Company Valuation: Black Sea Property

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 46.6 66.89 33.45 35.78 33.52 22.95
Change - 43.54% -50% 6.98% -6.33% -31.52%
Enterprise Value (EV) 1 123.5 127.1 100.3 113.7 155.2 227.4
Change - 2.94% -21.07% 13.35% 36.42% 46.54%
P/E -10.3x -6.64x 1,195x 306x -2.01x -0.23x
PBR 0.75x 0.7x 0.36x 0.34x 0.29x 1.07x
PEG - 1.46x -12x 4.7x 0x -0x
Capitalization / Revenue - - 6,46,92,294x 86,55,451x 47,37,131x 31,63,040x
EV / Revenue - - - - - -
EV / EBITDA -14.1x - -22x -153x 56x 115x
EV / EBIT -14.1x -41.7x -20.1x -26.6x -27.6x -28.9x
EV / FCF 19.3x -9.54x 3.09x -2.87x 94x -14.3x
FCF Yield 5.19% -10.5% 32.3% -34.9% 1.06% -6.99%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -27.13 -25.9 0.072 0.119 -6.36 -21.37
Distribution rate - - - - - -
Net sales - - 0.517 4.134 7.075 7.256
EBITDA 1 -8.745 - -4.57 -0.741 2.773 1.975
EBIT 1 -8.755 -3.051 -4.994 -4.28 -5.622 -7.857
Net income 1 -4.516 -10.07 0.028 0.117 -15.97 -98.72
Net Debt 1 76.9 60.24 66.89 77.94 121.6 204.4
Reference price 2 280.000 172.000 86.000 36.400 12.800 4.970
Nbr of stocks (in thousands) 166 389 389 983 2,618 4,618
Announcement Date 28/05/21 31/05/22 30/05/23 31/05/24 30/05/25 29/05/26
1NOK in Million2NOK
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 10.79L
21.47x0.87x10.54x-.--% 3.72TCr
18.7x0.85x7.03x2.45% 1.93TCr
12.67x0.49x8.02x-.--% 1.41TCr
16.96x3.48x11.22x5.87% 1.11TCr
20.45x8.49x16.8x4.69% 1.01TCr
51.46x1.97x7.76x-.--% 612.8Cr
34.07x1.23x12.01x0.93% 563.74Cr
33.78x1.06x8.13x0.34% 459.22Cr
29.85x11.77x - 1.94% 411.72Cr
Average 26.60x 3.36x 10.19x 1.8% 1.12TCr
Weighted average by Cap. 22.43x 2.25x 10.06x 1.56%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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