Hafnia Limited
Hafnia Limited., an investment holding company, owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), and Handy Size segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national …
Hafnia Limited., an investment holding company, owns and operates oil product tankers in Bermuda. It operates through Long Range II, Long Range I, Medium Range (MR), and Handy Size segments. The company transports clean and dirty, refined oil products, vegetable oil, and easy chemicals to national and international oil companies, and chemical companies, as well as trading and utility companies. It also engages in ship owning, chartering, and provision of maritime services in the product and chemical tankers market. The company was formerly known as BW Tankers Limited and changed its name to Hafnia Limited. In January 2019. Hafnia Limited was founded in 2010 and is based in Singapore.Looks undervalued
5-year outlook: Not shown because confidence is low: Earnings-based DCF agrees.
Other models: NOK 148.41–197.28 (median 174.47). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price below modeled range
Free-cash-flow DCF using TTM through 30 Jun 2026 reported free cash flow, with cash, debt, and shares from the latest report. Base assumptions are 3% growth, 2.7% terminal growth, and 10% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 3.93% because the latest annual revenue declined), discount rate 10%, terminal growth 2.70%. See a worked example.
Blended growth assumption: 3.9% (sector default 6.2%, own revenue history 29.5%, analyst revenue consensus -10.0%).
Analyst consensus expects revenue growth of -11.7% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — NOK 150.40 (+69.0%)
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EPS-based Gordon proxy
— NOK 174.47 (+96.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— NOK 150.40 (+69.0%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— NOK 148.41 (+66.8%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— NOK 197.28 (+121.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— NOK 150.33 (+68.9%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— NOK 363.18 (+308.1%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 110.48 | 19.4% |
| Base NOK 150.40 | 40.8% |
| Bull NOK 221.44 | 59.8% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At NOK 89.00 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.7%, discount 10.0%).
Compare: the market implies -8.3% a year, this model assumes 3.0%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 8.0% | 9.0% | 10.0% | 11.0% | 12.0% |
|---|---|---|---|---|---|
| -1.0% | 174.31 | 146.08 | 125.57 | 109.99 | 97.76 |
| 1.0% | 191.32 | 160.16 | 137.53 | 120.35 | 106.85 |
| 3.0% | 209.66 | 175.33 | 150.40 | 131.48 | 116.63 |
| 5.0% | 229.41 | 191.65 | 164.24 | 143.44 | 127.13 |
| 7.0% | 250.64 | 209.18 | 179.10 | 156.28 | 138.39 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +10.2% a year | 20 / 20 |
| Balance sheet | net debt 0.4x EBITDA | 20 / 20 |
| Margins | EBITDA margin 34% | 20 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| HAFNI.OL (this company) | NOK 89.00 | 40.8% | 7.2 | 1.8 | 1.2% | 100 |
| EZJ.L easyJet plc | GBP 6.88 | 74.3% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.80 | 64.8% | 7.1 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.37 | 58.9% | 8.0 | 3.5 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.54 | 54.7% | – | 0.8 | 2.1% | 46 |
| SRP.L Serco Group plc | GBP 2.77 | 46.2% | 19.7 | 3.3 | 1.5% | 82 |
| DFDS.CO DFDS A/S | DKK 157.30 | 45.9% | – | 0.6 | – | 64 |
| DG.PA VINCI SA | EUR 111.75 | 42.2% | 12.9 | 2.1 | 4.2% | 90 |
| MPCC.OL MPC Container Ships ASA | NOK 24.23 | 33.5% | 5.5 | 1.1 | 0.7% | 80 |
| Peer median | 9.3 | 1.8 | ||||
Dividends
Paid in the last 12 months: NOK 10.51 per share · yield 11.81% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 9.019 |
| 2025 | 4.061 |
| 2024 | 14.701 |
| 2023 | 11.556 |
| 2022 | 4.836 |
| 2020 | 2.513 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:46
| Revenue | NOK 25,094,612,018 |
|---|---|
| EBITDA | NOK 8,482,424,795 |
| EBIT | NOK 6,631,657,814 |
| Net income | NOK 6,198,174,243 |
| Free cash flow | NOK 5,499,257,618 |
| Capital expenditures | NOK 2,178,690,852 |
| Debt | NOK 5,743,302,084 |
| Cash | NOK 2,549,909,443 |
| Working capital | NOK 4,068,631,039 |
| Shares outstanding | 499,781,305 |
| Reported dividends per share | NOK 1.1110 |