Company Overview
Viking Line is a leading Nordic maritime company that operates a fleet of cruise ships, ferries, and cargo vessels, providing a range of transportation services to passengers and freight customers across the Baltic Sea region.
The company's primary mission is to provide safe, reliable, and efficient transportation solutions while maintaining a strong focus on environmental sustainability and social responsibility. At its core, Viking Line values innovation, customer satisfaction, and teamwork, with a commitment to delivering exceptional service to its customers.
Viking Line offers a range of key products and services, including cruise vacations, ferry travel, cargo shipping, and charter services. The company's cruise ships offer a unique blend of comfort, entertainment, and cultural experiences, while its ferries provide convenient and reliable transportation options for both passengers and freight customers.
The benefits of Viking Line's products and services include access to a wide range of destinations across the Baltic Sea region, flexible scheduling options, and a focus on environmental sustainability through the use of advanced fuel-efficient technologies.
Key Products/Services
Cruise Vacations: Enjoy a unique blend of comfort, entertainment, and cultural experiences on one of Viking Line's modern cruise ships.
Ferry Travel: Convenient and reliable transportation options for both passengers and freight customers across the Baltic Sea region.
Cargo Shipping: Reliable and efficient cargo services to destinations across the Nordic region.
Core Values
Innovation: Viking Line is committed to investing in the latest technologies and innovations to improve its operations and customer experience.
Customer Satisfaction: The company prioritizes delivering exceptional service to its customers, with a focus on building strong relationships and exceeding expectations.
Teamwork: Viking Line values collaboration and teamwork across its organization, with a commitment to working together to achieve common goals.
Benefits of Viking Line's Products/Services
Access to a wide range of destinations across the Baltic Sea region.
Flexible scheduling options to suit individual needs.
A focus on environmental sustainability through the use of advanced fuel-efficient technologies.
Viking Line is an attractive investment opportunity for those seeking a stable and growing company with a strong presence in the Nordic maritime market. With its diverse range of products and services, commitment to innovation and customer satisfaction, and focus on environmental sustainability, Viking Line is well-positioned for long-term success.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 17.3 | 17.3 | 17.3 | 17.3 | 17.3 | 17.3 | 17.3 |
| Target Valuation (MEur) | 368.8 | 398.3 | 376.9 | 253.2 | 177.9 | 139.1 | 139.1 |
| Targer Price | 21.34 | 23.05 | 21.81 | 14.65 | 10.3 | 8.05 | 8.05 |
| Potential, % | 70.0 | 22.3 | 6.4 | -31.5 | -49.3 | -60.3 | -60.3 |
| Recommendation | Buy | Buy | Hold | Sell | Sell | Sell | Sell |
| MCAP (MEur) | 216.9 | 325.7 | 354.2 | 369.8 | 350.8 | 350.8 | 350.8 |
| Price | 12.55 | 18.85 | 20.5 | 21.4 | 20.3 | 20.3 | 20.3 |
| EV | 314.0 | 391.0 | 450.0 | 446.0 | 405.0 | 390.0 | 377.0 |
| P/S | 0.44 | 0.66 | 0.74 | 0.77 | 0.73 | 0.73 | 0.73 |
| EV/S | 0.64 | 0.8 | 0.94 | 0.93 | 0.84 | 0.81 | 0.79 |
| EV/EBIT | 8.2 | 8.41 | 16.86 | 21.02 | 18.06 | 16.78 | 16.96 |
| P/E | 9.64 | 11.19 | 22.28 | 22.97 | 26.02 | 18.84 | 19.71 |
| P/B | 0.74 | 1.01 | 1.1 | 1.15 | 1.05 | 0.99 | 0.94 |
| P/OCF | 7.64 | 4.85 | 7.23 | 6.4 | 7.06 | 8.65 | 8.99 |
| EV/OCF | 11.06 | 5.83 | 9.19 | 7.71 | 8.14 | 9.63 | 9.67 |
| P/FCF | 7.58 | 7.65 | 12.98 | 9.02 | 15.72 | 24.11 | 26.96 |
| EV/FCF | 10.98 | 9.18 | 16.49 | 10.87 | 18.15 | 26.83 | 29.0 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 494.7 | 491.4 | 480.1 | 480.8 | 483.3 | 480.9 | 479.1 |
| Rev. Growth, % | 68.6 | -0.7 | -2.3 | 0.1 | 0.5 | -0.5 | -0.4 |
| Ebit | 38.3 | 46.5 | 26.7 | 21.2 | 22.4 | 23.3 | 22.3 |
| Ebit Growth, % | -23.2 | 21.4 | -42.6 | -20.6 | 5.7 | 4.0 | -4.3 |
| Ebit, % | 7.7 | 9.5 | 5.6 | 4.4 | 4.6 | 4.8 | 4.7 |
| Profit | 22.5 | 29.1 | 15.9 | 16.1 | 13.5 | 18.6 | 17.8 |
| EPS | 1.3 | 1.68 | 0.92 | 0.93 | 0.78 | 1.08 | 1.03 |
| Profit Growth, % | -37.3 | 29.3 | -45.4 | 1.3 | -16.1 | 37.8 | -4.3 |
| Profit, % | 4.5 | 5.9 | 3.3 | 3.3 | 2.8 | 3.9 | 3.7 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 14.0 | 12.7 | 13.4 | 12.4 | 12.4 | 12.5 | 12.6 |
| Acc. Receivable | 36.7 | 40.1 | 40.4 | 33.9 | 33.9 | 34.3 | 34.4 |
| Cash | 89.0 | 85.3 | 55.8 | 47.6 | 66.8 | 81.4 | 94.4 |
| Equity | 292.4 | 323.2 | 321.5 | 321.6 | 334.9 | 353.5 | 371.3 |
| ROE, % | 7.7 | 9.0 | 4.9 | 5.0 | 4.0 | 5.3 | 4.8 |
| ROCE, % | 8.0 | 9.8 | 5.6 | 4.8 | 4.9 | 4.9 | 4.5 |
| Net Debt | 97.3 | 65.3 | 95.9 | 75.8 | 54.1 | 39.5 | 26.5 |
| Gearing, % | 33.3 | 20.2 | 29.8 | 23.6 | 16.2 | 11.2 | 7.1 |
| Equity ratio, % | 46.3 | 50.5 | 52.9 | 54.8 | 56.6 | 59.1 | 61.6 |
| Acc. Payable | 73.0 | 75.1 | 77.1 | 78.3 | 77.3 | 75.0 | 74.2 |
| Total Assets | 631.4 | 639.8 | 607.4 | 586.9 | 591.9 | 598.3 | 602.5 |
| ROA, % | 3.6 | 4.5 | 2.6 | 2.7 | 2.3 | 3.1 | 3.0 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 28.4 | 67.1 | 49.0 | 57.8 | 49.7 | 40.6 | 39.0 |
| Investment Cash Flow | 0.2 | -24.5 | -21.7 | -16.8 | -27.4 | -26.0 | -26.0 |
| Free Cash Flow | 28.6 | 42.6 | 27.3 | 41.0 | 22.3 | 14.5 | 13.0 |
| OCF/CAPEX | 0.0 | 2.74 | 2.26 | 3.44 | 1.81 | 1.56 | 1.5 |
| Financial Cash Flow | -54.1 | -46.3 | -56.7 | -49.2 | -3.3 | 0.0 | 0.0 |
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