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SBM OFFSHORE NV (SBMO.AS) Stock Fundamental Analysis

AMS:SBMO - Euronext Amsterdam - NL0000360618 - Common Stock - Currency: EUR

17.9  +0.29 (+1.65%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to SBMO. SBMO was compared to 35 industry peers in the Energy Equipment & Services industry. SBMO scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. SBMO is valued correctly, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year SBMO was profitable.
In the past year SBMO had a positive cash flow from operations.
In the past 5 years SBMO has always been profitable.
In the past 5 years SBMO reported 4 times negative operating cash flow.
SBMO.AS Yearly Net Income VS EBIT VS OCF VS FCFSBMO.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B -1B 1.5B

1.2 Ratios

SBMO has a Return On Assets of 0.87%. This is amonst the worse of the industry: SBMO underperforms 80.00% of its industry peers.
SBMO has a Return On Equity of 4.14%. This is in the lower half of the industry: SBMO underperforms 77.14% of its industry peers.
SBMO has a worse Return On Invested Capital (4.86%) than 74.29% of its industry peers.
The Average Return On Invested Capital over the past 3 years for SBMO is below the industry average of 10.15%.
Industry RankSector Rank
ROA 0.87%
ROE 4.14%
ROIC 4.86%
ROA(3y)2.19%
ROA(5y)2.26%
ROE(3y)10.18%
ROE(5y)10.7%
ROIC(3y)5.6%
ROIC(5y)5.51%
SBMO.AS Yearly ROA, ROE, ROICSBMO.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10 15

1.3 Margins

SBMO has a Profit Margin of 3.14%. This is in the lower half of the industry: SBMO underperforms 71.43% of its industry peers.
SBMO's Profit Margin has declined in the last couple of years.
The Operating Margin of SBMO (19.52%) is better than 74.29% of its industry peers.
SBMO's Operating Margin has declined in the last couple of years.
Looking at the Gross Margin, with a value of 23.66%, SBMO is in the better half of the industry, outperforming 62.86% of the companies in the same industry.
SBMO's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 19.52%
PM (TTM) 3.14%
GM 23.66%
OM growth 3Y2.55%
OM growth 5Y-2.75%
PM growth 3Y-33.97%
PM growth 5Y-21.9%
GM growth 3Y0.89%
GM growth 5Y-2.99%
SBMO.AS Yearly Profit, Operating, Gross MarginsSBMO.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20 30 40

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5

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SBMO is destroying value.
Compared to 1 year ago, SBMO has less shares outstanding
The number of shares outstanding for SBMO has been reduced compared to 5 years ago.
SBMO has a better debt/assets ratio than last year.
SBMO.AS Yearly Shares OutstandingSBMO.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
SBMO.AS Yearly Total Debt VS Total AssetsSBMO.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.2 Solvency

Based on the Altman-Z score of 1.31, we must say that SBMO is in the distress zone and has some risk of bankruptcy.
SBMO has a Altman-Z score (1.31) which is comparable to the rest of the industry.
The Debt to FCF ratio of SBMO is 6.55, which is on the high side as it means it would take SBMO, 6.55 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 6.55, SBMO is doing worse than 60.00% of the companies in the same industry.
SBMO has a Debt/Equity ratio of 2.13. This is a high value indicating a heavy dependency on external financing.
The Debt to Equity ratio of SBMO (2.13) is worse than 80.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 6.55
Altman-Z 1.31
ROIC/WACC0.79
WACC6.17%
SBMO.AS Yearly LT Debt VS Equity VS FCFSBMO.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

SBMO has a Current Ratio of 3.39. This indicates that SBMO is financially healthy and has no problem in meeting its short term obligations.
Looking at the Current ratio, with a value of 3.39, SBMO belongs to the top of the industry, outperforming 85.71% of the companies in the same industry.
SBMO has a Quick Ratio of 3.38. This indicates that SBMO is financially healthy and has no problem in meeting its short term obligations.
The Quick ratio of SBMO (3.38) is better than 91.43% of its industry peers.
Industry RankSector Rank
Current Ratio 3.39
Quick Ratio 3.38
SBMO.AS Yearly Current Assets VS Current LiabilitesSBMO.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

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1

3. Growth

3.1 Past

The earnings per share for SBMO have decreased strongly by -69.14% in the last year.
SBMO shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -14.78% yearly.
SBMO shows a decrease in Revenue. In the last year, the revenue decreased by -3.61%.
Measured over the past years, SBMO shows a small growth in Revenue. The Revenue has been growing by 7.13% on average per year.
EPS 1Y (TTM)-69.14%
EPS 3Y-27.53%
EPS 5Y-14.78%
EPS Q2Q%-89.02%
Revenue 1Y (TTM)-3.61%
Revenue growth 3Y9.22%
Revenue growth 5Y7.13%
Sales Q2Q%2.03%

3.2 Future

Based on estimates for the next years, SBMO will show a very negative growth in Earnings Per Share. The EPS will decrease by -12.72% on average per year.
SBMO is expected to show a very negative growth in Revenue. In the coming years, the Revenue will decrease by -10.39% yearly.
EPS Next Y-38.06%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
EPS Next 5Y-12.72%
Revenue Next Year-25%
Revenue Next 2Y-11.02%
Revenue Next 3Y0.27%
Revenue Next 5Y-10.39%

3.3 Evolution

The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
SBMO.AS Yearly Revenue VS EstimatesSBMO.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2B 4B 6B
SBMO.AS Yearly EPS VS EstimatesSBMO.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1 2 3 4

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 24.52 indicates a rather expensive valuation of SBMO.
Based on the Price/Earnings ratio, SBMO is valued a bit more expensive than 74.29% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 28.79. SBMO is around the same levels.
With a Price/Forward Earnings ratio of 7.89, the valuation of SBMO can be described as very cheap.
Compared to the rest of the industry, the Price/Forward Earnings ratio of SBMO indicates a somewhat cheap valuation: SBMO is cheaper than 71.43% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of SBMO to the average of the S&P500 Index (21.38), we can say SBMO is valued rather cheaply.
Industry RankSector Rank
PE 24.52
Fwd PE 7.89
SBMO.AS Price Earnings VS Forward Price EarningsSBMO.AS 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, SBMO is valued a bit more expensive than 65.71% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, SBMO is valued cheaper than 85.71% of the companies in the same industry.
Industry RankSector Rank
P/FCF 2.63
EV/EBITDA 11.62
SBMO.AS Per share dataSBMO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

A cheap valuation may be justified as SBMO's earnings are expected to decrease with -2.57% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%

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6

5. Dividend

5.1 Amount

SBMO has a Yearly Dividend Yield of 4.99%, which is a nice return.
SBMO's Dividend Yield is a higher than the industry average which is at 7.66.
SBMO's Dividend Yield is rather good when compared to the S&P500 average which is at 2.51.
Industry RankSector Rank
Dividend Yield 4.99%

5.2 History

On average, the dividend of SBMO grows each year by 21.40%, which is quite nice.
Dividend Growth(5Y)21.4%
Div Incr Years2
Div Non Decr Years2
SBMO.AS Yearly Dividends per shareSBMO.AS Yearly Dividends per shareYearly Dividends per share 2019 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

SBMO pays out 166.00% of its income as dividend. This is not a sustainable payout ratio.
SBMO's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP166%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
SBMO.AS Yearly Income VS Free CF VS DividendSBMO.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500M -500M 1B -1B 1.5B
SBMO.AS Dividend Payout.SBMO.AS Dividend Payout, showing the Payout Ratio.SBMO.AS Dividend Payout.PayoutRetained Earnings

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SBM OFFSHORE NV

AMS:SBMO (4/25/2025, 7:00:00 PM)

17.9

+0.29 (+1.65%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryEnergy Equipment & Services
Earnings (Last)02-20 2025-02-20/amc
Earnings (Next)05-15 2025-05-15
Inst Owners43%
Inst Owner ChangeN/A
Ins Owners1.2%
Ins Owner ChangeN/A
Market Cap3.16B
Analysts84.29
Price Target26.14 (46.03%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.99%
Yearly Dividend1.24
Dividend Growth(5Y)21.4%
DP166%
Div Incr Years2
Div Non Decr Years2
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)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)5.13%
PT rev (3m)7.05%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)22.45%
EPS NY rev (3m)8.93%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.33%
Valuation
Industry RankSector Rank
PE 24.52
Fwd PE 7.89
P/S 0.75
P/FCF 2.63
P/OCF 2.42
P/B 0.99
P/tB 1.04
EV/EBITDA 11.62
EPS(TTM)0.73
EY4.08%
EPS(NY)2.27
Fwd EY12.67%
FCF(TTM)6.81
FCFY38.04%
OCF(TTM)7.39
OCFY41.27%
SpS23.85
BVpS18.04
TBVpS17.16
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.87%
ROE 4.14%
ROCE 6.55%
ROIC 4.86%
ROICexc 5.15%
ROICexgc 5.22%
OM 19.52%
PM (TTM) 3.14%
GM 23.66%
FCFM 28.55%
ROA(3y)2.19%
ROA(5y)2.26%
ROE(3y)10.18%
ROE(5y)10.7%
ROIC(3y)5.6%
ROIC(5y)5.51%
ROICexc(3y)5.89%
ROICexc(5y)5.92%
ROICexgc(3y)5.96%
ROICexgc(5y)5.98%
ROCE(3y)7.55%
ROCE(5y)7.43%
ROICexcg growth 3Y-1.98%
ROICexcg growth 5Y-5.86%
ROICexc growth 3Y-2.09%
ROICexc growth 5Y-6.05%
OM growth 3Y2.55%
OM growth 5Y-2.75%
PM growth 3Y-33.97%
PM growth 5Y-21.9%
GM growth 3Y0.89%
GM growth 5Y-2.99%
F-Score6
Asset Turnover0.28
Health
Industry RankSector Rank
Debt/Equity 2.13
Debt/FCF 6.55
Debt/EBITDA 7.68
Cap/Depr 165.71%
Cap/Sales 2.42%
Interest Coverage 2.62
Cash Conversion 147.61%
Profit Quality 910.67%
Current Ratio 3.39
Quick Ratio 3.38
Altman-Z 1.31
F-Score6
WACC6.17%
ROIC/WACC0.79
Cap/Depr(3y)176.11%
Cap/Depr(5y)120.94%
Cap/Sales(3y)2.53%
Cap/Sales(5y)2.25%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-69.14%
EPS 3Y-27.53%
EPS 5Y-14.78%
EPS Q2Q%-89.02%
EPS Next Y-38.06%
EPS Next 2Y-18.95%
EPS Next 3Y-2.57%
EPS Next 5Y-12.72%
Revenue 1Y (TTM)-3.61%
Revenue growth 3Y9.22%
Revenue growth 5Y7.13%
Sales Q2Q%2.03%
Revenue Next Year-25%
Revenue Next 2Y-11.02%
Revenue Next 3Y0.27%
Revenue Next 5Y-10.39%
EBIT growth 1Y-19.9%
EBIT growth 3Y12.01%
EBIT growth 5Y4.17%
EBIT Next Year14.03%
EBIT Next 3Y13.75%
EBIT Next 5Y2.31%
FCF growth 1Y499.42%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y976.92%
OCF growth 3YN/A
OCF growth 5YN/A