BELSHIPS ASA (BELCO.OL) Stock Fundamental Analysis
OSL:BELCO - Euronext Oslo - NO0003094104 - Common Stock - Currency: NOK
Overall BELCO gets a fundamental rating of 5 out of 10. We evaluated BELCO against 19 industry peers in the Marine Transportation industry. While BELCO is still in line with the averages on profitability rating, there are concerns on its financial health. BELCO is not valued too expensively and it also shows a decent growth rate.
1. Profitability
1.1 Basic Checks
BELCO had positive earnings in the past year.
BELCO had a positive operating cash flow in the past year.
BELCO had positive earnings in 4 of the past 5 years.
BELCO had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
BELCO has a Return On Assets (7.06%) which is in line with 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 (6.77%) which is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for BELCO is in line with the industry average of 11.11%.
| Industry Rank | Sector 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
1.3 Margins
With a Profit Margin value of 14.01%, BELCO perfoms like the industry average, outperforming 47.37% of the companies in the same industry.
In the last couple of years the Profit Margin of BELCO has grown nicely.
With a Operating Margin value of 16.15%, BELCO perfoms like the industry average, outperforming 52.63% of the companies in the same industry.
BELCO's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 76.45%, BELCO belongs to the top of the industry, outperforming 94.74% of the companies in the same industry.
In the last couple of years the Gross Margin of BELCO has remained more or less at the same level.
| Industry Rank | Sector 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%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BELCO is creating some value.
Compared to 1 year ago, BELCO has about the same amount of shares outstanding.
Compared to 5 years ago, BELCO has more shares outstanding
Compared to 1 year ago, BELCO has a worse debt to assets ratio.
2.2 Solvency
BELCO has an Altman-Z score of 1.59. This is a bad value and indicates that BELCO is not financially healthy and even has some risk of bankruptcy.
BELCO has a Altman-Z score (1.59) which is comparable to the rest of the industry.
The Debt to FCF ratio of BELCO is 9.10, which is on the high side as it means it would take BELCO, 9.10 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of BELCO (9.10) is worse than 63.16% 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.
BELCO's Debt to Equity ratio of 1.98 is on the low side compared to the rest of the industry. BELCO is outperformed by 89.47% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.98 | ||
| Debt/FCF | 9.1 | ||
| Altman-Z | 1.59 |
ROIC/WACC0.92
WACC7.35%
2.3 Liquidity
BELCO has a Current Ratio of 2.30. This indicates that BELCO is financially healthy and has no problem in meeting its short term obligations.
BELCO has a better Current ratio (2.30) than 78.95% of its industry peers.
BELCO has a Quick Ratio of 2.19. This indicates that BELCO is financially healthy and has no problem in meeting its short term obligations.
BELCO has a better Quick ratio (2.19) than 78.95% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 2.3 | ||
| Quick Ratio | 2.19 |
3. Growth
3.1 Past
The earnings per share for BELCO have decreased strongly by -22.88% 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.
BELCO shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -26.78%.
Measured over the past years, BELCO shows a very strong growth in Revenue. The Revenue has been growing by 20.77% on average per year.
EPS 1Y (TTM)-22.88%
EPS 3Y-16.67%
EPS 5Y51.57%
EPS Q2Q%-43.4%
Revenue 1Y (TTM)-26.78%
Revenue growth 3Y-20.16%
Revenue growth 5Y20.77%
Sales Q2Q%-40.22%
3.2 Future
Based on estimates for the next years, BELCO will show a very strong growth in Earnings Per Share. The EPS will grow by 28.58% on average per year.
BELCO is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.39% yearly.
EPS Next Y22.67%
EPS Next 2Y28.58%
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.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 7.78, the valuation of BELCO can be described as very cheap.
Based on the Price/Earnings ratio, BELCO is valued a bit more expensive than the industry average as 68.42% of the companies are valued more cheaply.
Compared to an average S&P500 Price/Earnings ratio of 29.35, BELCO is valued rather cheaply.
BELCO is valuated cheaply with a Price/Forward Earnings ratio of 5.93.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BELCO is on the same level as its industry peers.
BELCO is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.10, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.78 | ||
| Fwd PE | 5.93 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BELCO indicates a slightly more expensive valuation: BELCO is more expensive than 63.16% of the companies listed in the same industry.
BELCO's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.22 | ||
| EV/EBITDA | 8.64 |
4.3 Compensation for Growth
BELCO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
BELCO has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as BELCO's earnings are expected to grow with 28.58% in the coming years.
PEG (NY)0.34
PEG (5Y)0.15
EPS Next 2Y28.58%
EPS Next 3YN/A
5. Dividend
5.1 Amount
BELCO has a Yearly Dividend Yield of 13.85%, which is a nice return.
Compared to an average industry Dividend Yield of 16.95, BELCO pays a bit more dividend than its industry peers.
BELCO's Dividend Yield is rather good when compared to the S&P500 average which is at 2.33.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 13.85% |
5.2 History
The dividend of BELCO is nicely growing with an annual growth rate of 117.83%!
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.
BELCO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP132.17%
EPS Next 2Y28.58%
EPS Next 3YN/A
OSL:BELCO (3/10/2025, 1:32:44 PM)
20.3
-0.05 (-0.25%)
Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryMarine Transportation
Earnings (Last)
Earnings (Next)
Inst Owners14.75%
Inst Owner ChangeN/A
Ins Owners0.61%
Ins Owner ChangeN/A
Market Cap5.14B
Analysts85.45
Price Target33.22 (63.65%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 13.85% |
Yearly Dividend3.29
Dividend Growth(5Y)117.83%
DP132.17%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)14.55%
Min Revenue beat(2)1.83%
Max Revenue beat(2)27.27%
Revenue beat(4)4
Avg Revenue beat(4)25.3%
Min Revenue beat(4)1.83%
Max Revenue beat(4)41.76%
Revenue beat(8)6
Avg Revenue beat(8)17.22%
Revenue beat(12)10
Avg Revenue beat(12)25.62%
Revenue beat(16)14
Avg Revenue beat(16)42.81%
PT rev (1m)3.63%
PT rev (3m)3.26%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-21.22%
EPS NY rev (1m)16.83%
EPS NY rev (3m)-22.85%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-7.32%
Revenue NY rev (1m)12.72%
Revenue NY rev (3m)-6.29%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.78 | ||
| Fwd PE | 5.93 | ||
| P/S | 1.14 | ||
| P/FCF | 8.22 | ||
| P/OCF | 5.29 | ||
| P/B | 1.88 | ||
| P/tB | 1.88 | ||
| EV/EBITDA | 8.64 |
EPS(TTM)2.61
EY12.86%
EPS(NY)3.42
Fwd EY16.85%
FCF(TTM)2.47
FCFY12.16%
OCF(TTM)3.84
OCFY18.9%
SpS17.76
BVpS10.83
TBVpS10.83
PEG (NY)0.34
PEG (5Y)0.15
Profitability
| Industry Rank | Sector 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
ROICexcg growth 3Y-23.41%
ROICexcg 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 Rank | Sector 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 | 1.59 |
F-Score5
WACC7.35%
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)-22.88%
EPS 3Y-16.67%
EPS 5Y51.57%
EPS Q2Q%-43.4%
EPS Next Y22.67%
EPS Next 2Y28.58%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-26.78%
Revenue growth 3Y-20.16%
Revenue growth 5Y20.77%
Sales Q2Q%-40.22%
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 Year85%
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%