Financials Siem Offshore Inc.

Equities

SIOFF

KYG812291253

Oil Related Services and Equipment

Market Closed - Oslo Bors Other stock markets 10:45:00 2024-04-30 am EDT			5-day change	1st Jan Change
35.75 ^NOK	-1.11%		+4.84%	+29.53%

Apr. 08	Siem Offshore to Divest Nine Vessels to Siem Sustainable Energy	MT
Apr. 02	Siem Offshore Inc. Signs New Contract for the Oil Spill Response Vessel Siem Marataizes	CI

Valuation

Fiscal Period: December	2022	2023	2024	2025	2026
Capitalization ¹	322.8	648.5	785.4	-	-
Enterprise Value (EV) ¹	322.8	1,014	975.9	855.1	678.4
P/E ratio	10.4 x	3.72 x	9.13 x	6.82 x	4.44 x
Yield	-	-	-	-	-
Capitalization / Revenue	-	1.93 x	2.4 x	2.51 x	2.52 x
EV / Revenue	-	3.02 x	2.98 x	2.73 x	2.17 x
EV / EBITDA	-	6.16 x	5.72 x	5.06 x	3.88 x
EV / FCF	-	8.99 x	9.12 x	7.7 x	4.99 x
FCF Yield	-	11.1%	11%	13%	20%
Price to Book	-	1.21 x	1.2 x	1.01 x	0.78 x
Nbr of stocks (in thousands)	238,852	238,852	238,852	-	-
Reference price ²	1.351	2.715	3.288	3.288	3.288
Announcement Date	2/24/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2022	2023	2024	2025	2026
Net sales ¹	-	336	327.6	313	312
EBITDA ¹	-	164.5	170.5	168.9	175
EBIT ¹	-	96.28	105.9	111.5	128
Operating Margin	-	28.65%	32.31%	35.61%	41.03%
Earnings before Tax (EBT) ¹	-	154.1	86.23	96.95	123
Net income ¹	30.9	174.5	80.03	91.16	115
Net margin	-	51.93%	24.42%	29.12%	36.86%
EPS ²	0.1300	0.7300	0.3601	0.4824	0.7400
Free Cash Flow ¹	-	112.7	107	111	136
FCF margin	-	33.54%	32.66%	35.46%	43.59%
FCF Conversion (EBITDA)	-	68.51%	62.76%	65.71%	77.71%
FCF Conversion (Net income)	-	64.57%	133.71%	121.76%	118.26%
Dividend per Share ²	-	-	-	-	-
Announcement Date	2/24/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	76.46	88.79	85.62	85.16	85	89.5	80	73
EBITDA ¹	36.96	45.93	41.5	40.1	43	47.5	43.5	37.5
EBIT ¹	20.08	28.62	24.06	23.52	25	29.5	28.5	23
Operating Margin	26.27%	32.24%	28.09%	27.62%	29.41%	32.96%	35.62%	31.51%
Earnings before Tax (EBT) ¹	30.28	30.13	12.32	81.38	19.2	23.86	23.75	19.91
Net income ¹	30.95	30.19	13.38	100	17.46	22.04	21.92	18.61
Net margin	40.48%	34%	15.63%	117.42%	20.54%	24.63%	27.4%	25.49%
EPS ²	0.1300	0.1300	0.0600	0.4200	0.0733	0.0933	0.1020	0.0915
Dividend per Share	-	-	-	-	-	-	-	-
Announcement Date	5/11/23	8/25/23	10/31/23	2/27/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2022	2023	2024	2025	2026
Net Debt ¹	-	365	190	69.7	-
Net Cash position ¹	-	-	-	-	107
Leverage (Debt/EBITDA)	-	2.22 x	1.117 x	0.4128 x	-
Free Cash Flow ¹	-	113	107	111	136
ROE (net income / shareholders' equity)	-	38.9%	15%	16%	19.2%
ROA (Net income/ Total Assets)	-	-	-	-	-
Assets ¹	-	-	-	-	-
Book Value Per Share ²	-	2.240	2.750	3.250	4.200
Cash Flow per Share	-	-	-	-	-
Capex ¹	-	33.5	28	25	28
Capex / Sales	-	9.97%	8.55%	7.99%	8.97%
Announcement Date	2/24/23	2/27/24	-	-	-

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 Siem Offshore Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

3.288 USD

Average target price

3.875 USD

Spread / Average Target

+17.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Oil Related Services

	1st Jan change	Capi.
SIEM OFFSHORE INC.	+30.07%	785M
SUBSEA 7 S.A.	+22.67%	4.94B
TECHNIP ENERGIES N.V.	+6.33%	4.29B
LIBERTY ENERGY INC.	+27.29%	3.85B
AKER SOLUTIONS ASA	+1.29%	1.88B
TGS ASA	-2.04%	1.54B
SELECT WATER SOLUTIONS, INC.	+25.30%	979M
BUMI ARMADA	+21.21%	745M
DAYANG ENTERPRISE HOLDINGS	+65.62%	643M
HEAVY ENGINEERING INDUSTRIES AND SHIPBUILDING COMPANY K.S.C.P.	+2.80%	493M

Oil Related Services