BELSHIPS ASA (BELCO.OL) Fundamental Analysis & Valuation

OSL:BELCO • NO0003094104

20.35 NOK
0 (0%)
Last: Mar 31, 2025, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This BELCO.OL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Taking everything into account, BELCO scores 5 out of 10 in our fundamental rating. BELCO was compared to 17 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.


Dividend Valuation Growth Profitability Health

5

1. BELCO.OL Profitability Analysis

1.1 Basic Checks

  • In the past year BELCO was profitable.
  • BELCO had a positive operating cash flow in the past year.
  • Of the past 5 years BELCO 4 years were profitable.
  • In the past 5 years BELCO always reported a positive cash flow from operatings.
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

  • With a Return On Assets value of 7.06%, BELCO is not doing good in the industry: 63.16% of the companies in the same industry are doing better.
  • BELCO has a Return On Equity (22.99%) which is comparable to the rest of the industry.
  • With a Return On Invested Capital value of 6.77%, BELCO perfoms like the industry average, outperforming 47.37% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for BELCO is in line with the industry average of 9.00%.
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 has a Operating Margin (16.15%) which is comparable to the rest of the industry.
  • In the last couple of years the Operating Margin of BELCO has grown nicely.
  • BELCO's Gross Margin of 76.45% is amongst the best of the industry. BELCO outperforms 94.74% of its industry peers.
  • 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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ROAROEROICOperating and Profit MarginShow most profitable peers

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.
  • BELCO has more shares outstanding than it did 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

  • Based on the Altman-Z score of 1.60, we must say that BELCO is in the distress zone and has some risk of bankruptcy.
  • BELCO has a Altman-Z score of 1.60. This is in the lower half of the industry: BELCO underperforms 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.
  • Looking at the Debt to FCF ratio, with a value of 9.10, BELCO is doing worse than 68.42% of the companies in the same industry.
  • A Debt/Equity ratio of 1.98 is on the high side and indicates that BELCO has dependencies on debt financing.
  • BELCO has a worse Debt to Equity ratio (1.98) than 89.47% of its industry peers.
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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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.
  • BELCO shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 51.57% yearly.
  • BELCO shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -26.78%.
  • 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

  • Based on estimates for the next years, BELCO will show a very strong growth in Earnings Per Share. The EPS will grow by 31.02% on average per year.
  • 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.
  • Compared to the rest of the industry, the Price/Earnings ratio of BELCO indicates a slightly more expensive valuation: BELCO is more expensive than 78.95% of the companies listed in the same industry.
  • BELCO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.03.
  • The Price/Forward Earnings ratio is 5.53, which indicates a rather cheap valuation of BELCO.
  • BELCO's Price/Forward Earnings ratio is in line with the industry average.
  • BELCO is valuated cheaply when we compare the Price/Forward Earnings ratio to 25.11, which is the current average of the S&P500 Index.
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 20 40 60 80 100

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.
  • 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

  • BELCO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • A more expensive valuation may be justified as BELCO's earnings are expected to grow with 31.02% in the coming years.
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

  • BELCO has a Yearly Dividend Yield of 13.88%, which is a nice return.
  • Compared to an average industry Dividend Yield of 6.55, BELCO has a dividend in line with its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, BELCO pays a better dividend.
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 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 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.


Can you provide the profitability details for BELSHIPS ASA?

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


Can you provide the PE and PB ratios for BELCO stock?

The Price/Earnings (PE) ratio for BELSHIPS ASA (BELCO.OL) is 7.95 and the Price/Book (PB) ratio is 1.91.


How sustainable is the dividend of BELSHIPS ASA (BELCO.OL) stock?

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