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Kværner

OB:KVAER
Snowflake Description

Flawless balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KVAER
OB
NOK2B
Market Cap
  1. Home
  2. NO
  3. Energy
Company description

Kværner ASA provides engineering, procurement, and construction (EPC) services for offshore platforms, onshore plants, floating production units, and renewable energy solutions in Norway, Europe, Canada, and internationally. The last earnings update was 33 days ago. More info.


Add to Portfolio Compare Print
  • Kværner has significant price volatility in the past 3 months.
KVAER Share Price and Events
7 Day Returns
9.1%
OB:KVAER
19.2%
NO Energy Services
8.2%
NO Market
1 Year Returns
-51.5%
OB:KVAER
-63.8%
NO Energy Services
-24.8%
NO Market
KVAER Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Kværner (KVAER) 9.1% -21.2% -41.2% -51.5% -38.7% 18.8%
NO Energy Services 19.2% -40% -57.5% -63.8% -63.4% -71.4%
NO Market 8.2% -16.8% -25% -24.8% -10.7% -11.1%
1 Year Return vs Industry and Market
  • KVAER outperformed the Energy Services industry which returned -63.8% over the past year.
  • KVAER underperformed the Market in Norway which returned -24.8% over the past year.
Price Volatility
KVAER
Industry
5yr Volatility vs Market

KVAER Value

 Is Kværner 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 Kværner 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 Kværner.

OB:KVAER Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-12-31) in NOK NOK 0.55555555555556
Payout Ratio Company Filings (2019-12-31) 10983.6%
Discount Rate (Cost of Equity) See below 9.1%
Perpetual Growth Rate 10-Year NO Government Bond Rate 0.7%

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 OB:KVAER
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 5.4%
Energy Services Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.909 (1 + (1- 23%) (7.06%))
1.547
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.55
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.65% + (1.547 * 5.44%)
9.06%

Discounted Cash Flow Calculation for OB:KVAER using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Kværner is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

OB:KVAER Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= NOK0.56 / (9.06% - 0.65%)
NOK5.61
OB:KVAER Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK5.61
Current discount Discount to share price of NOK6.50
= -1 x (NOK6.50 - NOK5.61) / NOK5.61
-15.9%

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

  • The current share price of Kværner is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Kværner's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Kværner's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:KVAER PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in NOK NOK0.91
OB:KVAER Share Price ** OB (2020-04-03) in NOK NOK6.5
Norway Energy Services Industry PE Ratio Median Figure of 12 Publicly-Listed Energy Services Companies 7.06x
Norway Market PE Ratio Median Figure of 147 Publicly-Listed Companies 10.17x

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

** Primary Listing of Kværner.

OB:KVAER PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:KVAER Share Price ÷ EPS (both in NOK)

= 6.5 ÷ 0.91

7.16x

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

  • Kværner is overvalued based on earnings compared to the NO Energy Services industry average.
  • Kværner is good value based on earnings compared to the Norway market.
Price based on expected Growth
Does Kværner's expected growth come at a high price?
Raw Data
OB:KVAER PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.16x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-63.8%per year
Norway Energy Services Industry PEG Ratio Median Figure of 8 Publicly-Listed Energy Services Companies 0.17x
Norway Market PEG Ratio Median Figure of 104 Publicly-Listed Companies 0.56x

*Line of best fit is calculated by linear regression .

OB:KVAER PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.16x ÷ -63.8%

-0.11x

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

  • Kværner earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Kværner's assets?
Raw Data
OB:KVAER PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in NOK NOK12.64
OB:KVAER Share Price * OB (2020-04-03) in NOK NOK6.5
Norway Energy Services Industry PB Ratio Median Figure of 35 Publicly-Listed Energy Services Companies 0.26x
Norway Market PB Ratio Median Figure of 249 Publicly-Listed Companies 0.73x
OB:KVAER PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:KVAER Share Price ÷ Book Value per Share (both in NOK)

= 6.5 ÷ 12.64

0.51x

* Primary Listing of Kværner.

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

  • Kværner is overvalued based on assets compared to the NO Energy Services industry average.
X
Value checks
We assess Kværner'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 Energy Services 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 Energy Services industry average (and greater than 0)? (1 check)
  5. Kværner has a total score of 1/6, 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.

KVAER Future Performance

 How is Kværner expected to perform in the next 1 to 3 years based on estimates from 4 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
-63.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Kværner expected to grow at an attractive rate?
  • Kværner's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Kværner's earnings are expected to decrease over the next 1-3 years, this is below the Norway market average.
  • Kværner's revenues are expected to decrease over the next 1-3 years, this is below the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:KVAER Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:KVAER Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -63.8%
OB:KVAER Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -7.6%
Norway Energy Services Industry Earnings Growth Rate Market Cap Weighted Average 40.1%
Norway Energy Services Industry Revenue Growth Rate Market Cap Weighted Average 3.7%
Norway Market Earnings Growth Rate Market Cap Weighted Average 20.2%
Norway Market Revenue Growth Rate Market Cap Weighted Average 2.8%

*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
OB:KVAER Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:KVAER Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 7,158 200 57 4
2021-12-31 6,015 375 19 4
2020-12-31 5,725 117 -34 4
2020-04-05
OB:KVAER Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-12-31 9,032 -98 243
2019-09-30 8,161 218 289
2019-06-30 7,475 416 253
2019-03-31 7,426 525 216
2018-12-31 7,220 719 278
2018-09-30 7,301 646 342
2018-06-30 7,220 294 462
2018-03-31 6,895 -76 572
2017-12-31 6,536 -113 511
2017-09-30 6,573 -166 290
2017-06-30 6,865 566 252
2017-03-31 7,222 967 124

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Kværner's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Kværner'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
OB:KVAER Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Kværner Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:KVAER Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 0.21 0.53 -0.17 3.00
2021-12-31 0.08 0.27 -0.25 4.00
2020-12-31 -0.14 -0.11 -0.16 2.00
2020-04-05
OB:KVAER Past Financials Data
Date (Data in NOK Millions) EPS *
2019-12-31 0.91
2019-09-30 1.08
2019-06-30 0.94
2019-03-31 0.81
2018-12-31 1.04
2018-09-30 1.28
2018-06-30 1.73
2018-03-31 2.14
2017-12-31 1.92
2017-09-30 1.09
2017-06-30 0.95
2017-03-31 0.47

*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.
  • Kværner is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Kværner'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 Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway 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.
Kværner has a total score of 0/6, 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.

KVAER Past Performance

  How has Kværner 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 Kværner's growth in the last year to its industry (Energy Services).
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.
  • Kværner has delivered over 20% year on year earnings growth in the past 5 years.
  • Kværner's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Kværner's 1-year earnings growth is negative, it can't be compared to the NO Energy Services industry average.
Earnings and Revenue History
Kværner'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 Kværner Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:KVAER Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 9,032.00 243.00 2,465.00
2019-09-30 8,161.00 289.00 2,275.00
2019-06-30 7,475.00 253.00 2,275.00
2019-03-31 7,426.00 216.00 2,275.00
2018-12-31 7,220.00 278.00 2,275.00
2018-09-30 7,301.00 342.00 2,332.00
2018-06-30 7,220.00 462.00 2,332.00
2018-03-31 6,895.00 572.00 2,332.00
2017-12-31 6,536.00 511.00 2,332.00
2017-09-30 6,573.00 290.00 2,305.00
2017-06-30 6,865.00 252.00 2,305.00
2017-03-31 7,222.00 124.00 2,305.00
2016-12-31 7,896.00 81.00 2,305.00
2016-09-30 8,638.00 278.00 2,572.00
2016-06-30 9,521.00 253.00 2,572.00
2016-03-31 10,787.00 299.00 2,572.00
2015-12-31 12,084.00 337.00 2,572.00
2015-09-30 13,099.00 -94.00 2,436.00
2015-06-30 14,245.00 -76.00 2,436.00
2015-03-31 13,981.00 -15.00 2,436.00
2014-12-31 13,945.00 27.00 2,436.00
2014-09-30 14,293.00 342.00 2,198.00
2014-06-30 13,369.00 331.00 2,198.00
2014-03-31 13,786.00 288.00 2,198.00
2013-12-31 12,960.00 239.00 2,198.00
2013-09-30 10,070.00 203.00 2,107.00
2013-06-30 9,420.00 150.00 2,107.00

*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.
  • Kværner has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Kværner used its assets less efficiently than the NO Energy Services industry average last year based on Return on Assets.
  • Kværner's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Kværner'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 Energy Services 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.
Kværner has a total score of 1/6, 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.

KVAER Health

 How is Kværner'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 Kværner's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Kværner is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Kværner's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Kværner'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.
  • Kværner has no debt, it does not need to be covered by short term assets.
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 Kværner Company Filings, last reported 3 months ago.

OB:KVAER Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 3,385.00 0.00 2,324.00
2019-09-30 3,371.00 0.00 2,420.00
2019-06-30 3,295.00 0.00 2,714.00
2019-03-31 3,492.00 0.00 2,877.00
2018-12-31 3,439.00 0.00 3,165.00
2018-09-30 3,364.00 0.00 2,929.00
2018-06-30 3,325.00 0.00 3,011.00
2018-03-31 3,289.00 0.00 2,766.00
2017-12-31 3,176.00 0.00 2,812.00
2017-09-30 3,055.00 0.00 2,596.00
2017-06-30 2,883.00 0.00 2,936.00
2017-03-31 2,747.00 0.00 2,983.00
2016-12-31 2,656.00 0.00 3,047.00
2016-09-30 2,766.00 0.00 2,819.00
2016-06-30 2,488.00 0.00 2,442.00
2016-03-31 2,465.00 0.00 2,117.00
2015-12-31 2,550.00 0.00 1,560.00
2015-09-30 2,436.00 0.00 1,043.00
2015-06-30 2,272.00 500.00 1,048.00
2015-03-31 2,444.00 490.00 1,284.00
2014-12-31 2,337.00 487.00 1,208.00
2014-09-30 2,663.00 485.00 1,045.00
2014-06-30 2,511.00 483.00 972.00
2014-03-31 2,547.00 480.00 1,430.00
2013-12-31 2,511.00 479.00 1,545.00
2013-09-30 2,349.00 477.00 681.00
2013-06-30 2,267.00 474.00 1,146.00
  • Kværner has no debt.
  • Kværner has no debt compared to 5 years ago when it was 20.8%.
  • Kværner has no debt, it does not need to be covered by operating cash flow.
  • Kværner has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Kværner'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. Kværner has a total score of 6/6, 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.

KVAER Dividends

 What is Kværner'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
7.69%
Current annual income from Kværner dividends. Estimated to be 8.55% next year.
If you bought NOK2,000 of Kværner shares you are expected to receive NOK154 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?
  • Kværner's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (3.88%).
  • Kværner's dividend is below the markets top 25% of dividend payers in Norway (8.06%).
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
OB:KVAER 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 4 Analyst Estimates (S&P Global) See Below
Norway Energy Services Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 14.9%
Norway Market Average Dividend Yield Market Cap Weighted Average of 107 Stocks 6.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 2%
Norway Bottom 25% Dividend Yield 25th Percentile 3.9%
Norway Top 25% Dividend Yield 75th Percentile 8.1%

Industry and Market average data is calculated daily.

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

OB:KVAER Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.50 3.00
2021-12-31 0.63 4.00
2020-12-31 0.50 2.00
2020-04-05
OB:KVAER Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2020-02-12 0.500 6.817
2019-02-12 1.000 8.228
2017-05-08 0.000 0.000
2017-03-29 0.000 0.000
2017-02-15 0.000 0.000
2016-10-19 0.000 0.000
2016-07-14 0.000 0.000
2016-05-03 0.000 0.000
2016-02-16 0.000 0.000
2015-03-18 1.340 24.361
2015-02-11 1.340 17.939
2014-10-28 1.280 14.274
2014-07-18 1.280 12.446
2014-03-17 1.220 10.124
2014-02-14 1.220 9.572
2013-10-25 1.160 10.642
2013-08-16 1.160 11.806
2013-03-19 1.100 10.585
2013-02-13 1.100 8.487
2012-10-31 1.060 6.594
2012-10-15 1.060 7.704
2012-08-10 1.060 7.179
2012-02-15 1.000 6.887

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

  • Kværner has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Kværner has only been paying a dividend for 8 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Kværner's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.8x coverage).
X
Income/ dividend checks
We assess Kværner's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2%) - 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 Kværner afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Kværner has a total score of 2/6, see the detailed checks below.


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

KVAER Management

 What is the CEO of Kværner'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
Karl-Petter Loken
COMPENSATION NOK8,283,246
TENURE AS CEO 1.9 years
CEO Bio

Mr. Karl-Petter Loken has been President and Chief Executive Officer of Kværner ASA since May 2018. Mr. Loken served as the Head of Project Development for the oil company Lundin Norway. From 2011 to 2015, Mr. Loken was Engineering Manager for Lundin Norway's Edvard Grieg field development, where Kvaerner was the key contractor. Since 1991, he has held key positions in the oil and gas industry for companies like Statoil, Aker Solutions and Lundin Norway. For many years, Mr. Loken was in parallel with his industrial career also a top league soccer player in Norway, including 36 matches for the national team. He has also been a popular expert commentator with the Norwegian Broadcasting Corporation (NRK) for presentations of soccer-matches. Mr. Loken is educated as a civil engineer from the Norwegian University of Science and Technology.

CEO Compensation
  • Karl-Petter's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Karl-Petter's remuneration is higher than average for companies of similar size in Norway.
Management Team Tenure

Average tenure of the Kværner management team in years:

4
Average Tenure
  • The tenure for the Kværner management team is about average.
Management Team

Karl-Petter Loken

TITLE
President & CEO
COMPENSATION
NOK8M
TENURE
1.9 yrs

Idar Eikrem

TITLE
Executive VP & CFO
COMPENSATION
NOK4M
AGE
56
TENURE
4 yrs

Henrik Inadomi

TITLE
Senior VP of Corporate Support & General Counsel
COMPENSATION
NOK4M
TENURE
2 yrs

Ellen Andersen

TITLE
Senior VP & Chief of Staff
COMPENSATION
NOK3M
TENURE
3.1 yrs

Steinar Røgenes

TITLE
Executive Vice President of EPCI
COMPENSATION
NOK4M
TENURE
4.3 yrs

Arnt Knudsen

TITLE
Senior Vice President of Business Development
COMPENSATION
NOK4M
TENURE
4.3 yrs

Elly Bjerknes

TITLE
Executive Vice President of Process Solutions
COMPENSATION
NOK4M
TENURE
4.3 yrs

Hans Mølmen

TITLE
Executive Vice President of Concrete & New Solutions
COMPENSATION
NOK3M
TENURE
4.3 yrs

Sturla Magnus

TITLE
Executive Vice President of Structural Solutions
COMPENSATION
NOK4M
TENURE
3.3 yrs

Guro Loken

TITLE
Executive Vice President of FPSOs
COMPENSATION
NOK939K
Board of Directors Tenure

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

4
Average Tenure
59
Average Age
  • The tenure for the Kværner board of directors is about average.
Board of Directors

Leif-Arne Langøy

TITLE
Chairman
COMPENSATION
NOK664K
AGE
63

Lone Schrøder

TITLE
Independent Director
COMPENSATION
NOK515K
AGE
59
TENURE
4 yrs

Kjell Røkke

TITLE
Director
COMPENSATION
NOK379K
AGE
61

Rune Rafdal

TITLE
Employee Elected Director
COMPENSATION
NOK263K
AGE
56
TENURE
8.8 yrs

Ståle Johansen

TITLE
Employee Elected Director
COMPENSATION
NOK173K
AGE
51
TENURE
8.8 yrs

Jan Haugan

TITLE
Director
AGE
62
TENURE
2.1 yrs

Thorhild Widvey

TITLE
Independent Director
COMPENSATION
NOK469K
AGE
63
TENURE
4 yrs

Line Breidablikk

TITLE
Employee Elected Director
COMPENSATION
NOK115K
AGE
34
TENURE
0.9 yrs

Emil Brustad-Nilsen

TITLE
Deputy Director
AGE
38
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Kværner individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
10. Mar 20 Buy Reinert Horneland Individual 09. Mar 20 09. Mar 20 5,000 NOK7.59 NOK37,950
14. Jan 20 Buy Idar Eikrem Individual 14. Jan 20 14. Jan 20 40,000 NOK10.75 NOK430,000
20. Dec 19 Buy Idar Eikrem Individual 20. Dec 19 20. Dec 19 40,000 NOK10.75 NOK430,000
15. Aug 19 Buy Karl-Petter Loken Individual 14. Aug 19 14. Aug 19 40,000 NOK10.82 NOK432,800
07. May 19 Buy Leif-Arne Langøy Individual 07. May 19 07. May 19 150,000 NOK12.93 NOK1,939,034
07. May 19 Buy Idar Eikrem Individual 07. May 19 07. May 19 75,000 NOK13.12 NOK984,000
X
Management checks
We assess Kværner'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. Kværner 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.

KVAER News

Simply Wall St News

Does The Kværner ASA (OB:KVAER) Share Price Tend To Follow The Market?

Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Before we go on, it's worth noting that Warren Buffett pointed out in his 2014 letter to shareholders that 'volatility is far from synonymous with risk.' Having said that, beta can still be rather useful. … See our latest analysis for Kværner What we can learn from KVAER's beta value Given that it has a beta of 1.24, we can surmise that the Kværner share price has been fairly sensitive to market volatility (over the last 5 years).

Simply Wall St -

Insider Buying: The Kværner ASA (OB:KVAER) President & CEO Just Bought kr433k Worth Of Shares

Check out our latest analysis for Kværner Kværner Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Chairman Leif-Arne Langøy bought kr1.9m worth of shares at a price of kr12.93 per share. … OB:KVAER Recent Insider Trading, August 17th 2019 Does Kværner Boast High Insider Ownership? … When combined with notable insider ownership, these factors suggest Kværner insiders are well aligned, and that they may think the share price is too low.

Simply Wall St -

What Kværner ASA's (OB:KVAER) ROE Can Tell Us

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Kværner: 7.7% = kr253m ÷ kr3.3b (Based on the trailing twelve months to June 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Kværner's Debt And Its 7.7% ROE One positive for shareholders is that Kværner does not have any net debt! … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

A Look At Kværner ASA's (OB:KVAER) Exceptional Fundamentals

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Kværner ASA (OB:KVAER), it is a company that has been able to sustain great financial health, trading at an attractive share price. … This implies that KVAER manages its cash and cost levels well, which is a crucial insight into the health of the company.

Simply Wall St -

Could The Kværner ASA (OB:KVAER) Ownership Structure Tell Us Something Useful?

Kværner is a smaller company with a market capitalization of øre3.7b, so it may still be flying under the radar of many institutional investors. … Taking a look at our data on the ownership groups (below), it's seems that institutional investors have bought into the company. … Private Company Ownership We can see that Private Companies own 41%, of the shares on issue.

Simply Wall St -

Examining Kværner ASA’s (OB:KVAER) Weak Return On Capital Employed

Return On Capital Employed (ROCE): What is it? … The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Kværner: 0.058 = øre244m ÷ (øre6.8b - øre2.6b) (Based on the trailing twelve months to March 2019.) Therefore, Kværner has an ROCE of 5.8%. … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Should You Be Concerned About Kværner ASA's (OB:KVAER) Historical Volatility?

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … This is above 1, so historically its share price has been influenced by the broader volatility of the stock market.

Simply Wall St -

Who Has Been Selling Kværner ASA (OB:KVAER) Shares?

We often see insiders buying up shares in companies that perform well over the long term. … So we'll take a look at whether insiders have been buying or selling shares in Kværner ASA (OB:KVAER). … But logic dictates you should pay some attention to whether insiders are buying or selling shares.

Simply Wall St -

A Look At The Fair Value Of Kværner ASA (OB:KVAER)

Today we will run through one way of estimating the intrinsic value of Kværner ASA (OB:KVAER). … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model? … We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows

Simply Wall St -

If You Had Bought Kværner (OB:KVAER) Stock Three Years Ago, You Could Pocket A 93% Gain Today

For example, Kværner ASA (OB:KVAER) shareholders have seen the share price rise 93% over three years, well in excess of the market return (41%, not including dividends). … During the three years of share price growth, Kværner actually saw its earnings per share (EPS) drop 6.2% per year. … Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.

Simply Wall St -

KVAER Company Info

Description

Kværner ASA provides engineering, procurement, and construction (EPC) services for offshore platforms, onshore plants, floating production units, and renewable energy solutions in Norway, Europe, Canada, and internationally. The company executes contracts of oil and gas steel jacket substructures and jackets; and EPC delivery of topsides for offshore oil and gas platforms, as well as on floating oil and gas installations. It also offers marine concrete structures for oil and gas field developments; fixed and floating substructures, as well as converter platforms for offshore wind developments; and front-end development services. In addition, the company engages in the project management, design, engineering, procurement, construction, installation, and hook-up of onshore oil and gas projects; marine operations; and decommissioning of offshore oil and gas installations, as well as provision of an unmanned wellhead platform for tieback solutions. Further, it is involved in the cold forming, prefabrication, and welding of pipes comprising risers, riser tools and special riser joints, riser and tools refurbishment, subsea flow loops and flow control modules, modular process/system skids, high pressure manifolds, piping spools production, and minor steel and aluminum structures, as well as modification and maintenance services. Kværner AS has a strategic collaboration agreement with Nel ASA. The company was incorporated in 2011 and is headquartered in Oslo, Norway.

Details
Name: Kværner ASA
KVAER
Exchange: OB
Founded: 2011
NOK1,741,390,449
267,906,223
Website: http://www.kvaerner.com
Address: Kværner ASA
Snarøyveien 20,
Fornebu,
Oslo,
Oslo, 1360,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB KVAER Ordinary Shares Oslo Bors NO NOK 08. Jul 2011
OTCPK KVAE.F Ordinary Shares Pink Sheets LLC US USD 08. Jul 2011
DB KV7 Ordinary Shares Deutsche Boerse AG DE EUR 08. Jul 2011
LSE 0Q2S Ordinary Shares London Stock Exchange GB NOK 08. Jul 2011
BATS-CHIXE KVAERO Ordinary Shares BATS 'Chi-X Europe' GB NOK 08. Jul 2011
Number of employees
Current staff
Staff numbers
2,833
Kværner employees.
Industry
Oil and Gas Equipment and Services
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 01:31
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/03/03
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.