WBAG:SBMO

Stock Analysis Report

Executive Summary

SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide.


Snowflake Analysis

Proven track record and fair value.


Similar Companies

Share Price & News

How has SBM Offshore's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SBMO's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

5.6%

SBMO

3.4%

AT Energy Services

2.7%

AT Market


1 Year Return

-31.7%

SBMO

-57.9%

AT Energy Services

-30.5%

AT Market

Return vs Industry: SBMO exceeded the Austrian Energy Services industry which returned -57.9% over the past year.

Return vs Market: SBMO underperformed the Austrian Market which returned -30.4% over the past year.


Shareholder returns

SBMOIndustryMarket
7 Day5.6%3.4%2.7%
30 Day-18.3%-40.2%-24.0%
90 Day-30.3%-53.3%-33.3%
1 Year-30.3%-31.7%-56.7%-57.9%-28.0%-30.5%
3 Yearn/a-64.0%-67.7%-16.1%-23.6%
5 Yearn/a-76.7%-87.2%1.0%-13.2%

Price Volatility Vs. Market

How volatile is SBM Offshore's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is SBM Offshore undervalued compared to its fair value and its price relative to the market?

16.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SBMO (€11.6) is trading below our estimate of fair value (€13.48)

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


Price To Earnings Ratio

PE vs Industry: SBMO is good value based on its PE Ratio (7x) compared to the Energy Services industry average (9.2x).

PE vs Market: SBMO is good value based on its PE Ratio (7x) compared to the Austrian market (11.4x).


Price to Earnings Growth Ratio

PEG Ratio: SBMO is poor value based on its PEG Ratio (1.4x)


Price to Book Ratio

PB vs Industry: SBMO is overvalued based on its PB Ratio (0.9x) compared to the XE Energy Services industry average (0.4x).


Next Steps

Future Growth

How is SBM Offshore forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

4.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SBMO's forecast earnings growth (4.9% per year) is above the savings rate (-0.1%).

Earnings vs Market: SBMO's earnings (4.9% per year) are forecast to grow slower than the Austrian market (10.2% per year).

High Growth Earnings: SBMO's earnings are forecast to grow, but not significantly.

Revenue vs Market: SBMO's revenue is expected to decline over the next 3 years (-14.4% per year).

High Growth Revenue: SBMO's revenue is forecast to decline over the next 3 years (-14.4% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SBMO's Return on Equity is forecast to be low in 3 years time (14.9%).


Next Steps

Past Performance

How has SBM Offshore performed over the past 5 years?

-22.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SBMO has high quality earnings.

Growing Profit Margin: SBMO's current net profit margins (10.8%) are higher than last year (9.5%).


Past Earnings Growth Analysis

Earnings Trend: SBMO's earnings have declined by -22.2% per year over the past 5 years.

Accelerating Growth: SBMO's earnings growth over the past year (72.6%) exceeds its 5-year average (-22.2% per year).

Earnings vs Industry: SBMO earnings growth over the past year (72.6%) exceeded the Energy Services industry 0.7%.


Return on Equity

High ROE: SBMO's Return on Equity (14.1%) is considered low.


Next Steps

Financial Health

How is SBM Offshore's financial position?


Financial Position Analysis

Short Term Liabilities: SBMO's short term assets ($2.4B) exceed its short term liabilities ($1.7B).

Long Term Liabilities: SBMO's short term assets ($2.4B) do not cover its long term liabilities ($4.9B).


Debt to Equity History and Analysis

Debt Level: SBMO's debt to equity ratio (131.4%) is considered high.

Reducing Debt: SBMO's debt to equity ratio has reduced from 166.8% to 131.4% over the past 5 years.

Debt Coverage: SBMO's operating cash flow is negative, therefore debt is not well covered.

Interest Coverage: SBMO's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet

Inventory Level: SBMO has a low level of unsold assets or inventory.

Debt Coverage by Assets: SBMO's debt is not covered by short term assets (assets are 0.5x debt).


Next Steps

Dividend

What is SBM Offshore's current dividend yield, its reliability and sustainability?

5.92%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SBMO's dividend (5.92%) is higher than the bottom 25% of dividend payers in the Austrian market (1.95%).

High Dividend: SBMO's dividend (5.92%) is low compared to the top 25% of dividend payers in the Austrian market (6.66%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.2%), SBMO's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SBMO's dividends in 3 years are not forecast to be well covered by earnings (118.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.8yrs

Average management tenure


CEO

Bruno Y. Chabas (55yo)

8.17s

Tenure

US$4,128,000

Compensation

Mr. Bruno Y. R. Chabas has been the Chief Executive Officer of SBM Offshore N.V. since January 1, 2012 and serves as its Chairman of Management Board. Mr. Chabas has been Member of the Management Board at  ...


CEO Compensation Analysis

Compensation vs Market: Bruno Y.'s total compensation ($USD4.58M) is above average for companies of similar size in the Austrian market ($USD2.17M).

Compensation vs Earnings: Bruno Y.'s compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Bruno Y. Chabas
Chairman of Management Board & CEO8.17yrsUS$4.13m0.53% $11.9m
Douglas H. Wood
CFO & Member of Management Board3.33yrsUS$2.33m0.077% $1.7m
Philippe Barril
COO & Member of Management Board4.92yrsUS$2.94m0.17% $3.9m
Erik Lagendijk
Chief Governance & Compliance Officer and Member of Management Board4.92yrsUS$2.09m0.090% $2.0m
Bert-Jaap Dijkstra
Group Treasurer & Investor Relationsno datano datano data
Vincent Kempkes
Group Communications Directorno datano datano data
Anne Guerin-Moens
Group Human Resources Director3.92yrsno datano data
Bernard van Leggelo
Managing Director of Strategic Growth4.58yrsno datano data
Oivind Tangen
Managing Director of Operations4.58yrsno datano data
Stein Rasmussen
Chief Strategy Officer6.25yrsno datano data

4.8yrs

Average Tenure

55yo

Average Age

Experienced Management: SBMO's management team is considered experienced (4.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Floris G. Deckers
Independent Chairman of the Supervisory Board1.92yrsUS$138.00kno data
Thomas M. Ehret
Independent Vice Chairman of Supervisory Board4.92yrsUS$91.00kno data
Francis Gugen
Independent Member of Supervisory Board9.67yrsUS$86.00kno data
Roeland Baan
Chairman of the Supervisory Board1.92yrsUS$92.00kno data
Sietze Hepkema
Member of Supervisory Board4.92yrsUS$84.00kno data
Laurence B. L. Mulliez
Independent Member of Supervisory Board4.92yrsUS$92.00kno data
Cheryl Richard
Independent Member of Supervisory Board4.92yrsUS$115.00kno data
Bernard Bajolet
Independent Member of Supervisory Board1.92yrsUS$84.00kno data

4.9yrs

Average Tenure

66.5yo

Average Age

Experienced Board: SBMO's board of directors are considered experienced (4.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SBMO insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

SBM Offshore N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SBM Offshore N.V.
  • Ticker: SBMO
  • Exchange: WBAG
  • Founded: 1862
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Market Cap: €2.258b
  • Shares outstanding: 195.16m
  • Website: https://www.sbmoffshore.com

Number of Employees


Location

  • SBM Offshore N.V.
  • Evert van de Beekstraat 1-77
  • Schiphol
  • Amsterdam
  • Noord-Holland
  • 1118 CL
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SBMOENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJan 1992
IHCBDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
SBFF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
0NISLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
SBMOABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
SBMSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1992
SBMOWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992
SBFF.YOTCPK (Pink Sheets LLC)ADRUSUSDSep 2008

Biography

SBM Offshore N.V. provides floating production solutions to the offshore energy industry worldwide. The company operates through two segments, Lease and Operate, and Turnkey. It is involved in the design, supply, installation, operation, lease, and life extension of floating production storage and offloading (FPSO) vessels; and semi-submersibles, tension leg platforms, floating liquidified natural gas, turret mooring systems, brownfield, deep water export systems, swivel stack systems, fluid transfer systems, tanker loading and discharge terminals, and solutions for renewable energy. The company also provides after sales services; swivels and mechanical parts; and emergency interventions and rapid response solutions. As of December 31, 2018, it operated a fleet of 13 FPSOs and 1 semi-submersible unit. The company was formerly known as IHC Caland and changed its name to SBM Offshore N.V. in 2005. SBM Offshore N.V. was founded in 1862 and is headquartered in Amsterdam, the Netherlands. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/29 23:07
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.