INSW
International Seaways, Inc.
$83.52
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 9.3% below fair value
You pay
$83.52
Bear
$73.68
Fair
$92.09
Bull
$110.51
Bear
$73.68
-11.8%
$6.23 × 12x P/E
Fair
$92.09
+10.3%
$6.23 × 15x P/E
Bull
$110.51
+32.3%
$6.23 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
13.4x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $86.67 from 13 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $92.09 per share.
Warnings
The company pays out 172% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples