WinstonWınston
Stock

Exmar N.V.

0EEV.L
46
Oil & Gas Equipment & Services · Energy
Price
11.75 GBp
+0.05 (+0.43%)
Market Cap
£670.2M
Exchange
London Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
16/30
Growth
Weak
3/20
Cash Flow
Good
5/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Mixed
2/5

46 of 100 counted points = Winston Score 46.

Share count rising — dilution

+13.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 57.2M (2021) → 64.9M (2025)

§Winston Score History

The full picture

Exmar N.V. is a Belgian shipping and infrastructure company that specializes in transporting and processing liquefied gases, mainly liquefied petroleum gas (LPG) and liquefied natural gas (LNG). The company owns and operates a fleet of specialized vessels, as well as floating infrastructure units used to store and process gas offshore. Its main customers are energy companies, gas producers, and commodity traders around the world.

Exmar makes money by charging fees to use its ships and floating facilities, either through long-term contracts or shorter spot-market arrangements. The company operates globally, with activity concentrated in the Americas, Africa, and Asia, and it generates roughly $0.7 billion in market value as a mid-sized niche player. Its main competitive edge comes from owning specialized floating LNG infrastructure that few competitors can match, but the business is exposed to significant risk from volatile shipping rates and the heavy debt loads that come with financing large vessels and offshore units.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
44.4%
Healthy — 44.4% gross margin
Profit after running costs
Operating Margin
22.6%
Excellent — 22.6% operating margin
Return on the money invested
ROCE
7.9%
Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-12.5%
Shrinking sales (-12.5% YoY)
Profit growth
EPS YoY
-61.5%
Earnings shrinking (-61.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
106%
Turns 106% of profit into real cash
Spare cash per sale
FCF Margin
-15.6%
Burning cash (-15.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.46
Conservative — low debt load (0.46)
Covers its interest
Interest Cover
2.00x
Dangerous — barely covers interest (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.3x
Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.22%
Moderate income — 3.22% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-23.3%
Dividend cut (-23.3% YoY) — warning sign

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