Hafnia Ltd (HAFN) is undervalued and Kirby Corp (KEX) is slightly overvalued.
Against our estimates of intrinsic value, HAFN trades at the wider discount: a margin of safety of +69%, against -9% for KEX.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $121.66; the price of $132.47 is 9% above that value, and 77% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | HAFN | KEX |
|---|---|---|
| Verdict | Undervalued | Slightly overvalued |
| Price | $9.23 | $132.47 |
| Intrinsic value | $30.21 | $121.66 |
| Margin of safety | +69% | -9% |
| Leak Score | 100/100 (3/12) | 27/100 (3/12) |
| Market cap | $4.6B | $7.0B |
| Revenue growth, 5 years | 21.2% | 9.2% |
| Operating margin | 20.2% | 13.9% |
| Net margin | 24.7% | 10.2% |
| Return on equity | 26.6% | 10.4% |
| Debt to equity | 0.33 | 0.36 |
| P/E | 7.1x | 20.4x |
| Forward P/E | 9.9x | 15.9x |
| P/B | 1.7x | 2.0x |
| Dividend yield | 15.2% | — |