Stock HAFNI HAFNIA LIMITED
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Financials Hafnia Limited

Equities

HAFNI

BMG4233B1090

Oil & Gas Transportation Services

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-04-29 am EDT 		5-day change 1st Jan Change
83.85 NOK 0.00% Intraday chart for Hafnia Limited +3.71% +19.44%
Apr. 12 BTIG Initiates Hafnia at Buy With $10 Price Target MT
Apr. 09 Hafnia Limited Increases Quarterly Dividend Payout Ratio CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,147 678.6 716.7 2,574 3,494 3,848 - -
Enterprise Value (EV) 2 2,503 1,885 1,948 4,175 3,494 4,553 4,318 4,064
P/E ratio 13.9 x 4.64 x -12.9 x 3.17 x 4.27 x 5.06 x 7.32 x 7.87 x
Yield 1.97% 11.2% - 16.6% - 16.2% 12% 10.6%
Capitalization / Revenue 1.39 x 0.78 x 1.68 x 1.86 x 2.47 x 2.65 x 3.28 x 3.18 x
EV / Revenue 3.02 x 2.16 x 4.57 x 3.01 x 2.47 x 3.13 x 3.68 x 3.36 x
EV / EBITDA 9.01 x 5.2 x 12.8 x 4.15 x 3.45 x 4.35 x 5.53 x 5.52 x
EV / FCF -69.2 x 5.37 x 33.3 x 14.8 x - 4.73 x 6.12 x 5.99 x
FCF Yield -1.45% 18.6% 3.01% 6.76% - 21.2% 16.3% 16.7%
Price to Book 0.9 x 0.59 x 0.66 x 1.21 x - 1.63 x 1.56 x 1.51 x
Nbr of stocks (in thousands) 370,244 363,064 363,158 500,353 505,899 506,820 - -
Reference price 3 27.30 15.94 17.38 50.40 70.20 83.85 83.85 83.85
Announcement Date 2/25/20 3/8/21 3/15/22 2/28/23 3/5/24 - - -
1NOK in Million2USD in Million3NOK
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 827.9 874.1 426.1 1,387 1,412 1,454 1,174 1,210
EBITDA 1 277.8 362.8 151.8 1,007 1,013 1,046 781.5 736.5
EBIT 1 145.6 193.6 0.078 797.7 801.9 833.4 574.5 531.4
Operating Margin 17.59% 22.14% 0.02% 57.51% 56.81% 57.33% 48.95% 43.91%
Earnings before Tax (EBT) 1 72.75 151.4 -51.1 758.3 799.5 796 557.5 507.6
Net income 1 71.73 148.8 -55.49 751.6 793.3 784.7 543 504.2
Net margin 8.67% 17.02% -13.02% 54.18% 56.2% 53.98% 46.26% 41.66%
EPS 2 1.967 3.434 -1.349 15.91 16.45 16.55 11.46 10.65
Free Cash Flow 1 -36.18 350.9 58.56 282.3 - 963.3 705.3 678.5
FCF margin -4.37% 40.14% 13.74% 20.35% - 66.27% 60.1% 56.06%
FCF Conversion (EBITDA) - 96.71% 38.59% 28.04% - 92.08% 90.26% 92.12%
FCF Conversion (Net income) - 235.86% - 37.56% - 122.76% 129.9% 134.57%
Dividend per Share 2 0.5367 1.788 - 8.354 - 13.60 10.07 8.908
Announcement Date 2/25/20 3/8/21 3/15/22 2/28/23 3/5/24 - - -
1USD in Million2NOK
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 95.7 118.7 169.4 356.8 419.7 441.3 388.3 359.5 325.2 338.6 394.2 388.2 329.6 374.7 308
EBITDA 1 29.7 47.04 87.54 257.5 326 336 296 261.6 220.8 234.5 294.3 263.2 222 266.8 196
EBIT 1 -7.9 7.758 38.56 204.5 272.3 282.3 244 209.7 167.3 180.8 240.7 209.5 169 214.1 146.1
Operating Margin -8.25% 6.53% 22.76% 57.31% 64.89% 63.98% 62.84% 58.33% 51.46% 53.4% 61.07% 53.95% 51.29% 57.14% 47.45%
Earnings before Tax (EBT) 1 -19.3 -6.084 22.04 189.4 281.6 265.2 258.6 214.8 147.9 178.3 230.5 198.4 154.9 211.9 138.3
Net income 1 -20.7 -7.898 21.31 186.2 280.3 263.8 256.6 213.3 146.9 176.4 226.8 197.1 157.1 204 136.8
Net margin -21.63% -6.65% 12.58% 52.18% 66.78% 59.78% 66.09% 59.33% 45.19% 52.1% 57.55% 50.77% 47.66% 54.44% 44.41%
EPS 2 -0.5298 -0.1799 0.4884 3.877 5.898 5.580 5.461 4.489 3.170 3.586 4.768 4.162 3.207 3.895 2.881
Dividend per Share 2 - - 0.2016 1.809 2.883 3.284 3.305 2.702 - - 3.708 3.107 2.810 3.295 2.056
Announcement Date 11/18/21 3/15/22 5/23/22 8/26/22 11/21/22 2/28/23 5/19/23 8/24/23 11/17/23 3/5/24 - - - - -
1USD in Million2NOK
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,357 1,207 1,231 1,601 - 705 470 216
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.882 x 3.325 x 8.112 x 1.59 x - 0.6742 x 0.602 x 0.2932 x
Free Cash Flow 1 -36.2 351 58.6 282 - 963 705 679
ROE (net income / shareholders' equity) 8.49% 13.1% -4.08% 48.2% - 34.4% 22.8% 18.2%
ROA (Net income/ Total Assets) - - - 16.2% - 17.4% 12.7% 10.9%
Assets 1 - - - 4,626 - 4,523 4,267 4,645
Book Value Per Share 2 30.20 26.80 26.30 41.80 - 51.60 53.70 55.50
Cash Flow per Share 2 6.490 9.190 2.570 15.40 22.00 19.50 14.40 14.70
Capex 1 279 47.6 26.7 447 - 32.1 51 26.1
Capex / Sales 33.65% 5.44% 6.26% 32.23% - 2.21% 4.35% 2.16%
Announcement Date 2/25/20 3/8/21 3/15/22 2/28/23 3/5/24 - - -
1USD in Million2NOK
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hafnia Limited

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
83.85 NOK
Average target price
97.8 NOK
Spread / Average Target
+16.64%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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