Financials SBM Offshore N.V

Equities

SBMO

NL0000360618

Oil Related Services and Equipment

Real-time Euronext Amsterdam Other stock markets 06:29:20 2024-05-22 am EDT			5-day change	1st Jan Change
14.06 ^EUR	-1.06%		+0.93%	+12.93%

May. 15	SBM OFFSHORE : Q1: Double-digit revenue growth signals a confident stride toward above-consensus FY24 guidance
May. 07	St Barbara Ups Annual Gold Production Target for Simberi Operation For 2025-2027	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,638	3,331	2,631	2,794	2,460	2,752	-	-
Enterprise Value (EV) ¹	8,054	7,424	9,311	10,675	2,460	10,021	10,579	8,921
P/E ratio	15.8 x	95.1 x	22.6 x	24.1 x	4.71 x	15.4 x	8.61 x	15.7 x
Yield	4.09%	4.66%	6.72%	7.01%	-	7.36%	8.44%	7%
Capitalization / Revenue	1.68 x	1.45 x	1.17 x	0.85 x	0.54 x	0.76 x	0.6 x	0.75 x
EV / Revenue	3.71 x	3.24 x	4.15 x	3.25 x	0.54 x	2.77 x	2.31 x	2.44 x
EV / EBITDA	9.68 x	7.86 x	10 x	10.6 x	1.86 x	8.67 x	7.67 x	7.17 x
EV / FCF	-8.96 x	-43.9 x	-12.1 x	-19.7 x	-	-14.1 x	69.1 x	-37.3 x
FCF Yield	-11.2%	-2.28%	-8.25%	-5.09%	-	-7.11%	1.45%	-2.68%
Price to Book	1.34 x	1.38 x	1.06 x	0.83 x	-	0.62 x	0.62 x	-
Nbr of stocks (in thousands)	195,585	175,228	176,682	178,062	179,012	178,397	-	-
Reference price ²	18.60	19.01	14.89	15.69	13.74	15.43	15.43	15.43
Announcement Date	2/13/20	2/11/21	2/10/22	2/23/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,171	2,291	2,242	3,288	4,532	3,621	4,588	3,654
EBITDA ¹	832	944	931	1,010	1,319	1,156	1,379	1,244
EBIT ¹	329	629	366	392	-	615.7	793.6	608.9
Operating Margin	15.15%	27.46%	16.32%	11.92%	-	17.01%	17.3%	16.66%
Earnings before Tax (EBT) ¹	542	366	543	660	-	350	417	156
Net income ¹	235	38	121	115	524	226.3	299.2	169.7
Net margin	10.82%	1.66%	5.4%	3.5%	11.56%	6.25%	6.52%	4.64%
EPS ²	1.180	0.2000	0.6600	0.6500	2.920	0.9999	1.792	0.9820
Free Cash Flow ¹	-899	-169	-768	-543	-	-713	153	-239
FCF margin	-41.41%	-7.38%	-34.26%	-16.51%	-	-19.69%	3.33%	-6.54%
FCF Conversion (EBITDA)	-	-	-	-	-	-	11.1%	-
FCF Conversion (Net income)	-	-	-	-	-	-	51.13%	-
Dividend per Share ²	0.7600	0.8854	1.000	1.100	-	1.135	1.302	1.080
Announcement Date	2/13/20	2/11/21	2/10/22	2/23/23	2/29/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2022 S1	2022 S2	2023 S1
Net sales	1,206	1,179	1,112	-	-	-
EBITDA	433	523	421	-	429	-
EBIT	178	-	297	-	-	-
Operating Margin	14.76%	-	26.71%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-
Net income ¹	174	38	-	296	-181	179
Net margin	14.43%	3.22%	-	-	-	-
EPS ²	0.8800	0.2000	-	1.650	-	0.9900
Dividend per Share	-	-	-	-	-	-
Announcement Date	2/13/20	8/6/20	2/11/21	8/4/22	2/23/23	8/10/23

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,416	4,093	6,680	7,881	-	7,269	7,827	6,169
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.308 x	4.336 x	7.175 x	7.803 x	-	6.287 x	5.677 x	4.96 x
Free Cash Flow ¹	-899	-169	-768	-543	-	-713	153	-239
ROE (net income / shareholders' equity)	8.73%	9.27%	16.6%	13.7%	-	12.1%	17.5%	7.5%
ROA (Net income/ Total Assets)	-	3.88%	-	-	-	-	-	-
Assets ¹	-	979.4	-	-	-	-	-	-
Book Value Per Share ²	13.80	13.80	14.00	18.80	-	25.00	24.70	-
Cash Flow per Share ²	-0.1100	-0.6700	3.890	4.490	-	3.090	4.950	5.580
Capex ¹	679	41	1,483	1,342	-	1,299	952	532
Capex / Sales	31.28%	1.79%	66.15%	40.82%	-	35.87%	20.75%	14.55%
Announcement Date	2/13/20	2/11/21	2/10/22	2/23/23	2/29/24	-	-	-

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 SBM Offshore N.V

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.43 USD

Average target price

21.41 USD

Spread / Average Target

+38.80%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil Related Services and Equipment

	1st Jan change	Capi.
SBM OFFSHORE N.V	+12.61%	2.75B
SCHLUMBERGER LIMITED	-7.21%	69.02B
HALLIBURTON COMPANY	+4.09%	33.31B
BAKER HUGHES COMPANY	-3.39%	32.95B
TECHNIPFMC PLC	+32.03%	11.46B
WEATHERFORD INTERNATIONAL PLC	+26.39%	9.05B
NOV INC.	-5.77%	7.56B
CHAMPIONX CORPORATION	+17.19%	6.52B
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+51.23%	6.06B
TIDEWATER INC.	+48.48%	5.65B