OB:EIOF

Stock Analysis Report

Eidesvik Offshore

Executive Summary

Eidesvik Offshore ASA operates as a shipping company.

Risk Analysis

Earnings have declined by -7.46% per year over past 5 years

Currently unprofitable and not forecast to become profitable over the next 3 years

Shareholders have been diluted in the past year

Does not have a meaningful market cap (NOK359M)



Snowflake Analysis

Mediocre balance sheet and overvalued.


Similar Companies

Share Price & News

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


Latest Share Price and Events

Stable Share Price: EIOF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

2.9%

EIOF

-2.1%

NO Energy Services

0.9%

NO Market


1 Year Return

22.6%

EIOF

-11.8%

NO Energy Services

4.9%

NO Market

Return vs Industry: EIOF exceeded the Norwegian Energy Services industry which returned -10.6% over the past year.

Return vs Market: EIOF exceeded the Norwegian Market which returned 4.5% over the past year.


Shareholder returns

EIOFIndustryMarket
7 Day2.9%-2.1%0.9%
30 Day19.0%-2.9%1.6%
90 Day5.9%2.2%4.6%
1 Year22.6%22.6%-9.9%-11.8%10.6%4.9%
3 Year-3.0%-3.0%-14.8%-20.3%31.9%15.5%
5 Year-71.1%-71.1%-23.2%-47.7%64.4%27.0%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

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

0.27x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: EIOF (NOK5.78) is trading above our estimate of fair value (NOK1.8)

Significantly Below Fair Value: EIOF is trading above our estimate of fair value.


Price To Earnings Ratio

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

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


Price to Book Ratio

PB vs Industry: EIOF is good value based on its PB Ratio (0.3x) compared to the NO Energy Services industry average (0.7x).


Next Steps

Future Growth

How is Eidesvik Offshore forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

45.2%

Forecasted Energy 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 Eidesvik Offshore 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 Eidesvik Offshore performed over the past 5 years?

-7.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EIOF is currently unprofitable.

Growing Profit Margin: EIOF is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: EIOF is unprofitable, and losses have increased over the past 5 years at a rate of -7.5% per year.

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

Earnings vs Industry: EIOF is unprofitable, making it difficult to compare its past year earnings growth to the Energy Services industry (38.8%).


Return on Equity

High ROE: EIOF has a negative Return on Equity (-15.32%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Eidesvik Offshore's financial position?


Financial Position Analysis

Short Term Liabilities: EIOF's short term assets (NOK981.1M) exceed its short term liabilities (NOK223.4M).

Long Term Liabilities: EIOF's short term assets (NOK981.1M) do not cover its long term liabilities (NOK2.5B).


Debt to Equity History and Analysis

Debt Level: EIOF's debt to equity ratio (192.3%) is considered high.

Reducing Debt: EIOF's debt to equity ratio has increased from 121.9% to 192.3% over the past 5 years.


Balance Sheet

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

Debt Coverage by Assets: EIOF's debt is not covered by short term assets (assets are 0.4x 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 EIOF has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: EIOF is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -74.2% per year.


Next Steps

Dividend

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


Dividend Yield vs Market

company0%marketbottom25%2.3%markettop25%5.5%industryaverage4.3%forecastin3Yearsn/a

Current dividend yield vs market & industry

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

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


Stability and Growth of Payments

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

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


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of EIOF'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 Eidesvik Offshore's salary, the management and board of directors tenure and is there insider trading?

1.1yrs

Average board tenure


CEO

Jan Meling 0

0yrs

Tenure

kr2,092,645

Compensation

Mr. Jan Fredrik Meling serves as the Chief Executive Officer and President of Eidesvik Offshore ASA and served as its Managing Director and Director. 


Board Age and Tenure

1.1yrs

Average Tenure

Experienced Board: EIOF's board of directors are not considered experienced ( 1.1 years average tenure), which suggests a new board.


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

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 22.5%.


Management Team

  • Jan Meling

    President & CEO

    • Compensation: kr2.09m
  • Jan Lodden

    Executive VP & COO

    • Tenure: 2.7yrs
    • Compensation: kr1.19m
  • Erling Lodden

    Vice President of Human Recources

    • Tore Byberg (40yo)

      Chief Financial Officer

      • Tenure: 0.9yrs
    • Petter Lønning

      Chief Engineer & Employee representative Director

      • Tenure: 0.5yrs

    Board Members

    • Synne Syrrist (47yo)

      Director

      • Kolbein Rege

        Chairman of the Board

        • Borgny Eidesvik

          Director

          • Lars Eidesvik

            Director

            • John Stangeland

              Director

              • Tenure: 3.3yrs
            • Lauritz Eidesvik

              Director

              • Tenure: 1.7yrs
            • Kristine Skeie

              Director

              • Tenure: 1.7yrs
            • Petter Lønning

              Chief Engineer & Employee representative Director

              • Tenure: 0.5yrs
            • Børre Lindanger

              Alternate Director

              • Tenure: 0.5yrs
            • Tore Hettervik

              Alternate Director

              • Tenure: 0.5yrs

            Company Information

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


            Key Information

            • Name: Eidesvik Offshore ASA
            • Ticker: EIOF
            • Exchange: OB
            • Founded:
            • Industry: Oil and Gas Equipment and Services
            • Sector: Energy
            • Market Cap: kr357.984m
            • Shares outstanding: 62.15m
            • Website: https://www.eidesvik.no

            Number of Employees


            Location

            • Eidesvik Offshore ASA
            • Vestvikveien 1
            • Bømlo
            • Hordaland
            • 5443
            • Norway

            Listings

            TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
            EIOFOB (Oslo Bors)YesOrdinary SharesNONOKApr 2005
            E1VMUN (Boerse Muenchen)YesOrdinary SharesDEEURApr 2005
            0E9OLSE (London Stock Exchange)YesOrdinary SharesGBNOKApr 2005
            EIOFOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKApr 2005

            Biography

            Eidesvik Offshore ASA operates as a shipping company. It operates through Seismic, Subsea/Offshore Wind, Platform Supply, and Other segments. The company delivers shipping services to customers who produce seismic data; subsea inspection, maintenance, and construction services for subsea work in the oil industry; and shipping services to the renewable market, as well as to the offshore oil industry. It operates 6 large supply and 1 smaller supply vessels; a fleet of 11 vessels related to seismic; and a fleet of 4 subsea ships worldwide. The company is headquartered in Bømlo, Norway. Eidesvik Offshore ASA is a subsidiary of Eidesvik Invest AS. 


            Company Analysis and Financial Data Status

            All financial data provided by Standard & Poor's Capital IQ.
            DataLast Updated (UTC time)
            Company Analysis2020/01/23 20:53
            End of Day Share Price2020/01/23 00:00
            Earnings2019/09/30
            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.