WBAG:BOKA

Stock Analysis Report

Royal Boskalis Westminster

Executive Summary

Royal Boskalis Westminster N.V. provides dredging, offshore energy, and maritime services worldwide.

Rewards

Trading at 15.7% below its fair value

Earnings are forecast to grow 54.73% per year

Risk Analysis

Dividend of 2.15% is not well covered by earnings

Shareholders have been diluted in the past year



Snowflake Analysis

Adequate balance sheet with reasonable growth potential.


Similar Companies

Share Price & News

How has Royal Boskalis Westminster's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BOKA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-3.7%

BOKA

-2.8%

AT Construction

-2.2%

AT Market


1 Year Return

-4.8%

BOKA

17.7%

AT Construction

3.6%

AT Market

Return vs Industry: BOKA underperformed the Austrian Construction industry which returned 24.8% over the past year.

Return vs Market: BOKA underperformed the Austrian Market which returned 9.1% over the past year.


Shareholder returns

BOKAIndustryMarket
7 Day-3.7%-2.8%-2.2%
30 Day-4.2%-2.7%-2.9%
90 Day9.1%-3.2%-2.5%
1 Year-2.6%-4.8%22.2%17.7%7.3%3.6%
3 Yearn/a28.8%15.8%28.4%16.8%
5 Yearn/a60.0%30.9%65.6%42.4%

Price Volatility Vs. Market

How volatile is Royal Boskalis Westminster's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Royal Boskalis Westminster undervalued compared to its fair value and its price relative to the market?

19.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BOKA (€23.22) is trading below our estimate of fair value (€27.56)

Significantly Below Fair Value: BOKA is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BOKA is unprofitable, so we can't compare its PE Ratio to the Construction industry average.

PE vs Market: BOKA is unprofitable, so we can't compare its PE Ratio to the Austrian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BOKA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BOKA is good value based on its PB Ratio (1.2x) compared to the AT Construction industry average (1.2x).


Next Steps

Future Growth

How is Royal Boskalis Westminster forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

74.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOKA is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (-0.1%).

Earnings vs Market: BOKA is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BOKA's is expected to become profitable in the next 3 years.

Revenue vs Market: BOKA's revenue (5.3% per year) is forecast to grow faster than the Austrian market (2.5% per year).

High Growth Revenue: BOKA's revenue (5.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BOKA's Return on Equity is forecast to be low in 3 years time (5%).


Next Steps

Past Performance

How has Royal Boskalis Westminster performed over the past 5 years?

-53.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BOKA is currently unprofitable.

Growing Profit Margin: BOKA is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BOKA is unprofitable, and losses have increased over the past 5 years at a rate of -53.7% per year.

Accelerating Growth: Unable to compare BOKA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BOKA is unprofitable, making it difficult to compare its past year earnings growth to the Construction industry (8%).


Return on Equity

High ROE: BOKA has a negative Return on Equity (-2.85%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Royal Boskalis Westminster's financial position?


Financial Position Analysis

Short Term Liabilities: BOKA's short term assets (€1.8B) do not cover its short term liabilities (€1.9B).

Long Term Liabilities: BOKA's short term assets (€1.8B) exceed its long term liabilities (€444.4M).


Debt to Equity History and Analysis

Debt Level: BOKA's debt to equity ratio (28.6%) is considered satisfactory.

Reducing Debt: BOKA's debt to equity ratio has reduced from 35.1% to 28.6% over the past 5 years.

Debt Coverage: BOKA's debt is well covered by operating cash flow (26.1%).

Interest Coverage: Insufficient data to determine if BOKA's interest payments on its debt are well covered by EBIT.


Balance Sheet

Inventory Level: BOKA has a high level of physical assets or inventory.

Debt Coverage by Assets: BOKA's debt is covered by short term assets (assets are 2.5x debt).


Next Steps

Dividend

What is Royal Boskalis Westminster's current dividend yield, its reliability and sustainability?

2.29%

Current Dividend Yield


Dividend Yield vs Market

company2.3%marketbottom25%1.6%markettop25%4.4%industryaverage3.5%forecastin3Years2.8%

Current dividend yield vs market & industry

Notable Dividend: BOKA's dividend (2.15%) is higher than the bottom 25% of dividend payers in the Austrian market (1.6%).

High Dividend: BOKA's dividend (2.15%) is low compared to the top 25% of dividend payers in the Austrian market (4.17%).


Stability and Growth of Payments

Stable Dividend: BOKA's dividend payments have been volatile in the past 10 years.

Growing Dividend: BOKA's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: BOKA is paying a dividend but the company is unprofitable.


Future Payout to Shareholders

Future Dividend Coverage: BOKA's dividends in 3 years are forecast to be well covered by earnings (47% payout ratio).


Next Steps

Management

What is the CEO of Royal Boskalis Westminster's salary, the management and board of directors tenure and is there insider trading?

11.6yrs

Average management tenure


CEO

Peter A. Berdowski (62yo)

14yrs

Tenure

€1,935,000

Compensation

Dr. Peter A. M. Berdowski serves as the Chief Executive Officer of van Koninklijke Boskalis Westminster N.V. Dr. Berdowski has been the Chairman of the Board of Management and Chief Executive Officer of Ro ...


CEO Compensation Analysis

Compensation vs Market: Peter A.'s total compensation ($USD2.15M) is about average for companies of similar size in the Austrian market ($USD2.18M).

Compensation vs Earnings: Peter A.'s compensation has increased whilst the company is unprofitable.


Management Age and Tenure

11.6yrs

Average Tenure

53yo

Average Age

Experienced Management: BOKA's management team is seasoned and experienced (11.6 years average tenure).


Board Age and Tenure

1.7yrs

Average Tenure

64yo

Average Age

Experienced Board: BOKA's board of directors are not considered experienced ( 1.7 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.1%.


Management Team

  • Peter A. Berdowski (62yo)

    Chairman of Management Board & CEO

    • Tenure: 14yrs
    • Compensation: €1.94m
  • J. den Hartog

    Head of Personnel & Organization

    • Bart Heijermans (53yo)

      Head of Offshore Energy Division & Member of Management Board

      • Tenure: 1.4yrs
      • Compensation: €430.05k
    • Theo Baartmans (59yo)

      Member of Management Board

      • Tenure: 12.7yrs
      • Compensation: €1.30m
    • Martijn L. Schuttevaer

      Head of Investor Relations & Corporate Communications

      • Tenure: 11.6yrs
    • F. Buijs (50yo)

      Head of Corporate Legal & Company Secretary

      • M. Krijger

        Head of Information & Communications Technology

        • A. Steenbrink

          Head of Research & Development

          • C. Visser

            Head of Corporate Development

            • Carlo van Noort (44yo)

              CFO & Member of Management Board

              • Tenure: 1yrs

            Board Members

            • Jeroen van der Veer (72yo)

              Chairman of Supervisory Board

              • Tenure: 1.7yrs
              • Compensation: €67.00k
            • Herman Hazewinkel (70yo)

              Deputy Chairman of Supervisory Board

              • Compensation: €57.00k
            • Ilona Haaijer (50yo)

              Member of Supervisory Board

              • Tenure: 3.2yrs
              • Compensation: €53.00k
            • J. Van Wiechen (47yo)

              Member of Supervisory Board

              • Tenure: 8.7yrs
              • Compensation: €58.00k
            • J. de Kreij (60yo)

              Member of Supervisory Board

              • Tenure: 1.7yrs
              • Compensation: €33.00k
            • D. Sperling (64yo)

              Member of the Supervisory Board

              • Tenure: 0.7yrs
            • J. A. Bakker (66yo)

              Member of the Supervisory Board

              • Tenure: 0.7yrs

            Company Information

            Royal Boskalis Westminster N.V.'s company bio, employee growth, exchange listings and data sources


            Key Information

            • Name: Royal Boskalis Westminster N.V.
            • Ticker: BOKA
            • Exchange: WBAG
            • Founded: 1910
            • Industry: Construction and Engineering
            • Sector: Capital Goods
            • Market Cap: €2.916b
            • Shares outstanding: 133.58m
            • Website: https://www.boskalis.com

            Number of Employees


            Location

            • Royal Boskalis Westminster N.V.
            • Rosmolenweg 20
            • Papendrecht
            • Zuid-Holland
            • 3356 LK
            • Netherlands

            Listings

            TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
            KKWF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
            BOKAENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJan 1992
            KBWADB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
            0LO8LSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
            BOKAABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
            BOKAWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992
            RBWN.YOTCPK (Pink Sheets LLC)UNSPONSORED ADRUSUSDMay 2013

            Biography

            Royal Boskalis Westminster N.V. provides dredging, offshore energy, and maritime services worldwide. Its Dredging & Inland Infra segment engages in the construction and maintenance of ports and waterways; and provides land reclamation, coastal defense, and riverbank protection services, as well as underwater rock fragmentation services. This segment also extracts raw materials; designs, prepares, and executes civil infra works, including the construction of roads and railroads, bridges, dams, viaducts, and tunnels; and performs specialist works, such as soil improvement and land remediation, as well as operates as a contractor of dry infrastructure projects. The company’s Offshore Energy segment is involved in the engineering, construction, maintenance, and decommissioning of oil and liquefied natural gas import/export facilities, offshore platforms, pipelines and cables, and offshore wind farms. This segment also offers heavy transport, lift and installation work, and diving and remotely operated vehicle services, as well as dredging, offshore pipeline, cable and rock installation, and marine survey services. Its Towage & Salvage segment offers towage services to incoming and outgoing oceangoing vessels; and berthing and unberthing of tankers, pilotage, subsea inspection and maintenance, firefighting, and the coupling and uncoupling of terminal connections. This segment also provides assistance to vessels in distress, shipwrecks or damaged offshore platforms removal, environmental care, and consultancy services. The company primarily serves, oil, gas and wind energy companies; port operators; governments; shipping companies; international project developers; mining companies and related EPC contractors and subcontractors; and insurance companies. It operates a fleet of approximately 900 vessels and floating equipment. The company was founded in 1910 and is headquartered in Papendrecht, the Netherlands. 


            Company Analysis and Financial Data Status

            All financial data provided by Standard & Poor's Capital IQ.
            DataLast Updated (UTC time)
            Company Analysis2020/01/27 22:50
            End of Day Share Price2020/01/27 00:00
            Earnings2019/06/30
            Annual Earnings2018/12/31


            Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.