First quarter earnings 2015 are up year on year. Book value per share now at 265,09 NOK, increase of 8,12% since last quarter.
What is the value of the business?
Asset value: Massive upside. 4 times your money if you are happy with a 10 year annual average increase of book value at 9,37% + dividend.
Earnings power value: EPV 5 years which is the most pessimistic valuation, still have an upside of 3,22 times your money. Until that happens the 5y average EPV market currently give you a 32,17% return on your invested capital a year. Not bad.
Disclosure: The author had a long position when this post/analysis was written.