkapitalavkastning på 9,2 procent.
Mer om fondens avkastning
Det senaste året har ODIN Maritim visat en betydlig
mindreavkastning jämfört med fondens referensindex MSCI
World Marine.
Referensindex är ett smalt index som endast består av fyra
bolag – två japanska shipping-konglomerat med störst
exponering mot container, ett tyskt logistikbolag och Maersk.
AP Møller Maersk, världens största containerrederi, utgör hela
59 % av referensindex och således blir indexet i stor grad
beroende av AP Møller Maersks kursutveckling. Som norsk
värdepappersfond kan ODIM Maritims ägarandel i ett bolag
aldrig överstiga 10 % och därför kommer vi per definition alltid
vara extremt underviktade vad gäller AP Møller.
Det senaste året har aktiekurserna för de flesta rederier stigit
kraftigt för att därefter falla tillbaka, men AP Møller Maersk har
ökat med cirka 5 % i lokal valuta. I övrigt har norska
marinindexet minskat med cirka 28 %.
Det senaste året har ODIN Maritim visat en betydlig
mindreavkastning jämfört med fondens referensindex MSCI
World Marine.
5
ODIN Maritim Förvaltarens årskommentar 2014
År 2014 präglades av volatilitet i kurserna och ökad osäkerhet
2014 inleddes med en hög grad av optimism och förväntningar om
ytterligare rateuppgångar.
Många rederier värderades högre än de underliggande
fartygsvärdena baserat på förväntningar om fortsatt stigande
värden. Stor kapitaltillgång från nya aktörer, som private equity-
fonder, bidrog starkt till optimismen genom finansiering av nya
projektbolag och beställningar av nybyggnationer.
Året har dessvärre inte utvecklats som förväntat med dålig
rateutveckling och fallande fartygsvärden, i synnerhet inom
torrlastsegmentet. Den makroekonomiska osäkerheten med Kina i
spetsen har bidragit till ytterligare minskat förtroende och fallande
aktiekurser. Under senhösten medförde det kraftigt fallande
oljepriset nedgång i de asiatiska gaspriserna och ökad osäkerhet
om den framtida rateutvecklingen inom gassegmentet. Gasbolagen
hade fram till dess varit sektorns vinnare, men föll kraftigt i takt med
oljepriset.
Ljuspunkten vid årets slut är tanksegmentet med historiskt höga
rater för i synnerhet råoljetankfartyg. Bristande förtroende för
shippingsektorn generellt begränsar dock tankrederiernas
kursuppgång.
Till skillnad från vid årets inledning präglas shipping-bolagens aktie-
kurser nu i liten grad av förväntningar och handlas generellt till
rabatt, ibland stor rabatt, jämfört med de underliggande värdena.
Lägre oljepris positivt för kostnadsutvecklingen I takt med det fallande oljepriset minskas också bunkerpriset
(rederiernas drivmedel) vilket ger lägre driftskostnader.
Generellt gäller att ju större fartyg, desto större besparing. Därför
ger besparingarna störst positiv effekt för de stora råoljetank- och
containerfartygen.
De senaste åren har varit präglade av höga oljepriser och
överkapacitet av fartyg inom flera segment. Redarna har till följd
av detta färdats med reducerad hastighet för att minska
kostnaderna och förbättra flottans utnyttjandegrad. Lägre
bunkerpris ökar incitamentet till högre fart och motverkar alltså
potentiellt något av effekterna av det lägre drivmedelspriset.
Dåliga tider inom torrlast påverkar också driftskostnaderna positivt
i form av lägre förbrukning och mindre press på
personalkostnaderna.
Till följd av mindre intresse och entusiasm för shipping-segmentet
har beställningarna av nybyggnationer minskat kraftigt och i en
del segment, till exempel torrlast, helt upphört. Skrapning av äldre
tonnage ökar däremot och kommer på sikt att förbättra
marknadsbalansen.
Ratefest inom råolja och produkttank
Raterna för råolje- och produkttankfartyg har ryckt upp sig under
de senaste månaderna. Den kinesiska råoljeimporten är
rekordhög, antagligen delvis på grund av en strategisk
lageruppbyggnad. Lättolja som tidigare gick till USA transporteras
nu till Asien, en betydligt längre transportsträcka vilket ökar
fartygsefterfrågan.
ODIN Maritim
Produkttankmarknaden stärks av säsongsmässiga orsaker, men
även på grund av ökad raffinaderikapacitet i Asien och Mellanöstern
och påföljande ökad export av raffinerade produkter.
Raterna för båda fartygstyperna förväntas stiga ytterligare under
vintern. Fallande oljepriser är positivt både till följd av fallande
bunkerpriser och förhoppningsvis ökad efterfrågan av strategisk
karaktär.
Marknaden för råoljetank- och större produkttankfartyg ser gynnsam
ut även för de kommande åren eftersom flottillväxten är mycket liten
jämfört med den förväntade efterfrågan. För mindre
produkttankfartyg är däremot orderboken något i överkant stor.
ODIN Maritim är exponerade mot tankmarknaden genom
investeringar i Tanker Investments, DHT, Frontline 2012, Euronav
och Navios Maritime Aqusition.
Dåligt år för torrlastrederierna
2014 har varit ett mycket dåligt och svagt år för torrlastredarna. Vid
årets början var optimismen hög vilket reflekterades i de flesta
börsnoterade operatörernas flottpositioner.
Exportrestriktioner på mineraler och metaller från Indonesien,
kombinerat med lägre kolimportvolymer till Kina har begränsat
tonnageefterfrågan och raterna för i synnerhet mindre bulkfartyg.
Järnmalmsimporten till Kina har varit stark stora delar av året, men
raterna dåliga på grund av färdvägarna. Volymerna har gått
huvudsakligen från Australien, betydligt kortare än från Brasilien
På längre sikt har osäkerheten kring den kinesiska BNP-tillväxten,
fokusglidningen från investeringar till konsumtion och kampen mot
föroreningarna skapat betydande osäkerhet angående framtidens
tonnageefterfrågan, rater och fartygsvärden.
Torrlastaktierna har minskat dramatiskt under året. Till exempel har
Capital Links amerikanska torrlastaktieindex minskat med mer än
40 %.
Oljeprisfallet präglar gasrederierna
LPG-gasaktier har varit vinnare under stora delar av 2014 men
oljeprisfallet i slutet av året har vänt den trenden.
På aktiemarknaden råder oro för att potentiellt minskad amerikansk
gasexport ska sammanfalla med leveransen av ett stort antal nya
fartyg.
LNG-marknaden har varit svag under 2014, men förväntas rycka
upp sig vid starten av nya exportterminaler i USA från och med
2016. Volymerna är tänkta till Asien, där gaspriserna i stor grad är
kopplade till oljepriset. Det kraftiga oljeprisfallet har därför påverkat
gaspriserna i Asien negativt, vilket ökar osäkerheten angående
lönsamheten i exportprojekt och framtida volymer.
Även bolag som äger och projekterar flytande export- och
importgasterminaler, som Høegh LNG och Golar LNG, har minskat
kraftigt av samma orsaker.
7
ODIN Maritim
Vi är skeptiska till LPG-rederierna på grund av en stor orderbok av
nybyggnationer, men känner oss mer optimistiska till ”terminal”-
bolagen. Där är de potentiella marginalerna och inträdeshindren
betydligt högre. Vi anser också att det är vettigare att titta på
framtidspriserna på olja och gas, än att basera värderingen på
nuvarande spotpriser.
Nyckeltal och nyheter
från portföljen
– presenteras på engelska
ODIN Maritim Index
Portfolio Return Last 5 years % (EUR)
Historical Return % (EUR)*
Portfolio
Benchmark
Exess Return
Last Month YTD
2,03
0,09
-18,65
5,34
-23,98 1,94
3 Y
4,00
1 Y
-18,65
5 Y
-1,35
10 Y
2,20
Since
inception
10,32
2,81
7,51
5,34 12,45 8,31 3,50
-23,98 -8,45 -9,66 -1,30
* Returns for periods exceeding 12 months are annualized
Annual returns last 10 years
Current holdings
11
Contribution, year to date
12
Portfolio Index
-3,49
0,70
10,93
-0,86
Alpha
Beta
Tracking Error
Information Ratio
0,55 Sharpe Ratio 1) 1,15
14,47 Standard Deviation 2)
1) Sharpe Ratio uses Norway - 3 MT Bills as risk free rate.
2) Standard Deviation is based upon monthly volatility.
15,00
Risk Statistics (NOK) 3 Years
13
Pricing of the fund
Company Weight Country Industry P/E (LTM)* P/E (NTM)* DivYield (LTM) DivYield (NTM) P/B ROE
Tanker Investments Ltd. 9,6% Norway Oil Gas & Consumable Fuels 177,7 8,9 0,0 0,0 1,1 0,6
DHT Holdings, Inc. 8,0% United States Oil Gas & Consumable Fuels -66,9 21,1 1,1 1,1 1,0 -1,5
Frontline 2012 Ltd. 7,7% Norway Oil Gas & Consumable Fuels 17,5 12,9 2,4 3,8 1,1 6,0
Hoegh LNG Holdings Ltd. 5,0% Norway Oil Gas & Consumable Fuels -23,0 18,7 0,0 1,4 1,8 -7,8
Navios Maritime Acquisition 4,8% United States Oil Gas & Consumable Fuels 45,7 10,1 5,5 5,5 1,1 2,5
Stolt-Nielsen Limited 4,8% Norway Marine 14,0 8,3 6,0 6,0 0,6 4,4
Wilh. Wilhelmsen Holding ASA 4,6% Norway Marine 6,8 5,0 3,6 3,9 0,6 8,4
A.P. Moller - Maersk A/S Class 4,6% Denmark Marine 10,3 9,2 2,7 3,0 1,0 9,9
Navigator Holdings Ltd. 4,5% United States Oil Gas & Consumable Fuels 13,5 9,9 0,0 0,0 1,4 10,7
Odfjell SE Class B 3,8% Norway Marine -4,6 64,4 0,0 0,0 0,5 -9,9
Topp 10 57,5% 46,4 10,8 1,9 2,3 0,9 2,0
ODIN Maritim 50,0 11,2 2,6 2,7 0,8 1,7
* NTM = Next 12 months
LTM = Last 12 months
Adjusted earnings and fully diltuted number of shares
14
MSCI World Price, Earnings and P/E
15
MSCI World Price, Book Value and P/B
16
OECD Leading indicator Level above 100 indicates expanding activity in OECD area
17
The International Monetary Fund (IMF) Economic growth forecast 2014 - updated October
18
Investments
- ODIN Maritim
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Performance - last 5 years
Maersk MSCI The World Index / Marine -IND TR
Market Value (mill.) 270,989 Price 12520.00 DKK
Net debt (mill.) 65,887 DKK
Enterprise Value (mill.) 336,876 1.22
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 260,026 315,396 322,520 342,058 266,236 291,828 295,374
EBIT (Operating Income) (mill.) 21,713 59,563 48,309 39,697 36,889 45,921 48,805
Net Income (mill.) -7,027 26,452 15,111 21,657 18,089 35,446 29,921
Price/Earnings 88.8 22.1 6.5 10.6 12.9 10.2 9.1
Price/Book Value 1.0 1.2 0.9 0.9 1.2 1.0 0.9
EV/EBIT 12.1 5.2 5.7 7.5 9.2 7.0 6.7
Return on Equity (%) -4.7 16.0 8.0 10.7 8.5 9.9 10.2
Dividend Yield (%) 1.1 1.6 2.6 2.7 0.9 2.7 3.0
A.P. Moller - Maersk A/S Class B Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
The Maersk Group has five core businesses
which include Maersk Line, APM Terminals,
Maersk Oil, Maersk Drilling and APM Shipping
Services. The last business area is comprised
of Maersk Supply Service, Maersk Tankers,
Damco and Svitzer.
_________________________________
Maersk has an impressive track record
compared to peers in terms of earnings and
return on capital. Cost cutting and
streamlining operations has mitigated industry
overcapacity and expanded margins. Few if
any competitors on the liner side is profitable,
preventing further pressure on day rates.
Strong and growing volumes are beneficial for
Maersk beeing the biggest liner company in
the world. Faling oil prices are hurting the E&P
division, but decreasing bunker costs in the
liner division, on a group basis fairly hedged.
Maersk is currently trading at a discount to
sum of the parts. The strategy over time is to
reduce number of divisions and decrease the
conglomerate discount. Generating free cash
flow and returning cash to shareholders via
dividends and share buy backs.
A.P Möller - Maersk
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Performance - last 5 years
Aurora LPG Holding ASA MSCI The World Index / Marine -IND TR
Market Value (mill.) 1,573 Price 53.00 NOK
Net debt (mill.) NOK
Enterprise Value (mill.) 1.00
2014E 2015E
Sales (mill.) - - - - - 429 549
EBIT (Operating Income) (mill.) - - - - - 332 422
Net Income (mill.) - - - - - 305 393
Price/Earnings - - - - - 4.7 4.0
Price/Book Value - - - - 1.1 0.9 0.8
EV/EBIT - - - - - 6.4 5.2
Return on Equity (%) - - - - - 18.6 19.1
Dividend Yield (%) - - - - 0.0 0.0 0.0
Aurora LPG Holding ASA
Price currency
Reporting currency
FX rate (NOK)
Aurora owns and operates a fleet of modern
VLGC vessels and has a VLGC new-building
program at Hyundai Heavy Industries.
_________________________________
Aurora is a pure play on larger gass(LPG)
vessels with a fleet of 3 vessels on the water
and 4 under construction.
The booming production of gas from shales
and rapid expansion of export terminals in the
US is boosting demand for LPG transport.
Aurora has a opportunistic strategy both on
operations and corporate structure. Achieved
day rates have by far outperformed peers.
The company has outsourced its technical
and commercial operations to third party
partners at competitive market terms, which in
turn gives the company a low and flexible cost
structure.
The flexible business model, open
shareholder structure and opportunistic
management make Aurora an obvious M&A
candidate.
Aurora LPG
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Performance - last 5 years
Awilco LNG ASA MSCI The World Index / Marine -IND TR
Market Value (mill.) 729 Price 10.75 NOK
Net debt (mill.) 1,758 USD
Enterprise Value (mill.) 2,487 1.00
2010 2011 2012 2013 2014E 2015E
Sales (mill.) - - 31 57 55 74 53
EBIT (Operating Income) (mill.) - - 0 22 7 23 9
Net Income (mill.) - - -3 22 1 -1 -15
Price/Earnings - - - 9.6 31.1 - -
Price/Book Value - - 2.1 1.2 1.1 0.5 0.6
EV/EBIT - - 1900.5 10.5 78.6 16.4 42.4
Return on Equity (%) - - - 12.0 0.6 -0.6 -8.1
Dividend Yield (%) - - 0.0 0.0 0.0 0.0 0.0
Awilco LNG ASA Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Awilco LNG is a LNG transportation
provider, owning and operating LNG vessels.
_________________________________
The Company owns two 156,000 cbm TFDE
membrane LNG vessels; WilForce and
WilPride, and three 125,000 cbm steam Moss
type LNG vessels; WilGas, WilPower and
WilEnergy.
The LNG transportation market is looking
challenging in the short term due to
oversupply of vessels and delayed start up of
new liquefaction plants. However, huge export
volumes from the US on steam from 2016 is
estimated to firm up the market.
Awilco has a strong balance sheet, no further
capex and low day rate break even to weather
the storm into a firmer market.
The company`s shares are attractively priced
on implied vessel values compared to peers
and current newbuilding prices.
Awilco LNG
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Performance - last 5 years
D/S Norden A/S MSCI The World Index / Marine -IND TR
Market Value (mill.) 5,731 Price 135.80 DKK
Net debt (mill.) -1,234 USD
Enterprise Value (mill.) 4,497 1.22
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 1,676 2,190 2,273 2,131 2,146 1,881 1,826
EBIT (Operating Income) (mill.) 89 187 100 53 -63 -100 -27
Net Income (mill.) 217 245 88 -279 -48 -131 -21
Price/Earnings 10.1 6.2 9.8 - - - -
Price/Book Value 1.0 0.8 0.5 0.7 1.3 0.7 0.7
EV/EBIT 11.4 5.2 7.8 15.0 - - -
Return on Equity (%) 12.6 13.5 4.2 -15.4 -2.9 -9.4 -2.8
Dividend Yield (%) 4.1 3.8 3.7 2.0 1.6 3.1 3.3
D/S Norden A/S Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Dampskibsselskabet NORDEN A/S is a
shipping company operating in dry cargo and
product tankers worldwide.
________________________________
Norden operates a fleet of owned an charter
in dry cargo and product tankers. The
company has a long and solid track record,
however in the short term the mgt have taken
a wrong bet on the dry bulk market.
With the flexible business model Norden has
the ability to adjust its fleet size to changing
market conditions and invest counter cyclical.
Norden has a strong balance sheet and a
fairly conservative approach. Historically good
return on capital and focus on shareholder
return.
The Norden shares are trading at a
substantial discount to net asset values.
D/S Norden A/S
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Performance - last 5 years
DHT Holdings, Inc. MSCI The World Index / Marine -IND TR
Market Value (mill.) 713 Price 7.71 USD
Net debt (mill.) 30 USD
Enterprise Value (mill.) 743 7.55
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 103 90 100 97 102 100 207
EBIT (Operating Income) (mill.) 41 23 22 13 17 -4 55
Net Income (mill.) 17 6 -40 -94 -4 -9 39
Price/Earnings 6.2 77.5 - - - - 22.3
Price/Book Value 1.0 1.2 0.2 0.1 0.6 1.1 1.0
EV/EBIT 9.5 18.7 12.7 14.3 8.8 - 21.6
Return on Equity (%) 9.9 3.3 -20.0 -48.6 -1.8 -1.5 4.7
Dividend Yield (%) 21.7 4.3 54.1 29.4 1.2 1.0 1.0
DHT Holdings, Inc. Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
DHT is a crude oil tanker company. The fleet
trades globally and consists of crude oil
tankers in the VLCC, Aframax and Suezmax
segments. The company has all functions in-
house and operate through integrated
management companies in Oslo, Norway and
Singapore.
________________________________
DHT has grown its tanker fleet through a
series of transactions involving vessels on the
water and ordering of newbuilds.
The tanker market looks exciting the next few
years, ton miles demand is increasing and the
fleet is decreasing.
DHT trades at a discount to net asset values
in spite of day rates spiking and tanker values
on the rise.
DHT Holdings
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Performance - last 5 years
DOF ASA PHLX Oil Service Index TR
Market Value (mill.) 1,377 Price 12.40 NOK
Net debt (mill.) 21,921 NOK
Enterprise Value (mill.) 23,298 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 4,259 5,403 6,503 8,136 9,754 10,196 10,112
EBIT (Operating Income) (mill.) 328 484 1,124 1,680 1,909 2,384 2,250
Net Income (mill.) 602 -140 -356 113 -191 577 502
Price/Earnings 8.8 - - 31.8 - 3.2 2.6
Price/Book Value 0.9 1.2 0.6 0.8 1.0 0.3 0.3
EV/EBIT 53.2 46.7 21.5 15.8 14.9 9.1 9.7
Return on Equity (%) 17.0 -3.5 -8.9 2.9 -5.3 10.8 11.9
Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
DOF ASA Oilfield Services/Equipment
Price currency
Reporting currency
FX rate (NOK)
DOF owns and operates a fleet of modern
offshore support vessels(OSV) on a global
basis. Major part of operations is in the North
Sea and Latin America(Brazil).
-----------------------------------------------------------
The major part of the PSV and AHTS fleet is
fixed on term contracts, the CSV fleet is
controlled and operated by the subsidiary
DOF Subsea.
DOF is highly leveraged and has 8 newbuild
under construction( all fixed on long term
contacts). The company has been expanding
it fleet aggressively over time, going forward
the focus will shift to execution and
deleverage.
Due to its high leverage DOF is trading at a
substantial discount to net asset values.
DOF
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Performance - last 5 years
Euronav NV MSCI The World Index / Marine -IND TR
Market Value (mill.) 1,260 Price 10.41 EUR
Net debt (mill.) 768 USD
Enterprise Value (mill.) 2,029 9.08
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 461 525 394 411 401 468 607
EBIT (Operating Income) (mill.) 26 78 -43 -49 -41 7 133
Net Income (mill.) -18 20 -96 -119 -90 -16 70
Price/Earnings 20.3 87.2 - - - - 22.8
Price/Book Value 1.0 0.7 0.3 0.3 0.7 1.1 1.2
EV/EBIT 91.7 28.4 - - - 422.2 19.6
Return on Equity (%) -1.6 1.9 -8.9 -13.1 -10.9 -1.4 5.1
Dividend Yield (%) 4.7 0.3 0.0 0.0 0.0 0.0 0.0
Euronav NV Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Euronav is a crude oil tanker company. The
fleet trades globally and consists of crude oil
tankers in the VLCC and Suezmax segments.
The company has all functions in-house and
operates its fleet both on the spot and the
period market. Most of Euronav's VLCCs are
operated in the Tankers International pool.
The majority of its Suezmax fleet is fixed on
long-term charter.
_______________________________
The company has opportunisticly grown its
tanker fleet through a series of transactions of
vessels on the water, the biggest beeing
aquisition of the Maersk VLCC fleet.
Euronav is in the process of beeing listed on
the NYSE, becoming the largest tanker
company listed in the US.
The tanker market looks exciting the next few
years, ton miles demand is increasing and the
fleet is decreasing.
Euronav is a leveraged play on booming day
rates and rising tanker values.
Euronav NV
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Performance - last 5 years
Frontline 2012 Ltd. MSCI The World Index / Marine -IND TR
Market Value (mill.) 10,089 Price 40.50 NOK
Net debt (mill.) 1,485 USD
Enterprise Value (mill.) 11,573 1.00
2010 2011 2012 2013 2014E 2015E
Sales (mill.) - - - 141 134 142 227
EBIT (Operating Income) (mill.) - - - 26 6 44 110
Net Income (mill.) - - - 8 69 102 159
Price/Earnings - - - - 30.8 18.0 13.1
Price/Book Value - - - 1.5 1.9 1.1 0.9
EV/EBIT - - - 42.9 370.4 42.6 20.4
Return on Equity (%) - - - - 8.9 6.0 7.2
Dividend Yield (%) - - 0.0 0.0 0.5 2.3 3.7
Frontline 2012 Ltd. Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Frontline 2012 is a Fredriksen controlled
shipping investment company invested in
crude, product and dry cargo carriers with an
opportunistic approach focusing on
shareholder return and M&A.
_______________________________
FRNT has sold all its gas and dry bulk
newbuilding contracts to Avance Gas and
Knightsbridge Tankers for settlement in cash
and shares.
Remaining vessels and newbuilding are all in
the tanker space, ideally suited for a merger
with the old Frontline becoming one of the
major global crude tanker players.
Cirka 80% of FRNT`s assets are exposed to
crude transportation, a market looking
exciting the next few years - ton miles demand
is increasing and the fleet is decreasing.
FRNT trades at a discount to net asset values
in spite of day rates spiking and tanker values
on the rise. Historically Fredriksens
companies trades at premiums to nav due
track record of creating shareholder value.
Frontline 2012
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Performance - last 5 years
Golar LNG Limited MSCI The World Index / Marine -IND TR
Market Value (mill.) 3,331 Price 35.71 USD
Net debt (mill.) 568 USD
Enterprise Value (mill.) 3,899 7.55
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 216 244 300 410 100 105 241
EBIT (Operating Income) (mill.) 33 71 127 203 -18 -28 77
Net Income (mill.) 15 0 47 971 136 -1 46
Price/Earnings - 89.6 103.4 25.9 2.9 - 74.4
Price/Book Value 2.1 2.2 6.1 3.5 1.6 1.4 1.5
EV/EBIT 76.0 31.3 35.4 15.6 - - 65.5
Return on Equity (%) 3.1 0.1 8.6 79.5 7.6 -0.1 2.0
Dividend Yield (%) 2.0 2.8 2.4 3.6 4.6 5.0 5.0
Golar LNG Limited Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Golar LNG Limited is a midstream liquefied
natural gas (LNG) company, engaged in the
transportation, regasification and liquefaction,
and trading of LNG. The company operates in
two segments, Vessel Operations and
Commodity Trading. It is involved in the
acquisition, ownership, operation, and
chartering of LNG carriers and floating
storage regasification units (FSRU); and the
development of LNG projects.
_______________________________
Golar is in the process of transforming from
an LNG shipping company to a midstream
player with FLNG focus. The company is
currently converting two vessels to FLNG
units offering the lowest cost of liquefaction in
the industry. Compared to land based plants
FLNG units are by far cheaper and more
flexible. The first FLNG project is due to start
up 1H 17 and have head of agreement with
Perenco/SNH in Cameroon based on a tolling
fee.
Based on vessel market values on Golars
existing fleet of LNG carriers and FRSUs very
limited value is discounted on FLNG units.
Golar LNG
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Performance - last 5 years
Golden Ocean Group Limited MSCI The World Index / Marine -IND TR
Market Value (mill.) 2,198 Price 4.91 NOK
Net debt (mill.) 2,447 USD
Enterprise Value (mill.) 4,645 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 350 385 316 227 276 262 333
EBIT (Operating Income) (mill.) 100 108 92 64 51 24 50
Net Income (mill.) 217 111 14 12 84 1 28
Price/Earnings 3.0 5.2 11.2 73.2 14.2 - 16.8
Price/Book Value 1.7 1.1 0.6 0.6 1.8 0.5 0.5
EV/EBIT 11.0 9.6 9.1 10.9 29.8 30.7 15.4
Return on Equity (%) 64.2 21.1 2.5 2.2 14.5 -1.5 2.9
Dividend Yield (%) 0.0 5.7 16.1 0.0 0.4 15.6 15.7
Golden Ocean Group Limited Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Golden Ocean Group Ltd. (GOGL) is a
leading international dry bulk shipping
company based in Bermuda, mainly operating
in the Capesize and Panamax market
segments
_______________________________
GOGL is in the process of merging with
Knightbridge to become of the largest drybulk
player on a global basis.
The dry cargo market is challenging on back
of weak transport demand growth, for
especially coal, and increasing uncertainty
regarding chinese GDP growth.
Golden Ocean is controlled by Mr Fredriksen
and is, as all of his companies, focusing on
shareholder return and opportunistic M&A.
The company has a strong balance sheet
compared to many peers and a supportive
major shareholder, leaving GOGL in a good
position to exploit opportunities in weaker
markets where competitors struggle.
Golden Ocean
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Performance - last 5 years
Hoegh LNG Holdings Ltd. MSCI The World Index / Marine -IND TR
Market Value (mill.) 5,924 Price 84.75 NOK
Net debt (mill.) 2,947 USD
Enterprise Value (mill.) 8,871 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 68 95 110 137 183 159 247
EBIT (Operating Income) (mill.) -0 10 8 24 4 -4 96
Net Income (mill.) 8 -11 -18 9 -21 -36 35
Price/Earnings - - - - - - 18.6
Price/Book Value - - 2.9 1.7 1.4 1.8 1.8
EV/EBIT - - 84.5 34.7 273.1 - 15.4
Return on Equity (%) 1.9 -13.6 -16.1 3.8 -5.7 -7.8 9.4
Dividend Yield (%) - - 0.0 0.0 0.0 0.0 1.4
Hoegh LNG Holdings Ltd. Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Höegh LNG Holdings provides energy
solutions and operates world-wide with a
leading position as owner and operator of
floating LNG import terminals; Floating
storage and regasification units (FSRUs).
_______________________________
Hoegh floating terminal projects are based on
newbuildings and fixed on long term contracts.
After commencing operation and thereby
having de-risked the asset, they are sold to
the MLP subsidary Höegh LNG Partners LP
in order to recycle capital to further grow
the company.
In addition the company has developed a low-
cost solution for floating liquefaction terminals
(FLNG). Hoegh is currently negotiating it first
project based on a feed study with an
american company.
Hoegh is experiencing increasing demand for
FSRUs based on lower gas prices spurring
demand in emerging countries without import
terminals. The company will start paying
dividend from 2015, expected to grow with
new projects commencing operations.
Höegh LNG Holdings
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Performance - last 5 years
I.M. Skaugen SE MSCI The World Index / Marine -IND TR
Market Value (mill.) 127 Price 4.68 NOK
Net debt (mill.) 671 USD
Enterprise Value (mill.) 798 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 108 117 117 84 96 50 -
EBIT (Operating Income) (mill.) -8 -16 -13 -15 -10 -15 -
Net Income (mill.) -10 -15 -10 -16 18 -23 -
Price/Earnings - - - - 3.7 - -
Price/Book Value 1.9 2.0 1.9 1.5 0.6 - -
EV/EBIT - - - - - - -
Return on Equity (%) -10.2 -18.2 -12.6 -25.7 29.4 - -
Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 - -
I.M. Skaugen SE Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
I.M. Skaugen SE is a Marine Transportation
Service Company, with a focus on Innovative
Maritime Solutions. The core business activity
is to provide logistics solutions for seaborne
regional distribution of liquefied gasses such
as LNG, petrochemical gases and LPG.
____________________________
IM Skaugen is operating a fleet of smaller gas
and multi gas carriers employed mainly in the
global spot market. This has been a
challenging market with low dayrates and
utilisation the last few years, resulting in low
cash flow generation.
The company is financed partly by high yield
bonds, the first due in 2015. The share price
have taken a serious beating due to the
percieved default risk.
IM Skaugen has adressed the bond issue by
selling a chinese subsidiary and vessels, in
addition to buy backs of bonds in the market.
The company is negotiating long term
contracts for it multi gas carriers with Asian
powerplants looking to replace diesel with gas
as input for power generaton.
I.M. Skaugen
Market Value (mill.) 342 Price 4.27 USD
Net debt (mill.) -3 USD
Enterprise Value (mill.) 339 7.55
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 67 96 95 37 38 58 178
EBIT (Operating Income) (mill.) 24 43 38 10 7 17 62
Net Income (mill.) 22 39 33 6 4 12 38
Price/Earnings 11.1 9.3 10.8 - - - 9.0
Price/Book Value 1.0 1.5 0.9 0.5 0.9 0.4 0.6
EV/EBIT 13.9 11.8 11.2 16.1 34.3 36.7 20.4
Return on Equity (%) 9.4 12.5 8.9 1.8 1.2 -0.2 6.5
Dividend Yield (%) 5.7 5.4 14.6 29.0 7.6 11.7 2.8
Knightsbridge Shipping Limited Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
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Performance - last 5 years
Knightsbridge Shipping Limited MSCI The World Index / Marine -IND TR
Knighbridge (VLCCF) is a leading
international dry bulk shipping company based
in Bermuda, mainly operating in the Capesize
market segment.
_______________________________
Knightbridge is in the process of merging with
Golden Ocean to become one of the largest
drybulk player on a global basis.
The dry cargo market is challenging on back
of weak transport demand growth, for
especially coal, and increasing uncertainty
regarding chinese GDP growth.
Golden Ocean is controlled by Mr Fredriksen
and is, as all of his companies, focusing on
shareholder return and opportunistic M&A.
The company has a strong balance sheet
compared to many peers and a supportive
major shareholder, leaving the merged
company in a good position to exploit
opportunities in weaker markets where
competitors struggle.
Knightbridge Shipping Limited
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Performance - last 5 years
Navigator Holdings Ltd. MSCI The World Index / Marine -IND TR
Market Value (mill.) 1,117 Price 20.19 USD
Net debt (mill.) 381 USD
Enterprise Value (mill.) 1,498 7.55
2010 2011 2012 2013 2014E 2015E
Sales (mill.) - 82 89 147 238 256 300
EBIT (Operating Income) (mill.) - 17 21 40 70 116 150
Net Income (mill.) - 15 19 31 41 86 118
Price/Earnings - 34.9 24.8 37.9 16.0 12.9 9.5
Price/Book Value - - - 2.7 1.5 1.4 1.2
EV/EBIT - 54.8 78.4 47.5 23.1 13.4 10.6
Return on Equity (%) - - 5.2 5.8 5.8 10.7 12.7
Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Navigator Holdings Ltd. Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Navigator Holdings is the leading owner and
operator of the world’s largest fleet of
handysize liquefied gas carriers. The
company provides international seaborne
transportation and regional distribution
services of liquefied petroleum gas (LPG),
petrochemical gases and ammonia for energy
companies, industrial users and commodity
traders.
_______________________________
Navigators fleet is very flexible in terms of
trading routes and cargo, ideally positioned to
profit from increasing US LPG exports and
arbitrage trading of petrochemical products.
Segment dayrates are improving increasing
Navigator´s return. Compared to larger
vessels operating on long haul trades, handy
size dayrates are less volatile and cash flows
more stable. The orderbook of newbuildings
are additionally much lower than in the bigger
segment.
Navigator recently secured five - ten year
timecharters on two newbuildings guided by
mgt at “unlevered return just below mid-
teens” indicating good returns on invested
capital.
Navigator Holdings
Navios Maritime Acquisition Corporation is an
owner and operator of tanker vessels focusing
in the transportation of petroleum products
and bulk liquid chemicals.
The company owns a large fleet of modern
crude oil, refined petroleum product and
chemical tankers providing world-wide marine
transportation services.
________________________________
Navios` strategy is to charter our vessels to
international oil companies, refiners and large
vessel operators under long, medium and
short-term charters, mostly on fixed terms
including profit splits.
The chartering strategy is securing long term
predictable cashflow underpinning the
company´s dividend strategy of returning
cash to shareholders quaterly.
Navios has increased its exposure to the large
crude tanker market by acquiring several
vessels at attractive prices the last year.
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Performance - last 5 years
Navios Maritime Acquisition Corporation
Market Value (mill.) 570 Price 3.76 USD
Net debt (mill.) 1,047 USD
Enterprise Value (mill.) 1,617 7.55
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) - 34 122 151 202 263 290
EBIT (Operating Income) (mill.) -1 -1 39 45 50 70 95
Net Income (mill.) -1 -14 -3 -3 -55 -8 32
Price/Earnings - - - - - 47.4 10.4
Price/Book Value 0.7 0.5 0.4 1.2 1.2 1.2 1.1
EV/EBIT - - 23.6 23.7 29.7 24.2 17.6
Return on Equity (%) -0.3 -5.7 -1.3 -1.4 -16.0 2.5 10.9
Dividend Yield (%) 0.0 7.6 7.9 4.5 5.4 5.3 5.3
Navios Maritime Acquisition Corporation Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Navios Maritime Acquisition Corp.
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Performance - last 5 years
Odfjell SE Class B MSCI The World Index / Marine -IND TR
Market Value (mill.) 2,616 Price 27.50 NOK
Net debt (mill.) 7,183 USD
Enterprise Value (mill.) 9,799 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 1,264 1,239 1,154 1,212 1,165 1,018 1,047
EBIT (Operating Income) (mill.) 30 16 -7 -43 -11 -16 45
Net Income (mill.) 121 -79 -19 -111 -108 -56 5
Price/Earnings 8.1 - 80.7 - - - 68.6
Price/Book Value 0.9 1.1 0.5 0.4 0.7 0.5 0.5
EV/EBIT 65.2 125.7 - - - - 32.2
Return on Equity (%) 14.9 -9.8 -2.1 -11.5 -12.8 -9.9 0.7
Dividend Yield (%) 1.0 0.0 0.0 0.0 0.0 0.0 0.0
Odfjell SE Class B Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Odfjell is a leading company in the global
market for transportation and storage of bulk
liquid chemicals, acids, edible oils and other
special products.. Odfjell owns and
operates chemical tankers and LPG/Ethylene
carriers in global and regional trades as well
as a joint venture network of tank terminals.
____________________________
The market for transportation of chemicals is
looking promising short term on the back of
ton miles increasing a consequence of new
refineries starting in the Middle East and the
US shale boom. Longer term outlook is more
uncertain due to a high orderbook of
newbuilds, mostly controlled by
unexperienced shipping companies and
private equity players. The terminal division is
generating steady cash flow, while the
chemical fleet is more volatile operating on
short term and spot contracts. Odfjell is
currently evaluating its strategy and has
recently changed CEO. The company is
generating low return on capital and is fairly
high leveraged. The terminal and gas division
is partly owned by private equity partners
making it a M&A candidate.
.
Odfjell
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Performance - last 5 years
Pacific Basin Shipping Limited MSCI The World Index / Marine -IND TR
Market Value (mill.) 6,295 Price 3.25 HKD
Net debt (mill.) 4,666 USD
Enterprise Value (mill.) 10,961 0.97
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 950 1,269 1,343 1,443 1,709 1,787 1,977
EBIT (Operating Income) (mill.) 49 127 84 67 37 -6 80
Net Income (mill.) 110 104 32 52 10 -82 47
Price/Earnings 9.7 15.0 14.0 - 36.7 - 17.7
Price/Book Value 1.0 0.9 0.5 0.9 1.1 0.7 0.7
EV/EBIT 23.7 11.7 11.4 20.7 54.1 - 18.6
Return on Equity (%) 8.4 7.1 2.2 3.8 0.8 -5.0 3.8
Dividend Yield (%) 11.7 13.8 5.1 1.1 0.9 0.0 2.4
Pacific Basin Shipping Limited Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Pacific Basin is a leading owner and operator
of modern Handysize and Handymax dry bulk
ships globally.
____________________________
Pacific has an industrial approach, using its
own fleet in addition to chartered in vessels to
serve it end user clients. The company is
transporting minor bulk products like cement,
ferrtilizers and timber.
Pacific has historically acheived a substantial
premium dayrate versus the observed market
benchmarks. Its buisness model has over time
generated significant higher returns than
peers.
With the flexible business model Pacific has
the ability to adjust its fleet size to changing
market conditions and invest counter cyclical.
However in the short term the mgt have taken
a wrong bet on the dry bulk market, being
long chartered in tonnage.
Pacific is in addition operating a fleet of tug
and towage vessels in Asia. This division is in
the proces of being sold, leaving Pacif a pure
play on modern smaller size dty bulk.
.
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Performance - last 5 years
Scorpio Tankers Inc. MSCI The World Index / Marine -IND TR
Market Value (mill.) 1,397 Price 8.54 USD
Net debt (mill.) 88 USD
Enterprise Value (mill.) 1,485 7.55
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 28 39 82 115 208 345 545
EBIT (Operating Income) (mill.) 9 1 -9 -7 -2 47 149
Net Income (mill.) 3 -3 -83 -27 17 68 97
Price/Earnings - 16.6 - - - 122.0 10.8
Price/Book Value - 0.9 0.5 1.0 1.6 1.2 1.1
EV/EBIT - 200.5 - - - 59.1 20.4
Return on Equity (%) 8.4 -1.7 -30.0 -7.6 1.8 1.0 10.5
Dividend Yield (%) - 0.0 0.0 0.0 0.5 4.6 5.6
Scorpio Tankers Inc. Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Scorpio Tankers owns and operate a fleet of
modern product tankers - used to distribute
and trade vegetable oils, petroleum based
feedstocks, and refining outputs such as
gasoline, diesel, jet, and naphtha.
_________________________
Scorpio Tankers has an opportunistic strategy
with the aim of generating shareholder value
by building a fleet of modern product tankers
through newbuilds. Mgt ordered huge series
of vessels at historically low yard prices
including crude tankers and LPG gas carriers.
Subsequently the crude tanker newbuilding
contracts have been sold at a profit and the
gas carriers have been exchanged for Dorian
shares. The product tanker fleet are mostly on
the water generating cash flow in a strong
market benefitting from booming demand on
back of increased ton miles.
Scorpio is outperforming the market,
benefitting from modern vessels being more
fuel efficient. The company is returning cash
to shareholders by dividends and share buy
backs.
.
Scorpio Tankers
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Performance - last 5 years
Siem Shipping Inc. MSCI The World Index / Marine -IND TR
Market Value (mill.) 555 Price 57.50 NOK
Net debt (mill.) 254 USD
Enterprise Value (mill.) 809 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 262 240 276 232 258 - -
EBIT (Operating Income) (mill.) 16 -2 -23 1 6 - -
Net Income (mill.) 16 0 -124 -4 3 - -
Price/Earnings 7.1 83.2 - - 138.1 - -
Price/Book Value 0.7 0.5 0.5 0.8 0.7 - -
EV/EBIT 15.5 - - 234.3 24.7 - -
Return on Equity (%) 6.3 0.0 -53.9 -2.5 1.8 - -
Dividend Yield (%) 0.0 0.0 0.0 0.0 0.0 - -
Siem Shipping Inc. Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Siem Shipping is operating in the specialised
reefer industry as STAR Reefers, a leading
global owner and operator of refrigerated
vessels providing modern tonnage for a high-
quality, flexible and cost-effective service. The
Company is focused on the banana segment.
___________________________
Siem shipping is operating in a challenging
market competing with the liner companies
offering reefer containers.
The fleet is operating on term contracts
generating positive cash flow.
The shares are trading at less than half the
book value and the company is buying back it
own shares.
The company is controlled by the Siem group
and is very thinly traded. The board of
directors is evaluating the company strategy,
options being evaluted are ie broaden the
activity to other shipping segments or going
private.
.
Siem Shipping
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Performance - last 5 years
Solstad Offshore ASA PHLX Oil Service Index TR
Market Value (mill.) 2,515 Price 65.00 NOK
Net debt (mill.) 8,182 NOK
Enterprise Value (mill.) 10,697 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 2,519 2,614 3,044 3,288 3,495 3,755 3,675
EBIT (Operating Income) (mill.) 452 316 163 867 1,004 1,283 1,223
Net Income (mill.) 1,027 48 -362 377 491 755 646
Price/Earnings 3.7 27.0 - 15.4 12.1 3.1 3.7
Price/Book Value 0.9 1.0 0.7 0.8 0.9 0.5 0.4
EV/EBIT 21.5 42.9 81.0 14.2 12.7 9.3 9.2
Return on Equity (%) 24.8 1.1 -8.0 8.2 10.1 14.6 11.4
Dividend Yield (%) 2.2 1.8 1.9 2.3 3.6 7.6 7.6
Solstad Offshore ASA Oilfield Services/Equipment
Price currency
Reporting currency
FX rate (NOK)
Solstad Offshore is a leading supply shipping
company focusing on large and advanced
offshore supply vessels. Majority of the fleet is
operating in the North Sea and Latin America.
____________________________________
Solstads strategy is focused on segments with
advanced vessels and high barriers to entry.
Subsea construction vessels are operated on
long term contracts to the subsea
development companies, while anchor
handling tugs are more opportunistically
operated in the spot market.
Financial focus is shifting to cash flow
generation and deleveraging after a rapid fleet
expansion period. Only one new build is
currently under construction.
The Solstad shares are trading at a
substantial discount to NAV and book values,
in spite of solid dividends and buy back of
own shares.
.
Solstad Offshore
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Performance - last 5 years
Stolt-Nielsen Limited MSCI The World Index / Marine -IND TR
Market Value (mill.) 7,985 Price 124.50 NOK
Net debt (mill.) 10,048 USD
Enterprise Value (mill.) 18,032 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 1,645 1,794 2,029 2,072 2,100 2,156 2,277
EBIT (Operating Income) (mill.) 102 130 129 81 116 186 240
Net Income (mill.) 95 113 93 70 86 83 109
Price/Earnings 5.9 12.2 10.1 13.4 25.0 14.8 8.3
Price/Book Value 0.6 0.8 0.8 0.7 1.0 0.6 0.6
EV/EBIT 18.1 16.3 20.5 31.3 29.3 15.9 13.0
Return on Equity (%) 6.8 7.5 5.7 4.8 5.7 4.1 7.2
Dividend Yield (%) 3.7 3.8 5.0 4.3 3.5 6.1 6.1
Stolt-Nielsen Limited Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Stolt-Nielsen Limited is a leading global
provider of bulk-liquid transportation, storage
and distribution services through its three
largest operating units: Stolt Tankers,
Stolthaven Terminals and Stolt Tank
Containers.
_________________________
The market for transportation of chemicals is
looking promising short term on the back of
ton miles increasing a consequence of new
refineries starting in the Middle East and the
US shale boom. Longer term outlook is more
uncertain due to a high orderbook of
newbuilds, mostly controlled by
unexperienced shipping companies and
private equity players.
The terminal and tank containe divisions are
generating steady cash flow, while the
chemical fleet is more on rolling one year
contracts.
Stolt has a solid balance sheet, leading
strategic positions, long term track record and
prudent mgt in addition to returning capital to
shareholders by dividends and share buy
backs.
.
Stolt-Nielsen
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Performance - last 5 years
Tanker Investments Ltd. MSCI The World Index / Marine -IND TR
Market Value (mill.) 3,315 Price 86.25 NOK
Net debt (mill.) 981 USD
Enterprise Value (mill.) 4,295 1.00
2010 2011 2012 2014E 2015E
Sales (mill.) - - 31 20 25 63 178
EBIT (Operating Income) (mill.) - - 8 -4 1 9 63
Net Income (mill.) - - -1 -16 -7 2 48
Price/Earnings - - - - - 177.7 8.9
Price/Book Value - - - - - 1.1 1.0
EV/EBIT - - - - - 73.0 14.5
Return on Equity (%) - - - -175.3 -71.4 0.6 11.4
Dividend Yield (%) - - - - - 0.0 0.0
Tanker Investments Ltd.
Price currency
Reporting currency
FX rate (NOK)
Tanker Investment(TIL) is a crude oil tanker
company. The fleet trades globally and
consists of crude oil tankers in the Aframax
and Suezmax segments. The company is a
subsidiary of Teekay and operates the fleet in
the Teekay Tanker pools.
________________________________
TIL has grown its tanker fleet through a series
of transactions aquiring vessels on the water
and upgrade them with eco features.
The company has an asset play approach,
looking to sell the company or the fleet into a
expected stronger market.
The tanker market looks exciting the next few
years, ton miles demand is increasing and the
fleet is decreasing.
TIL trades at a discount to net asset values in
spite of day rates spiking, tanker values rising
and buying back own stock..
.
Tanker Investments
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Performance - last 5 years
TTS Group ASA MSCI The World Index / Marine -IND TR
Market Value (mill.) 411 Price 4.75 NOK
Net debt (mill.) 78 NOK
Enterprise Value (mill.) 489 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 3,784 3,226 3,524 2,346 2,693 2,270 2,500
EBIT (Operating Income) (mill.) -194 -94 71 45 -176 -58 108
Net Income (mill.) -248 -197 23 32 -227 - -
Price/Earnings - - - 1.6 - - 6.9
Price/Book Value 0.4 0.7 0.9 0.7 0.7 0.9 0.8
EV/EBIT - - 18.8 18.6 - - 6.1
Return on Equity (%) -25.8 -22.6 2.8 3.8 -32.0 -23.0 11.3
Dividend Yield (%) 0.0 0.0 0.0 8.0 16.1 0.0 0.0
TTS Group ASA Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
TTS is an engineering company designing
and manufacturing marine and offshore
equipment.
________________________________
TTS sold its drilling equipment division to
Cameron at a huge profit and returned the
bigger part of the profit to shareholders.
Subsequently remaining part of the group has
struggled with challenging markets and poor
operational performance.
Mgt has been changed and the company has
been through a restructuring and downsizing,
reducing operational cost by 150 mil.
The biggest shareholder Mr Skeie and mgt
have increased their shareholding the last
months, showing increased confidence in the
turnaround.
TTS has a opportunistic approach, divisions
or the group are likely to take part of future
M&A activity.
.
TTS Group
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Performance - last 5 years
Western Bulk ASA MSCI The World Index / Marine -IND TR
Market Value (mill.) 713 Price 4.51 NOK
Net debt (mill.) -361 USD
Enterprise Value (mill.) 351 1.00
2011 2012 2013 2014E 2015E
Sales (mill.) - - 1,028 1,144 1,195 1,141 1,475
EBIT (Operating Income) (mill.) - - 20 28 16 -8 12
Net Income (mill.) - - 18 24 6 -18 1
Price/Earnings - - - - 18.3 - 10.7
Price/Book Value - - - - 6.6 1.6 1.4
EV/EBIT - - - - 21.0 - 5.1
Return on Equity (%) - - - 30.7 5.4 -26.0 12.9
Dividend Yield (%) - - - - 0.6 15.7 0.7
Western Bulk ASA Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Western Bulk ASA is a global operator of dry
bulk vessels and the World’s third largest
operator of Supramax vessels.
_______________________________
The company`s business model is different
from traditional dry bulk companies
combining shipping experience with an asset-
light trading-oriented approach.
Western strategy is two folded, using a large
portfolio of vessels leased to transport cargo
for various customers worldwide, either on
contract basis or in the spot market and
exposure to assets mainly through long term
leases with purchase options, to a limited
extent also through direct ownership in
vessels.
With the flexible business model Western has
the ability to adjust its fleet size to changing
market conditions and invest counter cyclical.
However in the short term the mgt have taken
a wrong bet on the dry bulk market, being
long chartered in tonnage.
.
Western Bulk
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Performance - last 5 years
Wilh. Wilhelmsen Holding A MSCI The World Index / Marine -IND TR
Market Value (mill.) 7,806 Price 168.50 NOK
Net debt (mill.) 6,619 USD
Enterprise Value (mill.) 14,425 1.00
2009 2010 2011 2012 2013 2014E 2015E
Sales (mill.) 1,015 1,076 1,247 1,325 1,313 3,682 3,812
EBIT (Operating Income) (mill.) 2 42 99 182 123 337 400
Net Income (mill.) 331 60 188 329 260 167 226
Price/Earnings 4.0 21.7 5.2 3.5 7.1 6.3 4.6
Price/Book Value 0.8 1.2 0.8 0.8 0.9 0.5 0.5
EV/EBIT 919.7 56.5 27.7 15.5 25.9 7.1 5.7
Return on Equity (%) 30.5 5.0 13.9 22.3 15.1 8.4 10.6
Dividend Yield (%) 1.6 0.3 3.3 4.3 3.3 3.9 4.2
Wilh. Wilhelmsen Holding ASA Class A Marine Shipping
Price currency
Reporting currency
FX rate (NOK)
Wilhelmsen Holding(WWI) is the parent
company in the Wilhelmsen group. The main
activities are transportation and logistical
services for cars and high/heavy cargo
through Willhelmsen ASA(72,7% owned) and
maritime services through WMS(100%
owned).
__________________________
Wilhelmsen has a long term track record of
profitable growth and return on capital as well
as returning cash to shareholders by
dividends.
The group is controlled by the Wilhelmsen
family through A shares. The mgt and board
are also controlled by the family.
The holding company is trading at a
substantial discount to sum of the parts in
spite of decent results and long term
shareholder value creation.
.
Wilh. Wilhelmsen Holding
Investment Objective Long term value creation
We prefer performing companies, with
strong long term prospects, available
at favourable prices
Investment Philosophy Performance - prospects - price
Performance Operating excellence
Prospects Strong competitive position
Price Favourable valuation
«Doing good business with bad people simply
doesn’t work» Warren E. Buffet
«We don’t focus at beating the market short term.
We want our holdings to beat their competitors
long term»
«The bitterness of poor quality remains long after
the sweetness of a nice price is forgotten»
Börje Ekholm
Unknown
47
Om ODIN Maritim
ODIN Maritim är en aktivt förvaltad aktiefond som
investerar i sjöfartssektorn. Sektorn omfattar flera
olika segment, bland dem råvarufrakt, containerfrakt,
kemikaliefrakt och LNG-frakt, samt olika stöd- och
leverantörstjänster.
Fondens långsiktiga mål är att ge högre avkastning
än sjöfartsmarknaden, mätt med fondens
referensindex.
Fakta om fonden
Startår 31.10.1994
Referensindex MSCI World Gross Marine
Basvaluta NOK
Förvaltningsavgift 2 %
Tecknings-/inlösenavgift 0 %
Minsta teckningsbelopp 500 EUR
48
Om förvaltaren
Förvaltare Lars Mohagen kom till ODIN år 2000.
Han har förvaltat fonden sedan 1.3.2005.
Lars är civilekonom och auktoriserad finansanalytiker
med lång erfarenhet av portföljförvaltning och analys
av sjöfarts- och offshoresektorn.
Utöver sin mångåriga erfarenhet som
portföljförvaltare hos ODIN har han även bred
erfarenhet som investerare, aktiemäklare och
finansanalytiker.
Logga in på
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09 4735 5100
info@odin.fi
49
Vi påminner om att…
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förvaltarens skicklighet, fondens risk samt kostnader för köp och förvaltning. Avkastningen kan bli negativ om
aktiekurserna faller.
Uttalandena i denna rapport speglar ODINs syn på marknaden vid den tidpunkt då rapporten utarbetats. Vi har
använt källor som bedöms vara pålitliga, men vi kan inte garantera att uppgifterna från dessa källor är korrekta
eller fullständiga.
Anställda hos ODIN Forvaltning AS får handla för egen räkning med flera slags finansiella instrument. Det
innebär att anställda hos ODIN Forvaltning AS kan äga värdepapper i företag som omnämns i den här
rapporten, liksom andelar i ODINs fonder. Anställdas egenhandel ska följa ODIN Forvaltning AS interna
riktlinjer för anställdas egenhandel, som har utarbetats i enlighet med den norska lagen om handel med
värdepapper ("verdipapirhandelloven") och Verdipapirfondenes forenings branschstandard.
Mer information finns på www.odin.fi/se
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