Ardmore Shipping Corp (ASC)

Deep Sea Foreign Transportation of Freight

Latest Price

$18.74

TTM P/E

Normalized P/E

Div Yield

Book Value

P/B Ratio

Valuation metrics

EPS: $0.88

Book value / share: $15.57

Formula: √(22.5 × EPS × BVPS)

Graham Number

$17.56

6% downside

Norm. op. income: $48M (median of 7yr)

Tax rate: 5%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$9.15

51% downside

Base FCF: $142M (median of recent 5yr)

Growth: 13%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$103.09

+450% upside

EPS: $0.88

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$13.20

30% downside