DNB:
In light of the refinancing of Archer, the brokerage house has looked at what the reflected valuation will mean for Odfjell Technology. Based on guided operating profit before depreciation and write-downs (ebitda) for Archer in 2023, the issue of NOK 1 per share an EV/ebitda multiple of 5.1 times.
**Odfjell Technology trades at an EV/ebitda of 3.5 times DNB’s estimates for 2023. If you use the same multiple as for Archer, it gives an implicit value of NOK 82 per share.
However, if you look at an even wider selection of comparable companies, they are valued on average at 5.8 times EV/ebitda on consensus estimates for 2024. This implies a further upside to NOK 94 per share. share for Odfjell Technology.
OTL Current Price = 49