Financials SFL Corporation Ltd.

Equities

SFL

BMG7738W1064

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 04:00:01 2024-05-17 pm EDT			5-day change	1st Jan Change
14.05 ^USD	-1.06%		-1.68%	+24.56%

May. 14	SFL Corporation Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 14	Transcript : SFL Corporation Ltd., Q1 2024 Earnings Call, May 14, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,565	685.4	1,033	1,169	1,418	1,769	-	-
Enterprise Value (EV) ¹	4,011	2,665	3,280	3,647	3,813	4,067	3,809	3,702
P/E ratio	17.5 x	-3.08 x	6.04 x	5.8 x	16.8 x	13.4 x	12.1 x	12.1 x
Yield	9.63%	12.7%	8.34%	9.54%	-	7.69%	8.04%	8.9%
Capitalization / Revenue	3.41 x	1.46 x	2.01 x	1.83 x	1.88 x	2 x	2.1 x	2.08 x
EV / Revenue	8.74 x	5.66 x	6.39 x	5.7 x	5.07 x	4.6 x	4.52 x	4.36 x
EV / EBITDA	11.7 x	6.93 x	9.16 x	8.22 x	8.28 x	7.44 x	7.37 x	7.47 x
EV / FCF	50.3 x	12 x	-34.4 x	-25.3 x	48.5 x	16.2 x	9.83 x	9.54 x
FCF Yield	1.99%	8.31%	-2.91%	-3.95%	2.06%	6.17%	10.2%	10.5%
Price to Book	1.41 x	0.86 x	1.05 x	1.07 x	-	1.68 x	1.7 x	1.7 x
Nbr of stocks (in thousands)	107,625	109,141	126,786	126,796	125,701	125,908	-	-
Reference price ²	14.54	6.280	8.150	9.220	11.28	14.05	14.05	14.05
Announcement Date	2/18/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	459	470.8	513.4	639.5	752.3	884.1	842.2	849.3
EBITDA ¹	343	384.6	358.2	443.9	460.5	546.6	516.7	495.9
EBIT ¹	197.8	192.7	206.5	256.1	240.2	259.4	272.5	263.3
Operating Margin	43.1%	40.94%	40.21%	40.05%	31.93%	29.34%	32.35%	31%
Earnings before Tax (EBT) ¹	89.18	-224.4	164.3	202.8	87.26	150.7	167.5	146.4
Net income ¹	89.18	-224	164.3	202.8	83.94	131.3	145.7	146.4
Net margin	19.43%	-47.59%	32.01%	31.71%	11.16%	14.85%	17.3%	17.24%
EPS ²	0.8300	-2.040	1.350	1.590	0.6700	1.045	1.160	1.160
Free Cash Flow ¹	79.83	221.5	-95.46	-144	78.67	251	387.5	388
FCF margin	17.39%	47.04%	-18.59%	-22.51%	10.46%	28.39%	46.01%	45.68%
FCF Conversion (EBITDA)	23.27%	57.58%	-	-	17.08%	45.92%	74.99%	78.24%
FCF Conversion (Net income)	89.51%	-	-	-	93.73%	191.15%	266.01%	264.99%
Dividend per Share ²	1.400	0.8000	0.6800	0.8800	-	1.080	1.130	1.250
Announcement Date	2/18/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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	135.4	152.1	152.4	153.3	166.9	197.8	173.3	164.6	204.9	209.6	229.1	196.5	228.7	212.6	219.2
EBITDA ¹	100.7	110.2	119	115.8	126	123.3	101	103	122.4	131.1	142.8	118.1	147.4	130.7	126.6
EBIT ¹	54.69	64.6	59.33	63.08	65.46	74.38	49.94	51.85	65.38	73.01	85.47	57.01	85.91	69.21	54.2
Operating Margin	40.39%	42.48%	38.93%	41.15%	39.22%	37.6%	28.82%	31.51%	31.91%	34.84%	37.31%	29.01%	37.56%	32.55%	24.72%
Earnings before Tax (EBT) ¹	33.21	80.12	47.02	57.41	49.88	48.45	6.332	16.93	29.3	32.4	48.08	23.1	43.8	40.31	-
Net income ¹	33.2	80.12	47.02	57.41	49.88	48.45	6.332	16.93	29.3	31.37	45.3	17.78	46.75	30.93	15.7
Net margin	24.52%	52.69%	30.86%	37.45%	29.89%	24.49%	3.65%	10.29%	14.3%	14.97%	19.78%	9.05%	20.44%	14.55%	7.16%
EPS ²	0.2600	0.6300	0.3700	0.4500	0.3900	0.3800	0.0500	0.1300	0.2300	0.2500	0.3600	0.1384	0.3701	0.2470	0.1200
Dividend per Share ²	0.1800	0.2000	0.2000	0.2300	0.2300	0.2300	0.2400	0.2400	0.2500	-	0.2625	0.2700	0.2700	0.2700	0.2700
Announcement Date	11/10/21	2/16/22	5/12/22	8/17/22	11/14/22	2/15/23	5/15/23	8/17/23	11/8/23	2/14/24	5/14/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,446	1,979	2,247	2,478	2,395	2,298	2,040	1,933
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	7.132 x	5.146 x	6.272 x	5.583 x	5.201 x	4.204 x	3.948 x	3.899 x
Free Cash Flow ¹	79.8	221	-95.5	-144	78.7	251	388	388
ROE (net income / shareholders' equity)	7.8%	11.2%	18.5%	19.6%	7.88%	13.5%	17.8%	14%
ROA (Net income/ Total Assets)	2.3%	-6.42%	5.02%	5.54%	2.21%	-	-	-
Assets ¹	3,882	3,489	3,276	3,660	3,796	-	-	-
Book Value Per Share ²	10.30	7.300	7.750	8.610	-	8.350	8.260	8.260
Cash Flow per Share	-	2.540	2.400	-	-	-	-	-
Capex ¹	39.3	55	582	602	264	100	-	-
Capex / Sales	8.57%	11.69%	113.29%	94.22%	35.15%	11.31%	-	-
Announcement Date	2/18/20	2/17/21	2/16/22	2/15/23	2/14/24	-	-	-

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 SFL Corporation Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

14.05 USD

Average target price

13.16 USD

Spread / Average Target

-6.33%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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