Financials HAV Group ASA

Equities

Market Closed - Oslo Bors Other stock markets 08:15:00 14/05/2024 pm IST			5-day change	1st Jan Change
10.7 ^NOK	-0.93%		+7.00%	+15.05%

06/05	HAV Group Books NOK200 Million Equipment Order from Shipbuilder Havyard Leirvik	MT
18/03	NASDAQ - ADDITIONALLY, ANY UNACKNOWLEDGED ORDERS ON RASH FIX HAV…	RE

Fiscal Period: December	2021	2022	2023
Capitalization ¹	495.7	283.7	337.1
Enterprise Value (EV) ¹	186.4	106.1	294.7
P/E ratio	5.63 x	53.1 x	310 x
Yield	-	-	-
Capitalization / Revenue	0.54 x	0.46 x	0.48 x
EV / Revenue	0.2 x	0.17 x	0.48 x
EV / EBITDA	1.7 x	5.01 x	18.2 x
EV / FCF	0.88 x	-1.38 x	-47.2 x
FCF Yield	114%	-72.7%	-2.12%
Price to Book	3.16 x	-	2.33 x
Nbr of stocks (in thousands)	34,920	33,378	31,501
Reference price ²	14.20	8.500	10.70
Announcement Date	11/03/22	10/03/23	14/03/24

¹NOK in Million²NOK

Estimates

Fiscal Period: December	2021	2022	2023
Net sales ¹	916.7	619.7	617.1
EBITDA ¹	109.6	21.16	16.23
EBIT ¹	92.19	3.363	-0.756
Operating Margin	10.06%	0.54%	-0.12%
Earnings before Tax (EBT) ¹	89.28	5.673	1.169
Net income ¹	88.04	5.673	1.169
Net margin	9.6%	0.92%	0.19%
EPS ²	2.520	0.1600	0.0300
Free Cash Flow ¹	212	-77.13	-6.25
FCF margin	23.13%	-12.45%	-1.01%
FCF Conversion (EBITDA)	193.39%	-	165.91%
FCF Conversion (Net income)	240.85%	-	221.21%
Dividend per Share	-	-	-
Announcement Date	11/03/22	10/03/23	14/03/24

¹NOK in Million²NOK

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4
Net sales ¹	303.9	80.61	224.5	199	159.9	136.6	124.3	-	200.3	193	113.5
EBITDA ¹	41.01	14.46	30.92	12	18.4	5.288	-14.74	-	16.87	-63.91	-18.95
EBIT ¹	36.77	10.81	25.37	8	13.93	0.762	-19.35	-	12.7	-68.34	-23.2
Operating Margin	12.1%	13.41%	11.3%	4.02%	8.71%	0.56%	-15.57%	-	6.34%	-35.41%	-20.45%
Earnings before Tax (EBT) ¹	38.36	10.64	22.63	4.582	16.82	0.903	-16.64	-	58.67	-18.64	-25.66
Net income ¹	38.36	8.3	36.05	4.6	17	0.903	-16.64	-13.2	58.7	-18.64	-25.66
Net margin	12.62%	10.3%	16.06%	2.31%	10.63%	0.66%	-13.38%	-	29.3%	-9.66%	-22.62%
EPS ²	1.100	0.2400	1.030	0.1300	0.4800	0.0300	-0.4800	-0.3800	1.680	-0.5300	-0.7300
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	30/08/21	25/11/21	11/03/22	30/05/22	30/08/22	30/11/22	10/03/23	24/05/23	29/08/23	24/11/23	14/03/24

¹NOK in Million²NOK

Estimates

Fiscal Period: December	2021	2022	2023
Net Debt ¹	-	-	-
Net Cash position ¹	309	178	249
Leverage (Debt/EBITDA)	-	-	-
Free Cash Flow ¹	212	-77.1	-6.25
ROE (net income / shareholders' equity)	88.5%	4.07%	47.5%
ROA (Net income/ Total Assets)	-	-	-
Assets ¹	-	-	-
Book Value Per Share ²	4.490	-	4.600
Cash Flow per Share	-	-	-
Capex ¹	2.24	4.73	7.74
Capex / Sales	0.24%	0.76%	1.25%
Announcement Date	11/03/22	10/03/23	14/03/24

¹NOK in Million²NOK

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

10.7 NOK

Average target price

16 NOK

Spread / Average Target

+49.53%

	1st Jan change	Capi.
HAV GROUP ASA	+15.05%	31.15M
CHINA CSSC HOLDINGS LIMITED	+31.05%	23.86B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+27.36%	16.58B
HANWHA OCEAN CO., LTD.	+29.48%	7.3B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+12.41%	7.04B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+30.71%	6.34B
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+19.46%	5.14B
SEATRIUM LIMITED	-32.20%	4.54B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+39.16%	4.32B
COCHIN SHIPYARD LIMITED	+97.50%	4.23B