Okeanis Eco Tankers Corp (ECO) is undervalued and Hafnia Ltd (HAFN) is undervalued.
Against our estimates of intrinsic value, HAFN trades at the wider discount: a margin of safety of +69%, against +52% for ECO.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.6% (average of 3 methods) values the shares at $162.27; the price of $77.54 is 52% below that value, and 74% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $30.21; the price of $9.23 is 69% below that value, and 83% of that value comes from beyond year five.
Leak Score 100/100 on 3 of 12 signals
| Metric | ECO | HAFN |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $77.54 | $9.23 |
| Intrinsic value | $162.27 | $30.21 |
| Margin of safety | +52% | +69% |
| Leak Score | 100/100 (3/12) | 100/100 (3/12) |
| Market cap | $3.0B | $4.6B |
| Revenue growth, 5 years | 6.7% | 21.2% |
| Operating margin | 62.3% | 20.2% |
| Net margin | 56.9% | 24.7% |
| Return on equity | 61.6% | 26.6% |
| Debt to equity | 0.82 | 0.33 |
| P/E | 7.2x | 7.1x |
| Forward P/E | 8.9x | 9.9x |
| P/B | 3.5x | 1.7x |
| Dividend yield | 20.3% | 15.2% |