Prosafe
51
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Debt and interest coverage−10
- Capital allocation and track record−7
- Multiples vs own history and peers−6
Strengths
- Raised forecast+3
- Order backlog+2
How the score is built
From 100 to 51, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 4.36 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +30%
- P/E (trailing)
- 0.8
- Forward P/E
- 226.9
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −5MarginEBITDA margin 26% and EBIT margin only 10% over the last 12 months; Q2 2026 gave USD 9.7m in EBITDA on revenue of 46.5m (21%), because two vessels were in five-year classification.
- −3Return on capitalROIC 6.2% vs a WACC of 8.6%; in 2023–2024 operating profit was negative.
- −4MoatProsafe and Floatel share the niche for semi-submersible accommodation vessels, but the fleet is old (Safe Caledonia from 1982), and only five vessels carry the whole company.
- −7Capital allocation and track recordSecond restructuring in a few years: in 2025 about USD 1.1bn of debt was converted into shares, the lenders got about 95% of the company, and the old shareholders were almost wiped out.
Price
Today's multiples against the company's own history and its peers. · 1 finding−6 of −35
- −6Multiples vs own history and peersEV/EBITDA 7.4 TTM (about 8 on the 2026 forecast) vs 8.8 (2025), 9.6 (2024) and 8.1 (2022); P/B 1.28 vs 0.93 (2025). Odfjell Drilling trades at EV/EBITDA 6.3 with a far stronger balance sheet.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−23 of −35
- −10Debt and interest coverageNet debt USD 246.5m (approx. 4.4x EBITDA), interest cover 0.81 and negative FCF of −USD 25.7m TTM due to classing capex; liquidity fell from 65.3 to USD 52.3m in H1. The facilities mature 31/12-2029.
- −5Customer concentrationSouth America (Petrobras) accounted for USD 100m of 188m in revenue in 2025, and three of five vessels work for Petrobras; Safe Zephyrus' contract runs only to September 2027.
- −5Utilisation and fleet riskUtilisation was 71% in Q2, and Safe Caledonia is in tender for a contract starting in Q2 2027; old vessels require expensive five-year classifications (USD 42.5m capex in H1).
- −3Ownership overhangFormer lenders own most of the shares after the recapitalisation (free float about 192 of 353m shares); sales from credit funds may press the price.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Raised forecastThe EBITDA forecast for 2026 was raised to USD 50–55m (top of the previous range); H1 EBITDA rose to USD 24.5m from 7.7m.
- +2Order backlogOrder backlog of USD 407m incl. options, including a four-year Petrobras contract for Safe Notos from September 2026 worth approx. USD 204m.
Caveats
What the score does not capture, or where the data is weak.
Reports in USD; the stock trades in NOK on Euronext Oslo. Penny amounts are converted to NOK at USD/NOK 9.576. Market cap calculated myself: 352.54m shares × 4.745 NOK = 1,673m NOK ≈ 1,150m DKK (matches Nordnet). The trailing P/E of 0.94 and ROE of 416% are distorted by the gain from the debt conversion in 2025 (net income 174m USD TTM); they are not used. The share count rose approx. 1,780% in the recapitalisation in 2025, but is unchanged since the turn of the year. Largest shareholders (primarily former lenders) and insider trades have not been checked in detail. No analyst coverage on stockanalysis (forecast 404).
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