Stock BELCO BELSHIPS ASA
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Financials Belships ASA

Equities

BELCO

NO0003094104

Marine Freight & Logistics

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-04-26 am EDT 		5-day change 1st Jan Change
24.6 NOK +5.35% Intraday chart for Belships ASA +13.89% +33.84%
Apr. 22 Belships Expands Fleet with Lease of Two New Bulk Carriers MT
Apr. 22 Belships ASA Announces Fleet Expansion CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 174.1 168.2 404.7 368.4 457 563 - -
Enterprise Value (EV) 1 345 415.6 736.8 833.8 892.2 941.4 879.6 830.5
P/E ratio 27.4 x -9.23 x 3.02 x 2.14 x 5.32 x 8.37 x 6.15 x 5.46 x
Yield - - 12.9% 29.9% 12.5% 7.21% 10.3% 12.1%
Capitalization / Revenue 1.65 x 1.02 x 0.62 x 0.48 x 1.05 x 1.18 x 1.06 x 0.99 x
EV / Revenue 3.28 x 2.51 x 1.13 x 1.09 x 2.05 x 1.98 x 1.65 x 1.46 x
EV / EBITDA 10.3 x 22.7 x 4.49 x 3.76 x 5.66 x 5.98 x 4.88 x 4.31 x
EV / FCF -10.2 x -114 x 12.5 x 10.1 x 7.49 x 8.48 x 6.71 x 6.32 x
FCF Yield -9.81% -0.88% 8.01% 9.89% 13.3% 11.8% 14.9% 15.8%
Price to Book 1.11 x 1.12 x 1.48 x 1.25 x 1.49 x 1.89 x 1.7 x 1.56 x
Nbr of stocks (in thousands) 211,677 227,627 252,752 252,765 252,765 252,765 - -
Reference price 2 0.8224 0.7387 1.601 1.457 1.808 2.227 2.227 2.227
Announcement Date 2/21/20 2/23/21 2/21/22 2/22/23 2/19/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 105.2 165.4 650.7 761.8 434.2 476.3 531.7 568.5
EBITDA 1 33.58 18.3 164 222 157.6 157.5 180.1 192.6
EBIT 1 11.63 -4.623 135.2 182.9 111.9 109.5 131.5 141.8
Operating Margin 11.06% -2.79% 20.78% 24.01% 25.77% 23% 24.73% 24.95%
Earnings before Tax (EBT) 1 6.755 -17.16 142.1 177.1 85 82.98 106 117.9
Net income 1 3.487 -19.9 104 146.9 75.9 68.75 91.5 103.3
Net margin 3.31% -12.03% 15.98% 19.28% 17.48% 14.44% 17.21% 18.16%
EPS 2 0.0300 -0.0800 0.5300 0.6800 0.3400 0.2661 0.3623 0.4077
Free Cash Flow 1 -33.84 -3.644 58.99 82.46 119 111 131 131.3
FCF margin -32.16% -2.2% 9.07% 10.82% 27.42% 23.31% 24.64% 23.1%
FCF Conversion (EBITDA) - - 35.98% 37.15% 75.53% 70.48% 72.74% 68.19%
FCF Conversion (Net income) - - 56.73% 56.14% 156.86% 161.46% 143.17% 127.19%
Dividend per Share 2 - - 0.2060 0.4359 0.2266 0.1606 0.2295 0.2693
Announcement Date 2/21/20 2/23/21 2/21/22 2/22/23 2/19/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 205.3 228.6 241.9 200.5 158.1 161.3 116.4 116.6 90.86 111.7 106 114.6 126.5 144.9 108
EBITDA 1 57.1 62.2 60.5 48.95 56.42 56.09 43.67 40.73 32.98 40.81 33.84 37.46 44.07 46.84 28
EBIT 1 50.36 54.1 52.27 40.92 53.87 45.2 32.39 28.05 22.34 28.31 21.67 25.29 32.24 34.51 18
Operating Margin 24.53% 23.66% 21.61% 20.41% 34.07% 28.03% 27.83% 24.06% 24.59% 25.35% 20.46% 22.08% 25.49% 23.82% 16.67%
Earnings before Tax (EBT) 1 44.84 74.09 60.73 32.26 50.06 34.1 27.86 17.59 15.33 24.61 15.41 19.03 25.64 28.57 13
Net income 1 10.2 48.48 46.74 27.02 46.67 26.46 23.19 24.27 15.05 18.16 11.9 14.38 20.85 22.94 7
Net margin 4.97% 21.21% 19.32% 13.47% 29.52% 16.41% 19.93% 20.82% 16.56% 16.26% 11.24% 12.56% 16.48% 15.83% 6.48%
EPS 2 0.1400 0.2300 0.2300 0.1200 0.1900 0.1300 0.1100 0.1000 0.0600 0.0900 0.0474 0.0573 0.0824 0.0893 -
Dividend per Share 2 0.0635 0.1002 0.2286 0.0772 0.0740 0.0726 0.0662 0.0564 0.0404 0.0571 0.0165 0.0521 0.0613 0.0742 0.0100
Announcement Date 11/12/21 2/21/22 5/12/22 8/17/22 11/10/22 2/22/23 5/9/23 8/21/23 11/9/23 2/19/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 171 247 332 465 435 378 317 267
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 5.09 x 13.52 x 2.026 x 2.097 x 2.761 x 2.403 x 1.758 x 1.389 x
Free Cash Flow 1 -33.8 -3.64 59 82.5 119 111 131 131
ROE (net income / shareholders' equity) -1.04% -12.1% 54% 58.9% 25.2% 23.6% 27.9% 27.7%
ROA (Net income/ Total Assets) - - - - 6.88% 5.86% 6.97% 6.81%
Assets 1 - - - - 1,103 1,174 1,314 1,517
Book Value Per Share 2 0.7400 0.6600 1.080 1.170 1.210 1.180 1.310 1.430
Cash Flow per Share 0.1000 0.0600 0.7600 0.6700 0.4800 - - -
Capex 1 54 15.3 90.5 89.1 1.85 4.5 4.5 5
Capex / Sales 51.32% 9.22% 13.9% 11.7% 0.43% 0.94% 0.85% 0.88%
Announcement Date 2/21/20 2/23/21 2/21/22 2/22/23 2/19/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Belships ASA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
4
Last Close Price
2.227 USD
Average target price
2.62 USD
Spread / Average Target
+17.62%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

1st Jan change Capi.
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Deep Sea Freight
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