BELSHIPS ASA (BELCO.OL) Fundamental Analysis & Valuation

OSL:BELCO • NO0003094104

Current stock price

20.35 NOK
0 (0%)
Last:

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

  • 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.
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 has a Return On Assets of 7.06%. This is in the lower half of the industry: BELCO underperforms 63.16% of its industry peers.
  • BELCO has a Return On Equity (22.99%) which is comparable to the rest of the industry.
  • Looking at the Return On Invested Capital, with a value of 6.77%, BELCO is in line with its industry, outperforming 47.37% of the companies in the same industry.
  • BELCO had an Average Return On Invested Capital over the past 3 years of 10.05%. This is in line with the industry average of 8.44%.
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

  • The Profit Margin of BELCO (14.01%) is worse than 63.16% of its industry peers.
  • In the last couple of years the Profit Margin of BELCO has grown nicely.
  • BELCO has a Operating Margin (16.15%) which is in line with its industry peers.
  • 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 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.
  • Compared to 1 year ago, BELCO has about the same amount of shares outstanding.
  • The number of shares outstanding for BELCO has been increased compared to 5 years ago.
  • Compared to 1 year ago, BELCO has a worse debt to assets ratio.
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's Altman-Z score of 1.60 is on the low side compared to the rest of the industry. BELCO is outperformed by 68.42% of its industry peers.
  • 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 68.42% of its industry peers.
  • BELCO has a Debt/Equity ratio of 1.98. This is a high value indicating a heavy dependency on external 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.
  • 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 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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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.
  • The Revenue for BELCO has decreased by -26.78% in the past year. This is quite bad
  • 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)-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
  • The Revenue is expected to grow by 1.39% on average over the next years.
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

  • Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of 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.
  • 78.95% of the companies in the same industry are cheaper than BELCO, based on the Price/Earnings ratio.
  • Compared to an average S&P500 Price/Earnings ratio of 27.42, BELCO is valued rather cheaply.
  • BELCO is valuated cheaply with a Price/Forward Earnings ratio of 5.53.
  • The rest of the industry has a similar Price/Forward Earnings ratio as BELCO.
  • The average S&P500 Price/Forward Earnings ratio is at 22.24. BELCO is valued rather cheaply when compared to this.
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

  • 63.16% of the companies in the same industry are cheaper than BELCO, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of BELCO is on the same level as its industry peers.
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 5.93.
  • BELCO's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector Rank
Dividend Yield 13.88%

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

  • BELCO pays out 132.17% of its income as dividend. 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 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 Number0 (-100%)
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%.