Stock REACH REACH SUBSEA ASA
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Financials Reach Subsea ASA

Equities

REACH

NO0003117202

Marine Freight & Logistics

Market Closed - Oslo Bors
Other stock markets
 15:45:00 28/06/2024 BST 		5-day change 1st Jan Change
8.16 NOK +0.99% Intraday chart for Reach Subsea ASA +3.03% +81.33%
06-23 Equinor to Provide Financial Support for Testing of Reach Subsea's Unmanned Surface Vehicles MT
06-03 Reach Subsea Extends 3-Year Charter on Havila Subsea CI

Valuation

Fiscal Period: December 2020 2021 2023 2024 2025 2026
Capitalization 1 37.36 50.03 120.3 208.1 - -
Enterprise Value (EV) 1 37.36 68.53 198 385.1 337 315
P/E ratio 7.2 x 4.59 x 6.25 x 11.6 x 8.15 x 5.07 x
Yield - 5.9% 7.68% 4.44% 4.31% 4.96%
Capitalization / Revenue - 0.64 x 0.64 x 0.93 x 0.85 x 0.76 x
EV / Revenue - 0.88 x 1.05 x 1.71 x 1.38 x 1.15 x
EV / EBITDA - 1.89 x 2.2 x 4.15 x 3.22 x 2.57 x
EV / FCF - 2.18 x 2.82 x 55.6 x 7.34 x 7.63 x
FCF Yield - 45.8% 35.5% 1.8% 13.6% 13.1%
Price to Book - 1.54 x 1.37 x 2.13 x 1.89 x 1.53 x
Nbr of stocks (in thousands) 143,506 144,941 271,769 271,769 - -
Reference price 2 0.2603 0.3452 0.4427 0.7657 0.7657 0.7657
Announcement Date 26/03/21 08/02/22 14/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2020 2021 2023 2024 2025 2026
Net sales 1 - 78.17 188.4 224.9 245 274.1
EBITDA 1 - 36.3 90.14 92.87 104.8 122.4
EBIT 1 - 9.001 28.51 35.33 45.35 64.72
Operating Margin - 11.52% 15.13% 15.71% 18.51% 23.61%
Earnings before Tax (EBT) 1 - 8.316 27.33 24.75 37.79 61.41
Net income 1 5.026 10.68 21.32 17.86 29.48 47.9
Net margin - 13.66% 11.31% 7.94% 12.03% 17.48%
EPS 2 0.0362 0.0751 0.0708 0.0660 0.0940 0.1510
Free Cash Flow 1 - 31.42 70.27 6.927 45.93 41.28
FCF margin - 40.2% 37.29% 3.08% 18.75% 15.06%
FCF Conversion (EBITDA) - 86.55% 77.96% 7.46% 43.84% 33.71%
FCF Conversion (Net income) - 294.21% 329.66% 38.79% 155.82% 86.18%
Dividend per Share 2 - 0.0204 0.0340 0.0340 0.0330 0.0380
Announcement Date 26/03/21 08/02/22 14/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 21.78 13.69 34.61 35.67 - 59.88 59.12 44.76 52.76 58.01 58.1 54.42 55.65 66.42
EBITDA 1 9.835 4.163 14.96 14.88 - 33.58 29.84 20.03 18.86 26.55 25.89 21.07 21.64 30.8
EBIT 1 2.93 -3.998 5.058 5.709 - 13.95 10.2 7.507 2.63 12.09 14.08 6.519 6.991 15.97
Operating Margin 13.46% -29.2% 14.61% 16.01% - 23.29% 17.25% 16.77% 4.99% 20.85% 24.23% 11.98% 12.56% 24.04%
Earnings before Tax (EBT) 1 2.571 -4.706 5.707 6.573 - 10.39 8.373 7.662 -0.8182 10.01 11.53 4.062 4.818 13.89
Net income 1 2.636 -3.762 4.415 5.025 0.3723 8.138 7.046 5.448 0.3884 7.841 8.975 3.118 3.685 10.86
Net margin 12.11% -27.48% 12.76% 14.09% - 13.59% 11.92% 12.17% 0.74% 13.52% 15.45% 5.73% 6.62% 16.36%
EPS 2 0.0182 -0.0244 0.0183 0.0225 0.000950 0.0320 0.0236 0.0170 0.001830 0.0280 0.0330 0.0110 0.0120 0.0340
Dividend per Share 2 0.0204 - - - - - - 0.0340 - 0.0340 - - - 0.0280
Announcement Date 08/02/22 06/05/22 22/08/22 08/11/22 08/05/23 22/08/23 07/11/23 14/02/24 08/05/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 18.5 - 77.7 177 129 107
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - 0.5097 x - 0.862 x 1.906 x 1.23 x 0.8727 x
Free Cash Flow 1 - 31.4 - 70.3 6.93 45.9 41.3
ROE (net income / shareholders' equity) - 37.8% 16.7% 30% 19.3% 25.9% 33.3%
ROA (Net income/ Total Assets) - - - - - - -
Assets 1 - - - - - - -
Book Value Per Share 2 - 0.2200 - 0.3200 0.3600 0.4100 0.5000
Cash Flow per Share - - - - - - -
Capex 1 - 0.18 - 19.1 36.7 40.8 61.2
Capex / Sales - 0.23% - 10.16% 16.33% 16.66% 22.33%
Announcement Date 26/03/21 08/02/22 - 14/02/24 - - -
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 Reach Subsea ASA

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
1
Last Close Price
0.7657 USD
Average target price
0.898 USD
Spread / Average Target
+17.27%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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