Hafnia Ltd
HAFNdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Hafnia Ltd earns about 31% on invested capital, far above its ~9% cost of capital, but has diluted owners by 5% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $15.95 and $31.88 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue | $1.93B1 | $2.67B1 | $2.87B1 |
| Net income | $751.6M2 | $793.3M2 | $774M2 |
| Operating cash flow | $770.9M3 | $1.06B3 | $1.03B3 |
| Capital expenditure | $447.1M4 | $184.4M4 | $49.6M4 |
| Free cash flow (derived) | $323.8M3 | $876.4M3 | $980.8M3 |
| Total debt | — | $1.29B5 | $1.12B5 |
| Cash & equivalents | $280.3M6 | $222.5M6 | $283.6M6 |
| Diluted shares | 477.9M | 505.1M | 502.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $44.99 of net worth that earned you $15.39 and generated $19.5 of cash last year, against $22.31 of debt.
It earned about 31% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 5% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 13% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $15.95 and $31.88 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$876.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$876.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$774M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $23.23 |
| Base | 5.0% | $29.26 |
| Bull | 10.0% | $36.47 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-12-31 · accession 0001140361-25-016487 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-016487 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-016487 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-016487 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001140361-25-016487 (Borrowings)
- 20-F · period ending 2022-12-31 · accession 0001140361-25-016487 (CashAndCashEquivalents)