Aker ASA (AKER.OL)

Industry: Conglomerates Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
000009.SZ	57	China Baoan Group	3,180	455.98	704.86	17.24	14.91	22.46	25.06
LIFCO-B.ST	58	Lifco AB (publ)	2,994	40.51	34.46	23.72	19.98	31.00	25.43
9008.T	59	Keio Corporation	2,967	10.29	10.29	9.44	8.15	12.52	11.33
1821.T	60	Sumitomo Mitsui Co	2,863	140.82	258.86	9.10	10.72	12.56	15.75
600008.SS	61	Beijing Capital Ec	2,787	13.64	12.96	11.07	10.37	16.92	20.86
OMN.JO	62	Omnia Holdings Lim	2,731	4.74	4.51	2.34	2.24	3.45	3.03
000652.SZ	63	Tianjin Teda Co.,	2,660	130.75	193.23	85.74	115.07	97.33	-
AKER.OL	64	Aker ASA	2,557	27.18	27.18	38.35	40.36	308.79	-
5211.KL	65	Sunway Berhad	2,533	33.36	27.14	21.45	17.53	33.13	29.26
GFF	66	Griffon Corporatio	2,520	66.90	67.50	17.06	16.18	10.32	22.49
9418.T	67	U-NEXT HOLDINGS Co	2,508	21.32	16.37	9.38	7.87	13.63	10.31
000070.KS	68	Samyang Holdings C	2,397	21.05	20.87	7.90	7.37	8.81	13.14
GODREJIND.BO	69	Godrej Industries	2,364	42.02	34.48	20.20	15.66	1,618.88	16.60
TIINDIA.BO	70	Tube Investments o	2,258	95.77	74.19	28.81	20.77	38.03	13.38
0025.HK	71	Chevalier Internat	2,245	-	-	8.75	10.85	7.53	12.13
CODI	72	Compass Diversifie	2,198	136.06	255.97	10.01	8.13	14.27	11.45

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	36.94	30.80	10.01	10.72	13.63	13.26
Full Range Median Multiple	41.27	34.47	11.07	10.85	14.27	14.57
Industry Multiple	86.66	122.55	18.81	19.05	129.39	16.44
Market Implied Multiple	34.40	34.40	47.59	50.09	383.22	-
Company (AKER.OL) Multiple	27.18	27.18	38.35	40.36	308.79	-
(*) Net Income / EBITDA / Revenue	1,074	1,074	839	797	104	-194
Winsorized Enterprise Value	N/A	N/A	8,399	8,548	1,420	-2,580
Full Range Median Enterprise Value	N/A	N/A	9,286	8,649	1,487	-2,833
(-) Net Debt	2,984	2,984	2,984	2,984	2,984	2,984
Winsorized Equity Value	39,673	33,084	5,415	5,564	-1,564	-5,564
Full Range Median Equity Value	44,325	37,024	6,302	5,665	-1,497	-5,817
(/) Shares Outstanding	45	45	45	45	45	45
Winsorized Fair Value	$890.22	$742.37	$121.51	$124.84	$-35.10	$-124.85
Full Range Median Fair Value	$994.62	$830.80	$141.42	$127.11	$-33.60	$-130.53
Current Price	$829.00	$829.00	$829.00	$829.00	$829.00	$829.00
Upside / Downside	7.39%	-10.45%	-85.34%	-84.94%	-104.23%	-115.06%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$623.16	$519.66	$85.06	$87.39	$-24.57	$-87.39
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy