Belships ASA

BATS-CHIXE:BELCOO Stock Report

Market Cap: NOK 5.1b

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 58.12
Fair Value
65.2% undervalued intrinsic discount
3
Number of Analysts

Below Fair Value: BELCOO (NOK20.23) is trading below our estimate of fair value (NOK58.12)

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 Ratio6.6x
EarningsUS$68.61m
Market CapUS$456.20m

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 Average12.5x
ICGC Irish Continental Group
14xn/aUK£724.2m
CKN Clarkson
16.2x2.7%UK£1.3b
OCN Ocean Wilsons Holdings
9.4x4.8%UK£466.8m
FGP FirstGroup
10.3x3.7%UK£975.1m
BELCOO Belships
6.6x14.0%NOK 5.1b

Price-To-Earnings vs Peers: BELCOO is good value based on its Price-To-Earnings Ratio (6.6x) compared to the peer average (12.5x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies8PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BELCOO is good value based on its Price-To-Earnings Ratio (6.6x) compared to the European Shipping industry average (7.7x).

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 Ratio6.6x
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 29.59
0%
18.4%NOK 36.55NOK 23.24n/a3
Jan ’26n/a
NOK 30.18
0%
14.5%NOK 36.95NOK 23.50n/a5
Dec ’25n/a
NOK 28.05
0%
11.7%NOK 32.06NOK 22.96n/a4
Nov ’25n/a
NOK 30.73
0%
3.7%NOK 32.03NOK 29.06n/a4
Oct ’25n/a
NOK 30.73
0%
3.7%NOK 32.03NOK 29.06n/a4
Sep ’25n/a
NOK 30.30
0%
3.7%NOK 31.60NOK 28.64n/a4
Aug ’25n/a
NOK 30.91
0%
1.9%NOK 31.82NOK 30.37n/a4
Jul ’25n/a
NOK 31.12
0%
2.0%NOK 32.00NOK 30.53n/a4
Jun ’25n/a
NOK 29.62
0%
6.3%NOK 30.98NOK 26.41n/a4
May ’25n/a
NOK 28.92
0%
3.6%NOK 30.51NOK 27.73n/a4
Apr ’25n/a
NOK 28.56
0%
4.2%NOK 29.78NOK 27.04n/a4
Mar ’25n/a
NOK 28.07
0%
3.6%NOK 29.11NOK 27.01n/a4
Feb ’25n/a
NOK 24.83
0%
5.5%NOK 27.06NOK 23.36n/a4
Jan ’25n/a
NOK 22.53
0%
8.3%NOK 25.36NOK 19.51n/a5
Dec ’24n/a
NOK 22.53
0%
8.3%NOK 25.36NOK 19.51n/a5
Nov ’24n/a
NOK 23.56
0%
8.7%NOK 25.98NOK 19.98n/a5
Oct ’24n/a
NOK 23.42
0%
10.3%NOK 26.21NOK 19.28n/a5
Sep ’24n/a
NOK 23.42
0%
11.4%NOK 26.09NOK 19.18n/a4
Aug ’24n/a
NOK 26.76
0%
10.7%NOK 31.46NOK 23.66n/a4
Jul ’24n/a
NOK 26.76
0%
10.7%NOK 31.46NOK 23.66n/a4
Jun ’24n/a
NOK 25.84
0%
10.5%NOK 30.04NOK 22.59n/a4
May ’24n/a
NOK 23.84
0%
7.2%NOK 26.59NOK 22.32n/a4
Apr ’24n/a
NOK 23.99
0%
7.2%NOK 26.81NOK 22.51n/a4
Mar ’24NOK 19.61
NOK 23.55
+20.1%
7.2%NOK 26.16NOK 21.96n/a4
Feb ’24n/a
NOK 20.59
0%
10.8%NOK 22.66NOK 16.94n/a4
Analyst Price Target
Consensus Narrative from 3 Analysts
NOK 29.48
Fair Value
31.4% undervalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/05 14:02
End of Day Share Price 2025/01/24 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 6 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
Øystein VaagenFearnley Securities
Fredrik DybwadFearnley Securities