Company Valuation: Dolphin Drilling ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,603 1,862 1,080 430 713.9 - -
Change - 16.15% -42.01% -60.19% 66.03% - -
Enterprise Value (EV) 1 1,236 1,663 1,587 961.9 1,202 1,362 1,114
Change - 34.48% -4.54% -39.4% 24.99% 13.26% -18.19%
P/E -2.42x -13.9x -1.48x -0.2x -18.3x 9.15x 3.66x
PBR 1.93x 1.26x - - 0x 0.91x 0.91x
PEG - 0.2x -0x 0x 0.2x -0x 0x
Capitalization / Revenue 7.33x 2.48x 1.04x 0.25x 0.57x 0.39x 0.36x
EV / Revenue 5.65x 2.22x 1.54x 0.57x 0.96x 0.75x 0.57x
EV / EBITDA -2.19x -19.8x -4.18x 7.25x 8.98x 2.88x 1.76x
EV / EBIT -1.92x 29.3x -2.59x -10.7x -11x 5.91x 2.9x
EV / FCF -1.99x -2.55x -1.79x -1.7x -3.35x -7.51x 3.37x
FCF Yield -50.2% -39.3% -55.7% -58.8% -29.8% -13.3% 29.6%
Dividend per Share 3 - - - - - - -
Rate of return - - - - - - -
EPS 3 -162 -18 -66 -1.37 -0.01 0.02 0.05
Distribution rate - - - - - - -
Net sales 1 218.7 749.8 1,034 1,696 1,249 1,827 1,960
EBITDA 1 -563.9 -84.13 -380.1 132.7 133.9 473.4 631.2
EBIT 1 -642.7 56.78 -613.5 -89.74 -109.8 230.4 384
Net income 1 -699.7 -75.71 -662.4 -517.4 -276.6 90.94 253.6
Net Debt 1 -367.1 -199.8 507.2 531.9 488.3 647.8 400.1
Reference price 3 392.7515 250.5841 97.5998 0.2690 0.1830 0.1830 0.1830
Nbr of stocks (in thousands) 414 733 973 159,241 406,758 - -
Announcement Date 28/02/23 26/02/24 25/02/25 27/02/26 - - -
1USD in Million2NOK in Million3USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
17.18x5.37x12.13x4.35% 25.12B
6.85x0.83x3.27x4.88% 7.12B
62.1x2.86x9.27x4.8% 6.66B
16.75x2.55x7.25x-.--% 5.85B
22.66x2.72x11.8x-.--% 5.45B
20.04x3.8x7.96x2.86% 4.98B
15.27x0.52x5.04x2.95% 4.69B
-218.4x1.02x5.27x3.66% 4.16B
-55.48x1.31x5.88x2.75% 3.71B
Average -12.56x 2.33x 7.54x 2.92% 7.53B
Weighted average by Cap. 2.53x 3.25x 8.91x 3.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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