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.
  • In the past year BELCO had a positive cash flow from operations.
  • BELCO had positive earnings in 4 of the past 5 years.
  • 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

  • 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.
  • Looking at the Return On Equity, with a value of 22.99%, BELCO is in line with its industry, outperforming 57.89% of the companies in the same industry.
  • BELCO has a Return On Invested Capital (6.77%) which is in line with its industry peers.
  • 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

  • Looking at the Profit Margin, with a value of 14.01%, BELCO is doing worse than 63.16% of the companies in the same industry.
  • 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.
  • BELCO's Operating Margin has improved in the last couple of years.
  • The Gross Margin of BELCO (76.45%) is better 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

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BELCO is creating some value.
  • The number of shares outstanding for BELCO remains at a similar level compared to 1 year ago.
  • 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

  • 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.
  • The Altman-Z score of BELCO (1.60) is worse 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.
  • 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 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

  • 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.
  • 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.
  • 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 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
  • 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

  • BELCO is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 31.02% yearly.
  • Based on estimates for the next years, BELCO will show a small growth in Revenue. The Revenue will grow by 1.39% on average per year.
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.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

  • A Price/Earnings ratio of 7.95 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 is valuated cheaply when we compare the Price/Earnings ratio to 27.42, which is the current average of the S&P500 Index.
  • BELCO is valuated cheaply with a Price/Forward Earnings ratio of 5.53.
  • BELCO's Price/Forward Earnings is on the same level as the industry average.
  • When comparing the Price/Forward Earnings ratio of BELCO to the average of the S&P500 Index (22.29), we can say BELCO is valued rather cheaply.
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

  • 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.
  • BELCO's Price/Free Cash Flow is on the same level as 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

  • BELCO's 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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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.
  • Compared to an average industry Dividend Yield of 6.01, BELCO has a dividend in line with its industry peers.
  • 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

  • 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 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%.