2020 Bulkers Ltd.

OB:2020 Stock Report

Market Cap: NOK 2.8b

2020 Bulkers Valuation

Is 2020 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 2020 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2020 (NOK121.9) is trading below our estimate of fair value (NOK404.58)

Significantly Below Fair Value: 2020 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2020?

Key metric: As 2020 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 2020. This is calculated by dividing 2020's market cap by their current earnings.
What is 2020's PE Ratio?
PE Ratio2.9x
EarningsUS$86.00m
Market CapUS$246.10m

Price to Earnings Ratio vs Peers

How does 2020's PE Ratio compare to its peers?

The above table shows the PE ratio for 2020 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10x
KCC Klaveness Combination Carriers
3.9x-17.8%NOK 4.3b
FROY Frøy
26.7xn/aNOK 6.6b
BELCO Belships
6.6x13.0%NOK 5.1b
ODF Odfjell
2.7x-11.4%NOK 8.4b
2020 2020 Bulkers
2.9x-33.6%NOK 2.8b

Price-To-Earnings vs Peers: 2020 is good value based on its Price-To-Earnings Ratio (2.9x) compared to the peer average (4.4x).

Price to Earnings Ratio vs Industry

How does 2020's PE Ratio compare vs other companies in the European Shipping Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
2020 2.9xIndustry Avg. 7.4xNo. of Companies6PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 2020 is good value based on its Price-To-Earnings Ratio (2.9x) compared to the European Shipping industry average (7.4x).

Price to Earnings Ratio vs Fair Ratio

What is 2020's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2020 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2.9x
Fair PE Ratio2.6x

Price-To-Earnings vs Fair Ratio: 2020 is expensive based on its Price-To-Earnings Ratio (2.9x) compared to the estimated Fair Price-To-Earnings Ratio (2.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 2020 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 121.90
NOK 172.57
+41.6%
14.3%NOK 198.24NOK 125.34n/a5
Dec ’25NOK 128.20
NOK 172.57
+34.6%
14.3%NOK 198.24NOK 125.34n/a5
Nov ’25NOK 132.80
NOK 175.55
+32.2%
14.5%NOK 201.77NOK 126.96n/a5
Oct ’25NOK 155.20
NOK 172.34
+11.0%
16.7%NOK 200.17NOK 116.86n/a5
Sep ’25NOK 136.70
NOK 169.26
+23.8%
16.7%NOK 195.76NOK 115.19n/a6
Aug ’25NOK 146.00
NOK 182.59
+25.1%
11.8%NOK 202.65NOK 150.32n/a6
Jul ’25NOK 156.50
NOK 182.72
+16.8%
10.9%NOK 203.25NOK 155.48n/a6
Jun ’25NOK 163.50
NOK 171.16
+4.7%
11.2%NOK 199.98NOK 147.86n/a5
May ’25NOK 172.60
NOK 171.90
-0.4%
7.5%NOK 187.86NOK 156.51n/a5
Apr ’25NOK 149.30
NOK 161.10
+7.9%
12.6%NOK 177.29NOK 124.98n/a5
Mar ’25NOK 153.30
NOK 157.80
+2.9%
13.0%NOK 174.72NOK 121.81n/a5
Feb ’25NOK 141.00
NOK 148.66
+5.4%
15.0%NOK 173.90NOK 121.72n/a5
Jan ’25NOK 121.50
NOK 126.68
+4.3%
8.3%NOK 142.14NOK 112.19n/a6
Dec ’24NOK 123.70
NOK 122.28
-1.1%
16.0%NOK 144.40NOK 85.42NOK 128.206
Nov ’24NOK 98.75
NOK 133.09
+34.8%
11.5%NOK 156.85NOK 110.45NOK 132.805
Oct ’24NOK 95.85
NOK 129.83
+35.5%
12.3%NOK 153.22NOK 106.54NOK 155.205
Sep ’24NOK 90.65
NOK 138.37
+52.6%
14.8%NOK 158.34NOK 104.79NOK 136.704
Aug ’24NOK 103.40
NOK 144.88
+40.1%
21.3%NOK 181.62NOK 98.10NOK 146.004
Jul ’24NOK 102.00
NOK 144.88
+42.0%
21.3%NOK 181.62NOK 98.10NOK 156.504
Jun ’24NOK 99.25
NOK 144.88
+46.0%
21.3%NOK 181.62NOK 98.10NOK 163.504
May ’24NOK 106.40
NOK 131.79
+23.9%
18.1%NOK 162.14NOK 97.53NOK 172.604
Apr ’24NOK 105.60
NOK 130.34
+23.4%
18.3%NOK 161.20NOK 96.51NOK 149.304
Mar ’24NOK 112.40
NOK 128.89
+14.7%
18.7%NOK 160.25NOK 93.48NOK 153.304
Feb ’24NOK 101.20
NOK 120.06
+18.6%
21.1%NOK 156.75NOK 86.76NOK 141.004
Jan ’24NOK 92.60
NOK 113.07
+22.1%
23.8%NOK 157.28NOK 85.50NOK 121.504
Dec ’23NOK 85.20
NOK 116.93
+37.2%
24.6%NOK 164.20NOK 89.26NOK 123.704

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 11:27
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

2020 Bulkers Ltd. is covered by 8 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Gregory LewisBTIG
Hans Rettedal ChristiansenDanske Bank
Jørgen LianDNB Markets