| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 15.40 | 55 |
| Intrinsic value (DCF) | 11.48 | 15 |
| Graham-Dodd Method | 10.50 | 6 |
| Graham Formula | n/a |
Exmar NV (0EEV.L) is a Belgium-based global leader in shipping and energy supply chain solutions, specializing in liquefied gas transport and offshore infrastructure. Operating since 1829, Exmar serves the oil and gas industry through three core segments: Shipping (LPG, ammonia, and petrochemical gases), Infrastructure (floating LNG liquefaction and regasification units), and Supporting Services (ship management, engineering, and marine rope manufacturing). The company’s expertise in floating production, storage, and offloading (FPSO) units positions it as a critical player in the energy transition, supporting LNG and offshore gas projects. With a market cap of €665 million, Exmar combines maritime logistics with innovative floating infrastructure, catering to energy majors and industrial clients worldwide. Its Antwerp headquarters and London Stock Exchange listing underscore its European roots and global reach in the energy sector.
Exmar NV presents a compelling investment case with its niche focus on LNG and LPG shipping, coupled with stable cash flows from infrastructure leasing. The company reported robust FY2023 results, including €180.99M net income (EPS: €3.15) and €274.74M in cash reserves, signaling strong liquidity. A dividend of €0.66 per share enhances shareholder returns. However, its negative beta (-0.27) suggests low correlation with broader markets, which may appeal to defensive investors but could limit upside during energy sector rallies. Risks include exposure to volatile LNG prices and geopolitical tensions affecting shipping routes. Capital expenditures (-€11.4M) indicate disciplined spending, but debt levels (€316.55M) warrant monitoring. Exmar’s competitive edge in floating LNG infrastructure could drive long-term growth as global gas demand rises.
Exmar NV’s competitive advantage lies in its integrated model combining specialized shipping with floating LNG infrastructure—a high-barrier niche with limited global competitors. Its ownership of FPSOs and floating storage/regasification units (FSRUs) differentiates it from pure-play shippers, offering recurring revenue via long-term contracts. The company’s engineering expertise (e.g., ship-to-ship transfers) and 200-year legacy bolster its reputation in maritime logistics. However, Exmar faces competition from larger players with broader fleets and deeper pockets. Its focus on mid-sized LNG/LPG vessels contrasts with giants like Teekay LNG, while infrastructure rivals such as Golar LNG dominate larger-scale projects. Exmar’s agility in servicing smaller gas fields and emerging markets is a strength, but reliance on spot charter rates in Shipping exposes it to cyclicality. Strategic partnerships (e.g., with energy firms for FSRUs) mitigate this by diversifying revenue. The company’s Belgian base provides EU regulatory stability but limits exposure to high-growth Asian LNG demand versus regional peers.