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1. Company Snapshot

1.a. Company Description

Dampskibsselskabet NORDEN A/S, a shipping company, owns and operates dry cargo and tanker vessels worldwide.The company operates through two segments: Assets & Logistics, and Freight Services & Trading.The Assets & Logistics segment owns and charters in long-term vessel capacity; and charters out its capacity of owned and long-term chartered tonnage to dry operators, tanker operators, and third parties.


The Freight Services & Trading segment engages in the transportation of bulk commodities, such as grain, coal, iron ore, and sugar; and fuel oil and refined oil products, as well as charters vessels from third parties or from Assets & Logistics at market rates.The company operates 329 dry cargo vessels; and 128 product tanker vessels.Dampskibsselskabet NORDEN A/S was founded in 1871 and is headquartered in Hellerup, Denmark.

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1.b. Last Insights on DNORD

NORDEN's recent performance was driven by robust Q2 2025 earnings, with a net profit of $52 million, despite challenging market conditions. The company's return on invested capital stood at 10% LTM, indicating efficient capital utilization. With no recent announcements on share buybacks, acquisitions, or new product launches, the focus remains on the company's operational resilience. According to recent reports, NORDEN's management has expressed optimism about the company's prospects, although no specific rating upgrades were mentioned. The company's ability to deliver profits in a tough market bodes well for its future prospects.

1.c. Company Highlights

2. NORDEN's Q3 2025: Strong Performance Driven by Asset Management and Vessel Sales

NORDEN's Q3 2025 report shows a net profit of $26 million, driven by asset management and vessel sales, with an actual EPS of 5.74, beating estimates of 4.4. The company's NAV increased by 7% in the quarter to DKK 362 per share. Asset management continued to perform well, with an EBITDA profit of $62 million. The company's revenue growth is expected to continue, with analysts estimating an 8.9% increase in revenues for the next year.

Publication Date: Nov -25

📋 Highlights
  • Net Profit & Guidance Upgrade:: Q3 net profit of $26 million, leading to full-year guidance raised to $100–140 million.
  • NAV Growth:: Net Asset Value (NAV) increased by 7% to DKK 362 per share in Q3.
  • Segment Performance:: Asset management generated $62 million EBITDA, while dry cargo posted a $14 million loss and tankers earned $2.4 million.
  • Market Drivers:: Supramax/Capesize rate growth due to coal demand and OPEC-driven crude tanker rate improvements boosted earnings.
  • Strategic Positioning:: 45 asset transactions executed, with a focus on building a core multipurpose vessel fleet for 2026 stability and margin recovery.

Segment Performance

In the dry cargo segment, NORDEN made a loss of $14 million, mainly due to poor performance in the Capesize sector. However, the company's tanker operator made a profit of $2.4 million, driven by strong TCE earnings. Logistics improved its operating performance, delivering $1 million in positive EBITDA.

Market Development and Business Model

The market development has been favorable, with a rise in Supramax rates and Capesize rates driven by strong coal volumes. Geopolitical uncertainty and sanctions have supported rates in the market. NORDEN's business model is dynamic and flexible, allowing the company to adjust to changing market conditions, with four drivers in its business model: dry cargo, tankers, owner, and operator activities.

Guidance and Outlook

NORDEN has raised its full-year guidance to $100-140 million due to better-than-expected operational performance and rising markets. The company is long across the group, with a position in both dry cargo and tankers, and expects to see good earnings in the asset management part of the business. NORDEN is focused on generating a higher level of stability in its freight services and trading business while maintaining upside optionality.

Valuation

With a P/E Ratio of 7.81 and a P/B Ratio of 0.83, NORDEN's valuation appears reasonable. The company's ROIC is 8.46%, and ROE is 10.83%, indicating a good return on invested capital. The Dividend Yield is 3.28%, providing a relatively stable income stream. The EV/EBITDA ratio is 7.02, suggesting that the company's enterprise value is reasonable compared to its EBITDA.

3. NewsRoom

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Diana Shipping Inc. Announces Time Charter Contract for M/V Santa Barbara with Norden

Nov -10

Source:

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NORDEN reports net profit of USD 26 million (DKK 166 million) in Q3 2025

Oct -30

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NORDEN reports net profit of USD 52 million (DKK 342 million) in Q2 2025

Aug -14

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Exploring European Undervalued Small Caps With Insider Buying In May 2025

May -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.82%)

6. Segments

Freight Services and Trading

Expected Growth: 4.83%

The 4.83% growth in Freight Services and Trading of Dampskibsselskabet Norden A/S is driven by increasing global trade volumes, rising demand for dry bulk commodities, and Norden's strategic expansion into new markets. Additionally, the company's focus on operational efficiency, cost savings, and fleet optimization have contributed to the growth.

Assets and Logistics

Expected Growth: 4.65%

Dampskibsselskabet Norden A/S's 4.65% growth in Assets and Logistics is driven by increasing global trade, rising demand for dry bulk shipping, and strategic investments in fleet modernization and digitalization. Additionally, the company's focus on operational efficiency, cost savings, and sustainable practices have contributed to its growth momentum.

7. Detailed Products

Dry Bulk

Dampskibsselskabet Norden A/S provides dry bulk shipping services, transporting a wide range of dry bulk commodities such as iron ore, coal, and grains.

Wet Bulk

The company offers wet bulk shipping services, carrying liquid cargoes such as crude oil, petroleum products, and chemicals.

Container Shipping

Norden provides container shipping services, offering door-to-door transportation of goods in containers.

Project Cargo

The company specializes in transporting oversized and heavy project cargo, such as wind turbines and construction equipment.

Tanker Chartering

Norden offers tanker chartering services, providing vessels for the transportation of oil and petroleum products.

Ship Management

The company provides ship management services, including technical management, crew management, and commercial management.

8. Dampskibsselskabet Norden A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Dampskibsselskabet Norden A/S is medium, as there are some alternatives to shipping, such as air freight and rail transport, but they are not as cost-effective or efficient.

Bargaining Power Of Customers

The bargaining power of customers is low, as Dampskibsselskabet Norden A/S has a diverse customer base and no single customer has a significant impact on the company's revenue.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium, as Dampskibsselskabet Norden A/S relies on a few large suppliers for fuel and other essential services, but has some flexibility to negotiate prices.

Threat Of New Entrants

The threat of new entrants is low, as entering the shipping industry requires significant capital investment and regulatory compliance, making it difficult for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry is high, as the shipping industry is highly competitive, with many established players competing for market share and customers.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 33.44%
Debt Cost 6.11%
Equity Weight 66.56%
Equity Cost 6.11%
WACC 6.11%
Leverage 50.24%

11. Quality Control: Dampskibsselskabet Norden A/S passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Global Ship Lease

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Growth: 6.0

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Momentum: 7.5

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Ernst Russ

A-Score: 6.2/10

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Quality: 7.9

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Momentum: 4.0

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Norden

A-Score: 5.3/10

Value: 8.0

Growth: 7.4

Quality: 4.1

Yield: 7.5

Momentum: 1.0

Volatility: 3.7

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A-Score: 4.4/10

Value: 9.0

Growth: 5.3

Quality: 5.6

Yield: 1.2

Momentum: 1.5

Volatility: 4.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

260.6$

Current Price

260.6$

Potential

-0.00%

Expected Cash-Flows