OB:FJORD

Stock Analysis Report

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Executive Summary

Fjord1 ASA, together with its subsidiaries, operates passenger ferries and other passenger boats in Norway.


Snowflake Analysis

Limited growth and overvalued.


Similar Companies

Share Price & News

How has Fjord1's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FJORD's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

5.6%

FJORD

-1.5%

NO Shipping

2.5%

NO Market


1 Year Return

18.0%

FJORD

-18.2%

NO Shipping

-10.7%

NO Market

Return vs Industry: FJORD exceeded the Norwegian Shipping industry which returned -18.8% over the past year.

Return vs Market: FJORD exceeded the Norwegian Market which returned -12.5% over the past year.


Shareholder returns

FJORDIndustryMarket
7 Day5.6%-1.5%2.5%
30 Day2.6%1.8%7.8%
90 Day13.1%-7.5%-1.1%
1 Year18.0%18.0%-16.5%-18.2%-7.8%-10.7%
3 Year54.2%37.0%-38.8%-42.7%-3.9%3.2%
5 Yearn/a-34.8%-42.6%36.5%7.7%

Price Volatility Vs. Market

How volatile is Fjord1's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Fjord1 undervalued compared to its fair value and its price relative to the market?

25.85x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FJORD (NOK43.3) is trading above our estimate of fair value (NOK7.75)

Significantly Below Fair Value: FJORD is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FJORD is poor value based on its PE Ratio (25.9x) compared to the Shipping industry average (19.3x).

PE vs Market: FJORD is poor value based on its PE Ratio (25.9x) compared to the Norwegian market (12x).


Price to Earnings Growth Ratio

PEG Ratio: FJORD is good value based on its PEG Ratio (0.8x)


Price to Book Ratio

PB vs Industry: FJORD is overvalued based on its PB Ratio (1.9x) compared to the NO Shipping industry average (0.6x).


Next Steps

Future Growth

How is Fjord1 forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

34.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FJORD's forecast earnings growth (34.1% per year) is above the savings rate (1.6%).

Earnings vs Market: FJORD's earnings (34.1% per year) are forecast to grow slower than the Norwegian market (34.9% per year).

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

Revenue vs Market: FJORD's revenue (3% per year) is forecast to grow slower than the Norwegian market (4.8% per year).

High Growth Revenue: FJORD's revenue (3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FJORD's Return on Equity is forecast to be low in 3 years time (11.8%).


Next Steps

Past Performance

How has Fjord1 performed over the past 5 years?

-6.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FJORD has a high level of non-cash earnings.

Growing Profit Margin: FJORD's current net profit margins (6%) are lower than last year (15.1%).


Past Earnings Growth Analysis

Earnings Trend: FJORD's earnings have declined by -6.3% per year over the past 5 years.

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

Earnings vs Industry: FJORD had negative earnings growth (-62.5%) over the past year, making it difficult to compare to the Shipping industry average (-8.7%).


Return on Equity

High ROE: FJORD's Return on Equity (7.5%) is considered low.


Next Steps

Financial Health

How is Fjord1's financial position?


Financial Position Analysis

Short Term Liabilities: FJORD's short term assets (NOK1.1B) do not cover its short term liabilities (NOK2.0B).

Long Term Liabilities: FJORD's short term assets (NOK1.1B) do not cover its long term liabilities (NOK5.7B).


Debt to Equity History and Analysis

Debt Level: FJORD's debt to equity ratio (277.3%) is considered high.

Reducing Debt: FJORD's debt to equity ratio has increased from 186.1% to 277.3% over the past 5 years.

Debt Coverage: FJORD's debt is not well covered by operating cash flow (7.3%).

Interest Coverage: FJORD's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet


Next Steps

Dividend

What is Fjord1's current dividend yield, its reliability and sustainability?

6.24%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: FJORD's dividend (6.24%) is higher than the bottom 25% of dividend payers in the Norwegian market (2.94%).

High Dividend: FJORD's dividend (6.24%) is low compared to the top 25% of dividend payers in the Norwegian market (6.93%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, FJORD has been paying a dividend for less than 10 years.

Growing Dividend: FJORD has only been paying a dividend for 2 years, and since then payments have not increased.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (161.2%), FJORD's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FJORD'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?

3.4yrs

Average management tenure


CEO

Dagfinn Neteland

3.42yrs

Tenure

kr5,957,000

Compensation

Mr. Dagfinn Neteland has been the Chief Executive Officer at Fjord1 ASA since January 2017 and served as its Chief Executive Officer from 2014 to January 22, 2016. Mr. Neteland serves as Managing Director ...


CEO Compensation Analysis

Compensation vs Market: Dagfinn's total compensation ($USD629.82K) is above average for companies of similar size in the Norwegian market ($USD470.56K).

Compensation vs Earnings: Dagfinn's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Dagfinn Neteland
Chief Executive Officer3.42yrskr5.96m0.060% NOK2.6m
Anne-Mari Bøe
Chief Financial Officer6.5yrskr2.15m0.018% NOK777.0k
Andrè Høyset
Chief Operational Officer3.25yrskr2.15m0.018% NOK779.6k

3.4yrs

Average Tenure

Experienced Management: FJORD's management team is considered experienced (3.4 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Per Sævik
Director6.42yrskr238.00kno data
Reuben Munger
Director0.42yrno datano data
Vegard Sævik
Chairman2.92yrskr513.00kno data
Birthe Lepsøe
Independent Director0.42yrno datano data
Atle Trollebø
Independent Employee Representative Director12.42yrskr238.00k0.0014% NOK60.6k
Daniel Nedrelid
Observer - Employee Representative1yrkr40.00k0.00046% NOK19.9k
Thomas Rakstang
Observer- Employee Representative2.92yrskr83.00k0.00029% NOK12.5k
Ole Eidem
Employee Representative Deputy Member2.92yrsno data0.00062% NOK26.8k
Siri Hatland
Independent Director2.08yrskr283.00kno data
Terje Hals
Independent Employee Representative Director1yrkr113.00kno data

2.5yrs

Average Tenure

48yo

Average Age

Experienced Board: FJORD's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


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 not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Fjord1 ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Fjord1 ASA
  • Ticker: FJORD
  • Exchange: OB
  • Founded: 2001
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: kr4.326b
  • Shares outstanding: 99.91m
  • Website: https://www.fjord1.no

Number of Employees


Location

  • Fjord1 ASA
  • Strandavegen 15
  • Florø
  • Sogn og Fjordane
  • 6900
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FJORDOB (Oslo Bors)YesOrdinary SharesNONOKMay 2017
0RUBLSE (London Stock Exchange)YesOrdinary SharesGBNOKMay 2017
F1KDB (Deutsche Boerse AG)YesOrdinary SharesDEEURMay 2017
FJORDOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKMay 2017

Biography

Fjord1 ASA, together with its subsidiaries, operates passenger ferries and other passenger boats in Norway. The company operates in four segments: Ferry, Passenger Boat, Catering, and Tourism. The company’s ferries and passenger boats transport vehicles and passengers. It also offers catering and tourism, shipyard, and travel agency services; and manages properties. The company was founded in 2001 and is headquartered in Florø, Norway. Fjord1 ASA is a subsidiary of Havilafjord AS. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 00:51
End of Day Share Price2020/06/04 00:00
Earnings2020/03/31
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.