OB:BEL

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Belships ASA owns and operates dry bulk ships worldwide. More Details


Snowflake Analysis

Reasonable growth potential and slightly overvalued.

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

0%

BEL

2.1%

NO Shipping

-1.6%

NO Market


1 Year Return

-17.4%

BEL

-15.9%

NO Shipping

-8.6%

NO Market

Return vs Industry: BEL matched the Norwegian Shipping industry which returned -17.2% over the past year.

Return vs Market: BEL underperformed the Norwegian Market which returned -10.3% over the past year.


Shareholder returns

BELIndustryMarket
7 Day0%2.1%-1.6%
30 Day-0.8%7.4%0.5%
90 Day-9.8%11.6%1.7%
1 Year-17.4%-17.4%-8.5%-15.9%-5.5%-8.6%
3 Year25.0%21.7%-29.2%-40.4%0.08%-10.8%
5 Year126.4%120.4%-13.8%-23.8%43.8%14.7%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is Belships 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: BEL (NOK5.95) is trading below our estimate of fair value (NOK20.77)

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


Price To Earnings Ratio

PE vs Industry: BEL is unprofitable, so we can't compare its PE Ratio to the NO Shipping industry average.

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


Price to Book Ratio

PB vs Industry: BEL is overvalued based on its PB Ratio (1x) compared to the NO Shipping industry average (0.6x).


Next Steps

Future Growth

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

83.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEL is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).

Earnings vs Market: BEL is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BEL's is expected to become profitable in the next 3 years.

Revenue vs Market: BEL's revenue (12.4% per year) is forecast to grow faster than the Norwegian market (5.7% per year).

High Growth Revenue: BEL's revenue (12.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BEL's Return on Equity is forecast to be low in 3 years time (12%).


Next Steps

Past Performance

How has Belships performed over the past 5 years?

50.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BEL is currently unprofitable.

Growing Profit Margin: BEL is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: BEL is unprofitable, but has reduced losses over the past 5 years at a rate of 50.7% per year.

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

Earnings vs Industry: BEL is unprofitable, making it difficult to compare its past year earnings growth to the Shipping industry (-13.1%).


Return on Equity

High ROE: BEL has a negative Return on Equity (-7.83%), as it is currently unprofitable.


Next Steps

Financial Health

How is Belships's financial position?


Financial Position Analysis

Short Term Liabilities: BEL's short term assets ($48.3M) exceed its short term liabilities ($35.4M).

Long Term Liabilities: BEL's short term assets ($48.3M) do not cover its long term liabilities ($268.8M).


Debt to Equity History and Analysis

Debt Level: BEL's debt to equity ratio (93.7%) is considered high.

Reducing Debt: BEL's debt to equity ratio has increased from 74.3% to 93.7% 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: Insufficient data to determine if BEL has enough cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if BEL has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


Next Steps

Dividend

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

0.67%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BEL's dividend (0.67%) isn’t notable compared to the bottom 25% of dividend payers in the Norwegian market (2.49%).

High Dividend: BEL's dividend (0.67%) is low compared to the top 25% of dividend payers in the Norwegian market (6.65%).


Stability and Growth of Payments

Stable Dividend: BEL is not paying a notable dividend for the Norwegian market, therefore no need to check if payments are stable.

Growing Dividend: BEL is not paying a notable dividend for the Norwegian market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BEL'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?


CEO

Lars Skarsgård (39 yo)

1.58yrs

Tenure

Mr. Lars Christian Skarsgård has been Chief Executive Officer of Belships ASA since March 15, 2019. Mr. Skarsgård serves as a Director of Fearnleys AS.


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 diluted in the past year, with total shares outstanding growing by 7.5%.


Top Shareholders

Company Information

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


Key Information

  • Name: Belships ASA
  • Ticker: BEL
  • Exchange: OB
  • Founded: 1918
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: kr1.320b
  • Shares outstanding: 227.63m
  • Website: https://www.belships.com

Number of Employees


Location

  • Belships ASA
  • Lilleakerveien 4
  • Box 23
  • Oslo
  • Oslo
  • 216
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BELOB (Oslo Bors)YesOrdinary SharesNONOKJan 1992
0DQBLSE (London Stock Exchange)YesOrdinary SharesGBNOKJan 1992
BELOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKJan 1992

Biography

Belships ASA owns and operates dry bulk ships worldwide. It operates through Dry Bulk and Technical Management segments. The company operates a fleet of 18 ships. It also provides commercial management and ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/23 20:47
End of Day Share Price2020/10/23 00:00
Earnings2020/06/30
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.