SBM Offshore N.V.

DB:IHCB Stock Report

Market Cap: €3.1b

SBM Offshore Valuation

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

Valuation Score

6/6

Valuation Score 6/6

  • 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 IHCB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IHCB (€17.98) is trading below our estimate of fair value (€41.9)

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

Key Valuation Metric

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

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

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

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for IHCB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average29.9x
CE2 CropEnergies
82.4xn/a€1.2b
CE2 CropEnergies
15.3x-7.5%€1.0b
600583 Offshore Oil EngineeringLtd
12x9.7%CN¥23.8b
VK Vallourec
9.7x22.7%€3.8b
IHCB SBM Offshore
7.7x-7.6%€3.1b

Price-To-Earnings vs Peers: IHCB is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (29.9x).

Price to Earnings Ratio vs Industry

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

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
IHCB 7.7xIndustry Avg. 9.5xNo. of Companies7PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IHCB is good value based on its Price-To-Earnings Ratio (7.7x) compared to the European Energy Services industry average (9.5x).

Price to Earnings Ratio vs Fair Ratio

What is IHCB'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.

IHCB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.7x
Fair PE Ratio15.1x

Price-To-Earnings vs Fair Ratio: IHCB is good value based on its Price-To-Earnings Ratio (7.7x) compared to the estimated Fair Price-To-Earnings Ratio (15.1x).

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 IHCB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€17.98
€23.64
+31.5%
5.7%€25.11€22.10n/a6
Nov ’25€16.72
€23.25
+39.1%
6.8%€25.17€21.19n/a6
Oct ’25€16.57
€22.84
+37.8%
7.4%€24.97€20.66n/a6
Sep ’25€16.99
€21.59
+27.1%
11.0%€24.97€18.65n/a6
Aug ’25€14.92
€20.21
+35.4%
12.1%€25.21€17.38n/a7
Jul ’25€14.40
€20.04
+39.1%
11.7%€25.42€17.52n/a7
Jun ’25€14.08
€19.85
+41.0%
11.1%€24.88€17.36n/a7
May ’25€14.31
€19.95
+39.4%
11.4%€25.21€17.49n/a7
Apr ’25€14.72
€20.01
+36.0%
11.0%€25.16€18.01n/a7
Mar ’25€13.53
€19.15
+41.6%
14.0%€25.00€15.64n/a7
Feb ’25€11.75
€19.07
+62.3%
13.7%€24.71€15.59n/a7
Jan ’25€12.49
€18.69
+49.7%
13.7%€24.26€15.31n/a7
Dec ’24€12.27
€19.25
+56.9%
13.8%€25.02€15.79n/a7
Nov ’24€11.73
€20.05
+70.9%
10.6%€24.96€18.05€16.727
Oct ’24€12.56
€20.47
+63.0%
11.8%€26.07€17.97€16.577
Sep ’24€13.31
€20.81
+56.3%
14.4%€25.38€17.49€16.997
Aug ’24€13.14
€20.70
+57.6%
13.5%€24.96€17.11€14.927
Jul ’24€12.41
€20.47
+65.0%
13.3%€24.92€17.09€14.408
Jun ’24€12.73
€20.97
+64.7%
13.1%€25.47€17.51€14.088
May ’24€12.55
€19.91
+58.6%
9.2%€24.08€18.28€14.317
Apr ’24€13.64
€20.37
+49.3%
9.7%€24.33€18.47€14.727
Mar ’24€13.84
€20.00
+44.6%
16.1%€25.00€14.00€13.537
Feb ’24€14.43
€19.19
+33.0%
18.0%€24.85€12.95€11.757
Jan ’24€14.77
€19.48
+31.9%
16.3%€24.93€13.52€12.497
Dec ’23€15.32
€19.48
+27.2%
16.3%€24.93€13.52€12.277
Nov ’23€13.79
€19.92
+44.5%
16.5%€25.10€14.06€11.737

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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