OB:BSP-ME

Stock Analysis Report

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Executive Summary

Black Sea Property AS focuses on operating holiday resort under the Aheloy Beach Resort name in Bulgaria.


Snowflake Analysis

Overvalued with weak fundamentals.

Share Price & News

How has Black Sea Property's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BSP-ME's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-0.8%

BSP-ME

1.8%

NO Hospitality

0.8%

NO Market


1 Year Return

-65.6%

BSP-ME

-21.4%

NO Hospitality

-9.6%

NO Market

Return vs Industry: BSP-ME underperformed the Norwegian Hospitality industry which returned -22.7% over the past year.

Return vs Market: BSP-ME underperformed the Norwegian Market which returned -10.4% over the past year.


Shareholder returns

BSP-MEIndustryMarket
7 Day-0.8%1.8%0.8%
30 Day-3.7%-3.6%5.2%
90 Day-14.0%3.0%11.1%
1 Year-65.6%-65.6%-19.2%-21.4%-6.9%-9.6%
3 Year-88.8%-88.8%-17.6%-24.7%-5.6%-1.0%
5 Yearn/a-1.5%-16.5%38.6%10.2%

Price Volatility Vs. Market

How volatile is Black Sea Property's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Black Sea Property undervalued compared to its fair value and its price relative to the market?

0.39x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate BSP-ME's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate BSP-ME's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: BSP-ME is unprofitable, so we can't compare its PE Ratio to the XE Hospitality industry average.

PE vs Market: BSP-ME is unprofitable, so we can't compare its PE Ratio to the Norwegian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BSP-ME's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BSP-ME is good value based on its PB Ratio (0.4x) compared to the XE Hospitality industry average (1.2x).


Next Steps

Future Growth

How is Black Sea Property forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

45.1%

Forecasted Consumer Services industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Black Sea Property has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has Black Sea Property performed over the past 5 years?

-4.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BSP-ME is currently unprofitable.

Growing Profit Margin: BSP-ME is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BSP-ME is unprofitable, and losses have increased over the past 5 years at a rate of 4.6% per year.

Accelerating Growth: Unable to compare BSP-ME's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: BSP-ME is unprofitable, making it difficult to compare its past year earnings growth to the Hospitality industry (-20.6%).


Return on Equity

High ROE: BSP-ME has a negative Return on Equity (-8.89%), as it is currently unprofitable.


Next Steps

Financial Health

How is Black Sea Property's financial position?


Financial Position Analysis

Short Term Liabilities: BSP-ME's short term assets (NOK17.4M) do not cover its short term liabilities (NOK26.5M).

Long Term Liabilities: BSP-ME's short term assets (NOK17.4M) do not cover its long term liabilities (NOK129.2M).


Debt to Equity History and Analysis

Debt Level: BSP-ME's debt to equity ratio (94%) is considered high.

Reducing Debt: Insufficient data to determine if BSP-ME's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: BSP-ME has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: BSP-ME has less than a year of cash runway if free cash flow continues to grow at historical rates of 81.4% each year.


Next Steps

Dividend

What is Black Sea Property current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate BSP-ME's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate BSP-ME's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if BSP-ME's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if BSP-ME's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BSP-ME's dividend in 3 years as they are not forecast to pay a notable one for the Norwegian market.


Next Steps

Management

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

4.8yrs

Average board tenure


CEO

Egil Melkevik (54 yo)

1

Tenure

Mr. Egil Redse Melkevik serves as Chief Executive Officer of Black Sea Property AS since August 2019. Mr. Melkevik serves as the Head of HR and Supply Chain Manager at Imenco Bauer Hydraulics. Mr. Melkevik ...


Board Members

NamePositionTenureCompensationOwnership
Egil Melkevik
CEO & Chairman1yrno data0.39%
NOK 166.0k
Erik Larre
Director4.75yrsno datano data
Kare Rødningen
Director4.75yrsno data0.78%
NOK 335.7k
Hans Gulseth
Director5.17yrsno data3.3%
NOK 1.4m

4.8yrs

Average Tenure

56yo

Average Age

Experienced Board: BSP-ME's board of directors are considered experienced (4.8 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 been substantially diluted in the past year, with total shares outstanding growing by 81.3%.


Top Shareholders

Company Information

Black Sea Property AS's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Black Sea Property AS
  • Ticker: BSP-ME
  • Exchange: OB
  • Founded: 2015
  • Industry: Hotels, Resorts and Cruise Lines
  • Sector: Consumer Services
  • Market Cap: kr42.939m
  • Shares outstanding: 16.64m
  • Website: https://www.blackseaproperty.no

Location

  • Black Sea Property AS
  • Sagveien 23 A
  • Oslo
  • Oslo
  • 459
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BSP-MEOB (Oslo Bors)YesShare CapitalNONOKJan 2016

Biography

Black Sea Property AS focuses on operating holiday resort under the Aheloy Beach Resort name in Bulgaria. The company was founded in 2015 and is based in Oslo, Norway.


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/08/04 22:10
End of Day Share Price2020/08/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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 here.