SBM Offshore N.V.

WBAG:SBMO Stock Report

Market Cap: €3.1b

SBM Offshore Valuation

Is SBMO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SBMO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SBMO (€17.78) is trading below our estimate of fair value (€41.68)

Significantly Below Fair Value: SBMO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SBMO?

Key metric: As SBMO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SBMO. This is calculated by dividing SBMO's market cap by their current earnings.
What is SBMO's PE Ratio?
PE Ratio7.7x
EarningsUS$428.00m
Market CapUS$3.28b

Price to Earnings Ratio vs Peers

How does SBMO's PE Ratio compare to its peers?

The above table shows the PE ratio for SBMO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13.2x
SBO Schoeller-Bleckmann Oilfield Equipment
9.1x24.3%€455.4m
600583 Offshore Oil EngineeringLtd
12x9.7%CN¥23.8b
OMV OMV
9.6x16.8%€12.7b
OII Oceaneering International
22.3xn/aUS$3.0b
SBMO SBM Offshore
7.7x-7.6%€3.1b

Price-To-Earnings vs Peers: SBMO is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (13.2x).

Price to Earnings Ratio vs Industry

How does SBMO's PE Ratio compare vs other companies in the European Energy Services Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SBMO 7.7xIndustry Avg. 9.4xNo. of Companies7PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SBMO is good value based on its Price-To-Earnings Ratio (7.7x) compared to the European Energy Services industry average (9.4x).

Price to Earnings Ratio vs Fair Ratio

What is SBMO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SBMO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.7x
Fair PE Ratio6.4x

Price-To-Earnings vs Fair Ratio: SBMO is expensive based on its Price-To-Earnings Ratio (7.7x) compared to the estimated Fair Price-To-Earnings Ratio (6.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SBMO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€17.78
€23.64
+32.9%
5.7%€25.11€22.10n/a6
Nov ’25€17.01
€23.25
+36.7%
6.8%€25.17€21.19n/a6
Oct ’25€16.61
€22.84
+37.5%
7.4%€24.97€20.66n/a6
Sep ’25€17.01
€21.59
+26.9%
11.0%€24.97€18.65n/a6
Aug ’25€14.95
€20.21
+35.2%
12.1%€25.21€17.38n/a7
Jul ’25€14.46
€20.04
+38.6%
11.7%€25.42€17.52n/a7
Jun ’25€14.11
€19.85
+40.7%
11.1%€24.88€17.36n/a7
May ’25€14.30
€19.95
+39.5%
11.4%€25.21€17.49n/a7
Apr ’25€14.63
€20.01
+36.8%
11.0%€25.16€18.01n/a7
Mar ’25€13.19
€19.15
+45.2%
14.0%€25.00€15.64n/a7
Feb ’25€11.81
€19.07
+61.5%
13.7%€24.71€15.59n/a7
Jan ’25€12.57
€18.69
+48.7%
13.7%€24.26€15.31n/a7
Dec ’24€12.23
€19.25
+57.4%
13.8%€25.02€15.79n/a7
Nov ’24€11.74
€20.05
+70.8%
10.6%€24.96€18.05€17.017
Oct ’24€12.69
€20.47
+61.3%
11.8%€26.07€17.97€16.617
Sep ’24€13.50
€20.81
+54.1%
14.4%€25.38€17.49€17.017
Aug ’24€13.35
€20.70
+55.1%
13.5%€24.96€17.11€14.957
Jul ’24€12.32
€20.47
+66.2%
13.3%€24.92€17.09€14.468
Jun ’24€12.87
€20.97
+62.9%
13.1%€25.47€17.51€14.118
May ’24€12.97
€19.91
+53.5%
9.2%€24.08€18.28€14.307
Apr ’24n/a
€20.37
0%
9.7%€24.33€18.47€14.637
Mar ’24n/a
€20.00
0%
16.1%€25.00€14.00€13.197
Feb ’24€14.49
€19.19
+32.5%
18.0%€24.85€12.95€11.817
Jan ’24€14.87
€19.48
+31.0%
16.3%€24.93€13.52€12.577
Dec ’23€15.58
€19.48
+25.1%
16.3%€24.93€13.52€12.237
Nov ’23€13.93
€19.92
+43.0%
16.5%€25.10€14.06€11.747

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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