Outside Analyst Coverage(TR)

Covering Firms:
Arctic Securities ASA
Capital One Securities, Inc.
Clarksons Platou Securities AS
Fearnley Securities AS
Pareto Securities AS

Analyst Ratings

Mean Recommendation:

1.83

Sell

Strong Buy

Reference Information - Earnings Per Share

Last Actual (FY0): -2.45
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Earnings Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 2.75 3.26 2.05 2.93 3 -- 1 -36.35
Annual December 2020 1.15 2.69 -0.52 1.20 6 -- -- -9.28
Annual December 2019 -1.06 -0.29 -2.87 -0.53 4 -- -- --
Quarterly March 2020 0.24 0.49 -0.01 0.24 2 -- -- -51.02
Quarterly June 2020 0.42 0.74 0.09 0.42 2 -- -- -43.92
Quarterly September 2019 -0.12 0.30 -0.71 -0.03 4 -- -- -18.97
Quarterly December 2019 -0.16 -0.05 -0.22 -0.21 3 -- -- -23.08

Actuals - Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 -2.45 -2.23 -10.11
Annual March 2016 -0.03 -- --
Quarterly June 2019 -0.41 -0.34 -20.59
Quarterly March 2019 -0.49 -0.69 28.47
Quarterly December 2018 -0.42 -0.53 20.00
Quarterly September 2018 -0.41 -0.32 -28.13

Reference Information - Book Value Per Share

Last Actual (FY0): 30.96
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Book Value Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 30.00 30.00 30.00 30.00 1 -- 1 -15.49
Annual December 2020 30.71 34.47 26.70 30.95 3 -- 1 -3.26
Annual December 2019 29.68 34.22 26.00 28.83 3 -- 1 -1.22
Quarterly March 2020 25.90 25.90 25.90 25.90 1 -- 1 -5.82
Quarterly June 2020 26.10 26.10 26.10 26.10 1 -- 1 -7.77
Quarterly September 2019 30.52 34.63 26.40 30.52 2 -- 1 -1.13
Quarterly December 2019 30.11 34.22 26.00 30.11 2 -- 1 -1.79

Actuals - Book Value Per Share

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 30.96 31.33 -1.18
Annual March 2016 1.56 -- --
Quarterly June 2019 29.43 30.77 -4.37
Quarterly March 2019 30.17 27.20 10.91
Quarterly December 2018 30.96 30.62 1.13
Quarterly September 2018 35.16 31.48 11.72

Reference Information - Cash Flow Per Share

Last Actual (FY0): 0.15
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Cash Flow Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 7.80 7.80 7.80 7.80 1 -- -- --
Annual December 2020 4.54 4.80 4.27 4.54 2 -- -- --
Annual December 2019 1.43 1.55 1.30 1.43 2 -- -- --
Quarterly March 2020 1.00 1.00 1.00 1.00 1 -- -- --
Quarterly June 2020 1.30 1.30 1.30 1.30 1 -- -- --
Quarterly September 2019 0.60 0.60 0.60 0.60 1 -- -- --
Quarterly December 2019 0.50 0.50 0.50 0.50 1 -- -- --

Actuals - Cash Flow Per Share

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 0.15 -0.36 141.67
Annual March 2016 0.17 -- --

Reference Information - Dividend Per Share

Last Actual (FY0): --
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Dividend Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 -- -- -- -- 3 -- -- 0.00
Annual December 2020 -- -- -- -- 5 -- -- 0.00
Annual December 2019 -- -- -- -- 5 -- -- 0.00
Quarterly March 2020 -- -- -- -- 2 -- -- 0.00
Quarterly June 2020 -- -- -- -- 2 -- -- 0.00
Quarterly September 2019 -- -- -- -- 3 -- -- 0.00
Quarterly December 2019 -- -- -- -- 3 -- -- 0.00

Actuals - Dividend Per Share

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 -- -- --
Annual March 2016 0.02 -- --
Quarterly December 2018 -- -- --
Quarterly September 2018 -- -- --

Reference Information - EBIT

Last Actual (FY0): -9.60
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - EBIT

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 152.67 194.00 124.00 140.00 3 -- 1 -29.16
Annual December 2020 77.35 105.73 51.00 75.00 5 -- 1 -24.12
Annual December 2019 7.75 42.00 -19.00 4.00 4 -- 1 -50.00
Quarterly March 2020 6.50 7.00 6.00 6.50 2 -- 1 -78.33
Quarterly June 2020 15.50 21.00 10.00 15.50 2 -- 1 -63.10
Quarterly September 2019 7.67 26.00 -5.00 2.00 3 -- 1 -60.68
Quarterly December 2019 2.00 9.00 -3.00 -- 3 -- 1 -71.43

Actuals - EBIT

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 -9.60 -42.15 77.23
Annual March 2016 29.34 -- --
Quarterly June 2019 -3.89 4.00 -78.94
Quarterly March 2019 -5.92 -12.00 50.67
Quarterly December 2018 -0.88 -7.00 61.23
Quarterly September 2018 -4.99 -2.00 -29.86

Reference Information - EBITDA

Last Actual (FY0): 48.70
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - EBITDA

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 213.50 293.00 165.00 198.00 4 -- 2 -18.41
Annual December 2020 163.89 244.33 131.01 145.50 6 -- 2 -10.29
Annual December 2019 94.14 114.00 79.00 88.12 6 -- 2 -6.70
Quarterly March 2020 30.00 32.00 28.00 30.00 2 -- 1 -42.31
Quarterly June 2020 38.50 45.00 32.00 38.50 2 -- 1 -39.84
Quarterly September 2019 26.20 44.00 18.80 21.00 4 -- 2 -22.26
Quarterly December 2019 26.60 30.40 22.00 27.00 4 -- 2 -10.74

Actuals - EBITDA

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 48.70 35.33 37.82
Annual March 2016 211.65 -- --
Quarterly March 2019 17.01 7.89 91.24
Quarterly December 2018 19.22 6.67 125.57
Quarterly September 2018 8.40 11.00 -23.60

Reference Information - GAAP Earnings Per Share

Last Actual (FY0): -6.45
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - GAAP Earnings Per Share

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 3.10 3.26 2.93 3.10 2 -- 1 -28.27
Annual December 2020 1.63 2.69 0.25 1.94 5 -- -- 5.16
Annual December 2019 -0.79 -0.29 -1.56 -0.60 5 -- -- -13.67
Quarterly March 2020 0.47 0.49 0.44 0.47 2 -- -- -5.10
Quarterly June 2020 0.63 0.74 0.51 0.63 2 -- -- -15.54
Quarterly September 2019 0.03 0.12 -0.13 0.10 3 -- -- -72.73
Quarterly December 2019 -0.26 -0.05 -0.42 -0.31 3 -- -- -10.64

Actuals - GAAP Earnings Per Share

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 -6.45 -2.74 -135.13
Annual March 2016 -0.11 -- --
Quarterly June 2019 -0.42 -0.24 -77.46
Quarterly March 2019 -0.58 -0.48 -20.83
Quarterly December 2018 -2.83 -0.53 -433.96
Quarterly September 2018 -1.16 -0.33 -256.92

Reference Information - Net Debt

Last Actual (FY0): 67.20
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Debt

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 -177.00 -177.00 -177.00 -177.00 1 1 -- 48.09
Annual December 2020 -139.76 -109.00 -170.52 -139.76 2 -- -- --
Annual December 2019 37.11 79.00 -3.66 36.00 3 1 -- 9.87
Quarterly March 2020 13.00 13.00 13.00 13.00 1 -- -- --
Quarterly June 2020 -20.00 -20.00 -20.00 -20.00 1 -- -- --
Quarterly September 2019 66.50 104.00 29.00 66.50 2 -- 1 -4.32
Quarterly December 2019 57.50 79.00 36.00 57.50 2 1 -- 11.65

Actuals - Net Debt

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 67.20 41.37 62.42
Annual March 2016 1,373.83 -- --
Quarterly June 2019 65.36 61.50 6.28
Quarterly March 2019 46.33 40.00 15.83
Quarterly December 2018 67.20 31.00 116.76
Quarterly September 2018 -18.12 -- --

Reference Information - Net Income

Last Actual (FY0): -65.52
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Net Income

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 111.00 135.00 77.00 121.00 3 -- 1 -37.99
Annual December 2020 58.92 112.00 21.00 55.00 5 -- -- -13.86
Annual December 2019 -15.16 -5.00 -22.00 -16.82 4 -- -- --
Quarterly March 2020 10.00 20.00 -- 10.00 2 -- -- -50.00
Quarterly June 2020 17.00 31.00 3.00 17.00 2 -- -- -45.16
Quarterly September 2019 -0.50 5.00 -6.00 -0.50 2 -- -- -110.00
Quarterly December 2019 -5.00 -2.00 -8.00 -5.00 2 -- -- -150.00

Actuals - Net Income

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 -65.52 -92.05 28.83
Annual March 2016 -39.35 -- --
Quarterly June 2019 -15.50 -6.00 -95.00
Quarterly March 2019 -18.00 -20.00 10.00
Quarterly December 2018 -13.21 -15.50 14.78
Quarterly September 2018 -10.80 -10.00 -7.96

Reference Information - Operating Profit

Last Actual (FY0): --
FY0 End Date:
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Operating Profit

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 -- -- -- -- -- -- -- --
Annual December 2020 -- -- -- -- -- -- -- --
Annual December 2019 -- -- -- -- -- -- -- --
Quarterly June 2020 -- -- -- -- -- -- -- --
Quarterly March 2020 -- -- -- -- -- -- -- --
Quarterly December 2019 -- -- -- -- -- -- -- --
Quarterly September 2019 -- -- -- -- -- -- -- --

Actuals - Operating Profit

Reported EPS Mean Estimate Surprise % Change
December 1900 -- -- --
December 1900 -- -- --
December 1900 -- -- --
December 1900 -- -- --
December 1900 -- -- --
December 1900 -- -- --
December 1900 -- -- --

Reference Information - Return On Equity

Last Actual (FY0): -6.06
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Return On Equity

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 11.50 11.50 11.50 11.50 1 -- -- -34.29
Annual December 2020 7.67 9.50 5.84 7.67 2 -- -- --
Annual December 2019 -1.83 -1.83 -1.83 -1.83 1 -- -- --
Quarterly March 2020 1.50 1.50 1.50 1.50 1 -- -- --
Quarterly June 2020 4.70 4.70 4.70 4.70 1 -- -- --

Actuals - Return On Equity

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 -6.06 -10.83 4.77
Annual March 2016 -1.65 -- --

Reference Information - Sales

Last Actual (FY0): 406.52
FY0 End Date: December 2018
Ind. Annual Div: --
Hist (5 Yr) Growth %: --
Yield (%): --

Analyst Forecasts - Sales

Last Month Revisions
Last Month Revisions
Fiscal Period Mean High Low Median # of Estimates # Up # Down Mean % Change
Annual December 2021 704.65 760.00 652.00 703.30 4 -- 1 -3.59
Annual December 2020 631.56 898.23 540.00 598.50 6 -- 2 -6.85
Annual December 2019 532.04 664.94 489.00 512.50 6 -- 2 -3.82
Quarterly March 2020 131.00 131.00 131.00 131.00 2 -- 1 -20.12
Quarterly June 2020 145.50 146.00 145.00 145.50 2 -- 1 -17.80
Quarterly September 2019 122.87 129.00 119.00 120.60 3 -- 2 -11.99
Quarterly December 2019 125.23 134.00 120.70 121.00 3 -- 2 -10.07

Actuals - Sales

Reported EPS Mean Estimate Surprise % Change
Annual December 2018 406.52 415.67 -2.20
Annual March 2016 979.06 -- --
Quarterly June 2019 125.86 132.03 -4.68
Quarterly March 2019 122.15 115.50 5.76
Quarterly December 2018 110.23 98.40 12.03
Quarterly September 2018 99.19 104.75 -5.31
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