Rankings Transport & logistics Hunter Group
Hunter Group
39
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Customer behaviour−12
- Quality of growth−8
- Macro−8
Strengths
- Net cash+4
- Dividend+2
How the score is built
From 100 to 39, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 17.80 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +1042%
- P/E (trailing)
- 2.4
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−24 of −30
- −8Quality of growthRevenue is USD 117m TTM vs 8.8m in 2025, solely because the TD3C rate has risen from about USD 453,000/day in Q2 to 1.22m/day 2/10, while Hunter pays a fixed charter rate of 51,750. It is the freight cycle and geopolitics (Hormuz, Saudi export halt), not a stronger company.
- −7MoatHunter owns no ships: two VLCCs are chartered in at a fixed rate and chartered out again on TD3C-indexed contracts, and the company has 3 employees. There is no moat.
- −6Future segmentThe three-year contracts from Dec 2023 and Mar 2024 expire, and both ships are redelivered within about 6 months. There is no new fleet, and new tonnage now costs record prices (a 15-year-old VLCC has risen from USD 83.5m to 135m in two months), so reinvesting at the top is risky.
- −3Capital allocationThe share count has risen 14% over a year after heavy dilution in 2024, and the company previously sold its fleet (2021) and changed strategy several times. The 2026 dividends pull in the right direction.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −6Multiples vs own historyP/B is 2.7 vs 0.5–1.1 in 2021–2025. The low P/E (2.4) and EV/EBITDA (1.5) are built on record rates on contracts that expire within approx. 6 months.
- −3Liquidation valueThe market cap of NOK 2.41bn (approx. USD 230m) corresponds to cash (USD 74m as of 30/6, before the dividend of approx. USD 19m on 7/10) plus approx. 3 months of full TC margin at October rates, or an average rate of approx. USD 650,000/day to March 2027 and half of the disputed claim. The price thus assumes continued extreme rates.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−28 of −35
- −12Customer behaviourOne counterparty has underpaid six months in a row. The claim was USD 55m after August (11.75 of 31.7m unpaid) and grows with the instalments, so it could reach over USD 100m at expiry – about half of the market cap. The case is in arbitration in London (LMAA). The counterparty has an argument: the TD3C route via Hormuz has been commercially unavailable since February, and Baltic calculates the index from Yanbu cargoes plus a risk premium.
- −3Customer concentrationThere are only two counterparties (security depots at Mercuria and Trafigura according to the Q1 report), and one of them is behind the dispute. Correction: the old list wrote that both ships are chartered out to the same counterparty, but the announcements speak of 'one of' the counterparties.
- −8MacroTD3C was USD 1.22m/day on 2/10 vs normally 30,000–60,000, driven by the Hormuz closure and Saudi export halts. 183 VLCCs were ordered in H1 2026, and a normalisation could make rates fall sharply within days (as in December 2025: −20% in one day).
- −2Governance3 employees, and Erik M. Mathiesen is permanent CEO from 1/10-2026. Heavy dependence on a few people and a few major shareholders.
- −3Share price riskThe price has risen 1,304% over 52 weeks, beta is 2.1, and there were daily swings of 6-11% in September.
Plus
Only documented strengths. · 2 findings+6 of +15
- +4
- +2DividendDividends of NOK 1.25 and 1.50 per share (ex-date 29/9, paid 7/10), covered by free cash flow (FCF payout 82%).
Caveats
What the score does not capture, or where the data is weak.
Rescored 4/10-2026. Wind-down: 2 chartered-in VLCCs are returned around Dec 2026 and Mar 2027; dispute of 55 m USD (August) with one counterparty, growing with the rates; P/E 2 is record freight (TD3C 1.22 m USD/day 2/10), not lasting earnings. No analysts (forecast 404). The old source marineinsight gives 404 and has been replaced. Monthly update on the September payment expected around 8/10. Ownership stakes are only partly verified, and short data has not been found. The scenarios are based on own estimates of rates, recovery and tax (USD/NOK about 10.4).
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