$DHT Holdings (DHT.US)$The Bermuda company, which was listed...

In the past 5 years, with the exception of a sharp contraction of 57.2% in 2021, revenue increased for 4 years, but it did not fully recover in 2022. Operating profit almost returned to zero in 2018, loss in 2021, profit for the remaining 3 years, net profit was lost in 2018 and 2021, and the average net profit for 5 years was only 70 million. Interest expenses account for 51% of operating profit in 2022, and the interest burden is extremely heavy. The return on net assets was only 5.8%.

In the first three quarters of 2023, revenue increased 45.7%, operating profit increased 12.4 times, and net profit reached 127 million.

Currently, the price-earnings ratio is 27.6, the price-earnings ratio is TTM 8.9, and the dividend rate is very unstable. The 5-year average net profit corresponds to a price-earnings ratio of 23.4. If the annual net profit reaches 170 million, the 5-year average net profit will rise to 110 million, corresponding price-earnings ratio of 14.9. The valuation is not very attractive for cyclical stocks.