Golden Ocean Group Ltd (GOGL)

Water Transportation

Latest Price

$23.92

TTM P/E

Normalized P/E

Div Yield

Book Value

P/B Ratio

Valuation metrics

EPS: $1.12

Book value / share: $9.53

Formula: √(22.5 × EPS × BVPS)

Graham Number

$15.50

35% downside

Norm. op. income: $251M (median of 6yr)

Tax rate: 5%

Discount rate: 10%

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

Earnings Power Value

$6.10

75% downside

Base FCF: $315M (median of recent 5yr)

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

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$111.76

+367% upside

EPS: $1.12

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$16.80

30% downside