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Aqualis

OB:AQUA
Snowflake Description

Flawless balance sheet and undervalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AQUA
OB
NOK172M
Market Cap
  1. Home
  2. NO
  3. Energy
Company description

Aqualis ASA, an investment holding company, provides marine and engineering consultancy services to the offshore oil and gas industry worldwide. The last earnings update was 19 days ago. More info.


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AQUA Share Price and Events
7 Day Returns
0.2%
OB:AQUA
5.6%
NO Energy Services
2.6%
NO Market
1 Year Returns
-6%
OB:AQUA
-5.1%
NO Energy Services
7.4%
NO Market
AQUA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Aqualis (AQUA) 0.2% -6% -2.2% -6% 59.2% -
NO Energy Services 5.6% 1.6% 19.5% -5.1% -20% -54.6%
NO Market 2.6% 1.4% 8.4% 7.4% 35.4% 30.4%
1 Year Return vs Industry and Market
  • AQUA underperformed the Market in Norway which returned 7.4% over the past year.
Price Volatility
AQUA
Industry
5yr Volatility vs Market

AQUA Value

 Is Aqualis undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Aqualis to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Aqualis.

OB:AQUA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:AQUA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Energy Services Unlevered Beta Simply Wall St/ S&P Global 1.05
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.048 (1 + (1- 23%) (0%))
1.032
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (1.032 * 5.96%)
7.91%

Discounted Cash Flow Calculation for OB:AQUA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Aqualis is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OB:AQUA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.91%)
2019 0.44 Est @ 98.07% 0.41
2020 0.74 Est @ 69.17% 0.64
2021 1.10 Est @ 48.95% 0.88
2022 1.49 Est @ 34.79% 1.10
2023 1.86 Est @ 24.88% 1.27
2024 2.19 Est @ 17.95% 1.39
2025 2.48 Est @ 13.09% 1.45
2026 2.72 Est @ 9.69% 1.48
2027 2.92 Est @ 7.31% 1.47
2028 3.08 Est @ 5.65% 1.44
Present value of next 10 years cash flows $11.52
OB:AQUA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $3.08 × (1 + 1.76%) ÷ (7.91% – 1.76%)
$50.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $50.99 ÷ (1 + 7.91%)10
$23.81
OB:AQUA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $11.52 + $23.81
$35.33
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $35.33 / 42.29
$0.84
OB:AQUA Discount to Share Price
Calculation Result
Exchange Rate USD/NOK
(Reporting currency to currency of OB:AQUA)
8.528
Value per Share
(NOK)
= Value per Share in USD x Exchange Rate (USD/NOK)
= $0.84 x 8.528
NOK7.12
Value per share (NOK) From above. NOK7.12
Current discount Discount to share price of NOK4.06
= -1 x (NOK4.06 - NOK7.12) / NOK7.12
43%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Aqualis is available for.
Intrinsic value
43%
Share price is NOK4.06 vs Future cash flow value of NOK7.12
Current Discount Checks
For Aqualis to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Aqualis's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Aqualis's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Aqualis's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Aqualis's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:AQUA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.06
OB:AQUA Share Price ** OB (2019-03-19) in NOK NOK4.06
OB:AQUA Share Price converted to USD reporting currency Exchange rate (NOK/ USD) 0.117 $0.48
Norway Energy Services Industry PE Ratio Median Figure of 13 Publicly-Listed Energy Services Companies 20.34x
Norway Market PE Ratio Median Figure of 129 Publicly-Listed Companies 13.26x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Aqualis.

OB:AQUA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:AQUA Share Price ÷ EPS (both in USD)

= 0.48 ÷ 0.06

8.31x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aqualis is good value based on earnings compared to the NO Energy Services industry average.
  • Aqualis is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Aqualis's expected growth come at a high price?
Raw Data
OB:AQUA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Norway Energy Services Industry PEG Ratio Median Figure of 9 Publicly-Listed Energy Services Companies 0.78x
Norway Market PEG Ratio Median Figure of 101 Publicly-Listed Companies 0.9x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Aqualis, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Aqualis's assets?
Raw Data
OB:AQUA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.60
OB:AQUA Share Price * OB (2019-03-19) in NOK NOK4.06
OB:AQUA Share Price converted to USD reporting currency Exchange rate (NOK/ USD) 0.117 $0.48
Norway Energy Services Industry PB Ratio Median Figure of 34 Publicly-Listed Energy Services Companies 0.88x
Norway Market PB Ratio Median Figure of 213 Publicly-Listed Companies 1.18x
OB:AQUA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:AQUA Share Price ÷ Book Value per Share (both in USD)

= 0.48 ÷ 0.60

0.79x

* Primary Listing of Aqualis.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Aqualis is good value based on assets compared to the NO Energy Services industry average.
X
Value checks
We assess Aqualis's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Energy Services industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Energy Services industry average (and greater than 0)? (1 check)
  5. Aqualis has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

AQUA Future Performance

 How is Aqualis expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 Aqualis 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
36.9%
Expected Energy Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Aqualis expected to grow at an attractive rate?
  • Unable to compare Aqualis's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Aqualis's earnings growth to the Norway market average as no estimate data is available.
  • Unable to compare Aqualis's revenue growth to the Norway market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OB:AQUA Future Growth Rates Data Sources
Data Point Source Value (per year)
Norway Energy Services Industry Earnings Growth Rate Market Cap Weighted Average 36.9%
Norway Energy Services Industry Revenue Growth Rate Market Cap Weighted Average 10.6%
Norway Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Norway Market Revenue Growth Rate Market Cap Weighted Average 4.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:AQUA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:AQUA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
OB:AQUA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 36 0 2
2018-09-30 35 1 -5
2018-06-30 34 1 -6
2018-03-31 32 0 -7
2017-12-31 31 0 -6
2017-09-30 28 -1 0
2017-06-30 27 -2 0
2017-03-31 28 -3 -1
2016-12-31 28 -4 -4
2016-09-30 30 -4 -5
2016-06-30 33 -4 -6
2016-03-31 36 -3 -6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Aqualis is high growth as no earnings estimate data is available.
  • Unable to determine if Aqualis is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:AQUA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Aqualis Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:AQUA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
OB:AQUA Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.06
2018-09-30 -0.11
2018-06-30 -0.13
2018-03-31 -0.16
2017-12-31 -0.15
2017-09-30 -0.01
2017-06-30 -0.01
2017-03-31 -0.03
2016-12-31 -0.09
2016-09-30 -0.13
2016-06-30 -0.15
2016-03-31 -0.14

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Aqualis will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Aqualis is trading at Aqualis'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Aqualis's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Energy companies here
  3. Aqualis's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Aqualis's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Aqualis has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

AQUA Past Performance

  How has Aqualis performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Aqualis's growth in the last year to its industry (Energy Services).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Aqualis's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Aqualis has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Aqualis has become profitable in the last year making it difficult to compare the NO Energy Services industry average.
Earnings and Revenue History
Aqualis's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Aqualis Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:AQUA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 36.19 2.42 15.68
2018-09-30 35.30 -4.62 14.78
2018-06-30 34.01 -5.55 14.72
2018-03-31 31.74 -6.82 14.33
2017-12-31 31.13 -6.48 14.60
2017-09-30 28.37 -0.50 14.54
2017-06-30 27.42 -0.46 15.11
2017-03-31 28.25 -1.42 16.70
2016-12-31 27.56 -3.87 18.27
2016-09-30 30.14 -5.35 18.88
2016-06-30 33.28 -6.43 20.72
2016-03-31 36.50 -5.98 21.76
2015-12-31 41.00 -2.20 22.28
2015-09-30 42.86 0.50 23.63
2015-06-30 44.60 0.78 22.94
2015-03-31 38.66 1.65 20.51
2014-12-31 33.30 -0.25 17.39
2013-12-31 13.45 -5.24 10.15

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Aqualis has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Aqualis used its assets more efficiently than the NO Energy Services industry average last year based on Return on Assets.
  • Aqualis has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Aqualis's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Energy Services industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Aqualis has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

AQUA Health

 How is Aqualis's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Aqualis's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Aqualis is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Aqualis's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Aqualis's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Aqualis has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Aqualis Company Filings, last reported 2 months ago.

OB:AQUA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 25.56 0.00 5.45
2018-09-30 25.07 0.00 5.81
2018-06-30 24.66 0.00 9.84
2018-03-31 28.85 0.00 9.78
2017-12-31 28.45 0.00 10.11
2017-09-30 34.86 0.00 9.75
2017-06-30 34.28 0.00 8.95
2017-03-31 33.54 0.00 9.62
2016-12-31 33.08 0.00 10.20
2016-09-30 34.93 0.00 11.09
2016-06-30 35.52 0.00 11.69
2016-03-31 36.46 0.00 13.17
2015-12-31 37.66 0.00 15.02
2015-09-30 40.59 0.00 18.61
2015-06-30 43.91 0.00 20.40
2015-03-31 43.31 0.00 20.53
2014-12-31 44.45 0.00 22.09
2013-12-31 12.34 5.17 1.03
  • Aqualis has no debt.
  • Aqualis has no debt compared to 5 years ago when it was 41.5%.
  • Aqualis has no debt, it does not need to be covered by operating cash flow.
  • Aqualis has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Aqualis's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Aqualis has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

AQUA Dividends

 What is Aqualis's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
23.98%
Current annual income from Aqualis dividends.
If you bought NOK2,000 of Aqualis shares you are expected to receive NOK480 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Aqualis's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.69%).
  • Aqualis's dividend is above the markets top 25% of dividend payers in Norway (6.14%).
Upcoming dividend payment

Purchase Aqualis on or before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:AQUA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Norway Energy Services Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 3.7%
Norway Market Average Dividend Yield Market Cap Weighted Average of 112 Stocks 4.2%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.8%
Norway Bottom 25% Dividend Yield 25th Percentile 2.7%
Norway Top 25% Dividend Yield 75th Percentile 6.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:AQUA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
OB:AQUA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-28 0.114 24.201
2018-10-25 0.205 42.063
2018-07-20 0.212 38.570

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Aqualis has stable dividend payments.
  • Aqualis only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Aqualis's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Aqualis's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Aqualis afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Aqualis has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

AQUA Management

 What is the CEO of Aqualis's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Wells
COMPENSATION $325,000
CEO Bio

Captain David Wells serves as the Chief Executive Officer and Director of UK of Aqualis ASA. Mr. Wells served as the Head of Marine Consulting and Operations at GL Industrial Services UK Ltd. He served as Chief Executive Officer of Weifa ASA and Aqualis ASA. He has more than 30 years experience in the offshore sector with particular focus on offshore operations, MWS and marine consultancy. Mr. Wells served as Chief Executive Officer of Aqualis Offshore UK Ltd., and Weifa ASA. Mr. Wells served as Regional Managing Director of Middle East region at Noble Denton Holdings Ltd. He was a specialist consultant to the offshore market and served senior Global and Regional Managing Director roles for a major leading global O&G consultancy. His focus during the latter was on Middle East and Africa and Indian sub-continental regions where he managed 7 offices and a multi-cultural staff of some 200 employees.

CEO Compensation
  • David's compensation has been consistent with company performance over the past year.
  • David's remuneration is about average for companies of similar size in Norway.
Management Team

David Wells

TITLE
CEO & Director of UK
COMPENSATION
$325K

Kim Boman

TITLE
Chief Financial Officer
COMPENSATION
$158K
TENURE
3.2 yrs

Reuben Segal

TITLE
CFO & Director
COMPENSATION
$346K

Ian Bonnon

TITLE
Managing Director of Offshore Wind Consultants Ltd
Board of Directors Tenure

Average tenure of the Aqualis board of directors in years:

6.2
Average Tenure
  • The tenure for the Aqualis board of directors is about average.
Board of Directors

Glen Rødland

TITLE
Chairman
COMPENSATION
$24K
AGE
54

Reuben Segal

TITLE
CFO & Director
COMPENSATION
$346K
TENURE
4.7 yrs

Synne Syrrist

TITLE
Director
COMPENSATION
$16K
AGE
46
TENURE
6.2 yrs

Yvonne Sandvold

TITLE
Director
COMPENSATION
$16K
TENURE
6.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
20. Sep 18 Buy Kim Boman Individual 20. Sep 18 20. Sep 18 100,000 NOK4.33 NOK433,000
20. Sep 18 Buy Amish Sanghavi Individual 20. Sep 18 20. Sep 18 100,000 NOK4.33 NOK433,000
11. Sep 18 Buy Stuart Mills Individual 11. Sep 18 11. Sep 18 35,000 NOK4.95 NOK173,320
06. Sep 18 Buy Stuart Mills Individual 06. Sep 18 06. Sep 18 1,230 NOK4.60 NOK5,658
31. Jul 18 Buy Ben Lazenby Individual 31. Jul 18 31. Jul 18 20,108 NOK5.12 NOK102,913
31. Jul 18 Buy Reuben Segal Individual 31. Jul 18 31. Jul 18 26,600 NOK4.83 NOK128,420
26. Jul 18 Buy Reuben Segal Individual 26. Jul 18 26. Jul 18 44,134 NOK4.70 NOK207,562
25. Jul 18 Buy Reuben Segal Individual 25. Jul 18 25. Jul 18 38,567 NOK4.64 NOK179,067
24. Jul 18 Buy Aman Marine Ltd Company 24. Jul 18 24. Jul 18 5,621 NOK4.66 NOK26,183
24. Jul 18 Buy Reuben Segal Individual 24. Jul 18 24. Jul 18 2,661 NOK2.82 NOK7,503
X
Management checks
We assess Aqualis's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Aqualis has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

AQUA News

Simply Wall St News

Evaluating Aqualis ASA’s (OB:AQUA) Investments In Its Business

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Are Aqualis ASA's (OB:AQUA) Interest Costs Too High?

The direct benefit for Aqualis ASA (OB:AQUA), which sports a zero-debt capital structure, to include debt in its capital structure is the reduced cost of capital. … However, the trade-off is AQUA will have to adhere to stricter debt covenants and have less financial flexibility. … Is AQUA growing fast enough to value financial flexibility over lower cost of capital

Simply Wall St -

What Percentage Of Aqualis ASA (OB:AQUA) Shares Do Insiders Own?

Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Aqualis is a smaller company with a market capitalization of øre176m, so it may still be flying under the radar of many institutional investors. … Our analysis of the ownership of the company, below, shows that.

Simply Wall St -

Have Insiders Been Buying Aqualis ASA (OB:AQUA) Shares?

Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. … So shareholders might well want to know whether insiders have been buying or selling shares in Aqualis ASA (OB:AQUA). … In the last twelve months there was more buying than selling by Aqualis insiders

Simply Wall St -

Is Aqualis ASA's (OB:AQUA) Balance Sheet A Threat To Its Future?

However, the trade-off is AQUA will have to follow strict debt obligations which will reduce its financial flexibility. … Zero-debt can alleviate some risk associated with the company meeting debt obligations, but this doesn’t automatically mean AQUA has outstanding financial strength. … Does AQUA's growth rate justify its decision for financial flexibility over lower cost of capital.

Simply Wall St -

How Financially Strong Is Aqualis ASA (OB:AQUA)?

The direct benefit for Aqualis ASA (OB:AQUA), which sports a zero-debt capital structure, to include debt in its capital structure is the reduced cost of capital. … Does AQUA's growth rate justify its decision for financial flexibility over lower cost of capital … Debt capital generally has lower cost of capital compared to equity funding.

Simply Wall St -

Should You Have Aqualis ASA's (OB:AQUA) In Your Portfolio?

If you are looking to invest in Aqualis ASA’s (OB:AQUA), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … AQUA's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … How AQUA's assets could affect its beta An asset-heavy company tends to have a higher beta because the risk associated with running fixed assets during a downturn is highly expensive.

Simply Wall St -

When Will Aqualis ASA (OB:AQUA) Turn A Profit?

Many investors are wondering the rate at which AQUA will turn a profit, with the big question being “when will the company breakeven?” Below I will provide a high-level summary of the industry analysts’ expectations for AQUA. … In order to meet this breakeven date, I calculated the rate at which AQUA must grow year-on-year. … I’ve also put together a list of key aspects you should further examine: Valuation: What is AQUA worth today?

Simply Wall St -

Why Aqualis ASA (OB:AQUA) Could Be A Buy

What’s more interesting is that, Aqualis’s share price is quite stable, which could mean two things: firstly, it may take the share price a while to move to its intrinsic value, and secondly, there may be less chances to buy low in the future once it reaches that value. … With an optimistic outlook on the horizon, it seems like this growth has not yet been fully factored into the share price. … Its prosperous future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy AQUA.

Simply Wall St -

AQUA Company Info

Description

Aqualis ASA, an investment holding company, provides marine and engineering consultancy services to the offshore oil and gas industry worldwide. It offers engineering services, such as concept design, FEED and pre-FEED solutions, basic design, upgrade and modification engineering, and advanced engineering solutions; and analysis and design associated with temporary phases of a marine operation, including vessel ballasting, global and local vessel strength, Vessel/cargo interaction, vessel motions and stability, grillage and seafastening design, design of fendering and installation aids, dynamic lifting and rigging, hydrodynamic analysis, jacket launch and upending, dynamic analysis for floatover installations, towing analysis and design, geotechnical analysis, and production of appropriate documentation. The company also provides marine warranty services comprising document reviews; suitability surveys of offshore marine spreads; approval of towages, heavy lifts, and installations; subsea operations; decommissioning and removal of offshore structures; and acting as marine advisors to oil companies and their contractors. In addition, it offers rig moving support services, such as site specific rig deployment consultancy, pre-contract rig suitability engineering analyses, leg penetration analyses, site specific location approvals, mooring analyses, marine warranty, dry transportation approvals and consultancy, towage approvals, towmaster services, turnkey rig moves, general rig moving consultancy, and training courses. Further, the company provides construction supervision and dynamic positioning services; marine consultancy services to the oil rig and gas, and maritime industries. Additionally, it offers consultancy, jack-up, risk management, project management support, due diligence, engineering, and expert witness services. Aqualis ASA was founded in 2014 and is headquartered in Asker, Norway.

Details
Name: Aqualis ASA
AQUA
Exchange: OB
Founded: 2014
NOK171,710,550
42,293,239
Website: http://www.aqualis.no
Address: Aqualis ASA
Bleikerveien 17,
Asker,
Akershus, 1387,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB AQUA Ordinary Shares Oslo Bors NO NOK 13. Aug 2014
LSE 0QXF Ordinary Shares London Stock Exchange GB NOK 13. Aug 2014
Number of employees
Current staff
Staff numbers
184
Aqualis employees.
Industry
Oil and Gas Equipment and Services
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/19 21:50
End of day share price update: 2019/03/19 00:00
Last estimates confirmation: 2018/02/27
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.