MeritValue

DHT Holdings, Inc.

DHTdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

DHT Holdings, Inc. earns about 9% on invested capital, and has bought back 3% of its shares over 5 years. The applicable estimate puts fair value near $10.4 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$295.9M1$454.1M2$560.6M3$571.8M3$498.4M3
Net income−$11.5M4$61.5M5$161.4M6$181.4M6$211.1M6
Operating cash flow$60.6M7$127.9M8$251.4M9$298.7M9$276.7M9
Capital expenditure$48,00010————
Free cash flow (derived)$60.5M7————
Total debt$522.3M11$396.7M12$428.7M13$409.4M14$428.7M14
Cash & equivalents$60.7M15$125.9M16$74.7M16$78.1M16$79M16
Diluted shares166.1M162.7M161.0M160.0M160.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$70.47
your share of equity
Profit it earned you last year
$13.13
Free cash flow it threw off
—
Debt you’d be carrying
$26.66

10 shares is a claim on $70.47 of net worth that earned you $13.13 last year, against $26.66 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 -1%FY22 5%FY23 12%FY24 13%FY25 14%

It earned an average 9% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 18% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$10.4
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$161.4M
  • growthAssumed0.0%
Graham Number
$14.41
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001140361-24-014358 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001140361-25-009685 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001140361-26-010407 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001140361-24-014358 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001140361-25-009685 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001140361-26-010407 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001140361-24-014358 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001140361-25-009685 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001140361-26-010407 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001140361-22-011076 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001140361-23-013403 (Borrowings)
  12. 20-F · period ending 2022-12-31 · accession 0001140361-24-014358 (Borrowings)
  13. 20-F · period ending 2023-12-31 · accession 0001140361-25-009685 (Borrowings)
  14. 20-F · period ending 2024-12-31 · accession 0001140361-26-010407 (Borrowings)
  15. 20-F · period ending 2021-12-31 · accession 0001140361-25-009685 (CashAndCashEquivalents)
  16. 20-F · period ending 2022-12-31 · accession 0001140361-26-010407 (CashAndCashEquivalents)