BELSHIPS ASA (BELCO.OL) Stock Fundamental Analysis
OSL:BELCO - Euronext Oslo - NO0003094104 - Common Stock - Currency: NOK
Taking everything into account, BELCO scores 5 out of 10 in our fundamental rating. BELCO was compared to 20 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 has a decent growth rate and is not valued too expensively.
1. Profitability
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.
Each year in the past 5 years BELCO had a positive operating cash flow.
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 in line with its industry peers.
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.
Measured over the past 3 years, the Average Return On Invested Capital for BELCO is in line with the industry average of 10.49%.
| 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
BELCO has a Profit Margin of 14.01%. This is in the lower half of the industry: BELCO underperforms 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.
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.
BELCO's Gross Margin has been stable in the last couple of years.
| 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
BELCO has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is 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.
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's Debt to FCF ratio of 9.10 is on the low side compared to the rest of the industry. BELCO is outperformed by 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.
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 | 1.6 |
ROIC/WACC0.92
WACC7.39%
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's Current ratio of 2.30 is fine compared to the rest of the industry. BELCO outperforms 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.
With a decent Quick ratio value of 2.19, BELCO is doing good in the industry, outperforming 78.95% of the companies in the same industry.
| 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 -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.
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)-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
BELCO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 31.02% yearly.
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.
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
BELCO is valuated cheaply with a Price/Earnings ratio of 7.95.
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.
Compared to an average S&P500 Price/Earnings ratio of 27.41, BELCO is valued rather cheaply.
BELCO is valuated cheaply with a Price/Forward Earnings ratio of 5.53.
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 35.19.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.95 | ||
| Fwd PE | 5.53 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BELCO is valued a bit more expensive than 63.16% of the companies in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as BELCO.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.37 | ||
| EV/EBITDA | 8.72 |
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
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 13.88%, BELCO is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 34.86, BELCO has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.35, BELCO pays a better dividend.
| Industry Rank | Sector 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
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
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)
Earnings (Next)
Inst Owners14.75%
Inst Owner ChangeN/A
Ins Owners0.61%
Ins Owner ChangeN/A
Market Cap5.15B
Analysts86
Price Target33.22 (63.24%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector 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 Rank | Sector 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
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 | 1.6 |
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%