Belships ASA
OSE:BELCO

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Belships ASA
OSE:BELCO
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Price: 20.35 NOK
Market Cap: kr5.2B

P/E

9.2
Current
26%
More Expensive
vs 3-y average of 7.3

Price to Earnings (P/E) ratio shows how much investors pay for each dollar of a company`s earnings. It`s calculated by dividing the company`s market value by its total earnings.

P/E
9.2
=
Market Cap
kr5.1B
/
Net Income
$58.2m

Price to Earnings (P/E) ratio shows how much investors pay for each dollar of a company`s earnings. It`s calculated by dividing the company`s market value by its total earnings.

P/E
9.2
=
Market Cap
kr5.1B
/
Net Income
$58.2m

Valuation Scenarios

Belships ASA is trading above its 3-year average

If P/E returns to its 3-Year Average (7.3), the stock would be worth kr16.16 (21% downside from current price).

Statistics
Positive Scenarios
1/4
Maximum Downside
-52%
Maximum Upside
+67%
Average Downside
14%
Scenario P/E Value Implied Price Upside/Downside
Current Multiple 9.2 kr20.35
0%
3-Year Average 7.3 kr16.16
-21%
5-Year Average 4.6 kr10.15
-50%
Industry Average 4.4 kr9.77
-52%
Country Average 15.4 kr33.96
+67%

Forward P/E
Today’s price vs future net income

Today's Market Cap Net Income Forward P/E
kr5.1B
/
Jan 2025
$58.2m
=
9.2
Current
kr5.1B
/
Dec 2025
$87.3m
=
58.9
Forward
kr5.1B
/
Dec 2026
$104.3m
=
49.3
Forward

Forward P/E shows whether today’s P/E still looks high or low once future net income are taken into account.

Market Distribution

Lower than 79% of companies in Norway
Percentile
21st
Based on 534 companies
21st percentile
9.2
Low
0 — 11.2
Typical Range
11.2 — 22.2
High
22.2 —
Distribution Statistics
Norway
Min 0
30th Percentile 11.2
Median 15.4
70th Percentile 22.2
Max 3 316.8

Belships ASA
Glance View

Market Cap
5.2B NOK
Industry
Marine

Belships ASA engaged in providing freight transportation and shipping services. The company is headquartered in Oslo, Oslo. The Company’s activities are divided into two business segments: Dry Bulk and Technical Management. The Dry Bulk segment consists of supramax and ultramax dry bulk carriers chartered to Canpotex Shipping Services Ltd and Cargill International. The Dry Bulk fleet mostly transports semifinished industry products and operates worldwide. The Technical Management segment is engaged in technical operation activities through Belships Management in Singapore and in Tianjin and Shanghai in China. These units handle technical maritime operation for the Company and on behalf of other shipping providers. The Company’s major shareholder is Sonata AS.

BELCO Intrinsic Value
42.54 NOK
Undervaluation 52%
Intrinsic Value
Price kr20.35
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