Treasure ASA Analysis

Last updated: Mar 31, 2022

Hyundai Glovis Boat

An investment company with only one holding that could be very cheap.

Treasure only has one holding Hyundai Glovis and that’s making us not receiving the safety of diversification

Other than that I don’t quite know why it’s selling so low. Let’s find out and get straight to business.

Net Asset Value

According to my calculations there is a 39% NAV discount on the underlying assets, give or take.

Which makes this stock a possible bargain and is the reason why I even started this analysis.

Without this big discount I would not consider this stock and doing an analysis as I’m doing now.

Equity Ratio

99.9998% Own equity according to the 2021 annual report.

Basically no loans at all and that means no struggling with paying interest or anything like that. Less risk for us.

But no additional leverage. But when you loan money and the underlying asset also has loans it can mean much added risk.

The Underlying Asset

Hyundai Glovis is their underlying asset. Buying Treasure basically just means buying Hyundai Glovis but at another price.

So let’s try to value it. Treasure is essentially Hyundai Glovis but at a lower price.


Hyundai Glovis

From the annual reports

Hyundai Glovis Sales 2012-2021 Chart

Steady increase of sales, corona (2020) hit but not hard at all. 85% total over 10 years or a 6.3% YoY increase. Not the best but stable and clearly growing every year.

Net Profits

Hyundai Glovis

From the annual reports

Hyundai Glovis Net Profits 2012-2021 Chart

Earnings are fluctuating which is normal and is totally okay especially when the net sales are steadily growing.

57% Increase in 10 years or 4.6% YoY Average. A lot of news talks about 20% you returns are stuff like that and if it’s true if you look only a few years back.

But as we see here they still grow just probably not that much YoY. Looking at a longer period of time gives us a much more realistic picture.

Debt to Equity

Hyundai Glovis

From the annual reports

Debt to equity for Treasure ASA 2012-2021

Not any unacceptable number since ever really. 10% in 10 years is not that impressive but seems stable. Not any problems that required adding additional debt.

The company seems to focus on their growth rather on lowering their debt. And leverage clearly is working and safely for this company.


According to Bloomberg the P/B is about 1.24.

If I add up the cash & cash equivalents, other current financial assets & receivables and divide it by the assets I get about 0.43 meaning at least 43% is somewhat tangible.

I had a hard time seeing what assets are actually tangible so this has to do, at least for me.


Treasure is an investment company that has 100% own equity and has only one underlying asset. Usually investment companies have several investments and diversify to spread out the risk.

The underlying asset (Hyundai Glovis) is trading for about 40% less than Treasure is trading for. Which means you essentially buy Hyundai Glovis but at a 40% discount with Treasure.

Could I buy any stock for 40% less than the market, I would do it in a heartbeat.

I assume treasure is trying to sell as much as possible without driving down the price and then doing buybacks and dividends. I mean it makes total sense in this case because of this huge discount.

Hyundai Glovis is not that bad, they have been increasing their revenue steadily every year and about 85% in 10 years total. About 6.3% YoY.

Their earnings are less impressive with 57% 10year total and 4.6% YoY.

Their debt/equity is pretty okay and has barely moved over the years. Only about 10% decrease in 10 years.

Hyundai Glovis doesn't seem so risky and a steady grower and earner. But do we take into account the 40% discount that Treasure provides, it's like Hyundai Glovis’s steroids.

A 40% discount means that it has to increase about 65% to come back to that price.

Is the P/E 9? It means you get it for 5.4. And that’s about what the P/E is now.

The dividend yield that Treasure is providing is rather high 6%+ but half of that is from the dividends from Hyundai Glovis.