Financials Frontline plc Deutsche Boerse AG

Equities

HF6

BMG3682E1921

Oil & Gas Transportation Services

End-of-day quote Deutsche Boerse AG Other stock markets 23:00:00 04/02/2024 GMT			5-day change	1st Jan Change
20.52 ^EUR	+3.12%		-3.21%	+11.83%

06-04	Crude oil tanker market grappling with ageing fleet, says Trafigura	RE
05-30	Transcript : Frontline plc, Q1 2024 Earnings Call, May 30, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,532	1,230	1,439	2,703	4,464	5,844	-	-
Enterprise Value (EV) ¹	4,410	3,245	3,688	4,606	7,607	8,987	8,485	8,053
P/E ratio	16.5 x	2.98 x	-118 x	5.49 x	6.8 x	7.62 x	7.67 x	8.51 x
Yield	3.89%	25.7%	-	10%	10.8%	10.1%	12.4%	11.6%
Capitalization / Revenue	4.51 x	1.42 x	4.03 x	3.28 x	3.77 x	3.57 x	3.52 x	3.59 x
EV / Revenue	7.85 x	3.74 x	10.3 x	5.58 x	6.43 x	5.48 x	5.11 x	4.94 x
EV / EBITDA	11.9 x	5.02 x	23.1 x	7.89 x	7.78 x	6.6 x	6.16 x	5.92 x
EV / FCF	49.2 x	-27 x	-12.3 x	93 x	-9.81 x	19.4 x	7.97 x	7.86 x
FCF Yield	2.03%	-3.71%	-8.14%	1.08%	-10.2%	5.15%	12.5%	12.7%
Price to Book	1.68 x	0.76 x	0.87 x	1.15 x	1.96 x	2.85 x	2.81 x	3.09 x
Nbr of stocks (in thousands)	196,894	197,692	203,531	222,623	222,623	222,623	-	-
Reference price ²	12.86	6.220	7.070	12.14	20.05	26.25	26.25	26.25
Announcement Date	27/02/20	19/02/21	17/02/22	28/02/23	29/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	561.8	868.1	356.7	824.7	1,184	1,639	1,660	1,629
EBITDA ¹	369.2	646.6	160	583.8	977.6	1,362	1,377	1,360
EBIT ¹	251.3	507.8	12.22	445.6	746.7	1,021	1,032	984.7
Operating Margin	44.73%	58.5%	3.42%	54.04%	63.08%	62.31%	62.21%	60.43%
Earnings before Tax (EBT) ¹	140.3	413	-6.515	475.9	656.6	799.5	795.3	691.7
Net income ¹	139.9	412.9	-11.15	472.7	656.4	750.3	752.7	690.3
Net margin	24.9%	47.56%	-3.13%	57.32%	55.46%	45.78%	45.36%	42.36%
EPS ²	0.7800	2.090	-0.0600	2.210	2.950	3.445	3.422	3.085
Free Cash Flow ¹	89.62	-120.3	-300.1	49.52	-775.2	462.5	1,064	1,024
FCF margin	15.95%	-13.85%	-84.14%	6%	-65.5%	28.22%	64.11%	62.84%
FCF Conversion (EBITDA)	24.27%	-	-	8.48%	-	33.96%	77.24%	75.28%
FCF Conversion (Net income)	64.06%	-	-	10.47%	-	61.64%	141.36%	148.35%
Dividend per Share ²	0.5000	1.600	-	1.220	2.170	2.640	3.250	3.058
Announcement Date	27/02/20	19/02/21	17/02/22	28/02/23	29/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	100.7	103.8	159.2	208.8	352.8	338.5	512.8	232	256.9	371.2	379.2	367.5	488.8	388.3	316.8
EBITDA ¹	57.02	53.52	99.27	148.4	286.9	282.1	310.1	173	198.1	296.5	315	297.3	412.7	322.8	236.4
EBIT ¹	18.43	22.93	62.9	110.6	249.2	240.9	253	114.8	138	208.5	220.8	207.8	329	237.5	164.9
Operating Margin	18.31%	22.09%	39.52%	52.95%	70.63%	71.16%	49.33%	49.45%	53.74%	56.17%	58.24%	56.54%	67.3%	61.16%	52.04%
Earnings before Tax (EBT) ¹	24.44	31.14	47.12	154.6	243.1	199.4	230.8	107.7	118.6	182.4	198.3	135	282	178.9	106.7
Net income ¹	19.78	31.15	47.1	154.4	240	199.6	230.7	107.7	118.4	180.8	175.4	146.6	259.6	179	106.7
Net margin	19.65%	30.01%	29.59%	73.93%	68.03%	58.97%	44.99%	46.43%	46.08%	48.71%	46.26%	39.9%	53.11%	46.09%	33.69%
EPS ²	0.1000	0.1500	0.2300	0.6900	1.080	0.9000	1.040	0.4800	0.5300	0.8100	0.7633	0.7500	1.153	0.5700	0.3800
Dividend per Share ²	-	-	0.1500	-	0.7700	0.7000	0.8000	0.3000	0.3700	-	0.6433	0.7133	1.170	-	-
Announcement Date	17/02/22	24/05/22	25/08/22	30/11/22	28/02/23	31/05/23	24/08/23	30/11/23	29/02/24	30/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,878	2,015	2,249	1,903	3,143	3,143	2,641	2,209
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.087 x	3.116 x	14.06 x	3.259 x	3.215 x	2.307 x	1.918 x	1.624 x
Free Cash Flow ¹	89.6	-120	-300	49.5	-775	463	1,064	1,024
ROE (net income / shareholders' equity)	10.5%	26.4%	-0.68%	24.2%	28.9%	33.8%	37.5%	35.3%
ROA (Net income/ Total Assets)	4.13%	10.8%	-0.28%	10.7%	12.3%	12.1%	12.7%	12.9%
Assets ¹	3,386	3,808	4,018	4,438	5,326	6,201	5,927	5,351
Book Value Per Share ²	7.670	8.150	8.120	10.60	10.20	9.220	9.350	8.490
Cash Flow per Share ²	1.560	3.050	0.3200	1.800	3.850	4.470	4.540	4.500
Capex ¹	196	724	462	336	1,631	915	20	31.7
Capex / Sales	34.88%	83.44%	129.64%	40.72%	137.84%	55.85%	1.21%	1.94%
Announcement Date	27/02/20	19/02/21	17/02/22	28/02/23	29/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Frontline plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

26.25 USD

Average target price

31.89 USD

Spread / Average Target

+21.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Sea-Borne Tankers

	1st Jan change	Capi.
COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.	+59.02%	10.77B
SCORPIO TANKERS INC.	+32.19%	4.13B
INTERNATIONAL SEAWAYS, INC.	+35.58%	3.06B
NANJING TANKER CORPORATION	+37.86%	2.56B
BW LPG LIMITED	+33.38%	2.48B
DORIAN LPG LTD.	+0.91%	1.89B
DHT HOLDINGS, INC.	+18.04%	1.87B
FLEX LNG LTD.	-3.48%	1.51B
AVANCE GAS HOLDING LTD	+16.84%	1.25B

Sea-Borne Tankers