BELSHIPS ASA (BELCO.OL) Fundamental Analysis & Valuation

OSL:BELCO • NO0003094104

Current stock price

20.35 NOK
0 (0%)
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This BELCO.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

5

1. BELCO.OL Profitability Analysis

1.1 Basic Checks

  • In the past year BELCO was profitable.
  • In the past year BELCO had a positive cash flow from operations.
  • Of the past 5 years BELCO 4 years were profitable.
  • Each year in the past 5 years BELCO had a positive operating cash flow.
BELCO.OL Yearly Net Income VS EBIT VS OCF VS FCFBELCO.OL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M

1.2 Ratios

  • BELCO's Return On Assets of 7.06% is on the low side compared to the rest of the industry. BELCO is outperformed by 63.16% of its industry peers.
  • The Return On Equity of BELCO (22.99%) is comparable to the rest of the industry.
  • BELCO has a Return On Invested Capital of 6.77%. This is comparable to the rest of the industry: BELCO outperforms 47.37% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for BELCO is in line with the industry average of 8.48%.
Industry RankSector Rank
ROA 7.06%
ROE 22.99%
ROIC 6.77%
ROA(3y)9.96%
ROA(5y)7.73%
ROE(3y)36.04%
ROE(5y)27.47%
ROIC(3y)10.05%
ROIC(5y)N/A
BELCO.OL Yearly ROA, ROE, ROICBELCO.OL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20 40 -40 -60

1.3 Margins

  • BELCO's Profit Margin of 14.01% is on the low side compared to the rest of the industry. BELCO is outperformed by 63.16% of its industry peers.
  • In the last couple of years the Profit Margin of BELCO has grown nicely.
  • BELCO's Operating Margin of 16.15% is in line compared to the rest of the industry. BELCO outperforms 57.89% of its industry peers.
  • In the last couple of years the Operating Margin of BELCO has grown nicely.
  • BELCO has a better Gross Margin (76.45%) than 94.74% of its industry peers.
  • BELCO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 16.15%
PM (TTM) 14.01%
GM 76.45%
OM growth 3Y0.15%
OM growth 5Y18.78%
PM growth 3Y3.21%
PM growth 5Y45.38%
GM growth 3Y-1.41%
GM growth 5Y-1.22%
BELCO.OL Yearly Profit, Operating, Gross MarginsBELCO.OL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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3

2. BELCO.OL Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so BELCO is still creating some value.
  • The number of shares outstanding for BELCO remains at a similar level compared to 1 year ago.
  • Compared to 5 years ago, BELCO has more shares outstanding
  • The debt/assets ratio for BELCO is higher compared to a year ago.
BELCO.OL Yearly Shares OutstandingBELCO.OL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
BELCO.OL Yearly Total Debt VS Total AssetsBELCO.OL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • BELCO has an Altman-Z score of 1.60. This is a bad value and indicates that BELCO is not financially healthy and even has some risk of bankruptcy.
  • BELCO has a worse Altman-Z score (1.60) than 68.42% of its industry peers.
  • BELCO has a debt to FCF ratio of 9.10. This is a negative value and a sign of low solvency as BELCO would need 9.10 years to pay back of all of its debts.
  • BELCO has a worse Debt to FCF ratio (9.10) than 68.42% of its industry peers.
  • A Debt/Equity ratio of 1.98 is on the high side and indicates that BELCO has dependencies on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 1.98, BELCO is doing worse than 89.47% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.98
Debt/FCF 9.1
Altman-Z 1.6
ROIC/WACC0.92
WACC7.39%
BELCO.OL Yearly LT Debt VS Equity VS FCFBELCO.OL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M 200M 300M 400M 500M

2.3 Liquidity

  • A Current Ratio of 2.30 indicates that BELCO has no problem at all paying its short term obligations.
  • The Current ratio of BELCO (2.30) is better than 78.95% of its industry peers.
  • A Quick Ratio of 2.19 indicates that BELCO has no problem at all paying its short term obligations.
  • BELCO has a better Quick ratio (2.19) than 78.95% of its industry peers.
Industry RankSector Rank
Current Ratio 2.3
Quick Ratio 2.19
BELCO.OL Yearly Current Assets VS Current LiabilitesBELCO.OL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. BELCO.OL Growth Analysis

3.1 Past

  • The earnings per share for BELCO have decreased strongly by -33.33% in the last year.
  • Measured over the past years, BELCO shows a very strong growth in Earnings Per Share. The EPS has been growing by 51.57% on average per year.
  • Looking at the last year, BELCO shows a very negative growth in Revenue. The Revenue has decreased by -26.78% in the last year.
  • The Revenue has been growing by 20.77% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-33.33%
EPS 3Y-20.18%
EPS 5Y51.57%
EPS Q2Q%-66.67%
Revenue 1Y (TTM)-26.78%
Revenue growth 3Y-20.16%
Revenue growth 5Y20.77%
Sales Q2Q%-40.5%

3.2 Future

  • The Earnings Per Share is expected to grow by 31.02% on average over the next years. This is a very strong growth
  • BELCO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.39% yearly.
EPS Next Y43.77%
EPS Next 2Y31.02%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-11%
Revenue Next 2Y1.39%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
BELCO.OL Yearly Revenue VS EstimatesBELCO.OL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M
BELCO.OL Yearly EPS VS EstimatesBELCO.OL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2019 2020 2021 2022 2023 2024 2025 2026 0 0.2 0.4

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6

4. BELCO.OL Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 7.95, which indicates a rather cheap valuation of BELCO.
  • Based on the Price/Earnings ratio, BELCO is valued a bit more expensive than the industry average as 78.95% of the companies are valued more cheaply.
  • Compared to an average S&P500 Price/Earnings ratio of 26.78, BELCO is valued rather cheaply.
  • The Price/Forward Earnings ratio is 5.53, which indicates a rather cheap valuation of BELCO.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of BELCO is on the same level as its industry peers.
  • BELCO's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.54.
Industry RankSector Rank
PE 7.95
Fwd PE 5.53
BELCO.OL Price Earnings VS Forward Price EarningsBELCO.OL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • BELCO's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. BELCO is more expensive than 63.16% of the companies in the same industry.
  • BELCO's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 8.37
EV/EBITDA 8.72
BELCO.OL Per share dataBELCO.OL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • BELCO's earnings are expected to grow with 31.02% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.18
PEG (5Y)0.15
EPS Next 2Y31.02%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. BELCO.OL Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 13.88%, BELCO is a good candidate for dividend investing.
  • BELCO's Dividend Yield is comparable with the industry average which is at 5.61.
  • BELCO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.83.
Industry RankSector Rank
Dividend Yield 13.88%

5.2 History

  • On average, the dividend of BELCO grows each year by 117.83%, which is quite nice.
Dividend Growth(5Y)117.83%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 132.17% of the earnings are spent on dividend by BELCO. This is not a sustainable payout ratio.
  • The dividend of BELCO is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP132.17%
EPS Next 2Y31.02%
EPS Next 3YN/A
BELCO.OL Yearly Income VS Free CF VS DividendBELCO.OL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M
BELCO.OL Dividend Payout.BELCO.OL Dividend Payout, showing the Payout Ratio.BELCO.OL Dividend Payout.PayoutRetained Earnings

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BELCO.OL Fundamentals: All Metrics, Ratios and Statistics

BELSHIPS ASA

OSL:BELCO (3/31/2025, 7:00:00 PM)

20.35

0 (0%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryMarine Transportation
Earnings (Last)02-11
Earnings (Next)05-08
Inst Owners14.75%
Inst Owner ChangeN/A
Ins Owners0.61%
Ins Owner ChangeN/A
Market Cap5.15B
Revenue(TTM)415.02M
Net Income(TTM)58.16M
Analysts86
Price Target33.22 (63.24%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 13.88%
Yearly Dividend3.24
Dividend Growth(5Y)117.83%
DP132.17%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-21.09%
Min EPS beat(2)-41.75%
Max EPS beat(2)-0.42%
EPS beat(4)2
Avg EPS beat(4)-0.53%
Min EPS beat(4)-41.75%
Max EPS beat(4)23.57%
EPS beat(8)6
Avg EPS beat(8)16.46%
EPS beat(12)8
Avg EPS beat(12)9.29%
EPS beat(16)12
Avg EPS beat(16)50.76%
Revenue beat(2)2
Avg Revenue beat(2)14.25%
Min Revenue beat(2)1.83%
Max Revenue beat(2)26.67%
Revenue beat(4)4
Avg Revenue beat(4)25.15%
Min Revenue beat(4)1.83%
Max Revenue beat(4)41.76%
Revenue beat(8)6
Avg Revenue beat(8)17.15%
Revenue beat(12)10
Avg Revenue beat(12)25.57%
Revenue beat(16)14
Avg Revenue beat(16)42.77%
PT rev (1m)0%
PT rev (3m)3.26%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-21.22%
EPS NY rev (1m)9.24%
EPS NY rev (3m)-15.72%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.08%
Revenue NY rev (1m)0%
Revenue NY rev (3m)12.72%
Valuation
Industry RankSector Rank
PE 7.95
Fwd PE 5.53
P/S 1.16
P/FCF 8.37
P/OCF 5.39
P/B 1.91
P/tB 1.91
EV/EBITDA 8.72
EPS(TTM)2.56
EY12.58%
EPS(NY)3.68
Fwd EY18.08%
FCF(TTM)2.43
FCFY11.94%
OCF(TTM)3.78
OCFY18.57%
SpS17.49
BVpS10.66
TBVpS10.66
PEG (NY)0.18
PEG (5Y)0.15
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA 7.06%
ROE 22.99%
ROCE 8.79%
ROIC 6.77%
ROICexc 7.79%
ROICexgc 7.79%
OM 16.15%
PM (TTM) 14.01%
GM 76.45%
FCFM 13.9%
ROA(3y)9.96%
ROA(5y)7.73%
ROE(3y)36.04%
ROE(5y)27.47%
ROIC(3y)10.05%
ROIC(5y)N/A
ROICexc(3y)11.84%
ROICexc(5y)N/A
ROICexgc(3y)11.84%
ROICexgc(5y)N/A
ROCE(3y)13.05%
ROCE(5y)N/A
ROICexgc growth 3Y-23.41%
ROICexgc growth 5Y23.32%
ROICexc growth 3Y-23.41%
ROICexc growth 5Y23.68%
OM growth 3Y0.15%
OM growth 5Y18.78%
PM growth 3Y3.21%
PM growth 5Y45.38%
GM growth 3Y-1.41%
GM growth 5Y-1.22%
F-Score5
Asset Turnover0.5
Health
Industry RankSector Rank
Debt/Equity 1.98
Debt/FCF 9.1
Debt/EBITDA 4.8
Cap/Depr 86.11%
Cap/Sales 7.71%
Interest Coverage 2.25
Cash Conversion 86.07%
Profit Quality 99.19%
Current Ratio 2.3
Quick Ratio 2.19
Altman-Z 1.6
F-Score5
WACC7.39%
ROIC/WACC0.92
Cap/Depr(3y)102.64%
Cap/Depr(5y)134%
Cap/Sales(3y)5.67%
Cap/Sales(5y)6.97%
Profit Quality(3y)105.45%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-33.33%
EPS 3Y-20.18%
EPS 5Y51.57%
EPS Q2Q%-66.67%
EPS Next Y43.77%
EPS Next 2Y31.02%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-26.78%
Revenue growth 3Y-20.16%
Revenue growth 5Y20.77%
Sales Q2Q%-40.5%
Revenue Next Year-11%
Revenue Next 2Y1.39%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-36.64%
EBIT growth 3Y-20.05%
EBIT growth 5Y43.45%
EBIT Next Year68.79%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-52.28%
FCF growth 3Y-0.74%
FCF growth 5YN/A
OCF growth 1Y-25.82%
OCF growth 3Y-15.65%
OCF growth 5Y33.19%

BELSHIPS ASA / BELCO.OL Fundamental Analysis FAQ

What is the ChartMill fundamental rating of BELSHIPS ASA (BELCO.OL) stock?

ChartMill assigns a fundamental rating of 5 / 10 to BELCO.OL.


What is the valuation status of BELSHIPS ASA (BELCO.OL) stock?

ChartMill assigns a valuation rating of 6 / 10 to BELSHIPS ASA (BELCO.OL). This can be considered as Fairly Valued.


What is the profitability of BELCO stock?

BELSHIPS ASA (BELCO.OL) has a profitability rating of 5 / 10.


How financially healthy is BELSHIPS ASA?

The financial health rating of BELSHIPS ASA (BELCO.OL) is 3 / 10.


Is the dividend of BELSHIPS ASA sustainable?

The dividend rating of BELSHIPS ASA (BELCO.OL) is 6 / 10 and the dividend payout ratio is 132.17%.