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SBM OFFSHORE NV (SBMO.AS) Stock Fundamental Analysis

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

18.38  +0.14 (+0.77%)

Fundamental Rating

5

Overall SBMO gets a fundamental rating of 5 out of 10. We evaluated SBMO against 35 industry peers in the Energy Equipment & Services industry. Both the profitability and the financial health of SBMO get a neutral evaluation. Nothing too spectacular is happening here. SBMO has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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4

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.
Each year in the past 5 years SBMO has been profitable.
SBMO had a negative operating cash flow in each of the past 5 years.
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 0 500M -500M 1B -1B 1.5B

1.2 Ratios

SBMO's Return On Assets of 2.35% is in line compared to the rest of the industry. SBMO outperforms 44.12% of its industry peers.
SBMO has a better Return On Equity (11.49%) than 64.71% of its industry peers.
SBMO has a Return On Invested Capital (6.36%) which is in line with its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for SBMO is significantly below the industry average of 12.83%.
Industry RankSector Rank
ROA 2.35%
ROE 11.49%
ROIC 6.36%
ROA(3y)2.91%
ROA(5y)2.8%
ROE(3y)13.97%
ROE(5y)12.54%
ROIC(3y)6.38%
ROIC(5y)6.64%
SBMO.AS Yearly ROA, ROE, ROICSBMO.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 10 15

1.3 Margins

SBMO's Profit Margin of 9.04% is fine compared to the rest of the industry. SBMO outperforms 67.65% of its industry peers.
In the last couple of years the Profit Margin of SBMO has remained more or less at the same level.
With an excellent Operating Margin value of 23.41%, SBMO belongs to the best of the industry, outperforming 91.18% of the companies in the same industry.
SBMO's Operating Margin has declined in the last couple of years.
SBMO's Gross Margin of 28.06% is fine compared to the rest of the industry. SBMO outperforms 61.76% of its industry peers.
In the last couple of years the Gross Margin of SBMO has declined.
Industry RankSector Rank
OM 23.41%
PM (TTM) 9.04%
GM 28.06%
OM growth 3Y6.49%
OM growth 5Y-3.18%
PM growth 3Y21.89%
PM growth 5Y0.89%
GM growth 3Y4.01%
GM growth 5Y-4.41%
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 0 10 20 30 40

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4

2. Health

2.1 Basic Checks

SBMO 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, SBMO has more shares outstanding
Compared to 5 years ago, SBMO has less shares outstanding
SBMO has a worse 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 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 5B 10B 15B

2.2 Solvency

Based on the Altman-Z score of 1.16, we must say that SBMO is in the distress zone and has some risk of bankruptcy.
SBMO's Altman-Z score of 1.16 is fine compared to the rest of the industry. SBMO outperforms 64.71% of its industry peers.
SBMO has a debt to FCF ratio of 15.61. This is a negative value and a sign of low solvency as SBMO would need 15.61 years to pay back of all of its debts.
The Debt to FCF ratio of SBMO (15.61) is worse than 64.71% of its industry peers.
SBMO has a Debt/Equity ratio of 2.21. This is a high value indicating a heavy dependency on external financing.
The Debt to Equity ratio of SBMO (2.21) is worse than 85.29% of its industry peers.
Industry RankSector Rank
Debt/Equity 2.21
Debt/FCF 15.61
Altman-Z 1.16
ROIC/WACC1
WACC6.33%
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 0 2B 4B 6B 8B

2.3 Liquidity

A Current Ratio of 2.51 indicates that SBMO has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.51, SBMO belongs to the top of the industry, outperforming 85.29% of the companies in the same industry.
SBMO has a Quick Ratio of 2.44. This indicates that SBMO is financially healthy and has no problem in meeting its short term obligations.
SBMO has a better Quick ratio (2.44) than 91.18% of its industry peers.
Industry RankSector Rank
Current Ratio 2.51
Quick Ratio 2.44
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 2B 4B 6B 8B

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6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 26.37% over the past year.
The Earnings Per Share has been growing by 21.12% on average over the past years. This is a very strong growth
Looking at the last year, SBMO shows a decrease in Revenue. The Revenue has decreased by -4.52% in the last year.
The Revenue has been growing by 17.25% on average over the past years. This is quite good.
EPS 1Y (TTM)26.37%
EPS 3Y39.05%
EPS 5Y21.12%
EPS Q2Q%-35.37%
Revenue 1Y (TTM)-4.52%
Revenue growth 3Y12.39%
Revenue growth 5Y17.25%
Sales Q2Q%1.19%

3.2 Future

The Earnings Per Share is expected to grow by 12.37% on average over the next years. This is quite good.
SBMO is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 9.53% yearly.
EPS Next Y108.16%
EPS Next 2Y0.28%
EPS Next 3Y1.38%
EPS Next 5Y12.37%
Revenue Next Year19.92%
Revenue Next 2Y0.87%
Revenue Next 3Y1.83%
Revenue Next 5Y9.53%

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.
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.
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 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 1 2 3 4

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 8.06, which indicates a very decent valuation of SBMO.
Based on the Price/Earnings ratio, SBMO is valued cheaper than 82.35% of the companies in the same industry.
SBMO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.47.
SBMO is valuated reasonably with a Price/Forward Earnings ratio of 9.10.
SBMO's Price/Forward Earnings is on the same level as the industry average.
When comparing the Price/Forward Earnings ratio of SBMO to the average of the S&P500 Index (92.74), we can say SBMO is valued rather cheaply.
Industry RankSector Rank
PE 8.06
Fwd PE 9.1
SBMO.AS Price Earnings VS Forward Price EarningsSBMO.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SBMO indicates a slightly more expensive valuation: SBMO is more expensive than 64.71% of the companies listed in the same industry.
SBMO's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. SBMO is cheaper than 64.71% of the companies in the same industry.
Industry RankSector Rank
P/FCF 5.24
EV/EBITDA 10.71
SBMO.AS Per share dataSBMO.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

SBMO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.07
PEG (5Y)0.38
EPS Next 2Y0.28%
EPS Next 3Y1.38%

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6

5. Dividend

5.1 Amount

SBMO has a Yearly Dividend Yield of 4.33%, which is a nice return.
SBMO's Dividend Yield is a higher than the industry average which is at 5.50.
Compared to an average S&P500 Dividend Yield of 2.28, SBMO pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.33%

5.2 History

On average, the dividend of SBMO grows each year by 25.56%, which is quite nice.
Dividend Growth(5Y)25.56%
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 0.2 0.4 0.6 0.8

5.3 Sustainability

60.75% of the earnings are spent on dividend by SBMO. This is not a sustainable payout ratio.
SBMO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP60.75%
EPS Next 2Y0.28%
EPS Next 3Y1.38%
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 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 (2/4/2025, 7:00:00 PM)

18.38

+0.14 (+0.77%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryEnergy Equipment & Services
Earnings (Last)11-14 2024-11-14
Earnings (Next)02-20 2025-02-20/amc
Inst Owners38.68%
Inst Owner ChangeN/A
Ins Owners1.12%
Ins Owner ChangeN/A
Market Cap3.24B
Analysts85.71
Price Target24.42 (32.86%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.33%
Yearly Dividend1.56
Dividend Growth(5Y)25.56%
DP60.75%
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)0%
PT rev (3m)3.57%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)173.3%
EPS NY rev (3m)173.3%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)12.48%
Revenue NY rev (3m)12.48%
Valuation
Industry RankSector Rank
PE 8.06
Fwd PE 9.1
P/S 0.7
P/FCF 5.24
P/OCF 4.34
P/B 0.89
P/tB 0.94
EV/EBITDA 10.71
EPS(TTM)2.28
EY12.4%
EPS(NY)2.02
Fwd EY10.99%
FCF(TTM)3.5
FCFY19.07%
OCF(TTM)4.23
OCFY23.03%
SpS26.12
BVpS20.56
TBVpS19.63
PEG (NY)0.07
PEG (5Y)0.38
Profitability
Industry RankSector Rank
ROA 2.35%
ROE 11.49%
ROCE 7.55%
ROIC 6.36%
ROICexc 6.65%
ROICexgc 6.73%
OM 23.41%
PM (TTM) 9.04%
GM 28.06%
FCFM 13.42%
ROA(3y)2.91%
ROA(5y)2.8%
ROE(3y)13.97%
ROE(5y)12.54%
ROIC(3y)6.38%
ROIC(5y)6.64%
ROICexc(3y)6.81%
ROICexc(5y)7.14%
ROICexgc(3y)6.88%
ROICexgc(5y)7.19%
ROCE(3y)7.58%
ROCE(5y)7.88%
ROICexcg growth 3Y-1.47%
ROICexcg growth 5Y-1.58%
ROICexc growth 3Y-1.62%
ROICexc growth 5Y-1.75%
OM growth 3Y6.49%
OM growth 5Y-3.18%
PM growth 3Y21.89%
PM growth 5Y0.89%
GM growth 3Y4.01%
GM growth 5Y-4.41%
F-Score5
Asset Turnover0.26
Health
Industry RankSector Rank
Debt/Equity 2.21
Debt/FCF 15.61
Debt/EBITDA 7.02
Cap/Depr 200%
Cap/Sales 2.79%
Interest Coverage 3.03
Cash Conversion 65.33%
Profit Quality 148.36%
Current Ratio 2.51
Quick Ratio 2.44
Altman-Z 1.16
F-Score5
WACC6.33%
ROIC/WACC1
Cap/Depr(3y)139.03%
Cap/Depr(5y)91%
Cap/Sales(3y)2.27%
Cap/Sales(5y)1.99%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)26.37%
EPS 3Y39.05%
EPS 5Y21.12%
EPS Q2Q%-35.37%
EPS Next Y108.16%
EPS Next 2Y0.28%
EPS Next 3Y1.38%
EPS Next 5Y12.37%
Revenue 1Y (TTM)-4.52%
Revenue growth 3Y12.39%
Revenue growth 5Y17.25%
Sales Q2Q%1.19%
Revenue Next Year19.92%
Revenue Next 2Y0.87%
Revenue Next 3Y1.83%
Revenue Next 5Y9.53%
EBIT growth 1Y7.05%
EBIT growth 3Y19.68%
EBIT growth 5Y13.51%
EBIT Next Year94.25%
EBIT Next 3Y25.7%
EBIT Next 5Y22.55%
FCF growth 1Y178.4%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y204.64%
OCF growth 3YN/A
OCF growth 5YN/A