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SFL

DB:UG6
Snowflake Description

Good value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UG6
DB
$1B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

SFL Corporation Ltd. engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. The last earnings update was 3 days ago. More info.


Add to Portfolio Compare Print
  • SFL has significant price volatility in the past 3 months.
UG6 Share Price and Events
7 Day Returns
34.3%
DB:UG6
18.1%
DE Oil and Gas
7.3%
DE Market
1 Year Returns
-19.9%
DB:UG6
21.9%
DE Oil and Gas
-17.7%
DE Market
UG6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SFL (UG6) 34.3% -19.5% -33.8% -19.9% -35.8% -35.4%
DE Oil and Gas 18.1% -15.9% -28.7% 21.9% -25.6% 137.4%
DE Market 7.3% -17.9% -25.8% -17.7% -25.6% -29%
1 Year Return vs Industry and Market
  • UG6 underperformed the Oil and Gas industry which returned 21.9% over the past year.
  • UG6 underperformed the Market in Germany which returned -17.7% over the past year.
Price Volatility
UG6
Industry
5yr Volatility vs Market

Value

 Is SFL undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of SFL to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for SFL.

DB:UG6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:UG6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.5%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.808 (1 + (1- 21%) (260.96%))
1.987
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.987 * 6.51%)
12.55%

Discounted Cash Flow Calculation for DB:UG6 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for SFL is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:UG6 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.55%)
2020 294.78 Analyst x2 261.91
2021 290.03 Analyst x2 228.96
2022 300.00 Analyst x1 210.43
2023 306.18 Est @ 2.06% 190.82
2024 310.25 Est @ 1.33% 171.79
2025 312.76 Est @ 0.81% 153.88
2026 314.17 Est @ 0.45% 137.34
2027 314.80 Est @ 0.2% 122.27
2028 314.87 Est @ 0.02% 108.66
2029 314.55 Est @ -0.1% 96.45
Present value of next 10 years cash flows $1,682.00
DB:UG6 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $314.55 × (1 + -0.39%) ÷ (12.55% – -0.39%)
$2,421.59
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,421.59 ÷ (1 + 12.55%)10
$742.51
DB:UG6 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,682.00 + $742.51
$2,424.51
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,424.51 / 107.63
$22.53
DB:UG6 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:UG6 represents 0.91848x of NYSE:SFL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.91848x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 22.53 x 0.91848
€20.69
Value per share (EUR) From above. €20.69
Current discount Discount to share price of €8.70
= -1 x (€8.70 - €20.69) / €20.69
58%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price SFL is available for.
Intrinsic value
>50%
Share price is €8.7 vs Future cash flow value of €20.69
Current Discount Checks
For SFL to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • SFL's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • SFL's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for SFL's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SFL's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:UG6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.83
NYSE:SFL Share Price ** NYSE (2020-03-30) in USD $9.47
Europe Oil and Gas Industry PE Ratio Median Figure of 105 Publicly-Listed Oil and Gas Companies 5.67x
Germany Market PE Ratio Median Figure of 400 Publicly-Listed Companies 16.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of SFL.

DB:UG6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SFL Share Price ÷ EPS (both in USD)

= 9.47 ÷ 0.83

11.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SFL is overvalued based on earnings compared to the Europe Oil and Gas industry average.
  • SFL is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does SFL's expected growth come at a high price?
Raw Data
DB:UG6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
5.3%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 65 Publicly-Listed Oil and Gas Companies 0.17x
Germany Market PEG Ratio Median Figure of 254 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

DB:UG6 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.43x ÷ 5.3%

2.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SFL is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SFL's assets?
Raw Data
DB:UG6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $10.28
NYSE:SFL Share Price * NYSE (2020-03-30) in USD $9.47
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 0.94x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.43x
DB:UG6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SFL Share Price ÷ Book Value per Share (both in USD)

= 9.47 ÷ 10.28

0.92x

* Primary Listing of SFL.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • SFL is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess SFL's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. SFL has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is SFL expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
5.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SFL expected to grow at an attractive rate?
  • SFL's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • SFL's earnings growth is positive but not above the Germany market average.
  • SFL's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:UG6 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:UG6 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 5.3%
DB:UG6 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -0.5%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 2.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:UG6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:UG6 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 463 225 108 1
2021-12-31 453 194 101 5
2020-12-31 478 205 108 4
2020-03-30
DB:UG6 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 456 250 89
2019-09-30 455 226 69
2019-06-30 454 200 95
2019-03-31 441 200 83
2018-12-31 417 201 74
2018-09-30 394 191 90
2018-06-30 378 171 89
2018-03-31 375 182 94
2017-12-31 379 178 101
2017-09-30 382 183 110
2017-06-30 382 207 113
2017-03-31 392 233 132

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SFL's earnings are expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
  • SFL's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:UG6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from SFL Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:UG6 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.00 1.00 1.00 1.00
2021-12-31 0.94 1.26 0.76 4.00
2020-12-31 1.00 1.12 0.74 4.00
2020-03-30
DB:UG6 Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.83
2019-09-30 0.64
2019-06-30 0.88
2019-03-31 0.77
2018-12-31 0.70
2018-09-30 0.86
2018-06-30 0.88
2018-03-31 0.95
2017-12-31 1.06
2017-09-30 1.17
2017-06-30 1.21
2017-03-31 1.41

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • SFL is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess SFL's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
SFL has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has SFL performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare SFL's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • SFL's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • SFL's 1-year earnings growth exceeds its 5-year average (21.1% vs -16.7%)
  • SFL's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (21.1% vs -4.1%).
Earnings and Revenue History
SFL's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from SFL Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:UG6 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 456.05 89.18 10.20
2019-09-30 455.35 69.01 10.01
2019-06-30 454.04 94.91 9.92
2019-03-31 440.92 82.56 9.99
2018-12-31 416.84 73.62 9.17
2018-09-30 394.42 90.24 8.84
2018-06-30 377.58 89.24 8.58
2018-03-31 374.66 93.58 7.81
2017-12-31 379.13 101.21 7.43
2017-09-30 382.47 109.65 7.76
2017-06-30 382.10 113.19 8.29
2017-03-31 391.64 131.89 8.44
2016-12-31 410.36 146.41 9.07
2016-09-30 428.33 172.17 8.18
2016-06-30 443.71 185.39 7.38
2016-03-31 431.31 214.52 7.69
2015-12-31 404.84 200.83 6.74
2015-09-30 374.94 171.68 7.35
2015-06-30 349.18 160.78 7.74
2015-03-31 329.81 115.19 7.26
2014-12-31 323.04 122.82 7.61
2014-09-30 306.84 115.98 7.69
2014-06-30 292.02 94.86 7.66
2014-03-31 285.66 97.56 7.77
2013-12-31 268.80 89.21 7.55
2013-09-30 274.57 122.00 8.04
2013-06-30 310.56 143.10 8.39
2013-03-31 312.48 179.26 8.71

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • SFL has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • SFL used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • SFL's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SFL's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
SFL has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is SFL's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SFL's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SFL is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SFL's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of SFL's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from SFL Company Filings, last reported 2 months ago.

DB:UG6 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,106.37 1,623.69 230.35
2019-09-30 1,115.85 1,488.52 265.10
2019-06-30 1,154.63 1,483.80 327.96
2019-03-31 1,168.65 1,418.05 249.89
2018-12-31 1,180.03 1,488.73 303.85
2018-09-30 1,231.71 1,994.46 271.16
2018-06-30 1,241.82 1,957.37 258.51
2018-03-31 1,193.86 1,472.30 235.16
2017-12-31 1,195.00 1,553.13 246.96
2017-09-30 1,102.08 1,785.96 361.74
2017-06-30 1,098.18 1,766.67 359.88
2017-03-31 1,131.25 1,635.12 186.37
2016-12-31 1,134.10 1,653.64 180.98
2016-09-30 1,131.52 1,666.99 179.64
2016-06-30 1,135.30 1,746.37 201.99
2016-03-31 1,149.46 1,718.97 198.32
2015-12-31 1,241.81 1,747.85 269.77
2015-09-30 1,185.05 1,893.19 100.78
2015-06-30 1,199.43 1,549.00 109.99
2015-03-31 1,158.60 1,643.54 118.85
2014-12-31 1,153.49 1,839.66 124.47
2014-09-30 1,182.76 1,844.39 94.92
2014-06-30 1,176.02 1,792.56 111.37
2014-03-31 1,193.55 1,752.22 97.64
2013-12-31 1,191.93 1,799.07 135.57
2013-09-30 1,189.15 1,837.13 126.40
2013-06-30 1,209.24 1,820.84 107.71
2013-03-31 1,061.93 1,781.43 121.31
  • SFL's level of debt (146.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (159.3% vs 146.8% today).
  • Debt is not well covered by operating cash flow (15.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess SFL's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. SFL has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is SFL's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
14.78%
Current annual income from SFL dividends. Estimated to be 14.78% next year.
If you bought €2,000 of SFL shares you are expected to receive €296 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • SFL's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.7%).
  • SFL's dividend is above the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:UG6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 9.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 1%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:UG6 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 1.40 1.00
2021-12-31 1.40 3.00
2020-12-31 1.40 3.00
2020-03-30
DB:UG6 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-27 1.400 14.403
2020-02-18 1.400 13.385
2019-11-21 1.400 9.916
2019-08-20 1.400 9.768
2019-05-21 1.400 11.048
2019-02-26 1.400 11.125
2018-11-20 1.400 11.684
2018-08-22 1.400 10.519
2018-07-18 1.400 9.574
2018-05-31 1.400 9.386
2018-03-26 1.400 9.740
2018-02-27 1.400 9.660
2017-11-22 1.400 9.183
2017-10-06 1.400 9.409
2017-08-30 1.400 10.005
2017-06-02 1.800 13.463
2017-04-13 1.800 13.010
2017-02-28 1.800 12.462
2016-12-20 1.800 12.029
2016-11-29 1.800 12.377
2016-09-19 1.800 13.000
2016-08-31 1.800 12.120
2016-06-23 1.800 12.007
2016-05-31 1.800 11.829
2016-04-01 1.800 12.175
2016-02-29 1.800 12.982
2015-11-24 1.800 12.692
2015-09-08 1.760 10.489
2015-08-26 1.760 10.681
2015-05-29 1.720 10.406
2015-04-09 1.680 10.778
2015-02-26 1.680 11.240
2014-11-25 1.640 11.075
2014-08-28 1.640 9.465
2014-05-27 1.640 8.843
2014-02-27 1.600 9.016
2013-12-04 1.560 9.387
2013-04-17 1.560 9.683
2013-02-25 1.560 9.213
2012-02-17 1.470 9.656
2011-11-23 1.560 14.705
2011-08-25 1.560 11.322
2011-05-23 1.560 9.717
2011-02-18 1.520 7.543
2010-11-23 1.440 6.765
2010-11-15 1.400 6.465
2010-08-26 1.400 7.185
2010-02-26 1.200 6.439
2009-11-27 1.200 8.336
2009-08-20 1.200 9.776
2009-05-14 1.200 10.395

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of SFL's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess SFL's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can SFL afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SFL has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of SFL's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ole Hjertaker
COMPENSATION $0
AGE 52
TENURE AS CEO 10.7 years
CEO Bio

Mr. Ole Bjarte Hjertaker serves as Director of SFL Corporation Ltd. since Octber 28, 2019. Mr. Hjertaker has been the Chief Executive Officer of SFL Management AS, a subsidiary of SFL Corporation Ltd. since July 1, 2009. Mr. Hjertaker served as the Chief Financial Officer of Ship Finance Management AS from September 2006 to June 2009. He served as an Interim Chief Financial Officer of Ship Finance Management AS since July 2009 until January 2011. He served as the Chief Financial Officer of Ship Finance International Limited from 2006 to July 1, 2009. Prior to joining Ship Finance, he served as Director of the Corporate Finance Division at DnB NOR Markets. He has corporate and investment banking experience, mainly within the Maritime/Transportation industries. He has been a Director of Global Rig Company AS since December 13, 2015. Mr. Hjertaker holds a Master of Science degree from the Norwegian School of Economics and Business Administration. Mr. Hjertaker also serves as a director of NorAm Drilling Company AS, or NorAm Drilling.

CEO Compensation
  • Insufficient data for Ole to compare compensation growth.
  • Insufficient data for Ole to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the SFL management team in years:

5.9
Average Tenure
42
Average Age
  • The average tenure for the SFL management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ole Hjertaker

TITLE
Chief Executive Officer of SFL Management AS & Director
AGE
52
TENURE
10.7 yrs

Aksel Olesen

TITLE
Chief Financial Officer of SFL Management AS
AGE
42
TENURE
1.2 yrs

Trym Sjølie

TITLE
Chief Operating Officer
TENURE
2.2 yrs

Thecla Panagides

TITLE
Chief Accounting Officer
TENURE
9.7 yrs

André Reppen

TITLE
Senior VP & Chief Treasurer
AGE
37
Board of Directors Tenure

Average tenure and age of the SFL board of directors in years:

1.5
Average Tenure
52.5
Average Age
  • The average tenure for the SFL board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ole Hjertaker

TITLE
Chief Executive Officer of SFL Management AS & Director
AGE
52
TENURE
0.4 yrs

James O'Shaughnessy

TITLE
Independent Director
AGE
55
TENURE
1.5 yrs

Bert Bekker

TITLE
Director
AGE
80
TENURE
4.8 yrs

Gary Vogel

TITLE
Independent Director
AGE
53
TENURE
3.3 yrs

Keesjan Cordia

TITLE
Director
AGE
45
TENURE
1.5 yrs

Kate Fredriksen

TITLE
Director
AGE
36
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess SFL's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. SFL has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

SFL Corporation Ltd. engages in the ownership, operation, and chartering out of vessels and offshore related assets on medium and long-term charters. It is also involved in the charter, purchase, and sale of assets. In addition, the company operates in various sectors of the shipping and offshore industry, including oil transportation, dry bulk shipments, chemical transportation, oil product transportation, container transportation, car transportation, drilling rigs, and offshore support vessels. As of December 31, 2019, it had a fleet of 81 vessels and rigs. It operates in Bermuda, Cyprus, Malta, Liberia, Norway, the United Kingdom, and the Marshall Islands. The company was formerly known as Ship Finance International Limited and changed its name to SFL Corporation Ltd. in September 2019. SFL Corporation Ltd. was founded in 2003 and is based in Hamilton, Bermuda.

Details
Name: SFL Corporation Ltd.
UG6
Exchange: DB
Founded: 2003
$948,263,276
107,632,337
Website: http://www.sflcorp.com
Address: SFL Corporation Ltd.
Par-la-Ville Place,
14 Par-la-Ville Road,
Hamilton,
HM 08,
Bermuda
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SFL Common Shares New York Stock Exchange US USD 14. Jun 2004
DB UG6 Common Shares Deutsche Boerse AG DE EUR 14. Jun 2004
Number of employees
Current staff
Staff numbers
11
SFL employees.
Industry
Oil and Gas Storage and Transportation
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 21:02
End of day share price update: 2020/03/30 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/03/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.