OB:DOF

Stock Analysis Report

Executive Summary

DOF ASA, together with its subsidiaries, owns and operates a fleet of offshore vessels worldwide.

Snowflake

Fundamentals

Fair value with imperfect balance sheet.


Similar Companies

Share Price & News

How has DOF's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-5.2%

DOF

3.4%

NO Energy Services

1.6%

NO Market


1 Year Return

-84.1%

DOF

-25.8%

NO Energy Services

-4.1%

NO Market

Return vs Industry: DOF underperformed the Norwegian Energy Services industry which returned -25.8% over the past year.

Return vs Market: DOF underperformed the Norwegian Market which returned -4.1% over the past year.


Shareholder returns

DOFIndustryMarket
7 Day-5.2%3.4%1.6%
30 Day-32.7%-2.7%-1.8%
90 Day-73.5%-4.9%1.8%
1 Year-84.1%-84.1%-24.6%-25.8%0.9%-4.1%
3 Year-88.9%-88.9%1.5%-5.5%40.1%21.8%
5 Year-99.4%-99.5%-30.2%-51.9%59.6%22.9%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is DOF undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DOF (NOK0.99) is trading below our estimate of fair value (NOK15.85)

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


Price To Earnings Ratio

PE vs Industry: DOF is unprofitable, so we can't compare its PE Ratio to the Energy Services industry average.

PE vs Market: DOF 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 DOF's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: DOF is good value based on its PB Ratio (0.1x) compared to the NO Energy Services industry average (0.6x).


Next Steps

Future Growth

How is DOF forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

101.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: DOF is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: DOF is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: DOF is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: DOF's revenue (14.5% per year) is forecast to grow faster than the Norwegian market (4.6% per year).

High Growth Revenue: DOF's revenue (14.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: DOF's Return on Equity is forecast to be low in 3 years time (12.9%).


Next Steps

Past Performance

How has DOF performed over the past 5 years?

-51.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: DOF is unprofitable, and losses have increased over the past 5 years at a rate of -51% per year.

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

Earnings vs Industry: DOF is unprofitable, making it difficult to compare its past year earnings growth to the Energy Services industry (5%).


Return on Equity

High ROE: DOF has a negative Return on Equity (-22.77%), as it is currently unprofitable.


Return on Assets

ROA vs Industry: DOF is currently unprofitable, so its Return on Assets is negative.


Return on Capital Employed

ROCE Improving: DOF is currently unprofitable, so its Return on Capital Employed is negative.


Next Steps

Financial Health

How is DOF's financial position?


Financial Position Analysis

Short Term Liabilities: DOF's short term assets (NOK3.2B) do not cover its short term liabilities (NOK5.7B)

Long Term Liabilities: DOF's short term assets (3.2B) do not cover its long term liabilities (14.7B)


Debt to Equity History and Analysis

Debt Level: DOF's debt to equity ratio (327.6%) is considered high

Reducing Debt: DOF's debt to equity ratio has increased from 304.6% to 327.6% over the past 5 years.


Balance Sheet

Inventory Level: DOF has a high level of physical assets or inventory.

Debt Coverage by Assets: DOF's debt is not covered by short term assets (assets are 0.2x debt).


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: Whilst unprofitable DOF has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: DOF is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 33.7% per year.


Next Steps

Dividend

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


Dividend Yield vs Market

company0%marketbottom25%2.6%markettop25%6.3%industryaverage4.5%forecastin3Years0%

Current dividend yield vs market & industry


Stability and Growth of Payments

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

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

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

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


Current Payout to Shareholders

Dividend Coverage: DOF is not paying a notable dividend for the Norwegian market.


Future Payout to Shareholders

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


Next Steps

Management

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

kr8m

CEO Compensation


CEO

Mons Aase (53yo)

14.8yrs

Tenure

kr7,962,000

Compensation

Mr. Mons Svendal Aase has been the Chief Executive Officer of DOF Subsea AS since 2005 and has been a part of Management team since 1998 and served as its Managing Director since January 1, 2005. He has va ...


CEO Compensation Analysis

Compensation vs. Market: Mons's total compensation ($USD870.17K) is about average for companies of similar size in the Norwegian market ($USD332.13K).

Compensation vs Earnings: Mons's compensation has increased whilst the company is unprofitable.


Insider Trading

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


Ownership Breakdown


Management Team

  • Mons Aase (53yo)

    Chief Executive Officer

    • Tenure: 14.8yrs
    • Compensation: kr7.96m
  • Hilde Drønen (58yo)

    Chief Financial Officer

    • Tenure: 0yrs
    • Compensation: kr4.66m
  • Gary Kennedy

    Chief Executive Officer of Norskan Offshore Ltd

    • Tenure: 0yrs
  • Sigbjørn Stangeland

    Chief Operating Officer of Marine

    • Tenure: 1.8yrs

Board Members

  • Kathryn Baker (55yo)

    Director

    • Tenure: 3.3yrs
  • Helge Møgster (66yo)

    Chairman of the Board

    • Tenure: 0yrs
    • Compensation: kr150.00k
  • Helge Singelstad (56yo)

    Deputy Chairman

    • Tenure: 0yrs
  • Marianne Møgster (45yo)

    Director

    • Tenure: 3.3yrs

Company Information

DOF ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: DOF ASA
  • Ticker: DOF
  • Exchange: OB
  • Founded: 1981
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Market Cap: kr297.879m
  • Shares outstanding: 300.89m
  • Website: https://www.dof.no

Number of Employees


Location

  • DOF ASA
  • Alfabygget
  • Storebø
  • Hordaland
  • 5392
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
DOFOB (Oslo Bors)YesOrdinary SharesNONOKOct 2000
0HMMLSE (London Stock Exchange)YesOrdinary SharesGBNOKOct 2000
4D6DB (Deutsche Boerse AG)YesOrdinary SharesDEEUROct 2000
DOFOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKOct 2000

Biography

DOF ASA, together with its subsidiaries, owns and operates a fleet of offshore vessels worldwide. The company operates through three segments: Platform Supply Vessel (PSV), Anchor Handling Tug Supply Vesse ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 20:34
End of Day Share Price2019/10/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.