Financials Beerenberg

Equities

BBERG

NO0013017574

Construction & Engineering

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-05-21 am EDT			5-day change	1st Jan Change
28.8 ^NOK	-0.35%		+1.05%	+65.99%

May. 15	Beerenberg AS Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 08	Beerenberg Signs Frame Agreement with Allseas Group S.A. for Specialized RAT and Mechanical Services for Decommissioning Work in the North Sea	CI

Valuation

Fiscal Period: December	2023	2024	2025	2026
Capitalization ¹	457.6	707.6	-	-
Enterprise Value (EV) ¹	769.3	1,065	1,027	983.7
P/E ratio	-	6.34 x	4.6 x	4.07 x
Yield	9.8%	8.73%	16.3%	19.1%
Capitalization / Revenue	0.2 x	0.25 x	0.23 x	0.22 x
EV / Revenue	0.33 x	0.38 x	0.33 x	0.3 x
EV / EBITDA	4.04 x	4.23 x	3.33 x	2.97 x
EV / FCF	-	10.2 x	6.01 x	5.26 x
FCF Yield	-	9.77%	16.6%	19%
Price to Book	0.53 x	1.24 x	0.87 x	0.82 x
Nbr of stocks (in thousands)	26,375	24,570	-	-
Reference price ²	17.35	28.80	28.80	28.80
Announcement Date	2/22/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	2,222	2,343	2,783	3,105	3,273
EBITDA ¹	-	190.5	251.8	308.1	331.3
EBIT ¹	-	118.2	178.2	231.1	252.6
Operating Margin	-	5.04%	6.4%	7.44%	7.72%
Earnings before Tax (EBT) ¹	-	29.8	143.1	197.4	222.7
Net income ¹	19.6	17.1	111.6	154	173.7
Net margin	0.88%	0.73%	4.01%	4.96%	5.31%
EPS ²	-	-	4.543	6.266	7.069
Free Cash Flow ¹	-	-	104	171	187
FCF margin	-	-	3.74%	5.51%	5.71%
FCF Conversion (EBITDA)	-	-	41.3%	55.49%	56.45%
FCF Conversion (Net income)	-	-	93.17%	111.07%	107.67%
Dividend per Share ²	-	1.700	2.514	4.681	5.495
Announcement Date	2/22/23	2/22/24	-	-	-

¹NOK in Million²NOK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	614.1	638	710	715	720
EBITDA ¹	51.1	57	65.59	66.35	62.88
EBIT ¹	37	40	46.89	47.4	43.92
Operating Margin	6.03%	6.27%	6.6%	6.63%	6.1%
Earnings before Tax (EBT) ¹	13	32	37.61	38.35	35.1
Net income ¹	3.9	25	29.34	29.91	27.38
Net margin	0.64%	3.92%	4.13%	4.18%	3.8%
EPS ²	-	-	1.194	1.217	1.114
Dividend per Share ²	1.700	-	1.700	-	0.8140
Announcement Date	2/22/24	5/15/24	-	-	-

¹NOK in Million²NOK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	312	357	319	276
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	-	1.636 x	1.419 x	1.037 x	0.8334 x
Free Cash Flow ¹	-	-	104	171	187
ROE (net income / shareholders' equity)	-	2.48%	13.3%	17.4%	18.8%
ROA (Net income/ Total Assets)	-	-	-	-	-
Assets ¹	-	-	-	-	-
Book Value Per Share ²	-	33.00	23.20	33.00	35.30
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	-	68	53	56
Capex / Sales	-	-	2.44%	1.71%	1.71%
Announcement Date	2/22/23	2/22/24	-	-	-

¹NOK in Million²NOK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Beerenberg

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

28.8 NOK

Average target price

35 NOK

Spread / Average Target

+21.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction & Engineering

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WSP GLOBAL INC.	+11.98%	19.03B
EMCOR GROUP, INC.	+80.22%	18.04B
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Other Construction & Engineering