Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Jeffrey Bunzel was the last independent director to join the board, commencing their role in 2026. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 17
Safe Bulkers, Inc Announces Board and Committees Appointments Safe Bulkers, Inc. announced that on the recommendation of the Corporate Governance, Nominating and Compensation Committee, the Board of Directors of the Company (the “Board”) voted to expand the size of the Board from nine to eleven directors and to appoint Jeffrey Bunzel and Vassilis Hajioannou to fill the new positions, with immediate effect. The Board has determined that Mr. Bunzel is independent for the purposes of NYSE independence standards and has appointed Mr. Bunzel to serve on the Corporate Governance, Nominating and Compensation Committee, the Environmental, Social and Corporate Governance Committee and the Audit Committee. Mr. Jeffrey Bunzel brings more than thirty years' experience in Investment, Banking and Capital Markets. He has been Managing Director, Head of Equity Capital Markets at Deutsche Bank AG for 14 years. Before, from 1994-2012 he had been Managing Director at Credit Suisse. Mr. Bunzel holds a bachelor’s degree from the University of California, Berkeley and a Master of Arts from the Fletcher School of Law and Diplomacy. He is a member of the Council on Foreign Relations. Mr. Vasilis Hajioannou, with experience in Operations and Chartering departments combines technical knowledge with operational oversight. Mr. Hajioannou holds a bachelor’s degree in marine engineering and a master’s degree in shipping and logistics from Newcastle University, UK. Aankondiging • Feb 19
Safe Bulkers, Inc. Declares Cash Dividend, Payable on March 18, 2026 On February 18, 2026, the Board of Safe Bulkers, Inc. declared a cash dividend on the company’s common stock of $0.05 per share which is payable on March 18, 2026, to the shareholders of record of the company’s common stock at the close of trading on March 2, 2026. Aankondiging • Feb 09
Safe Bulkers, Inc. to Report Q4, 2025 Results on Feb 18, 2026 Safe Bulkers, Inc. announced that they will report Q4, 2025 results After-Market on Feb 18, 2026 Aankondiging • Nov 26
Safe Bulkers, Inc. Declares Dividend on Common Stock, Payable on December 19, 2025 On November 25, 2025, the Board of Safe Bulkers, Inc. declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on December 19, 2025, to the shareholders of record of the Company’s common stock at the close of trading on December 8, 2025. As of November 21, 2025, the Company had 102,328,395 shares of common stock issued and outstanding. Aankondiging • Nov 20
Safe Bulkers, Inc. to Report Q3, 2025 Results on Nov 25, 2025 Safe Bulkers, Inc. announced that they will report Q3, 2025 results After-Market on Nov 25, 2025 Aankondiging • Jul 30
Safe Bulkers, Inc. Declares Dividend on Common Stock, Payable on September 5, 2025 On July 29, 2025, the Board of the Safe Bulkers, Inc. declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on September 5, 2025, to the shareholders of record of the Company’s common stock at the close of trading on August 21, 2025. Aankondiging • Jul 23
Safe Bulkers, Inc. to Report Q2, 2025 Results on Jul 29, 2025 Safe Bulkers, Inc. announced that they will report Q2, 2025 results at 4:00 PM, US Eastern Standard Time on Jul 29, 2025 Aankondiging • Jun 28
Safe Bulkers, Inc., Annual General Meeting, Sep 16, 2025 Safe Bulkers, Inc., Annual General Meeting, Sep 16, 2025, at 15:00 Romance Standard Time. Location: hotel hermitage monte-carlo, square beaumarchais, monte-carlo, 98000, Monaco Aankondiging • May 14
Safe Bulkers, Inc. to Report Q1, 2025 Results on May 19, 2025 Safe Bulkers, Inc. announced that they will report Q1, 2025 results After-Market on May 19, 2025 Aankondiging • Feb 19
Safe Bulkers, Inc. Declares Cash Dividend on Common Stock, Payable on March 21, 2025 On February 18, 2025, the Board of Directors of Safe Bulkers, Inc. declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on March 21, 2025, to the shareholders of record of the Company’s common stock at the close of trading on March 3, 2025. Aankondiging • Feb 12
Safe Bulkers, Inc. to Report Q4, 2024 Results on Feb 18, 2025 Safe Bulkers, Inc. announced that they will report Q4, 2024 results After-Market on Feb 18, 2025 Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: US$0.22 (vs US$0.12 in 3Q 2023) Third quarter 2024 results: EPS: US$0.22 (up from US$0.12 in 3Q 2023). Revenue: US$75.9m (up 17% from 3Q 2023). Net income: US$23.1m (up 77% from 3Q 2023). Profit margin: 31% (up from 20% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Aankondiging • Nov 14
Safe Bulkers, Inc. Declares Cash Dividend, Payable on December 17, 2024 Safe Bulkers, Inc. on November 13, 2024, the Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.05 per share which is payable on December 17, 2024, to the shareholders of record of the Company's common stock at the close of trading on December 2, 2024. Aankondiging • Nov 08
Safe Bulkers, Inc. to Report Q3, 2024 Results on Nov 13, 2024 Safe Bulkers, Inc. announced that they will report Q3, 2024 results After-Market on Nov 13, 2024 Aankondiging • Sep 13
Safe Bulkers, Inc. Announces Director Changes Safe Bulkers, Inc. at its AGM held on September 13, 2024 announced the election of three Class I directors. Polys Hajioannou, Ioannis Foteinos and Ole Wikborg were elected Class I directors. The Class I directors were elected to hold office for a term ending at the annual meeting of stockholders in 2027 and until their respective successors have been duly elected and qualified. Declared Dividend • Aug 05
Second quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 21st August 2024 Payment date: 5th September 2024 Dividend yield will be 4.3%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: US$0.24 (vs US$0.12 in 2Q 2023) Second quarter 2024 results: EPS: US$0.24 (up from US$0.12 in 2Q 2023). Revenue: US$78.5m (up 11% from 2Q 2023). Net income: US$25.6m (up 91% from 2Q 2023). Profit margin: 33% (up from 19% in 2Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Aankondiging • Jul 30
Safe Bulkers, Inc. Declares Dividend on Common Stock, Payable on September 5, 2024 Safe Bulkers, Inc. declared a cash dividend of $0.05 per share of outstanding common stock which is payable on September 5, 2024, to the shareholders of record of the Company's common stock at the close of trading on August 21, 2024. As of July 19, 2024, the Company had 106,770,420 shares of common stock issued and outstanding. Aankondiging • Jul 22
Safe Bulkers, Inc. to Report Q2, 2024 Results on Jul 29, 2024 Safe Bulkers, Inc. announced that they will report Q2, 2024 results After-Market on Jul 29, 2024 Aankondiging • Jun 28
Safe Bulkers, Inc., Annual General Meeting, Sep 12, 2024 Safe Bulkers, Inc., Annual General Meeting, Sep 12, 2024, at 14:00 Romance Standard Time. Location: fairmont hotel, 12 avenue des spelugues, 98000 monaco, monte carlo Monaco Declared Dividend • May 06
First quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 16th May 2024 Payment date: 30th May 2024 Dividend yield will be 3.9%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: US$0.23 (vs US$0.15 in 1Q 2023) First quarter 2024 results: EPS: US$0.23 (up from US$0.15 in 1Q 2023). Revenue: US$81.7m (up 22% from 1Q 2023). Net income: US$25.3m (up 46% from 1Q 2023). Profit margin: 31% (up from 26% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 26
Safe Bulkers, Inc. to Report Q1, 2024 Results on Apr 29, 2024 Safe Bulkers, Inc. announced that they will report Q1, 2024 results After-Market on Apr 29, 2024 Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: US$0.61 (vs US$1.36 in FY 2022) Full year 2023 results: EPS: US$0.61 (down from US$1.36 in FY 2022). Revenue: US$284.4m (down 19% from FY 2022). Net income: US$69.4m (down 58% from FY 2022). Profit margin: 24% (down from 47% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year and the company’s share price has also increased by 24% per year. Upcoming Dividend • Feb 22
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 19 March 2024. Trailing yield: 4.6%. Lower than top quartile of German dividend payers (5.3%). Lower than average of industry peers (16%). Declared Dividend • Feb 19
Fourth quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 29th February 2024 Payment date: 19th March 2024 Dividend yield will be 4.9%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. EPS is expected to grow by 76% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 13
Full year 2023 earnings released: EPS: US$0.61 (vs US$1.36 in FY 2022) Full year 2023 results: EPS: US$0.61 (down from US$1.36 in FY 2022). Revenue: US$284.4m (down 19% from FY 2022). Net income: US$69.4m (down 58% from FY 2022). Profit margin: 24% (down from 47% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 13
Safe Bulkers, Inc. Declares Cash Dividend, Payable on March 19, 2024 On February 12, 2024, the Board of Directors of Safe Bulkers, Inc. declared a cash dividend on the Company's common stock of $0.05 per share which is payable on March 19, 2024 to the shareholders of record of the Company's common stock at the closing of trading on March 1, 2024. Aankondiging • Feb 07
Safe Bulkers, Inc. to Report Q4, 2023 Results on Feb 12, 2024 Safe Bulkers, Inc. announced that they will report Q4, 2023 results After-Market on Feb 12, 2024 Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €3.85, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 378% over the past three years. Aankondiging • Nov 24
Safe Bulkers, Inc. Announces the Formation of A Board of Directors Committee on Environmental, Social and Governance Safe Bulkers, Inc. announced that it has formed a new Board of Directors committee on Environmental, Social and Governance. The ESG Committee shall support the Company's overall ESG strategic direction, providing the executive management and the Board of Directors with ESG insights on significant trends. The ESG Committee consists of six Board members, four of whom are independent directors. The President of the Company has been assigned to lead the management team on ESG matters and report to the ESG Committee. The ESG Committee shall review the Company's ESG performance and ensure governance oversight by the Board of Directors of the ESG strategy and implementation, consistent with the priorities outlined in the Company's sustainability report. Loukas Barmparis, is the President of the company. Upcoming Dividend • Nov 17
Upcoming dividend of US$0.05 per share at 5.6% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 14 December 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of German dividend payers (5.0%). Lower than average of industry peers (21%). Aankondiging • Nov 08
Safe Bulkers, Inc. Declares Dividend on Common Stock, Payable on December 14, 2023 The Board of Directors of Safe Bulkers, Inc. declared a cash dividend on the Company's common stock of $0.05 per share which is payable on December 14, 2023 to the shareholders of record of the Company's common stock at the closing of trading on November 27, 2023. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: US$0.12 (vs US$0.41 in 3Q 2022) Third quarter 2023 results: EPS: US$0.12 (down from US$0.41 in 3Q 2022). Revenue: US$64.7m (down 31% from 3Q 2022). Net income: US$13.0m (down 73% from 3Q 2022). Profit margin: 20% (down from 52% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Nov 03
Safe Bulkers, Inc. to Report Q3, 2023 Results on Nov 07, 2023 Safe Bulkers, Inc. announced that they will report Q3, 2023 results After-Market on Nov 07, 2023 Upcoming Dividend • Aug 10
Upcoming dividend of US$0.05 per share at 6.0% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (17%). New Risk • Jul 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 35% Last year net profit margin: 56% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (48% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (35% net profit margin). Aankondiging • Jul 27
Safe Bulkers, Inc. Declares Cash Dividend, Payable on September 1, 2023 On July 26, 2023, the Board of Directors of Safe Bulkers, Inc. declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on September 1, 2023 to the shareholders of record of the Company's common stock at the closing of trading on August 18, 2023. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$0.14 (vs US$0.40 in 2Q 2022) Second quarter 2023 results: EPS: US$0.14 (down from US$0.40 in 2Q 2022). Revenue: US$70.6m (down 23% from 2Q 2022). Net income: US$15.4m (down 68% from 2Q 2022). Profit margin: 22% (down from 53% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 9.3% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Aankondiging • Jul 24
Safe Bulkers, Inc. to Report Q2, 2023 Results on Jul 26, 2023 Safe Bulkers, Inc. announced that they will report Q2, 2023 results After-Market on Jul 26, 2023 Aankondiging • Jun 27
Safe Bulkers, Inc., Annual General Meeting, Sep 07, 2023 Safe Bulkers, Inc., Annual General Meeting, Sep 07, 2023, at 16:00 Central European Standard Time. Location: 12 Avenue des Spélugues, Monte Carlo, 98000 Monaco Monte Carlo Monaco Agenda: Annual Meeting of Stockholders. Upcoming Dividend • May 18
Upcoming dividend of US$0.05 per share at 5.5% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (18%). Reported Earnings • May 11
First quarter 2023 earnings released: EPS: US$0.15 (vs US$0.28 in 1Q 2022) First quarter 2023 results: EPS: US$0.15 (down from US$0.28 in 1Q 2022). Revenue: US$66.8m (down 14% from 1Q 2022). Net income: US$17.3m (down 49% from 1Q 2022). Profit margin: 26% (down from 43% in 1Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.5% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Aankondiging • May 11
Safe Bulkers, Inc. Declares Cash Dividend on Common Stock, Payable on June 7, 2023 Safe Bulkers, Inc. announced on May 10, 2023, the Board of Directors of the Company declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on June 7, 2023 to the shareholders of record of the Company's common stock at the closing of trading on May 26, 2023. Aankondiging • May 06
Safe Bulkers, Inc. to Report Q1, 2023 Results on May 10, 2023 Safe Bulkers, Inc. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 10, 2023 Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €3.43, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 204% over the past three years. Upcoming Dividend • Feb 21
Upcoming dividend of US$0.05 per share at 6.2% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 17 March 2023. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.6%). Lower than average of industry peers (14%). Reported Earnings • Feb 15
Full year 2022 earnings released: EPS: US$1.36 (vs US$1.44 in FY 2021) Full year 2022 results: EPS: US$1.36. Revenue: US$349.7m (up 6.3% from FY 2021). Net income: US$163.6m (flat on FY 2021). Profit margin: 47% (down from 50% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 1.3% p.a. on average during the next 2 years compared to a 11% decline forecast for the Shipping industry in Europe. Aankondiging • Feb 15
Safe Bulkers, Inc. Reports Fourth Quarter Dividend, Payable on March 17, 2023 On February 14, 2023, the Board of Directors of Safe Bulkers, Inc. declared a cash dividend on the Company’s common stock of $0.05 per share which is payable on March 17, 2023 to the shareholders of record of the Company's common stock at the closing of trading on March 1, 2023. As of February 10, 2023, the Company had 118,878,626 shares of common stock issued and outstanding. Aankondiging • Feb 10
Safe Bulkers, Inc. to Report Q4, 2022 Results on Feb 14, 2023 Safe Bulkers, Inc. announced that they will report Q4, 2022 results After-Market on Feb 14, 2023 Upcoming Dividend • Nov 18
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 25 November 2022. Payment date: 15 December 2022. Trailing yield: 6.6%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (12%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chris Megalou was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: US$0.41 (vs US$0.44 in 3Q 2021) Third quarter 2022 results: EPS: US$0.41 (down from US$0.44 in 3Q 2021). Revenue: US$93.7m (up 1.3% from 3Q 2021). Net income: US$49.0m (down 6.9% from 3Q 2021). Profit margin: 52% (down from 57% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 12% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 12
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 19 August 2022. Payment date: 01 September 2022. Trailing yield: 5.2%. Within top quartile of German dividend payers (4.5%). Lower than average of industry peers (9.1%). Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.40 (vs US$0.27 in 2Q 2021) Second quarter 2022 results: EPS: US$0.40 (up from US$0.27 in 2Q 2021). Revenue: US$91.6m (up 12% from 2Q 2021). Net income: US$48.1m (up 62% from 2Q 2021). Profit margin: 53% (up from 36% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is expected to shrink by 1.9% compared to a 8.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €3.87, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 224% over the past three years. Upcoming Dividend • May 31
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 07 June 2022. Payment date: 15 June 2022. Trailing yield: 4.2%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (8.7%). Reported Earnings • May 27
First quarter 2022 earnings released: EPS: US$0.28 (vs US$0.18 in 1Q 2021) First quarter 2022 results: EPS: US$0.28 (up from US$0.18 in 1Q 2021). Revenue: US$77.7m (up 24% from 1Q 2021). Net income: US$33.6m (up 79% from 1Q 2021). Profit margin: 43% (up from 30% in 1Q 2021). Over the next year, revenue is forecast to stay flat compared to a 5.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Chris Megalou was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €3.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 178% over the past three years. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$1.44 (up from US$0.25 loss in FY 2020). Revenue: US$329.0m (up 66% from FY 2020). Net income: US$163.6m (up US$188.9m from FY 2020). Profit margin: 50% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Over the next year, revenue is forecast to stay flat compared to a 18% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 26
Now 23% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be US$4.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 16% share price gain to €3.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 163% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.95 per share. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 22% share price gain to €3.60, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 114% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.90 per share. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS US$0.44 (vs US$0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$92.5m (up 78% from 3Q 2020). Net income: US$52.6m (up US$52.6m from 3Q 2020). Profit margin: 57% (up from 0.1% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS US$0.44 (vs US$0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$92.5m (up 78% from 3Q 2020). Net income: US$52.6m (up US$52.6m from 3Q 2020). Profit margin: 57% (up from 0.1% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 21% share price gain to €3.98, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Shipping industry in Europe. Total returns to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.56 per share. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improved over the past week After last week's 16% share price gain to €3.50, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 9x in the Shipping industry in Europe. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.59 per share. Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS US$0.27 (vs US$0.16 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$81.6m (up 69% from 2Q 2020). Net income: US$29.7m (up US$46.5m from 2Q 2020). Profit margin: 36% (up from net loss in 2Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improved over the past week After last week's 19% share price gain to US$3.52, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Shipping industry in Europe. Total returns to shareholders of 11% over the past three years. Reported Earnings • May 06
First quarter 2021 earnings released: EPS US$0.18 (vs US$0.13 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$62.5m (up 37% from 1Q 2020). Net income: US$18.8m (up US$31.7m from 1Q 2020). Profit margin: 30% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 02
Full year 2020 earnings released: US$0.25 loss per share (vs US$0.043 profit in FY 2019) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2020 results: Revenue: US$198.2m (flat on FY 2019). Net loss: US$25.3m (down US$29.7m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 18
Full year 2020 earnings released: US$0.25 loss per share (vs US$0.043 profit in FY 2019) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2020 results: Revenue: US$198.2m (flat on FY 2019). Net loss: US$25.3m (down US$29.7m from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 18
Revenue beats expectations Revenue exceeded analyst estimates by 14%. Over the next year, revenue is forecast to grow 17%, compared to a 14% growth forecast for the Shipping industry in Germany. Is New 90 Day High Low • Feb 03
New 90-day high: €1.57 The company is up 112% from its price of €0.74 on 05 November 2020. The German market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.73 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €1.54 The company is up 86% from its price of €0.83 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.67 per share. Is New 90 Day High Low • Dec 28
New 90-day high: €1.00 The company is up 17% from its price of €0.85 on 29 September 2020. The German market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.13 per share. Is New 90 Day High Low • Dec 01
New 90-day high: €0.95 The company is up 9.0% from its price of €0.88 on 02 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.09 per share. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS US$0.001 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: US$51.9m (up 2.4% from 3Q 2019). Net income: US$75.0k (down 97% from 3Q 2019). Profit margin: 0.1% (down from 4.7% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 19
New 90-day low: €0.81 The company is down 18% from its price of €1.00 on 21 July 2020. The German market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.67 per share.