Relative Value

The Relative Value of one OCW stock under the Base Case scenario is 9.46 EUR. Compared to the current market price of 7.55 EUR, Euronav NV is Undervalued by 20%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

OCW Relative Value
Base Case
9.46 EUR
Undervaluation 20%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
33
vs Industry
50
Median 3Y
1.2
Median 5Y
1.2
Industry
1.3
Forward
2.3
vs History
34
vs Industry
47
Median 3Y
1.4
Median 5Y
1.4
Industry
11
Forward
6.8
vs History
39
vs Industry
44
Median 3Y
2.7
Median 5Y
2.4
Industry
5
vs History
vs Industry
22
Median 3Y
-6.1
Median 5Y
-6
Industry
10.6
vs History
1
vs Industry
42
Median 3Y
1
Median 5Y
0.8
Industry
1.2
vs History
53
vs Industry
49
Median 3Y
1.8
Median 5Y
1.8
Industry
2
Forward
3
vs History
53
vs Industry
62
Median 3Y
2.6
Median 5Y
2.6
Industry
4.8
vs History
44
vs Industry
46
Median 3Y
2.8
Median 5Y
2.7
Industry
6.3
Forward
5.2
vs History
34
vs Industry
44
Median 3Y
3.4
Median 5Y
3.3
Industry
9
Forward
5.3
vs History
39
vs Industry
45
Median 3Y
3.3
Median 5Y
3.2
Industry
6.5
vs History
17
vs Industry
35
Median 3Y
5.2
Median 5Y
4.9
Industry
10.8
vs History
6
vs Industry
40
Median 3Y
0.9
Median 5Y
0.8
Industry
1

Multiples Across Competitors

OCW Competitors Multiples
Euronav NV Competitors

Market Cap P/S P/E EV/EBITDA EV/EBIT
BE
Euronav NV
F:OCW
1.9B EUR 1.2 1.5 2.8 3.5
CA
Enbridge Inc
TSX:ENB
143.2B CAD 2.2 23 14.4 21.6
US
Williams Companies Inc
NYSE:WMB
70.6B USD 6.3 29.1 15.9 26
US
Enterprise Products Partners LP
NYSE:EPD
68.8B USD 1.3 11.8 10.5 14.1
US
Energy Transfer LP
NYSE:ET
60B USD 0.7 13.4 8.2 13
US
Kinder Morgan Inc
NYSE:KMI
59.7B USD 3.7 22 13.5 20.7
CA
TC Energy Corp
TSX:TRP
73B CAD 5.7 17.2 15.1 22.1
US
Cheniere Energy Inc
NYSE:LNG
51.2B USD 2.8 13.3 8.8 10.4
US
MPLX LP
NYSE:MPLX
50.7B USD 4.2 11.8 10.5 13.1
US
ONEOK Inc
NYSE:OKE
47.4B USD 1.7 15.3 11.4 14.3
US
Targa Resources Corp
NYSE:TRGP
36.3B USD 2.2 30.3 12.8 19.9
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
BE
Euronav NV
F:OCW
Average EV/EBITDA: 11.3
2.8
2%
1.4
CA
Enbridge Inc
TSX:ENB
14.4
14%
1
US
Williams Companies Inc
NYSE:WMB
15.9
18%
0.9
US
Enterprise Products Partners LP
NYSE:EPD
10.5
6%
1.7
US
Energy Transfer LP
NYSE:ET
8.2
8%
1
US
Kinder Morgan Inc
NYSE:KMI
13.5
11%
1.2
CA
TC Energy Corp
TSX:TRP
15.1
13%
1.2
US
Cheniere Energy Inc
NYSE:LNG
8.8
0%
N/A
US
MPLX LP
NYSE:MPLX
10.5
7%
1.5
US
ONEOK Inc
NYSE:OKE
11.4
14%
0.8
US
Targa Resources Corp
NYSE:TRGP
12.8
12%
1.1
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
BE
Euronav NV
F:OCW
Average EV/EBIT: 16.2
3.5
-1%
N/A
CA
Enbridge Inc
TSX:ENB
21.6
11%
2
US
Williams Companies Inc
NYSE:WMB
26
21%
1.2
US
Enterprise Products Partners LP
NYSE:EPD
14.1
6%
2.4
US
Energy Transfer LP
NYSE:ET
13
10%
1.3
US
Kinder Morgan Inc
NYSE:KMI
20.7
10%
2.1
CA
TC Energy Corp
TSX:TRP
22.1
15%
1.5
US
Cheniere Energy Inc
NYSE:LNG
10.4
-1%
N/A
US
MPLX LP
NYSE:MPLX
13.1
6%
2.2
US
ONEOK Inc
NYSE:OKE
14.3
12%
1.2
US
Targa Resources Corp
NYSE:TRGP
19.9
9%
2.2