OB:BEL

Stock Analysis Report

Executive Summary

Belships ASA owns and operates dry bulk ships worldwide.


Snowflake Analysis

Good value with reasonable growth potential.

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

2.3%

BEL

0.3%

NO Shipping

0.2%

NO Market


1 Year Return

37.5%

BEL

-2.1%

NO Shipping

-0.7%

NO Market

Return vs Industry: BEL exceeded the Norwegian Shipping industry which returned -2.1% over the past year.

Return vs Market: BEL exceeded the Norwegian Market which returned -0.7% over the past year.


Shareholder returns

BELIndustryMarket
7 Day2.3%0.3%0.2%
30 Day-6.4%-3.4%-1.3%
90 Day-8.3%4.2%1.7%
1 Year38.5%37.5%1.3%-2.1%4.5%-0.7%
3 Year61.8%57.5%-12.8%-19.2%33.3%16.6%
5 Year78.9%74.1%-1.3%-14.1%58.2%24.1%

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 (NOK6.6) is trading below our estimate of fair value (NOK24.36)

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


Price To Earnings Ratio

PE vs Industry: BEL is poor value based on its PE Ratio (23.7x) compared to the Shipping industry average (11.9x).

PE vs Market: BEL is poor value based on its PE Ratio (23.7x) compared to the Norwegian market (15.3x).


Price to Earnings Growth Ratio

PEG Ratio: BEL is good value based on its PEG Ratio (0.6x)


Price to Book Ratio

PB vs Industry: BEL is good value based on its PB Ratio (0.6x) 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?

39.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEL's forecast earnings growth (39.8% per year) is above the savings rate (0.7%).

Earnings vs Market: BEL's earnings (39.8% per year) are forecast to grow faster than the Norwegian market (18.7% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BEL's revenue (8.5% per year) is forecast to grow faster than the Norwegian market (3.3% per year).

High Growth Revenue: BEL's revenue (8.5% 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 (14.7%).


Next Steps

Past Performance

How has Belships performed over the past 5 years?

54.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BEL has a large one-off gain of $4.4M impacting its December 31 2019 financial results.

Growing Profit Margin: BEL's current net profit margins (2.7%) are lower than last year (14.9%).


Past Earnings Growth Analysis

Earnings Trend: BEL has become profitable over the past 5 years, growing earnings by 54.7% per year.

Accelerating Growth: BEL's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BEL had negative earnings growth (-80.8%) over the past year, making it difficult to compare to the Shipping industry average (-13.5%).


Return on Equity

High ROE: BEL's Return on Equity (3.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Belships's financial position?


Financial Position Analysis

Short Term Liabilities: BEL's short term assets ($64.8M) exceed its short term liabilities ($36.4M).

Long Term Liabilities: BEL's short term assets ($64.8M) do not cover its long term liabilities ($205.4M).


Debt to Equity History and Analysis

Debt Level: BEL's debt to equity ratio (87.5%) is considered high.

Reducing Debt: BEL's debt to equity ratio has increased from 71% to 87.5% over the past 5 years.


Balance Sheet

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

Debt Coverage by Assets: BEL's debt is not covered by short term assets (assets are 0.5x 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: BEL is profitable, therefore cash runway is not a concern.

Forecast Cash Runway: BEL is profitable, therefore cash runway is not a concern.


Next Steps

Dividend

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

0.75%

Current Dividend Yield


Dividend Yield vs Market

company0.8%marketbottom25%2.8%markettop25%6.2%industryaverage4.0%forecastin3Years2.8%

Current dividend yield vs market & industry

Notable Dividend: BEL's dividend (0.75%) isn’t notable compared to the bottom 25% of dividend payers in the Norwegian market (2.83%).

High Dividend: BEL's dividend (0.75%) is low compared to the top 25% of dividend payers in the Norwegian market (6.18%).


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 (38yo)

0.9yrs

Tenure

0

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. 


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.


Recent Insider Transactions

Ownership Breakdown

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


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: kr1.397b
  • Shares outstanding: 211.68m
  • 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 15 ships. It also provides commercial management and ship management services. The company was founded in 1918 and is headquartered in Oslo, Norway. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/22 20:52
End of Day Share Price2020/02/21 00:00
Earnings2019/12/31
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.