Loading...

Belships

OB:BEL
Snowflake Description

Undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BEL
OB
NOK1B
Market Cap
  1. Home
  2. NO
  3. Transportation
Company description

Belships ASA owns and operates dry bulk ships worldwide. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
  • Belships has significant price volatility in the past 3 months.
BEL Share Price and Events
7 Day Returns
-5.5%
OB:BEL
-1.9%
NO Shipping
-1.4%
NO Market
1 Year Returns
11.1%
OB:BEL
-27.8%
NO Shipping
-9.6%
NO Market
BEL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Belships (BEL) -5.5% -24.1% -13.8% 11.1% 137.2% 9.1%
NO Shipping -1.9% -10.4% -11.2% -27.8% 3.2% -42.7%
NO Market -1.4% -3.8% -7.9% -9.6% 28.1% 7.3%
1 Year Return vs Industry and Market
  • BEL outperformed the Shipping industry which returned -27.8% over the past year.
  • BEL outperformed the Market in Norway which returned -9.6% over the past year.
Price Volatility
BEL
Industry
5yr Volatility vs Market

Value

 Is Belships 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 Belships 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

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

OB:BEL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.2%
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:BEL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Shipping Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.693 (1 + (1- 23%) (129.18%))
1.256
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.26
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (1.256 * 5.96%)
9.24%

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

The calculations below outline how an intrinsic value for Belships 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:BEL DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.24%)
2019 26.00 Analyst x1 23.80
2020 31.00 Analyst x1 25.98
2021 34.96 Est @ 12.78% 26.82
2022 38.28 Est @ 9.48% 26.88
2023 41.02 Est @ 7.16% 26.36
2024 43.29 Est @ 5.54% 25.47
2025 45.20 Est @ 4.41% 24.34
2026 46.83 Est @ 3.61% 23.09
2027 48.26 Est @ 3.06% 21.78
2028 49.55 Est @ 2.67% 20.47
Present value of next 10 years cash flows $244.98
OB:BEL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $49.55 × (1 + 1.76%) ÷ (9.24% – 1.76%)
$673.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $673.83 ÷ (1 + 9.24%)10
$278.37
OB:BEL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $244.98 + $278.37
$523.35
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $523.35 / 193.05
$2.71
OB:BEL Discount to Share Price
Calculation Result
Exchange Rate USD/NOK
(Reporting currency to currency of OB:BEL)
8.735
Value per Share
(NOK)
= Value per Share in USD x Exchange Rate (USD/NOK)
= $2.71 x 8.735
NOK23.68
Value per share (NOK) From above. NOK23.68
Current discount Discount to share price of NOK6.00
= -1 x (NOK6.00 - NOK23.68) / NOK23.68
74.7%

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

Current Discount
Amount off the current price Belships is available for.
Intrinsic value
>50%
Share price is NOK6 vs Future cash flow value of NOK23.68
Current Discount Checks
For Belships to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Belships's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Belships'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 Belships's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Belships's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:BEL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.16
OB:BEL Share Price ** OB (2019-06-18) in NOK NOK6
OB:BEL Share Price converted to USD reporting currency Exchange rate (NOK/ USD) 0.114 $0.69
Norway Shipping Industry PE Ratio Median Figure of 10 Publicly-Listed Shipping Companies 10.37x
Norway Market PE Ratio Median Figure of 135 Publicly-Listed Companies 13.36x

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

** Primary Listing of Belships.

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

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

= 0.69 ÷ 0.16

4.36x

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

  • Belships is good value based on earnings compared to the NO Shipping industry average.
  • Belships is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Belships's expected growth come at a high price?
Raw Data
OB:BEL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.36x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
13.8%per year
Norway Shipping Industry PEG Ratio Median Figure of 7 Publicly-Listed Shipping Companies 0.51x
Norway Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.85x

*Line of best fit is calculated by linear regression .

OB:BEL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.36x ÷ 13.8%

0.32x

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

  • Belships is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Belships's assets?
Raw Data
OB:BEL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.70
OB:BEL Share Price * OB (2019-06-18) in NOK NOK6
OB:BEL Share Price converted to USD reporting currency Exchange rate (NOK/ USD) 0.114 $0.69
Norway Shipping Industry PB Ratio Median Figure of 15 Publicly-Listed Shipping Companies 0.55x
Norway Market PB Ratio Median Figure of 215 Publicly-Listed Companies 1.07x
OB:BEL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.69 ÷ 0.70

0.98x

* Primary Listing of Belships.

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

  • Belships is overvalued based on assets compared to the NO Shipping industry average.
X
Value checks
We assess Belships'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 Shipping 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 Shipping industry average (and greater than 0)? (1 check)
  5. Belships 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.

Future Performance

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

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
13.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Belships expected to grow at an attractive rate?
  • Belships's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Belships's earnings growth is positive but not above the Norway market average.
  • Unable to compare Belships's revenue growth to the Norway market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OB:BEL Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:BEL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 13.8%
Norway Shipping Industry Earnings Growth Rate Market Cap Weighted Average 40.5%
Norway Shipping Industry Revenue Growth Rate Market Cap Weighted Average 5.3%
Norway Market Earnings Growth Rate Market Cap Weighted Average 14%
Norway Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*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:BEL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:BEL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 31 25
2019-12-31 73 26 20 1
OB:BEL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 132 17 20
2018-12-31 122 13 18
2018-09-30 134 9 13
2018-06-30 132 9 14
2018-03-31 131 9 14
2017-12-31 117 8 15
2017-09-30 26 7 4
2017-06-30 26 6 3
2017-03-31 26 5 3
2016-12-31 25 6 -15
2016-09-30 25 5 -36
2016-06-30 24 6 -40

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Belships's earnings are expected to grow by 13.8% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Belships 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:BEL 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 1 Analyst Estimates (S&P Global) See Below

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

OB:BEL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.10 0.10 0.10 1.00
2019-12-31 0.10 0.10 0.10 1.00
OB:BEL Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.16
2018-12-31 0.19
2018-09-30 0.28
2018-06-30 0.31
2018-03-31 0.30
2017-12-31 0.32
2017-09-30 0.09
2017-06-30 0.06
2017-03-31 0.06
2016-12-31 -0.31
2016-09-30 -0.77
2016-06-30 -0.86

*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 Belships will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Belships'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.
Belships has a total score of 1/6, 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.

Past Performance

  How has Belships 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 Belships's growth in the last year to its industry (Shipping).
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.
  • Belships has delivered over 20% year on year earnings growth in the past 5 years.
  • Belships's 1-year earnings growth is less than its 5-year average (40.3% vs 40.6%)
  • Belships's earnings growth has exceeded the NO Shipping industry average in the past year (40.3% vs 28%).
Earnings and Revenue History
Belships'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 Belships Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:BEL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 132.48 19.97 4.07
2018-12-31 121.90 18.17 3.33
2018-09-30 134.10 13.33 4.19
2018-06-30 132.49 14.40 3.80
2018-03-31 130.64 14.23 3.72
2017-12-31 116.76 14.95 2.98
2017-09-30 26.35 4.25 0.79
2017-06-30 26.11 2.93 0.85
2017-03-31 26.03 2.58 0.88
2016-12-31 25.42 -14.65 0.87
2016-09-30 24.71 -35.83 0.68
2016-06-30 23.74 -40.34 0.75
2016-03-31 22.98 -44.72 0.74
2015-12-31 21.98 -30.26 0.77
2015-09-30 21.57 -9.82 0.25
2015-06-30 21.38 -8.26 0.27
2015-03-31 21.01 -3.99 0.91
2014-12-31 22.08 -1.68 1.07
2014-09-30 23.28 -1.40 1.46
2014-06-30 24.55 -0.78 1.55
2014-03-31 25.72 -0.39 0.31
2013-12-31 25.97 -0.21 1.14
2013-09-30 24.84 -1.63 2.10
2013-06-30 23.87 0.65 3.08
2013-03-31 22.96 0.20 4.67
2012-12-31 22.03 -1.74 2.38
2012-09-30 22.28 -1.28 -0.44
2012-06-30 22.47 -1.30 -0.20

*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.
  • Belships has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Belships used its assets more efficiently than the NO Shipping industry average last year based on Return on Assets.
  • Belships's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Belships'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 Shipping 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.
Belships has a total score of 3/6, 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.

Health

 How is Belships'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 Belships's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Belships's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Belships's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Belships'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
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 Belships Company Filings, last reported 2 months ago.

OB:BEL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 126.35 171.30 34.74
2018-12-31 123.78 147.79 31.93
2018-09-30 29.35 65.62 5.28
2018-06-30 28.83 67.35 5.40
2018-03-31 28.52 69.06 5.40
2017-12-31 44.08 66.00 14.67
2017-09-30 23.15 75.61 7.87
2017-06-30 21.64 77.39 7.39
2017-03-31 20.91 79.04 7.74
2016-12-31 20.14 80.80 4.72
2016-09-30 19.01 82.97 8.35
2016-06-30 18.66 84.87 8.56
2016-03-31 18.37 86.46 11.42
2015-12-31 34.83 63.87 6.00
2015-09-30 54.84 45.26 9.78
2015-06-30 59.01 43.75 6.85
2015-03-31 63.08 44.95 6.09
2014-12-31 65.05 46.17 8.06
2014-09-30 64.78 47.39 7.78
2014-06-30 67.39 48.77 11.08
2014-03-31 67.25 50.15 16.69
2013-12-31 66.96 48.41 14.28
2013-09-30 66.27 49.73 13.28
2013-06-30 53.99 55.57 11.30
2013-03-31 53.38 56.97 10.11
2012-12-31 52.79 59.51 10.20
2012-09-30 53.29 60.15 10.43
2012-06-30 53.01 65.15 14.68
  • Belships's level of debt (133.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (74.5% vs 133.1% today).
  • Debt is not well covered by operating cash flow (10.3%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Belships'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. Belships has a total score of 0/6, 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.

Dividends

 What is Belships'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
1.66%
Current annual income from Belships dividends.
If you bought NOK2,000 of Belships shares you are expected to receive NOK33 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?
  • Belships's pays a lower dividend yield than the bottom 25% of dividend payers in Norway (2.64%).
  • Belships's dividend is below the markets top 25% of dividend payers in Norway (6.5%).
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:BEL 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 1 Analyst Estimates (S&P Global) See Below
Norway Shipping Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 3.8%
Norway Market Average Dividend Yield Market Cap Weighted Average of 110 Stocks 4.6%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.9%
Norway Bottom 25% Dividend Yield 25th Percentile 2.6%
Norway Top 25% Dividend Yield 75th Percentile 6.5%

Industry and Market average data is calculated daily.

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

OB:BEL Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
OB:BEL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-03-26 0.011 1.819
2016-02-11 0.000 0.000
2015-10-23 0.000 0.000
2015-08-21 0.000 0.000
2015-05-07 0.000 0.000
2015-04-14 0.000 0.000
2015-02-12 0.000 0.000
2014-04-10 0.006 1.001
2014-02-13 0.008 0.831
2009-09-30 0.000 0.000

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

  • Belships is not paying a notable dividend for Norway, therefore no need to check if the payments are stable.
  • Belships is not paying a notable dividend for Norway, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Belships's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Belships's dividends as it is not paying a notable one for Norway.
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 Belships's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - 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 Belships afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Belships has a total score of 0/6, see the detailed checks below.


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

Management

 What is the CEO of Belships'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
Lars Skarsgård
AGE 37
TENURE AS CEO 0.3 years
CEO Bio

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

CEO Compensation
  • Insufficient data for Lars to compare compensation growth.
  • Insufficient data for Lars to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team

Osvald Fossholm

TITLE
Chief Financial Officer
AGE
56

Stein Runsbech

TITLE
Commercial Director
AGE
62

Lars Skarsgård

TITLE
Chief Executive Officer
AGE
37
TENURE
0.3 yrs

Tanya Sebastian

TITLE
Accounting Officer

Jøel Baardson

TITLE
Managing Director of Elkem Chartering AS

Unni Hallen

TITLE
Secretary

Joel Hua

TITLE
Managing Director of Belships Management (Singapore) Pte Ltd

Jo von Koss

TITLE
Advisor to the Board
COMPENSATION
$1M
Board of Directors

Peter Frølich

TITLE
Chairman of the Board

Birthe Lepsøe

TITLE
Director
AGE
47

Sverre Tidemand

TITLE
Director
AGE
68

Sissel Grefsrud

TITLE
Director
AGE
55

Carl Steen

TITLE
Director
AGE
67

Jorunn Seglem

TITLE
Director

Frode Teigen

TITLE
Director
AGE
56
Who owns this company?
Recent Insider Trading
  • Belships insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
13. Jun 19 Buy Carl Steen Individual 13. Jun 19 13. Jun 19 30,000 NOK6.00 NOK180,000
31. May 19 Buy Skarsgård Christian Individual 31. May 19 31. May 19 15,100 NOK6.69 NOK101,019
12. Apr 19 Sell Carl Steen Individual 12. Apr 19 12. Apr 19 -220,000 NOK7.00 NOK-1,539,999
X
Management checks
We assess Belships'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. Belships 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.

News

Simply Wall St News

Should Belships ASA’s (OB:BEL) Weak Investment Returns Worry You?

To be precise, we'll consider its Return On Capital Employed (ROCE), as that will inform our view of the quality of the business. … Understanding Return On Capital Employed (ROCE). … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

A Closer Look At Belships ASA's (OB:BEL) Impressive ROE

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Another way to think of that is that for every NOK1 worth of equity in the company, it was able to earn NOK0.23. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Do You Get For Owning Belships ASA (OB:BEL)?

and want a simplistic look at the return on Belships ASA (OB:BEL) stock. … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Thus, to understand how your money can grow by investing in Belships, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Can Belships ASA's (OB:BEL) ROE Continue To Surpass The Industry Average?

and want to begin learning the link between company’s fundamentals and stock market performance. … Belships ASA (OB:BEL) delivered an ROE of 27.15% over the past 12 months, which is an impressive feat relative to its industry average of 9.45% during the same period. … However, whether this above-industry ROE is actually impressive depends on if it can be maintained.

Simply Wall St -

Should Belships ASA's (OB:BEL) Recent Earnings Worry You?

When Belships ASA (OB:BEL) announced its most recent earnings (31 March 2018), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … Being able to interpret how well Belships has done so far requires weighing its performance against a benchmark, rather than looking at a standalone number at a point in time. … BEL recently turned a profit of US$7.67m (most recent trailing twelve-months) compared to its average loss of -US$6.58m over the past five years

Simply Wall St -

Have Investors Priced In Belships ASA's (OB:BEL) Growth?

Looking at Belships ASA’s (OB:BEL) fundamentals some investors are wondering if its last closing price of NOK5.32 represents a good value for money for this high growth stock. … See our latest analysis for Belships? … Belships's extremely high growth potential in the near future is attracting investors

Simply Wall St -

Belships ASA (OB:BEL): The Best Of Both Worlds

Belships ASA (OB:BEL) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

How Belships ASA (OB:BEL) Can Impact Your Portfolio Volatility

A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … How BEL'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. … BEL's fixed assets to total assets ratio of higher than 30% shows that the company uses up a big chunk of its capital on assets that are hard to scale up or down in short notice.

Simply Wall St -

With An ROE Of 27.15%, Has Belships ASA's (OB:BEL) Management Done Well?

Return on Equity = Net Profit ÷ Shareholders Equity ROE is assessed against cost of equity, which is measured using the Capital Asset Pricing Model (CAPM) – but let’s not dive into the details of that today. … ROE can be dissected into three distinct ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity OB:BEL Last Perf May 16th 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.

Simply Wall St -

Is Belships ASA's (OB:BEL) PE Ratio A Signal To Buy For Investors?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for BEL Price per share = $0.63 Earnings per share = $0.164 ∴ Price-Earnings Ratio = $0.63 ÷ $0.164 = 3.9x The P/E ratio isn’t a metric you view in isolation and only becomes useful when you compare it against other similar companies. … Since BEL's P/E of 3.9x is lower than its industry peers (10.7x), it means that investors are paying less than they should for each dollar of BEL's earnings.

Simply Wall St -

Company Info

Description

Belships ASA owns and operates dry bulk ships worldwide. It operates through Dry Bulk and Technical Management segments. The company operates a fleet of 15 ships. It also provides commercial management and ship management services. The company was founded in 1918 and is headquartered in Oslo, Norway.

Details
Name: Belships ASA
BEL
Exchange: OB
Founded: 1918
NOK1,158,316,980
193,052,830
Website: http://www.belships.com
Address: Belships ASA
Lilleakerveien 4,
Box 23,
Oslo,
Oslo, 0216,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB BEL Ordinary Shares Oslo Bors NO NOK 02. Jan 1992
BATS-CHIXE BELO Ordinary Shares BATS 'Chi-X Europe' GB NOK 02. Jan 1992
Number of employees
Current staff
Staff numbers
440
Belships employees.
Industry
Marine
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 20:40
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/05/06
Last earnings filing: 2019/05/23
Last earnings reported: 2019/03/31
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.