Belships Valuation

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

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair 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.

Below Fair Value: BELCO (NOK18.08) is trading below our estimate of fair value (NOK51.68)

Significantly Below Fair 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 Ratio	6.1x
Earnings	US$67.16m
Market Cap	US$412.94m

BELCO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.2x
Enterprise Value/EBITDA	8.9x
PEG Ratio	0.3x

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.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	9.3x
2020 2020 Bulkers	3.3x	-33.7%	NOK 3.1b
FROY Frøy	26.7x	n/a	NOK 6.6b
KCC Klaveness Combination Carriers	4.5x	-17.8%	NOK 4.9b
ODF Odfjell	2.8x	-11.4%	NOK 8.7b
BELCO Belships	6.1x	18.9%	NOK 4.6b

Price-To-Earnings vs Peers: BELCO is expensive based on its Price-To-Earnings Ratio (6.1x) compared to the peer average (3.5x).

Price to Earnings Ratio vs Industry

How does BELCO's PE Ratio compare vs other companies in the European Shipping Industry?

2 Companies	Price / Earnings	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: BELCO is good value based on its Price-To-Earnings Ratio (6.1x) compared to the European Shipping industry average (7.8x).

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 Ratio	6.1x
Fair PE Ratio	7.7x

Price-To-Earnings vs Fair Ratio: BELCO is good value based on its Price-To-Earnings Ratio (6.1x) compared to the estimated Fair Price-To-Earnings Ratio (7.7x).

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.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	NOK 18.08	NOK 29.72 +64.4%	5.1%	NOK 31.77	NOK 27.80	n/a	4
Nov ’25	NOK 17.80	NOK 30.80 +73.0%	3.3%	NOK 32.03	NOK 29.35	n/a	4
Oct ’25	NOK 19.78	NOK 30.80 +55.7%	3.3%	NOK 32.03	NOK 29.35	n/a	4
Sep ’25	NOK 19.80	NOK 30.37 +53.4%	3.3%	NOK 31.60	NOK 28.92	n/a	4
Aug ’25	NOK 22.25	NOK 30.91 +38.9%	1.9%	NOK 31.82	NOK 30.37	n/a	4
Jul ’25	NOK 24.40	NOK 31.12 +27.5%	2.0%	NOK 32.00	NOK 30.53	n/a	4
Jun ’25	NOK 23.90	NOK 29.62 +23.9%	6.3%	NOK 30.98	NOK 26.41	n/a	4
May ’25	NOK 25.05	NOK 28.92 +15.4%	3.6%	NOK 30.51	NOK 27.73	n/a	4
Apr ’25	NOK 20.90	NOK 28.56 +36.7%	4.2%	NOK 29.78	NOK 27.04	n/a	4
Mar ’25	NOK 21.00	NOK 28.07 +33.7%	3.6%	NOK 29.11	NOK 27.01	n/a	4
Feb ’25	NOK 21.60	NOK 24.83 +15.0%	5.5%	NOK 27.06	NOK 23.36	n/a	4
Jan ’25	NOK 18.38	NOK 22.53 +22.6%	8.3%	NOK 25.36	NOK 19.51	n/a	5
Dec ’24	NOK 19.26	NOK 22.53 +17.0%	8.3%	NOK 25.36	NOK 19.51	n/a	5
Nov ’24	NOK 17.54	NOK 23.56 +34.3%	8.7%	NOK 25.98	NOK 19.98	NOK 17.80	5
Oct ’24	NOK 18.04	NOK 23.42 +29.8%	10.3%	NOK 26.21	NOK 19.28	NOK 19.78	5
Sep ’24	NOK 15.94	NOK 23.42 +46.9%	11.4%	NOK 26.09	NOK 19.18	NOK 19.80	4
Aug ’24	NOK 18.24	NOK 26.76 +46.7%	10.7%	NOK 31.46	NOK 23.66	NOK 22.25	4
Jul ’24	NOK 16.88	NOK 26.76 +58.6%	10.7%	NOK 31.46	NOK 23.66	NOK 24.40	4
Jun ’24	NOK 16.96	NOK 25.84 +52.4%	10.5%	NOK 30.04	NOK 22.59	NOK 23.90	4
May ’24	NOK 20.10	NOK 23.84 +18.6%	7.2%	NOK 26.59	NOK 22.32	NOK 25.05	4
Apr ’24	NOK 20.20	NOK 23.99 +18.8%	7.2%	NOK 26.81	NOK 22.51	NOK 20.90	4
Mar ’24	NOK 20.10	NOK 23.55 +17.2%	7.2%	NOK 26.16	NOK 21.96	NOK 21.00	4
Feb ’24	NOK 17.82	NOK 20.59 +15.5%	10.8%	NOK 22.66	NOK 16.94	NOK 21.60	4
Jan ’24	NOK 14.28	NOK 19.34 +35.5%	11.2%	NOK 22.33	NOK 16.70	NOK 18.38	4
Dec ’23	NOK 13.40	NOK 19.99 +49.2%	12.1%	NOK 23.31	NOK 17.43	NOK 19.26	4
Nov ’23	NOK 14.40	NOK 22.11 +53.6%	13.0%	NOK 25.33	NOK 17.78	NOK 17.54	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.