Reach Subsea ASA

Chart & Performance

D1W1MN

P/E

9.46

P/S

1.09

EPS

0.80

Div Yield, %

2.15%

Shrs. gr., 5y

12.10%

Rev. gr., 5y

23.84%

Revenues

1.97b

+69.31%

Net income

226m

+212.79%

CFO

953m

+104.31%

Dividend

Jun 03, 20240.36 NOK/sh

Earnings

Feb 13, 2025

Profile

Reach Subsea ASA provides subsea services worldwide. The company operates in two segments, Oil & Gas and Renewable/Other. It offers inspection, maintenance, and repair services, such as structural inspections, WROV operation, SCM changeout, scale squeeze operations, water injection, ready for operation, subsea equipment maintenance, repair, commissioning, and boulder clearance. The company also provides asset integrity/pipeline inspection services; survey services, including geophysical, geotechnical, UXO, environmental, hydrography, and archaeology; and engineering and project management services. In addition, it offers construction support services comprising vessel, remotely operated vehicles, personnel, survey, and on demand engineering; seabed intervention; boulder clearance; touchdown monitoring; and pre-lay and post- lay survey. Further, the company provides offshore personnel contracting services; geophysical monitoring services, including real-time seismic monitoring, gravitude survey-based 4D gravity, seafloor subsidence monitoring, gravitude depthwatch for seismic nodes, injection integrity monitoring, well drilling, and under control; and environmental monitoring services, such as monitoring CO2 injection and storage, earthquake monitoring and prediction, and geothermal resources assessment and monitoring. It serves oil and gas, renewables, and utilities sectors. The company was formerly known as Transit Invest ASA and changed its name to Reach Subsea ASA in December 2012. Reach Subsea ASA was incorporated in 1909 and is headquartered in Haugesund, Norway.

URL

https://reachsubsea.no/

IPO date

Jan 02, 1920

Employees

300

Domiciled in

Incorporated in

Valuation

Order:

Title NOK in thousands, except ratios and share amounts	FY	FY	FY	FY	FY	FY	FY	FY	FY	FY
Title NOK in thousands, except ratios and share amounts	2023‑12	2022‑12	2021‑12	2020‑12	2019‑12	2018‑12	2017‑12	2016‑12	2015‑12	2014‑12
Income
Revenues	1,966,584 69.31%	1,161,533 72.53%	673,253 8.79%
Cost of revenue	1,240,037	748,595	455,288
Unusual Expense (Income)
NOPBT	726,547	412,938	217,965
NOPBT Margin	36.94%	35.55%	32.37%
Operating Taxes	63,743	25,838	(20,760)
Tax Rate	8.77%	6.26%
NOPAT	662,804	387,100	238,725
Net income	225,791 212.79%	72,185 -23.05%	93,806 223.23%
Dividends	(45,981)	(40,484)	(21,541)
Dividend yield	3.99%	4.57%	4.91%
Proceeds from repurchase of equity	123,040	152,270	1,379
BB yield	-10.68%	-17.20%	-0.31%
Debt
Debt current	396,211	121,745	192,887
Long-term debt	2,092,469	114,629	406,701
Deferred revenue
Other long-term liabilities	1,000		(1,000)
Net debt	1,938,805	55,083	456,890
Cash flow
Cash from operating activities	952,728	466,309	279,214
CAPEX	(202,708)	(167,805)	(1,561)
Cash from investing activities	(208,392)	(204,702)	6,963
Cash from financing activities	(487,781)	(214,537)	(245,139)
FCF	(553,816)	405,596	(61,129)
Balance
Cash	436,423	181,291	142,698
Long term investments	113,452
Excess cash	451,546	123,214	109,035
Stockholders' equity	528,941	312,097	200,878
Invested Capital	1,736,020	574,913	484,550
ROIC	57.36%	73.07%	75.07%
ROCE	33.05%	59.15%	36.72%
EV
Common stock shares outstanding	256,132	210,777	144,322
Price	4.50 7.14%	4.20 38.16%	3.04 36.94%
Market cap	1,152,592 30.20%	885,263 101.77%	438,739 37.06%
EV	3,091,397	940,346	895,629
EBITDA	1,349,552	766,470	457,772
EV/EBITDA	2.29	1.23	1.96
Interest	77,882	15,415	7,847
Interest/NOPBT	10.72%	3.73%	3.60%