New Risk • Feb 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 26% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr119.1m market cap, or US$10.7m). New Risk • Feb 17
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 46% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr917.8m market cap, or US$82.6m). Upcoming Dividend • Feb 13
Upcoming dividend of US$6.08 per share Eligible shareholders must have bought the stock before 20 February 2025. Payment date: 28 February 2025. The company last paid an ordinary dividend in May 2014. The average dividend yield among industry peers is 2.8%. Announcement • Jan 30
Philly Shipyard ASA Proposes Dividend Philly Shipyard ASA announced that at the EGM to be held on 19 February 2025, proposed distribution of dividend of USD 6.08 per share, which represent a total dividend distribution of USD 73,616,038.08. The dividends will be paid out to those who are shareholders in the company as of 19 February 2025 (as registered in the VPS as of 21 February 2025). Announcement • Jan 08
Philly Shipyard ASA, Annual General Meeting, Apr 29, 2025 Philly Shipyard ASA, Annual General Meeting, Apr 29, 2025. Announcement • Dec 21
Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) completed the acquisition of Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY). Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million on June 20, 2024. A cash consideration of $100 million will be paid by Hanwha Systems Co., Ltd. and Hanwha Ocean Co., Ltd. The Purchase Price is not subject to any other adjustments. Under the terms of the transaction, David Kim will step in to the role of Chief Executive Officer of Philly Shipyard, Inc. The Transaction is subject to the satisfaction of certain customary conditions, including approval by CFIUS and other regulatory approvals The expected completion of the transaction will be during Q4 2024. The transaction has been approved by Philly Shipyard ASA's Board of director's. Hanwha received Committee on Foreign Investment in the United States approval in September 2024.
Advokatfirmaet BAHR AS acted as legal advisor for Philly Shipyard ASA. Faegre Drinker Biddle & Reath LLP acted as legal advisor for Philly Shipyard ASA. Arctic Securities AS acted as fairness opinion provider from Philly Shipyard ASA.
Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) completed the acquisition of Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) December 19, 2024. New Risk • Nov 05
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$103m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$103m free cash flow). Earnings have declined by 52% per year over the past 5 years. Minor Risks Negative equity (-US$58m). Market cap is less than US$100m (kr806.4m market cap, or US$73.6m). New Risk • Jul 17
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -US$11m This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risks Negative equity (-US$11m). Market cap is less than US$100m (kr787.0m market cap, or US$73.2m). Announcement • Jun 20
Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million. Hanwha Systems Co., Ltd. (KOSE:A272210) and Hanwha Ocean Co., Ltd. (KOSE:A042660) entered into a share purchase agreement to acquire Philly Shipyard, Inc. from Philly Shipyard ASA (OB:PHLY) for $100 million on June 20, 2024. A cash consideration of $100 million will be paid by Hanwha Systems Co., Ltd. and Hanwha Ocean Co., Ltd. The Purchase Price is not subject to any other adjustments. The Transaction is subject to the satisfaction of certain customary conditions, including approval by CFIUS and other regulatory approvals The expected completion of the transaction will be during Q4 2024.Advokatfirmaet BAHR AS acted as legal advisor for Philly Shipyard ASA. Faegre Drinker Biddle & Reath LLP acted as legal advisor for Philly Shipyard ASA. Reported Earnings • May 08
First quarter 2024 earnings released: US$0.70 loss per share (vs US$1.51 loss in 1Q 2023) First quarter 2024 results: US$0.70 loss per share (improved from US$1.51 loss in 1Q 2023). Revenue: US$118.3m (up 4.0% from 1Q 2023). Net loss: US$8.50m (loss narrowed 54% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 26
Full year 2023 earnings released: US$5.61 loss per share (vs US$0.97 loss in FY 2022) Full year 2023 results: US$5.61 loss per share (further deteriorated from US$0.97 loss in FY 2022). Revenue: US$441.8m (up 13% from FY 2022). Net loss: US$67.9m (loss widened 481% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 18
Full year 2023 earnings released: US$5.61 loss per share (vs US$0.97 loss in FY 2022) Full year 2023 results: US$5.61 loss per share (further deteriorated from US$0.97 loss in FY 2022). Revenue: US$441.8m (up 13% from FY 2022). Net loss: US$67.9m (loss widened 481% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 02
Third quarter 2023 earnings released: US$1.42 loss per share (vs US$0.83 loss in 3Q 2022) Third quarter 2023 results: US$1.42 loss per share (further deteriorated from US$0.83 loss in 3Q 2022). Revenue: US$101.8m (up 9.9% from 3Q 2022). Net loss: US$17.2m (loss widened 72% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. New Risk • Oct 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 4.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (kr526.7m market cap, or US$48.8m). New Risk • Jul 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 4.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (kr339.0m market cap, or US$33.7m). Reported Earnings • Jul 14
Second quarter 2023 earnings released: US$1.13 loss per share (vs US$0.26 profit in 2Q 2022) Second quarter 2023 results: US$1.13 loss per share (down from US$0.26 profit in 2Q 2022). Revenue: US$139.7m (up 17% from 2Q 2022). Net loss: US$13.7m (down US$16.8m from profit in 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • May 07
First quarter 2023 earnings released: US$1.51 loss per share (vs US$0.29 profit in 1Q 2022) First quarter 2023 results: US$1.51 loss per share (down from US$0.29 profit in 1Q 2022). Revenue: US$113.8m (up 59% from 1Q 2022). Net loss: US$18.3m (down US$21.8m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 29
Full year 2022 earnings released: US$0.97 loss per share (vs US$0.61 loss in FY 2021) Full year 2022 results: US$0.97 loss per share (further deteriorated from US$0.61 loss in FY 2021). Revenue: US$393.8m (up 84% from FY 2021). Net loss: US$11.7m (loss widened 59% from FY 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 15
Full year 2022 earnings released: US$0.97 loss per share (vs US$0.61 loss in FY 2021) Full year 2022 results: US$0.97 loss per share (further deteriorated from US$0.61 loss in FY 2021). Revenue: US$393.8m (up 84% from FY 2021). Net loss: US$11.7m (loss widened 59% from FY 2021). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2022 earnings released: US$0.83 loss per share (vs US$0.083 loss in 3Q 2021) Third quarter 2022 results: US$0.83 loss per share (further deteriorated from US$0.083 loss in 3Q 2021). Revenue: US$92.6m (up 32% from 3Q 2021). Net loss: US$10.0m (loss widened US$9.00m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: US$0.26 (vs US$0.35 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.26 (up from US$0.35 loss in 2Q 2021). Revenue: US$119.7m (up 265% from 2Q 2021). Net income: US$3.10m (up US$7.40m from 2Q 2021). Profit margin: 2.6% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 03
First quarter 2022 earnings released: EPS: US$0.29 (vs US$0.42 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.29 (up from US$0.42 loss in 1Q 2021). Revenue: US$71.8m (up 247% from 1Q 2021). Net income: US$3.50m (up US$8.60m from 1Q 2021). Profit margin: 4.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings released: US$0.60 loss per share (vs US$0.13 profit in FY 2020) Full year 2021 results: US$0.60 loss per share (down from US$0.13 profit in FY 2020). Revenue: US$214.1m (up 295% from FY 2020). Net loss: US$7.30m (down US$8.88m from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: US$0.60 loss per share (down from US$0.13 profit in FY 2020). Revenue: US$214.1m (up 295% from FY 2020). Net loss: US$7.30m (down US$8.88m from profit in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 04
Third quarter 2021 earnings released: US$0.083 loss per share (vs US$0.50 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$70.3m (up 406% from 3Q 2020). Net loss: US$1.00m (loss narrowed 83% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2021 earnings released: US$0.42 loss per share (vs US$0.61 profit in 1Q 2020) The company reported a decent first quarter result with improved revenues, although earnings and control over costs were weaker. First quarter 2021 results: Revenue: US$20.7m (up 176% from 1Q 2020). Net loss: US$5.10m (down 169% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS US$0.41 (vs US$1.67 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$54.2m (up 92% from FY 2019). Net income: US$4.90m (up US$25.1m from FY 2019). Profit margin: 9.0% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS US$0.41 (vs US$1.67 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$54.2m (up 92% from FY 2019). Net income: US$4.90m (up US$25.1m from FY 2019). Profit margin: 9.0% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 20
New 90-day high: kr79.00 The company is up 37% from its price of kr57.80 on 22 October 2020. The Norwegian market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Machinery industry, which is up 50% over the same period. Is New 90 Day High Low • Dec 30
New 90-day low: kr54.00 The company is down 11% from its price of kr60.80 on 01 October 2020. The Norwegian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: kr60.00 The company is down 15% from its price of kr70.80 on 22 July 2020. The Norwegian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 3.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: kr69.00 The company is down 8.0% from its price of kr75.00 on 26 June 2020. The Norwegian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 12% over the same period.