Belships ASA

OB:BELCO Stock Report

Market Cap: NOK 5.1b

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Belships Valuation

Is BELCO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of BELCO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: BELCO (NOK20.35) is trading below our estimate of fair value (NOK70.34)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BELCO?

Key metric: As BELCO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BELCO. This is calculated by dividing BELCO's market cap by their current earnings.
What is BELCO's PE Ratio?
PE Ratio8.1x
EarningsUS$58.17m
Market CapUS$473.82m

Price to Earnings Ratio vs Peers

How does BELCO's PE Ratio compare to its peers?

The above table shows the PE ratio for BELCO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average13x
FROY Frøy
26.7xn/aNOK 6.6b
ODF Odfjell
6.1x-1.32%NOK 8.6b
MPCC MPC Container Ships
4.7x-48.11%NOK 10.3b
KCC Klaveness Combination Carriers
14.3x4.26%NOK 5.9b
BELCO Belships
8.1x28.89%NOK 5.1b

Price-To-Earnings vs Peers: BELCO is expensive based on its Price-To-Earnings Ratio (8.1x) compared to the peer average (2.8x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does BELCO's PE Ratio compare vs other companies in the NO Shipping Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2020 2020 Bulkers
0.06x-79.78%US$10.31m
BULK GoodBulk
0.04xn/aUS$1.84m
AMSC AMSC
0.00001xn/aUS$709.47
No more companies available in this PE range
BELCO 8.1xIndustry Avg. 14.0xNo. of Companies5PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BELCO is good value based on its Price-To-Earnings Ratio (8.1x) compared to the European Shipping industry average (9.2x).

Price to Earnings Ratio vs Fair Ratio

What is BELCO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BELCO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio8.1x
Fair PE Ratio7.5x

Price-To-Earnings vs Fair Ratio: BELCO is expensive based on its Price-To-Earnings Ratio (8.1x) compared to the estimated Fair Price-To-Earnings Ratio (7.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BELCO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
May ’27n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Apr ’27n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Mar ’27n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Feb ’27n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Jan ’27n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Dec ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Nov ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Oct ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Sep ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Aug ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Jul ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Jun ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
May ’26n/a
NOK 26.11
0%
11.01%NOK 28.99NOK 23.24n/a2
Apr ’26NOK 20.35
NOK 26.11
+28.33%
11.01%NOK 28.99NOK 23.24n/a2
Mar ’26NOK 20.45
NOK 26.11
+27.70%
11.01%NOK 28.99NOK 23.24n/a2
Feb ’26NOK 20.25
NOK 26.91
+32.88%
9.61%NOK 29.03NOK 23.27n/a3
Jan ’26NOK 20.10
NOK 28.42
+41.41%
10.92%NOK 31.87NOK 23.44n/a4
Dec ’25NOK 18.20
NOK 28.05
+54.14%
11.71%NOK 32.06NOK 22.96n/a4
Nov ’25NOK 17.80
NOK 30.73
+72.65%
3.66%NOK 32.03NOK 29.06n/a4
Oct ’25NOK 19.78
NOK 30.73
+55.36%
3.66%NOK 32.03NOK 29.06n/a4
Sep ’25NOK 19.80
NOK 30.30
+53.02%
3.69%NOK 31.60NOK 28.64n/a4
Aug ’25NOK 22.25
NOK 30.91
+38.93%
1.93%NOK 31.82NOK 30.37n/a4
Jul ’25NOK 24.40
NOK 31.12
+27.53%
1.96%NOK 32.00NOK 30.53n/a4
Jun ’25NOK 23.90
NOK 29.62
+23.93%
6.29%NOK 30.98NOK 26.41n/a4
May ’25NOK 25.05
NOK 28.92
+15.43%
3.55%NOK 30.51NOK 27.73n/a4
NOK 26.11
Fair Value
22.1% undervalued intrinsic discount
2
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/03/10 12:53
End of Day Share Price 2025/03/07 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Belships ASA is covered by 5 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Håvard LieDanske Bank
Fredrik DybwadFearnley Securities
Erik HoviNordea Markets