Royal Boskalis Westminster (ENXTAM:BOKA) - Share price, News & Analysis

BOKA fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	2/6
Past Performance	3/6
Financial Health	5/6
Dividends	0/6

BOKA Stock Overview

Royal Boskalis Westminster N.V. provides dredging, offshore energy, and maritime services worldwide.

Rewards

Trading at 44.3% below our estimate of its fair value

Earnings are forecast to grow 12.52% per year

Became profitable this year

Risk Analysis

No risks detected for BOKA from our risk checks.

Royal Boskalis Westminster Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Royal Boskalis Westminster
Historical stock prices
Current Share Price	€32.00
52 Week High	€33.56
52 Week Low	€22.50
Beta	1.09
1 Month Change	-1.84%
3 Month Change	-1.66%
1 Year Change	14.61%
3 Year Change	57.56%
5 Year Change	12.54%
Change since IPO	816.61%

Shareholder Returns

	BOKA	NL Construction	NL Market
7D	0.06%	0.03%	4.3%
1Y	14.6%	5.7%	-21.3%

Return vs Industry: BOKA exceeded the Dutch Construction industry which returned 5.7% over the past year.

Return vs Market: BOKA exceeded the Dutch Market which returned -21.3% over the past year.

Price Volatility

Is BOKA's price volatile compared to industry and market?
BOKA volatility
BOKA Average Weekly Movement	0.9%
Construction Industry Average Movement	4.9%
Market Average Movement	5.2%
10% most volatile stocks in NL Market	8.0%
10% least volatile stocks in NL Market	3.0%

Stable Share Price: BOKA is less volatile than 75% of Dutch stocks over the past 3 months, typically moving +/- 1% a week.

Volatility Over Time: BOKA's weekly volatility (1%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1910	7,872	Peter A. Berdowski	https://www.boskalis.com

Royal Boskalis Westminster N.V. provides dredging, offshore energy, and maritime services worldwide. Its Dredging & Inland Infra segment constructs and maintains ports and waterways; and provides land reclamation, coastal defense, riverbank protection, and underwater rock fragmentation services. This segment also extracts raw materials; designs, prepares, and executes civil infra works, including the construction of roads and railroads, bridges, dams, viaducts, and tunnels; performs specialist works, such as soil improvement and land remediation; and operates as a contractor of dry infrastructure projects.

Royal Boskalis Westminster Fundamentals Summary

How do Royal Boskalis Westminster's earnings and revenue compare to its market cap?
BOKA fundamental statistics
Market Cap	€4.14b
Earnings (TTM)	€150.85m
Revenue (TTM)	€2.96b

27.4x

P/E Ratio

1.4x

P/S Ratio

Is BOKA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
BOKA income statement (TTM)
Revenue	€2.96b
Cost of Revenue	€2.53b
Gross Profit	€427.67m
Other Expenses	€276.83m
Earnings	€150.85m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 18, 2022

Earnings per share (EPS)	1.17
Gross Margin	14.46%
Net Profit Margin	5.10%
Debt/Equity Ratio	17.2%

How did BOKA perform over the long term?

See historical performance and comparison

Dividends

1.6%

Current Dividend Yield

43%

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for BOKA. This is calculated by dividing BOKA's market cap by their current preferred multiple.
What is BOKA's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€4.14b

BOKA key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	10x
PEG Ratio	2.2x

Price to Earnings Ratio vs Peers

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

BOKA PE Ratio vs Peers

The above table shows the PE ratio for BOKA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	19.3x

Forward PE

Price-To-Earnings vs Peers: BOKA is expensive based on its Price-To-Earnings Ratio (27.4x) compared to the peer average (19.3x).

Price to Earnings Ratio vs Industry

How does BOKA's PE Ratio compare vs other companies in the Construction Industry?

Price-To-Earnings vs Industry: BOKA is expensive based on its Price-To-Earnings Ratio (27.4x) compared to the Dutch Construction industry average (20.4x)

Price to Earnings Ratio vs Fair Ratio

What is BOKA'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.

BOKA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	27.4x
Fair PE Ratio	31.6x

Price-To-Earnings vs Fair Ratio: BOKA is good value based on its Price-To-Earnings Ratio (27.4x) compared to the estimated Fair Price-To-Earnings Ratio (31.6x).

Share Price vs Fair Value

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

Below Fair Value: BOKA (€32) is trading below our estimate of fair value (€57.45)

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

Price to Earnings Growth Ratio

PEG Ratio: BOKA is poor value based on its PEG Ratio (2.2x)

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Future Growth

How is Royal Boskalis Westminster forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

12.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BOKA's forecast earnings growth (12.5% per year) is above the savings rate (0.09%).

Earnings vs Market: BOKA's earnings (12.5% per year) are forecast to grow faster than the Dutch market (-0.9% per year).

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

Revenue vs Market: BOKA's revenue (6.8% per year) is forecast to grow slower than the Dutch market (8.1% per year).

High Growth Revenue: BOKA's revenue (6.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BOKA's Return on Equity is forecast to be low in 3 years time (10.7%).

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Past Performance

How has Royal Boskalis Westminster performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

58.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: BOKA has high quality earnings.

Growing Profit Margin: BOKA became profitable in the past.

Past Earnings Growth Analysis

Earnings Trend: BOKA has become profitable over the past 5 years, growing earnings by 58.1% per year.

Accelerating Growth: BOKA has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BOKA has become profitable in the last year, making it difficult to compare its past year earnings growth to the Construction industry (25.6%).

Return on Equity

High ROE: BOKA's Return on Equity (6.2%) is considered low.

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Financial Health

How is Royal Boskalis Westminster's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: BOKA's short term assets (€1.9B) do not cover its short term liabilities (€2.0B).

Long Term Liabilities: BOKA's short term assets (€1.9B) exceed its long term liabilities (€616.5M).

Debt to Equity History and Analysis

Debt Level: BOKA has more cash than its total debt.

Reducing Debt: BOKA's debt to equity ratio has reduced from 24.3% to 17.2% over the past 5 years.

Debt Coverage: BOKA's debt is well covered by operating cash flow (98.7%).

Interest Coverage: BOKA's interest payments on its debt are well covered by EBIT (11.5x coverage).

Balance Sheet

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Dividend

What is Royal Boskalis Westminster current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.56%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: BOKA's dividend (1.56%) isn’t notable compared to the bottom 25% of dividend payers in the Dutch market (2.27%).

High Dividend: BOKA's dividend (1.56%) is low compared to the top 25% of dividend payers in the Dutch market (6.38%).

Stability and Growth of Payments

Stable Dividend: BOKA is not paying a notable dividend for the Dutch market, therefore no need to check if payments are stable.

Growing Dividend: BOKA is not paying a notable dividend for the Dutch market, therefore no need to check if payments are increasing.

Earnings Payout to Shareholders

Earnings Coverage: BOKA is not paying a notable dividend for the Dutch market.

Cash Payout to Shareholders

Cash Flow Coverage: BOKA is not paying a notable dividend for the Dutch market.

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Management

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

14.0yrs

Average management tenure

CEO

Peter A. Berdowski (64 yo)

25.42yrs

Tenure

€2,935,000

Compensation

Dr. Peter A. M. Berdowski serves as the Chief Executive Officer of van Koninklijke Boskalis Westminster N.V. Dr. Berdowski has been the Chairman of the Board of Management and Chief Executive Officer of Ro...

CEO Compensation Analysis

Compensation vs Market: Peter A.'s total compensation ($USD3.10M) is above average for companies of similar size in the Dutch market ($USD2.25M).

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

Leadership Team

Experienced Management: BOKA's management team is seasoned and experienced (14 years average tenure).

Board Members

Experienced Board: BOKA's board of directors are considered experienced (3.6 years average tenure).

Ownership

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

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

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

Data	Last Updated (UTC time)
Company Analysis	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31