Hafnia Ltd (HAFN) is undervalued and Star Bulk Carriers Corp (SBLK) is undervalued.
Against our estimates of intrinsic value, HAFN trades at the wider discount: a margin of safety of +69%, against +34% for SBLK.
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 8.2% (average of 3 methods) values the shares at $46.71; the price of $30.94 is 34% below that value, and 79% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
| Metric | HAFN | SBLK |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $9.23 | $30.94 |
| Intrinsic value | $30.21 | $46.71 |
| Margin of safety | +69% | +34% |
| Leak Score | 100/100 (3/12) | 84/100 (3/12) |
| Market cap | $4.6B | $3.5B |
| Revenue growth, 5 years | 21.2% | 8.5% |
| Operating margin | 20.2% | 27.8% |
| Net margin | 24.7% | 23.9% |
| Return on equity | 26.6% | 11.7% |
| Debt to equity | 0.33 | 0.41 |
| P/E | 7.1x | 12.1x |
| Forward P/E | 9.9x | 7.5x |
| P/B | 1.7x | 1.4x |
| Dividend yield | 15.2% | 12.8% |