Bhagwan Marine Ltd. (AU:BWN)
ASX:BWN
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Bhagwan Marine Ltd.
(Sydney:BWN)
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Rating:61Neutral
Price Target:
AU$0.41
â–²(2.75% Upside)
Action:DowngradedDate:11/19/25
The overall stock score of 61 reflects a mix of strong financial performance and bearish technical indicators. The company's solid revenue growth and profitability are offset by cash flow challenges. Technical analysis indicates a bearish trend, which weighs heavily on the score. Valuation metrics suggest the stock may be undervalued, but they are not enough to significantly boost the score.
Positive Factors
High Gross Profit Margin
A gross profit margin of 93.54% points to durable cost advantages or premium pricing on specialized vessel services. Such a wide gross spread provides structural capacity to cover overhead, fund maintenance/capex for the fleet, and sustain profitability through cyclical revenue swings.
Negative Factors
Negative Free Cash Flow
Negative free cash flow and an FCF/net income of -7.10% indicate the company is not converting reported profits into cash. Persisting cash conversion issues constrain capital expenditure for fleet upkeep, limit deleveraging or dividend capacity, and increase reliance on external financing over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Profit Margin
A gross profit margin of 93.54% points to durable cost advantages or premium pricing on specialized vessel services. Such a wide gross spread provides structural capacity to cover overhead, fund maintenance/capex for the fleet, and sustain profitability through cyclical revenue swings.
Read all positive factors
Bhagwan Marine Ltd. (BWN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$158.86M
Dividend Yield1.06%
Average Volume (3M)772.87K
Price to Earnings (P/E)11.2
Beta (1Y)1.58
Revenue Growth5.28%
EPS Growth124.75%
CountryAU
Employees170
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.01
Shares Outstanding397,151,460
10 Day Avg. Volume639,451
30 Day Avg. Volume772,872
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.83
Price to Sales (P/S)0.49
P/FCF Ratio-54.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.80Price Target Upside100.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.04
Revenue Forecast (FY)AU$293.60M
Bhagwan Marine Ltd. Business Overview & Revenue Model
Company Description
Bhagwan Marine Limited owns and operates marine vessel for oil and gas, subsea, port, civil construction, renewables, and defense industries in Australia. It offers vessels and services to support exploration, development, and production activitie...
How the Company Makes Money
Bhagwan Marine Ltd. makes money by leasing its fleet of specialized vessels and offering associated marine services to clients in industries like oil and gas, renewable energy, construction, and defense. Revenue is generated through contracts for ...
Bhagwan Marine Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2024 | Jun 2024 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 245.75M | 283.04M | 269.84M |
| Gross Profit | 24.85M | 264.76M | 247.03M |
| EBITDA | 45.77M | 50.58M | 32.50M |
| Net Income | 6.60M | 12.49M | 5.55M |
Balance Sheet | |||
| Total Assets | 281.84M | 281.79M | 254.15M |
| Cash, Cash Equivalents and Short-Term Investments | 17.29M | 16.19M | 1.35M |
| Total Debt | 95.54M | 66.10M | 93.75M |
| Total Liabilities | 112.03M | 113.98M | 176.08M |
| Stockholders Equity | 169.82M | 167.81M | 78.08M |
Cash Flow | |||
| Free Cash Flow | 6.96M | -2.54M | 15.39M |
| Operating Cash Flow | 40.19M | 35.82M | 29.04M |
| Investing Cash Flow | -33.33M | -37.46M | -12.06M |
| Financing Cash Flow | 10.32M | 16.48M | -15.66M |
Bhagwan Marine Ltd. Technical Analysis
Negative
0.40
Price Trends
0.43
Negative
0.45
Negative
0.50
Negative
Market Momentum
>-0.01
Positive
43.45
Neutral
58.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BWN, the sentiment is Negative. The current price of 0.4 is below the 20-day moving average (MA) of 0.41, below the 50-day MA of 0.43, and below the 200-day MA of 0.50, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.45 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BWN.
Bhagwan Marine Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | AU$40.46M | 4.98 | 15.85% | 4.55% | 66.80% | 625.00% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | AU$158.86M | 11.17 | 3.91% | 1.06% | 5.28% | 124.75% | |
40 Underperform | AU$76.82M | -20.20 | -14.26% | ― | ― | -40.28% |
* Industrials Sector Average
AU:BWN
Bhagwan Marine Ltd.
0.40
-0.09
-18.20%
DE:GJY
Boom Logistics Ltd
0.97
0.19
24.68%
AU:SST
Steamships Trading Co. Ltd.
10.00
-3.58
-26.36%
AU:WWG
Wiseway Group Ltd.
0.24
0.06
38.24%
AU:LIS
Li-S Energy Ltd
0.12
<0.01
9.09%
Bhagwan Marine Ltd. Corporate Events
Bhagwan Marine Closes $130m Riverside Deal to Drive Scaled Growth
Mar 31, 2026
Bhagwan Marine Limited, Australia’s largest listed marine solutions provider to the offshore energy, subsea, ports and inshore, and defence sectors, has strengthened its position with a diverse fleet and the country’s largest in-house ...
Bhagwan Marine Director Lifts Indirect Stake via Share Placement
Mar 31, 2026
Bhagwan Marine Limited has disclosed a change in director Anthony Wooles’ relevant interest in the company’s shares, reflecting an increase in his indirect holding through AEW Holdings Pty Ltd. Following a shareholder-approved director...
Bhagwan Marine Director Loui Kannikoski Lifts Stake with $3 Million Share Purchase
Mar 31, 2026
Bhagwan Marine Ltd. has disclosed a change in the relevant interests of director Loui Kannikoski, whose holdings are largely indirect through family members, private companies, and a superannuation fund. The update details that Kannikoski-associat...
Bhagwan Marine Director Increases Indirect Shareholding and Updates Equity Interests
Mar 31, 2026
Bhagwan Marine Ltd. has disclosed a change in the interests of director Andrew Wackett, whose holdings are held indirectly through the Wackett Family Super Fund. The notice reflects standard corporate governance disclosure under ASX rules, highlig...
Bhagwan Marine Director Increases Indirect Shareholding via Approved Placement
Mar 31, 2026
Bhagwan Marine has reported a change in the indirect shareholding of director Tracey Horton, following the issue of 24,391 ordinary fully paid shares under a director placement approved by shareholders in late March 2026. The new shares, with a ca...
Bhagwan Marine Clears New Share Issue After Riverside Marine Acquisition
Mar 31, 2026
Bhagwan Marine Limited has issued a total of 81,951,220 new fully paid ordinary shares, including placements to institutional, sophisticated and professional investors, as well as to directors and related parties, at an issue price of $0.41 per sh...
Bhagwan Marine Seeks ASX Quotation for 81.9 Million New Shares
Mar 31, 2026
Bhagwan Marine Limited has applied for quotation on the ASX of 81,951,220 ordinary fully paid shares under its existing ticker BWN, with an issue date of March 31, 2026. The move formalizes the listing of these securities, potentially increasing t...
Bhagwan Marine Wins Shareholder Backing for Riverside Marine Acquisition
Mar 24, 2026
Bhagwan Marine Limited secured shareholder approval at its general meeting for all resolutions related to the proposed acquisition of Riverside Marine Holdings Pty Ltd, including the issue of 48.8 million escrowed shares as scrip consideration and...
Bhagwan Marine Wins Strategic Barrow Island Contract to Bolster Decommissioning Strategy
Mar 23, 2026
Bhagwan Marine Limited has secured a strategic contract from a major oil and gas client to remove oil tanker moorings and navigation buoys at Barrow Island in Western Australia. The work provides a critical entry point into a wider offshore decomm...
Bhagwan Marine Outlines Operations and Results at Institutional Investor Conference
Mar 17, 2026
Bhagwan Marine Limited has released an investor presentation for the Euroz Hartleys Institutional Investor Conference, outlining a summary of its operations and recent financial results. The materials, which draw on its FY25 annual and 1H26 financ...
Bhagwan Marine Announces First Fully Franked Interim Dividend
Feb 25, 2026
Bhagwan Marine Ltd. has declared its inaugural fully franked interim dividend of AUD 0.005 per ordinary share for the six months ended 31 December 2025. The dividend will be paid on 9 April 2026 to shareholders on the register as of 12 March 2026,...
Bhagwan Marine Outlines 1H26 Results With Cautious Forward-Looking Guidance
Feb 25, 2026
Bhagwan Marine released a presentation summarising its first-half 2026 results and operational performance for investors. The company highlighted that the figures include non-IFRS financial measures, which are unaudited and may not be comparable w...
Bhagwan Marine lifts margins, cash flow and expands with Riverside Marine deal
Feb 25, 2026
Bhagwan Marine reported 1H26 net core revenue of $116.9 million, down 8.5% due to contract timing, but expanded EBITDA margins to 19%, generated $25.4 million in operating cash flow and $8.6 million in free cash flow, and declared a fully franked ...
Bhagwan Marine Calls Shareholder Meeting to Advance Riverside Marine Acquisition
Feb 20, 2026
Bhagwan Marine Limited has called a general meeting of shareholders for 24 March 2026 in Perth to seek approval for a series of resolutions linked to its recently announced acquisition of Riverside Marine. The company has begun distributing the no...
Bhagwan Marine Plans Placement of Up to 40 Million New Shares
Feb 8, 2026
Bhagwan Marine Ltd., an ASX-listed marine services provider trading under the code BWN, primarily offers marine logistics and offshore support services through its fleet and related assets. The company’s capital structure is centered on ordi...
Bhagwan Marine to raise $30 million via institutional share placement
Feb 8, 2026
Bhagwan Marine Ltd. has prepared an investor presentation dated 9 February 2026 outlining a proposed placement of fully paid ordinary shares to institutional, professional and sophisticated investors to raise approximately $30 million. The funds a...
Bhagwan Marine to Acquire Riverside in $130m Deal to Accelerate Scale and Earnings
Feb 8, 2026
Bhagwan Marine Limited has agreed to acquire 100% of Riverside Marine Holdings for an enterprise value of up to $130 million on a debt-free, cash-free basis, in a deal that materially enlarges its fleet, service range, and geographic footprint. Ri...
Bhagwan Marine Halts Trading Ahead of Potential Acquisition and Equity Raising
Feb 4, 2026
Bhagwan Marine Limited has requested and been granted a trading halt on its securities on the ASX while it prepares an announcement regarding a potential material acquisition and associated equity raising. Trading in BWN shares will remain halted ...
Bhagwan Marine flags steady 1H26 earnings and stronger cash flow
Jan 21, 2026
Bhagwan Marine has flagged solid first-half FY26 performance, guiding to EBITDA of $21.8 million to $22.8 million from core operations, broadly in line with recent periods and underpinned by sustained demand across its key sectors and regions. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.