Hafnia Ltd (HAFN) is undervalued and Zim Integrated Shipping Services Ltd (ZIM) is overvalued.
Against our estimates of intrinsic value, HAFN trades at the wider discount: a margin of safety of +69%, against -39% for ZIM.
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 7.5% (average of 3 methods) values the shares at $21.89; the price of $30.51 is 39% above that value, and 82% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | HAFN | ZIM |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $9.23 | $30.51 |
| Intrinsic value | $30.21 | $21.89 |
| Margin of safety | +69% | -39% |
| Leak Score | 100/100 (3/12) | 0/100 (2/12) |
| Market cap | $4.6B | $3.7B |
| Revenue growth, 5 years | 21.2% | 11.6% |
| Operating margin | 20.2% | 5.7% |
| Net margin | 24.7% | 2.1% |
| Return on equity | 26.6% | 3.6% |
| Debt to equity | 0.33 | 1.37 |
| P/E | 7.1x | 26.6x |
| Forward P/E | 9.9x | — |
| P/B | 1.7x | 0.9x |
| Dividend yield | 15.2% | 7.8% |