Shareholder Information
Share capital and share price development
Höegh Autoliners shares are traded under ticker code “HAUTO” and were first listed on the Oslo Euronext Growth on 29 November 2021 and then transferred to the Oslo Stock Exchange main list on 2 May 2022. As per 31.12.2023, the Company had 190 769 749 outstanding shares with a nominal value of NOK 14.80.
As per year end 2023, the shares were trading at NOK 92.3 per share, valuing the Company at NOK 17.60 billion. This implies an increase of 42% compared to the closing price of NOK 64.9 at year end 2022, outperforming the OSEBX main index which increased by 10% in the same period. Adding dividends paid in 2023, the implied return to shareholders is 63% in a year.
Höegh Autoliners’ share price achieved strong growth throughout 2023 on the back of strong earnings momentum, resolute newbuilding program and ambitious dividend payouts to shareholders. The exceptional market foundation persisted in 2023. This was driven by limited capacity growth for an extended period, coupled with continuing robust demand from customers. The Company was able to fully leverage the favourable market conditions by successfully repricing the contract portfolio with rates at sustainable levels, while also filling the remaining capacity with well-paid spot cargo. This is reflected in the Company’s strong quarterly performance and positive earnings outlook throughout the year.
In the first three quarters of 2023, the Company paid out dividends equalling to 50% of net profit adjusted for extraordinary items. In the fourth quarter, the dividend payout increased by 414%, in relation to the Company’s new dividend policy. The Company’s unwavering commitment to a green shipping future, demonstrated by the ambitious Aurora class newbuilding program, was also positively embraced by the market. While 8 Aurora class vessels were ordered in 2022, an additional 4 vessels were added in 2023, bringing the total to 12. Deliveries are anticipated to take place from the second half of 2024 and onwards. These will be among the biggest, greenest, smartest vessels ever built.
Key figures
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Share price, high (NOK) | 94.20 | 67.50 | 23.66 |
| Share price, low (NOK) | 54.70 | 24.60 | 20.77 |
| Share price, closing 31.12 (NOK) | 92.25 | 64.90 | 23.00 |
| Market cap (NOK billion) | 17.60 | 12.38 | 4.39 |
| Earnings per share (NOK) | 31.17 | 15.38 | 8.11 |
| Dividend per share (NOK) | 13.546 | 1.842 | - |
| 1) Source: Euronext live 2) Assumed USD/NOK rate of 10,12 as of 31.12.2023, 9.86 as of 31.12.2022 and 8.82 as of 31.12.2021 |
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Dividends
A new dividend policy was introduced with effect from the fourth quarter dividend distribution. Höegh Autoliners aims to distribute quarterly dividends to shareholders of around 100% of cash generation after amortization of debt facilities, capital expenditure and payable taxes. Any declaration of dividends will be at the at the discretion of the Board of Directors considering also the outlook and the Company’s financial position. Dividends will be declared in USD and paid in NOK.
The Board of Directors resolved the distribution of USD 60 million (USD 0.32 per share) post Q1 2023, USD 67 million (USD 0.35 per share) post Q2 2023 and USD 70 million (USD 0.37 per share) post Q3 2023. Each of these amounted to 50% of quarterly net profit adjusted for extraordinary items. A dividend of USD 360 million was paid out in March 2024, in line with the new dividend policy approved by the Board of Directors. The Company has increased the dividend payout given the exceptional financial performance and expects to maintain it at a solid level given the current market outlook.
| Shareholders by geographical region | Share (%) |
|---|---|
| Norway | 59.0 |
| Europe (excl. Norway) | 16.2 |
| North America | 13.9 |
| United Kingdom | 7.3 |
| Asia-Pacific | 0.3 |
| Rest of the world | 0.8 |
| As per 31 December 2023, based on the shareholder analysis. Source: VPS per 31.12.2023 |
Ownership structure
As per 31.12.2023, Höegh Autoliners had 4 368 shareholders.
Our top 20 largest shareholders held 69% of our shares.
The majority of the shares were held in Norway.
Top 20 largest shareholders per 31.12.2023
| Investor | Number of shares | % of total | Country |
|---|---|---|---|
| Leif Höegh & Co AS | 79 267 841 | 41.55% | NOR |
| Folketrygdfondet | 8 206 940 | 4.30% | NOR |
| Clearstream Banking S.A. | 4 889 119 | 2.56% | LUX |
| State Street Bank and Trust Comp | 4 776 397 | 2.50% | USA |
| Goldman Sachs International | 4 557 099 | 2.39% | GBR |
| BNP Paribas | 4 125 776 | 2.16% | ITA |
| Skandinaviska Enskilda Banken AB | 3 000 000 | 1.57% | LUX |
| The Bank of New York Mellon | 2 970 978 | 1.56% | USA |
| UBS Switzerland AG | 2 247 169 | 1.18% | CHE |
| J.P. Morgan SE | 2 107 177 | 1.10% | LUX |
| JPMorgan Chase Bank, N.A., London | 1 874 766 | 0.98% | GBR |
| Verdipapirfondet Storebrand Norge | 1 834 307 | 0.96% | NOR |
| The Bank of New York Mellon SA/NV | 1 732 711 | 0.91% | BEL |
| SEB CMU/SECFIN Pooled Account | 1 548 335 | 0.81% | SWE |
| Intesa Sanpaolo S.p.A | 1 515 625 | 0.79% | ITA |
| Pershing LLC | 1 513 262 | 0.79% | USA |
| J.P. Morgan SE | 1 414 710 | 0.74% | LUX |
| Euroclear Bank S.A./N.V. | 1 342 833 | 0.70% | BEL |
| BNP Paribas | 1 245 683 | 0.65% | IRE |
| Damgård Invest AS* | 1 242 135 | 0.65% | NOR |
| Top 20 shareholders - Total | 131 412 863 | 69% | |
| * Damgård Invest AS is controlled by the CEO. |
Investor relations
Höegh Autoliners aims at an open and trustful dialogue with the financial market, and all communication shall be on basis of equal treatment. In addition to the quarterly reporting, the Company keeps the investors and analysts updated by sending out monthly trading updates, arranging roadshows and investor events, together with attending industry conferences. Both virtual and physical meetings were organised to provide all investors – domestic and international – with latest developments. As per the date of the report, Höegh Autoliners is covered by 8 sell-side analysts, predominantly from international investment banks. For more investor related information, please visit the Investor section on the Company’s website.
Analyst coverage
| Company | Analyst Name | Phone | |
|---|---|---|---|
| ABG Sundal Collier | Petter Haugen | +47 22 01 61 39 | petter.haugen@abgsc.no |
| DNB Markets | Jørgen Lian | +47 24 16 91 88 | jorgen.Lian@dnb.no |
| SEB | Frederik Ness | +47 22 82 71 18 | frederik.ness@seb.no |
| Clarksons Platou Securities | Frode Mørkedal | +47 22 01 63 27 | frode.morkedal@clarksons.com |
| Pareto Securities | Eirik Haavaldsen | +47 24 13 21 20 | eirik.haavaldsen@paretosec.com |
| Nordea | Erik Hovi | +47 99 22 50 42 | erik.hovi@nordea.com |
| Fearnley Securities | Øystein Vaagen | +47 22 93 63 97 | o.vaagen@fearnleys.com |
| Arctic Securities | Kristoffer Haugland | +47 40 10 24 18 | kristoffer.haugland@arctic.com |
| Financial Calendar 2024 | |
|---|---|
| Annual Report 2023 | 24 April 2024 |
| Quarterly Presentations | |
| Q1 2024: | 24 April 2024 |
| Q2 2024: | 14 August 2024 |
| Q3 2024: | 24 October 2024 |
| Annual General Meeting | 27 May 2024 |
