Bhagwan Marine Ltd. (AU:BWN)
ASX:BWN
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Bhagwan Marine Ltd.
(Sydney:BWN)
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Rating:63Neutral
Price Target:
AU$0.28
▼(-30.75% Downside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by solid financial performance (profitability, growth, and improved leverage), tempered by cash flow weakness (negative free cash flow). Technicals are a major headwind given the clear downtrend and weak momentum, while valuation and dividend yield provide partial support.
Positive Factors
High Profitability
Very high gross margins indicate strong pricing power or low direct costs in vessel leasing and services, while a positive net margin shows end-to-end profitability. These margins support reinvestment, contract competitiveness and buffer against sector cyclicality over the next several months.
Negative Factors
Negative Free Cash Flow
Negative free cash flow and poor cash conversion undermine the company’s ability to fund vessel maintenance, capex and working capital from operations. Over months this increases reliance on external financing, risks delaying fleet renewal, and constrains strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Very high gross margins indicate strong pricing power or low direct costs in vessel leasing and services, while a positive net margin shows end-to-end profitability. These margins support reinvestment, contract competitiveness and buffer against sector cyclicality over the next several months.
Read all positive factors
Bhagwan Marine Ltd. (BWN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$103.26M
Dividend Yield1.06%
Average Volume (3M)772.87K
Price to Earnings (P/E)11.1
Beta (1Y)1.50
Revenue Growth-21.62%
EPS Growth-33.88%
CountryAU
Employees170
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)0.02
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$0.60Price Target Upside50.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.03
Revenue Forecast (FY)AU$249.63M
Bhagwan Marine Ltd. Business Overview & Revenue Model
Company Description
An Australian company founded in 1985 and headquartered in Perth, Bhagwan Marine Limited is a leading operator of marine vessels. With a substantial fleet of approximately 95 ships, the company delivers essential maritime services to a wide array ...
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
0.34
Negative
0.38
Negative
0.44
Negative
Market Momentum
-0.02
Negative
33.98
Neutral
39.68
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 above the 20-day moving average (MA) of 0.28, above the 50-day MA of 0.34, and below the 200-day MA of 0.44, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 33.98 is Neutral, neither overbought nor oversold. The STOCH value of 39.68 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$49.93M | 13.06 | 15.85% | 4.55% | 41.51% | 432.79% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | AU$103.26M | 11.05 | 3.91% | 1.06% | -21.62% | -33.88% | |
48 Neutral | AU$86.43M | -18.47 | -14.26% | ― | ― | -3.95% |
* Industrials Sector Average
AU:BWN
Bhagwan Marine Ltd.
0.26
-0.23
-46.83%
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50.00%
Bhagwan Marine Ltd. Corporate Events
Bhagwan Marine Director Loui Kannikoski Increases Indirect Shareholding
Jun 4, 2026
Bhagwan Marine has disclosed a change in director Loui Kannikoski’s relevant interests in its securities, following an on-market acquisition of 352,000 fully paid ordinary shares for $99,644 on 4 June 2026. The transaction increases Kannikos...
Bhagwan Marine lifts outlook as Riverside acquisition boosts recurring earnings
May 11, 2026
Bhagwan Marine has updated its FY26 earnings outlook, forecasting standalone EBITDA between $38.5 million and $40.5 million, as project awards in the Middle East and energy sector restructuring cause timing-related delays but do not alter strong u...
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...
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.