4 models fit DHT Holdings Inc. and they partly agree: 2 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver73
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionDHT Holdings Inc. (DHT)
Fair value (4 models)
$11.42
ACCE price target
$25.40
Rating
Overvalued
Horizon
12 months
Fair value published on 21 Oct 2026, 12:04 CEST; previously $10.86 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 11 Oct 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 12:04 CEST.
Price used: $24.60 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
115.4% above
-53.6% to fair value
ACCE score
92
out of 100
Analysts
50% buy
6 covering
P/E
8.4x
forward 9.8x
1-year return
+94.9%
Dividend yield
20.23%
DHT Holdings Inc. in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
DHT Holdings owns and operates a fleet of crude oil tankers, chartering them to oil majors and traders on spot and time-charter contracts, so its earnings track tanker rates rather than the price of crude itself. The structural case rests on operating leverage: a 71.3% operating margin and 39.2% return on equity show how much cash the fleet throws off once rates are above breakeven, and the sector's supply of new vessels is constrained by a long shipbuilding lead time. Revenue growth of 95.5% reflects a sharp rate recovery, so the near-term question is how durable that cycle is and how much of it shows up in cash flow the market is willing to capitalize. At 9.0 times trailing and 9.2 times forward earnings, the stock is priced for a normalization that the reported margins suggest has not yet arrived in the multiple. The score of 92 and the lack of index membership mean the name sits outside the usual passive flows, which is worth checking against the freight-rate and fleet-utilization data before going further.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Free cash flow negative
Free cash flow is $-33,292,000 despite earnings up 252.3% YoY. Reported profit is not turning into cash, so the earnings growth needs checking against capital spending.
moderate
Revenue track record weak
Five-year revenue CAGR is -6.4%, while the latest year shows +95.5% growth. The recent jump may reflect a cyclical peak rather than a durable trend.
moderate
Elevated short interest
Short interest stands at 10.6% of float. That is a meaningful bet against the shares and can add volatility around news.
moderate
Price well above model fair value
The stock trades 115.4% above the model fair value of $11.42, though it sits 3.1% below the ACCE price target of $25.40. The gap between these measures is wide enough to matter for sizing.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-10-15 · prices to Oct 23, 2026
Why it could do well
Revenue grew 95.5% year over year, a sharp rebound after a five-year average decline of 6.4% a year.
The stock trades at 9.2x forward earnings against a sector median of 16.4x, a steep discount to peers.
Half of covering analysts rate the stock Buy or Strong Buy, and their mean price target sits 7.9% above the share price.
Why it could disappoint
Free cash flow over the last twelve months was negative at -$33M, so the business is not yet turning profit into cash.
The dividend yield of 20.7% looks unsustainable, and a fall in tanker rates could force it to be cut.
The share price sits 115.4% above the model fair value of $11.42, and the four valuation models in the consensus all point to that lower level.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where DHT's valuation models land
Price
$24.60
Model fair value
$11.42
Model range
$9.16 to $14.51
Fair value $11.42
Price $24.60
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores