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BELC

BelshipsOB:BELCO Stock Report

Market Cap

kr3.5b

7D

-8.7%

1Y

132.2%

Updated

24 Sep, 2021

Data

Company Financials +
BELCO fundamental analysis
Snowflake Score
Valuation2/6
Future Growth2/6
Past Performance3/6
Financial Health3/6
Dividends3/6

BELCO Overview

Belships ASA owns and operates dry bulk ships worldwide.

Price History & Performance

Summary of all time highs, changes and price drops for Belships
Historical stock prices
Current Share Pricekr13.70
52 Week Highkr5.60
52 Week Lowkr15.70
Beta0.32
1 Month Change-3.52%
3 Month Change-6.16%
1 Year Change132.20%
3 Year Change149.09%
5 Year Change355.15%
Change since IPO-57.85%

Recent News & Updates

Shareholder Returns

BELCONO ShippingNO Market
7D-8.7%-4.4%0.5%
1Y132.2%79.1%25.9%

Return vs Industry: BELCO exceeded the Norwegian Shipping industry which returned 79.1% over the past year.

Return vs Market: BELCO exceeded the Norwegian Market which returned 25.9% over the past year.

Price Volatility

Is BELCO's price volatile compared to industry and market?
BELCO volatility
BELCO Beta0.32
Industry Beta1.1
Market Beta1

Stable Share Price: BELCO is not significantly more volatile than the rest of Norwegian stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: BELCO's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1918456Lars Skarsgårdhttps://www.belships.com

Belships ASA owns and operates dry bulk ships worldwide. It operates through Dry Bulk and Technical Management segments. The company operates a fleet of 23 ships.

Belships Fundamentals Summary

How do Belships's earnings and revenue compare to its market cap?
BELCO fundamental statistics
Market CapUS$402.10m
Earnings (TTM)US$24.48m
Revenue (TTM)US$319.98m

16.4x

P/E Ratio

1.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BELCO income statement (TTM)
RevenueUS$319.98m
Cost of RevenueUS$251.18m
Gross ProfitUS$68.80m
ExpensesUS$44.32m
EarningsUS$24.48m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Nov 12, 2021

Earnings per share (EPS)0.097
Gross Margin21.50%
Net Profit Margin7.65%
Debt/Equity Ratio60.4%

How did BELCO perform over the long term?

See historical performance and comparison

Dividends

2.8%

Current Dividend Yield

39%

Payout Ratio

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: BELCO (NOK13.7) is trading below our estimate of fair value (NOK31.22)

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


Price To Earnings Ratio

PE vs Industry: BELCO is poor value based on its PE Ratio (16.4x) compared to the Norwegian Shipping industry average (12x).

PE vs Market: BELCO is poor value based on its PE Ratio (16.4x) compared to the Norwegian market (13.3x).


Price to Earnings Growth Ratio

PEG Ratio: BELCO's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: BELCO is overvalued based on its PB Ratio (2.1x) compared to the NO Shipping industry average (1.3x).


Future Growth

How is Belships forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

-3.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BELCO's earnings are forecast to decline over the next 3 years (-3.9% per year).

Earnings vs Market: BELCO's earnings are forecast to decline over the next 3 years (-3.9% per year).

High Growth Earnings: BELCO's earnings are forecast to decline over the next 3 years.

Revenue vs Market: BELCO's revenue (14.8% per year) is forecast to grow faster than the Norwegian market (5.8% per year).

High Growth Revenue: BELCO's revenue (14.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BELCO's Return on Equity is forecast to be high in 3 years time (30.5%)


Past Performance

How has Belships performed over the past 5 years?

21.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BELCO has high quality earnings.

Growing Profit Margin: BELCO became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: BELCO has become profitable over the past 5 years, growing earnings by 21.2% per year.

Accelerating Growth: BELCO has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: BELCO has become profitable in the last year, making it difficult to compare its past year earnings growth to the Shipping industry (144.4%).


Return on Equity

High ROE: BELCO's Return on Equity (17.5%) is considered low.


Financial Health

How is Belships's financial position?


Financial Position Analysis

Short Term Liabilities: BELCO's short term assets ($115.2M) exceed its short term liabilities ($78.6M).

Long Term Liabilities: BELCO's short term assets ($115.2M) do not cover its long term liabilities ($256.7M).


Debt to Equity History and Analysis

Debt Level: BELCO's debt to equity ratio (60.4%) is considered high.

Reducing Debt: BELCO's debt to equity ratio has reduced from 211.4% to 60.4% over the past 5 years.

Debt Coverage: BELCO's debt is well covered by operating cash flow (50%).

Interest Coverage: BELCO's interest payments on its debt are not well covered by EBIT (2.3x coverage).


Balance Sheet


Dividend

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

2.78%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BELCO's dividend (2.78%) is higher than the bottom 25% of dividend payers in the Norwegian market (1.86%).

High Dividend: BELCO's dividend (2.78%) is low compared to the top 25% of dividend payers in the Norwegian market (5.14%).


Stability and Growth of Payments

Stable Dividend: BELCO has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BELCO's dividend payments have increased, but the company has only paid a dividend for 8 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38.9%), BELCO's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BELCO's dividends in 3 years are forecast to be well covered by earnings (49.1% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?


CEO

Lars Skarsgård (40 yo)

2.5yrs

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: BELCO 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 11%.


Top Shareholders

Company Information

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


Key Information

  • Name: Belships ASA
  • Ticker: BELCO
  • Exchange: OB
  • Founded: 1918
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: kr3.463b
  • Shares outstanding: 252.75m
  • Website: https://www.belships.com

Number of Employees


Location

  • Belships ASA
  • Lilleakerveien 6D
  • 7th Floor
  • Oslo
  • Oslo
  • 283
  • Norway

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/24 22:54
End of Day Share Price2021/09/24 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.