OB:RISH

Stock Analysis Report

Executive Summary

GC Rieber Shipping ASA engages in the design, development, construction, and maritime operation of specialized vessels within the offshore/shipping business in Norway, Great Britain, Africa, and the Netherlands.


Snowflake Analysis

Fair value with imperfect balance sheet.

Share Price & News

How has GC Rieber Shipping's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: RISH has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

14.4%

RISH

0.3%

NO Shipping

0.2%

NO Market


1 Year Return

28.7%

RISH

-2.1%

NO Shipping

-0.7%

NO Market

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

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


Shareholder returns

RISHIndustryMarket
7 Day14.4%0.3%0.2%
30 Day6.2%-3.4%-1.3%
90 Day10.8%4.2%1.7%
1 Year28.7%28.7%1.3%-2.1%4.5%-0.7%
3 Year-5.4%-15.9%-12.8%-19.2%33.3%16.6%
5 Year-57.0%-62.5%-1.3%-14.1%58.2%24.1%

Price Volatility Vs. Market

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


Simply Wall St News

Valuation

Is GC Rieber Shipping 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: RISH (NOK10.3) is trading below our estimate of fair value (NOK62.52)

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


Price To Earnings Ratio

PE vs Industry: RISH is poor value based on its PE Ratio (60.6x) compared to the Shipping industry average (11.9x).

PE vs Market: RISH is poor value based on its PE Ratio (60.6x) compared to the Norwegian market (15.3x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate RISH's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: RISH is good value based on its PB Ratio (0.5x) compared to the NO Shipping industry average (0.6x).


Next Steps

Future Growth

How is GC Rieber Shipping forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

36.0%

Forecasted Transportation industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as GC Rieber Shipping has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has GC Rieber Shipping performed over the past 5 years?

37.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: RISH has a large one-off gain of NOK97.7M impacting its December 31 2019 financial results.

Growing Profit Margin: RISH's current net profit margins (7.1%) are lower than last year (71.8%).


Past Earnings Growth Analysis

Earnings Trend: RISH has become profitable over the past 5 years, growing earnings by 37.1% per year.

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

Earnings vs Industry: RISH had negative earnings growth (-90.3%) over the past year, making it difficult to compare to the Shipping industry average (-13.5%).


Return on Equity

High ROE: RISH's Return on Equity (0.8%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is GC Rieber Shipping's financial position?


Financial Position Analysis

Short Term Liabilities: RISH's short term assets (NOK265.5M) exceed its short term liabilities (NOK54.1M).

Long Term Liabilities: RISH's short term assets (NOK265.5M) do not cover its long term liabilities (NOK1.1B).


Debt to Equity History and Analysis

Debt Level: RISH's debt to equity ratio (64%) is considered high.

Reducing Debt: RISH's debt to equity ratio has reduced from 101.4% to 64% over the past 5 years.


Balance Sheet

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

Debt Coverage by Assets: RISH's debt is not covered by short term assets (assets are 0.2x 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: RISH is profitable, therefore cash runway is not a concern.

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


Next Steps

Dividend

What is GC Rieber Shipping's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

company0%marketbottom25%2.8%markettop25%6.2%industryaverage4.0%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: Unable to evaluate RISH's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate RISH's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if RISH's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if RISH's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: RISH is not paying a notable dividend for the Norwegian market.


Future Payout to Shareholders

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

1.3yrs

Average management tenure


CEO

Einar Ytredal (42yo)

1.4yrs

Tenure

kr2,343,000

Compensation

Mr. Einar Ytredal has been Chief Executive Officer of GC Rieber Shipping ASA since November 12, 2018. Mr. Ytredal has served as the Chief Financial Officer of GC Rieber Shipping ASA since September 2011 No ...


CEO Compensation Analysis

Compensation vs Market: Einar's total compensation ($USD252.53K) is below average for companies of similar size in the Norwegian market ($USD401.15K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Einar Ytredal
Chief Executive Officer1.4yrskr2.34m0.031% NOK278.0k
Øystein Kvåle
Chief Financial Officer1.3yrskr1.28m0.017% NOK154.5k
Jan Myran
Chief Operating Officer0yrskr1.68m0.0023% NOK20.6k
Bjørn Valberg
Technical Director18.1yrskr1.21m0.013% NOK113.3k
Christoffer Knudsen
Chief Commercial Officer1.3yrskr1.45m0.0062% NOK54.6k
Eilert Nøttingnes
Head of QHSE0yrskr1.11m0.0023% NOK20.6k
Benedicte Breistein
Head of Crewing0yrskr842.00kno data
Silje Søgnen
Group Financial Controller0yrsno data0.0017% NOK15.4k

1.3yrs

Average Tenure

Experienced Management: RISH's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Paul-Christian Rieber
Chairman0yrskr225.00k0.80% NOK7.1m
Tove Lunde
Independent Director0yrskr150.00kno data
Trygve Bruland
Independent Director3.8yrskr200.00k0.12% NOK1.0m
Bodil Steinhaug
Independent Director2.8yrskr150.00k0.012% NOK103.0k
Morten Krohnstad
Vice Chairman1.8yrskr150.00kno data

2.8yrs

Average Tenure

Experienced Board: RISH's board of directors are not considered experienced ( 2.8 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.


Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 53.4%.


Top Shareholders

Company Information

GC Rieber Shipping ASA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: GC Rieber Shipping ASA
  • Ticker: RISH
  • Exchange: OB
  • Founded: 1879
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: kr886.135m
  • Shares outstanding: 86.03m
  • Website: https://www.gcrieber-shipping.com

Number of Employees


Location

  • GC Rieber Shipping ASA
  • Solheimsgaten 15
  • Bergen
  • Hordaland
  • 5058
  • Norway

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
RISHOB (Oslo Bors)YesOrdinary SharesNONOKMay 1998
0FTHLSE (London Stock Exchange)YesOrdinary SharesGBNOKMay 1998
RISHOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKMay 1998

Biography

GC Rieber Shipping ASA engages in the design, development, construction, and maritime operation of specialized vessels within the offshore/shipping business in Norway, Great Britain, Africa, and the Netherlands. It operates through Subsea and Ice/Support segments. The Subsea segment owns and operates subsea vessels that are primarily used for construction, inspection, maintenance, and repair of subsea installations. The Ice/Support segment owns and operates a vessel within ice/support that provides services for scientific expeditions and logistics operations, as well as for the oil and gas sector. The company operates 11 vessels and has direct and indirect ownership of 23 advanced special purpose vessels. It also provides marine ship management and project development services. The company was founded in 1879 and is headquartered in Bergen, Norway. GC Rieber Shipping ASA is a subsidiary of GC Rieber AS. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/22 21:22
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.