Belships ASA

BATS-CHIXE:BELCOO Stock Report

Market Cap: NOK 5.1b

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Belships Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Discounted Cash Flow
Simply Wall St
NOK 70.89
Fair Value
71.3% undervalued intrinsic discount
2
Number of Analysts

Below Fair Value: BELCOO (NOK20.35) is trading below our estimate of fair value (NOK70.89)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for BELCOO. This is calculated by dividing BELCOO's market cap by their current earnings.
What is BELCOO's PE Ratio?
PE Ratio8.1x
EarningsUS$58.17m
Market CapUS$473.82m

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BELCOO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.2x
ICGC Irish Continental Group
14.2xn/aUK£715.6m
CKN Clarkson
12.3x-2.02%UK£1.0b
FSJ James Fisher and Sons
3.4x-45.85%UK£156.6m
FGP FirstGroup
11.1x3.47%UK£1.1b
BELCOO Belships
8.1x28.89%NOK 5.1b

Price-To-Earnings vs Peers: BELCOO is good value based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (11.9x).

Price to Earnings Ratio vs Industry

How does BELCOO's PE Ratio compare vs other companies in the European Shipping Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies12PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BELCOO is good value based on its Price-To-Earnings Ratio (8.1x) compared to the European Shipping industry average (9.2x).

Price to Earnings Ratio vs Fair Ratio

What is BELCOO'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.

BELCOO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate BELCOO's Price-To-Earnings Fair Ratio for valuation analysis.

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 BELCOO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
May ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Apr ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Mar ’26NOK 20.35
NOK 26.11
+28.33%
11.01%NOK 28.99NOK 23.24n/a2
Feb ’26n/a
NOK 26.91
0%
9.61%NOK 29.03NOK 23.27n/a3
Jan ’26n/a
NOK 28.42
0%
10.92%NOK 31.87NOK 23.44n/a4
Dec ’25n/a
NOK 28.05
0%
11.71%NOK 32.06NOK 22.96n/a4
Nov ’25n/a
NOK 30.73
0%
3.66%NOK 32.03NOK 29.06n/a4
Oct ’25n/a
NOK 30.73
0%
3.66%NOK 32.03NOK 29.06n/a4
Sep ’25n/a
NOK 30.30
0%
3.69%NOK 31.60NOK 28.64n/a4
Aug ’25n/a
NOK 30.91
0%
1.93%NOK 31.82NOK 30.37n/a4
Jul ’25n/a
NOK 31.12
0%
1.96%NOK 32.00NOK 30.53n/a4
Jun ’25n/a
NOK 29.62
0%
6.29%NOK 30.98NOK 26.41n/a4
May ’25n/a
NOK 28.92
0%
3.55%NOK 30.51NOK 27.73n/a4
Apr ’25n/a
NOK 28.56
0%
4.22%NOK 29.78NOK 27.04n/a4
Mar ’25n/a
NOK 28.07
0%
3.61%NOK 29.11NOK 27.01NOK 20.354
Feb ’25n/a
NOK 24.83
0%
5.49%NOK 27.06NOK 23.36n/a4
Jan ’25n/a
NOK 22.53
0%
8.25%NOK 25.36NOK 19.51n/a5
Dec ’24n/a
NOK 22.53
0%
8.25%NOK 25.36NOK 19.51n/a5
Nov ’24n/a
NOK 23.56
0%
8.67%NOK 25.98NOK 19.98n/a5
Oct ’24n/a
NOK 23.42
0%
10.26%NOK 26.21NOK 19.28n/a5
Sep ’24n/a
NOK 23.42
0%
11.37%NOK 26.09NOK 19.18n/a4
Aug ’24n/a
NOK 26.76
0%
10.72%NOK 31.46NOK 23.66n/a4
Jul ’24n/a
NOK 26.76
0%
10.72%NOK 31.46NOK 23.66n/a4
Jun ’24n/a
NOK 25.84
0%
10.48%NOK 30.04NOK 22.59n/a4
May ’24n/a
NOK 23.84
0%
7.16%NOK 26.59NOK 22.32n/a4
AnalystConsensusTarget
Consensus Narrative from 2 Analysts
NOK 26.11
Fair Value
22.1% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/10 18:45
End of Day Share Price 2025/02/27 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Belships ASA is covered by 5 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Håvard LieDanske Bank
Fredrik DybwadFearnley Securities
Erik HoviNordea Markets