STNG EV/EBITDA Valuation

Sources

1. September 30 Modeledge reference STNG price $83.7, refreshed 2026-09-30T15:27:35.019646-06:00. This quote refresh changes market-relative outputs; any intrinsic effects are separately explained. For USAU only, the existing financing-price formula mechanically links valuation to price. (accessed 2026-09-30)
2. September 30 review: agreements sell STI Dama/Elysees/Veneto for $37.5M/$70M/$73M, $180.5M total, expected before year-end. Newbuild orders add two LR2s at $72.8M each for October/November 2029 and two VLCCs at $135M each for September/October 2028, $415.6M aggregate contractual price. Issuer reports 74 owned ships and total orderbook 5 MR/8 LR2/4 VLCC. Sales are not verified closed; do not add $180.5M cash today or deduct all future newbuild prices without assets and payment dates. Preserve $750M normalized EBITDA, 5.5x, $1.307B net cash and existing $605M/$100.39 conditional convertible dilution treatment. — scorpiotankers.com (accessed 2026-09-30)
3. September 28 Modeledge reference STNG stock price $83.19, retrieved 2026-09-28T16:46:38.359783-06:00; a post-session reference snapshot, not an asserted official close. Operating assumptions are unchanged except separately documented updates. (accessed 2026-09-28)
4. September 25 awards disclosed in seven September 28 Form 4s add 863,453 common restricted shares: 7,027 + 129,600 + 72,148 + 5,342 + 240,495 + 168,346 + 240,495. Bridge exact July 28 outstanding 50,081,352 (also cited in September Form 144s) to pro forma 50,944,805, replacing rounded 50.08M. Add only new awards, not all unvested holdings or secondary sales. Preserve $750M EBITDA, 5.5x, $1,307M net cash and conditional $605M/$100.39 convert treatment. This is a pro forma economic share count pending the next issuer total. — modeledge.ai (accessed 2026-09-28)
5. Additional supporting record for the September 28 STNG review. — modeledge.ai (accessed 2026-09-28)
6. Additional supporting record for the September 28 STNG review. — modeledge.ai (accessed 2026-09-28)
7. Additional supporting record for the September 28 STNG review. — modeledge.ai (accessed 2026-09-28)
8. Additional supporting record for the September 28 STNG review. — modeledge.ai (accessed 2026-09-28)
9. Additional supporting record for the September 28 STNG review. — modeledge.ai (accessed 2026-09-28)
10. Additional supporting record for the September 28 STNG review. — modeledge.ai (accessed 2026-09-28)
11. September 14 CEO Form 4 reports a personal European put-option transaction referencing 234,637 STNG shares at $77.50 expiring October 16. This is not issuer dilution or a change in company liquidity. Preserve normalized EBITDA, converted-share safeguards and net-cash assumptions. (accessed 2026-09-14)
12. September 14 Modeledge reference STNG share price $85.46 retrieved after the regular U.S. close. Quote updates affect market-relative outputs; forecast changes, if any, are separately identified. (accessed 2026-09-14)
13. Method: cyclical tanker EV/EBITDA valuation. Fair value equals normalized EBITDA times EV/EBITDA multiple plus adjusted net cash, divided by shares, with conditional dilution for the 2031 convertibles above the $100.39 conversion price. — globenewswire.com
14. STNG reported Q2 2026 adjusted EBITDA of $300.5M and H1 2026 adjusted EBITDA of $514.6M, supporting a higher but still cycle-discounted normalized EBITDA assumption. — globenewswire.com
15. Forward Q3 2026 booking data showed LR2 pool/spot TCE at $65,000 per day on 34% of expected revenue days and MR pool/spot TCE at $29,000 per day on 46% of expected revenue days. — globenewswire.com
16. As of July 28, 2026, STNG had about $1.31B of net cash after redeeming $200M of 7.5% senior notes and making $389.1M of unscheduled secured debt prepayments. — scorpiotankers.com
17. As of July 28, 2026, STNG had 50,081,352 common shares outstanding, declared a $0.45 quarterly dividend, and had $445M remaining under its repurchase authorization. — globenewswire.com
18. Recent fleet updates include 10 vessel sales in Q2, five additional vessel sales closed in July, 14 newbuildings on order, and time charters for three 2015-built MRs at about $23,900-$25,000 per day. — scorpiotankers.com
19. September 3 Q3 bookings: LR2 $64,900/day at 85%, MR $30,000/day at 79%, Handymax $25,500/day at 70%; new time-charters and fleet update. — scorpiotankers.com (accessed 2026-09-07)