Announcement • Aug 22
Golden Ocean Group Limited(OB:GOGL) dropped from S&P Global BMI Index Golden Ocean Group Limited(OB:GOGL) dropped from S&P Global BMI Index Announcement • Aug 21
Golden Ocean Group Limited(NasdaqGS:GOGL) dropped from NASDAQ Composite Index Golden Ocean Group Limited has been dropped from the Nasdaq Composite Index. Declared Dividend • May 23
First quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 4th June 2025 Payment date: 19th June 2025 Dividend yield will be 11%, which is lower than the industry average of 14%. Sustainability & Growth Dividend is not covered by earnings (141% earnings payout ratio) nor is it covered by cash flows (121% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 56% to bring the payout ratio under control. EPS is expected to grow by 107% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. New Risk • May 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 141% Cash payout ratio: 121% Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • May 22
First quarter 2025 earnings released: US$0.22 loss per share (vs US$0.33 profit in 1Q 2024) First quarter 2025 results: US$0.22 loss per share (down from US$0.33 profit in 1Q 2024). Revenue: US$141.9m (down 43% from 1Q 2024). Net loss: US$44.1m (down 168% from profit in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 2.7% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • May 21
Golden Ocean Group Limited Announces Cash Dividend for the First Quarter Ended March 31, 2025, Payable on or About June 17, 2025 Golden Ocean Group Limited announced a cash dividend of $0.05 per share for the first quarter March 31, 2025, which is payable on or about June 17, 2025, to shareholders of record on June 5, 2025. Shareholders holding the company’s shares through Euronext VPS may receive this cash dividend later, on or about June 19, 2025. Announcement • Apr 23
Cmb.Tech NV (ENXTBR:CMBT) signed a term sheet to acquire remaining 50.65% stake in Golden Ocean Group Limited (NasdaqGS:GOGL) for approximately BMD 880 million. Cmb.Tech NV (ENXTBR:CMBT) signed a term sheet to acquire remaining 50.65% stake in Golden Ocean Group Limited (NasdaqGS:GOGL) for approximately BMD 880 million on April 22, 2025. The consideration consists of common equity of Cmb.Tech NV at a ratio of 0.95 per common equity of Golden Ocean Group Limited subject to customary adjustments, including to reflect share buybacks, share issuances and/or dividend distributions that may take place prior to completion of the Merger. Upon completion of the Merger, 95,952,934 new shares of CMB.TECH would be issued, whereby CMB.TECH shareholders would own approximately 70% of the total issued share capital of the combined company (or 67% excluding treasury shares) and Golden Ocean shareholders would own approximately 30% (or 33% excluding treasury shares), assuming the Exchange Ratio is not adjusted. Upon completion of the Merger, Golden Ocean would delist from NASDAQ and Euronext Oslo Børs. CMB.TECH would remain listed on the New York Stock Exchange and Euronext Brussels and will pursue a secondary listing on the Euronext Oslo Børs following and subject to completion of the Merger. As of April 3, 2025, CMB.TECH NV indirectly held a total of 98,400,304 shares of Golden Ocean, representing approximately 49.4% of Golden Ocean's outstanding voting shares.
The transaction is subject to remains subject to customary conditions, including confirmatory due diligence, negotiation and execution of definitive transaction agreements, applicable board approvals, regulatory approvals, third-party consents, Golden Ocean shareholder approval, and effectiveness of a registration statement on Form F-4 to be filed by CMB.TECH with the U.S. Securities and Exchange Commission. The Board of Directors of Golden Ocean Group Limited formed a special committee and has unanimously approved the transaction. The parties aim to enter into definitive transaction agreements, including an agreement and plan of merger, during the second quarter of 2025 and to complete the Merger in the third quarter of 2025.
DNB Markets acted as financial advisor to Golden Ocean Group Limited. DNB Markets acted as fairness opinion provider to Golden Ocean Group Limited. New Risk • Apr 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Dividend is not well covered by earnings (94% payout ratio). Share price has been volatile over the past 3 months (7.9% average weekly change). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to kr70.94, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 3x in the Shipping industry in Norway. Total loss to shareholders of 6.7% over the past three years. Board Change • Apr 02
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Director James O'Shaughnessy is the most experienced director on the board, commencing their role in 2018. Independent Director Tonesan Amissah was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 01
Golden Ocean Group Limited Announces Board Appointments Golden Ocean Group Limited announced the appointment of Mr. Carl Erik Steen and Mr. James Ayers as Directors of the Company. Mr. Steen headed the shipping and international division in Christiania Bank and Kreditkassen ASA. Mr. Steen graduated in 1975 from ETH Zurich Switzerland with a MSc in Industrial and Management Engineering. Mr. Steen holds directorship positions in various Norwegian and international companies including Golar LNG Ltd, Himalaya Shipping Ltd. and Wilhelm Wilhelmsen Holding ASA, where he is the Chairman.James Ayers has held the position of Secretary of the Company since 2018. Mr. Ayers has been the CEO of Front Ocean Management Ltd. since 2021 and was previously the Head of Corporate Administration at Frontline Ltd., where he served from 2018. Over the past decade, Mr. Ayers has held various director, company officer and management positions across the maritime and offshore energy sectors. Since 2019, Mr. Ayers has served as Director of Oslo-listed companies Paratus Energy Services Ltd. and Northern Ocean Ltd. Before relocating to Bermuda in 2015, when he joined Appleby law firms corporate services division, Mr. Ayers held management and corporate secretary positions within the finance sector in the UK. Mr. Ayers holds a Masters degree in International Business and Commercial Law (LLM), a Bachelors degree in Law (LLB) and a professional qualification in Legal Practice (LPC). Announcement • Mar 22
Golden Ocean Group Limited Announces Changes to the Board Composition Golden Ocean Group Limited announced the appointment by the Board of Directors of Mr. Patrick De Brabandere and Mr. Patrick Molis as Directors of the Company. Mr. Patrick De Brabandere holds a degree in Applied Economic Sciences from UCL Louvain-la Neuve. He started his career at the audit firm Arthur Andersen. In 1987, he joined Almabo, the former holding company of the Saverys family, as Project Controller. He became CFO of CMB NV in 1998 and was appointed director of CMB NV in 2002. In 2003, following the partial demerger of Exmar NV from CMB NV, he became director and CFO of Exmar NV, then COO. In 2020 he became CFO of Exmar NV again until June 2022. He currently is a director of CMB NV and he also sits on the Supervisory Board of CMB.TECH since 2023.Mr. Patrick Molis graduated from the Institut dEtudes Politiques de Paris and holds a Masters degree in law from Paris X Nanterre. He started his career as a Magistrate at the Cour des Comptes after joining the National School of Administration. Mr. Patrick Molis was General Manager of Union Normande Investissement (1989-1992), CFO of Worms &Cie Group (1994-1997), General Manager of Compagnie Nationale de Navigation (1995- 1998), Chairman of the Board of Compagnie du Ponant (2012-2015) and Chairman and CEO of Hli-Union (2013-2022). He is currently Chairman of Compagnie Nationale de Navigation (since 1998) and director of Sabena Technics. He has previously served as member of the board of directors of Euronav Luxembourg (1995-2001), Euronav (2004-2010), Compagnie Maritime Nantaise (1995-2017), Compagnie Mridionale de Navigation (2008- 2022) and of the Conseil dorientation du Domaine national de Chambord (2007-2017). Mr. Patrick Molis has been awarded the titles of Knight of the Legion of Honour and Officer of the Order of Merit. He currently sits on the Supervisory Board of CMB.TECH since 2023 as an independent member. The Company further announces that Mr. Ola Lorentzon, Mr. John Fredriksen, Mr. Ben Mills and Mr. Cato Stonex in conjunction with the above appointments have stepped down from their positions as Directors of the Company. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr92.56, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 4x in the Shipping industry in Norway. Total returns to shareholders of 18% over the past three years. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.15 announced Shareholders will receive a dividend of US$0.15. Ex-date: 10th March 2025 Payment date: 24th March 2025 Dividend yield will be 8.9%, which is lower than the industry average of 14%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4.5% to bring the payout ratio under control. However, EPS is expected to decline by 13% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Reported Earnings • Feb 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$1.12 (up from US$0.56 in FY 2023). Revenue: US$968.4m (up 9.3% from FY 2023). Net income: US$223.2m (up 99% from FY 2023). Profit margin: 23% (up from 13% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is expected to fall by 6.7% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 27
Golden Ocean Group Limited Announces Cash Dividend for the Fourth Quarter of 2024, Payable on or About 21 March 2025 Golden Ocean Group Limited announced a cash dividend of $0.15 per share for the fourth quarter of 2024, which is payable on or about 21 March 2025 to shareholders of record on 11 March 2025. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 24 March, 2025. Ex-date is 10 March 2025. Date of approval: 26 February 2025. Announcement • Feb 15
Golden Ocean Group Limited Appoints Tonesan Amissah as Director Golden Ocean Group Limited announced the appointment of Ms. Tonesan Amissah as Director of the Company. Tonesan Amissah is a Barrister and Attorney-at-Law with over 30 years of experience in international corporate law. Ms. Amissah is currently a Client Director at Ocorian Services (Bermuda) Limited where she oversees all aspects of client service. Ms. Amissah is a former partner of Appleby (Bermuda) Limited, where she led the funds &investment services team and was a senior member of the firms corporate department, having joined Appleby in 1989. She also serves as a director of companies in the insurance space. Ms. Amissah holds a law degree from the London School of Economics and Political Science, she qualified as a Barrister at the Honourable Society of Lincolns Inn in London in 1988 and was later called to the Bermuda Bar in 1992. She is a member of the Institute of Directors and was appointed an accredited speaker for the Regulatory and Compliance Association in 2015. Ms. Amissah is a Bermuda citizen. Announcement • Jan 03
Golden Ocean Group Limited, Annual General Meeting, May 09, 2025 Golden Ocean Group Limited, Annual General Meeting, May 09, 2025. Declared Dividend • Nov 29
Third quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 6th December 2024 Payment date: 20th December 2024 Dividend yield will be 8.9%, which is lower than the industry average of 14%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 9.0% to bring the payout ratio under control. EPS is expected to grow by 29% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 28
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: US$0.28 (up from US$0.14 in 3Q 2023). Revenue: US$264.8m (up 20% from 3Q 2023). Net income: US$56.3m (up 96% from 3Q 2023). Profit margin: 21% (up from 13% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.5%. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to decline by 7.5% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Nov 27
Golden Ocean Group Limited Announces Dividend for the third Quarter of 2024, Payable on or About December 18, 2024 Golden Ocean Group Limited announced dividend for the third quarter 2024, Dividend amount: $0.30 per share. Ex-date: December 6, 2024, Record date: December 9, 2024, Payment date: On or about 18 December, 2024. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 20 December, 2024. Declared Dividend • Aug 30
Second quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 10th September 2024 Payment date: 23rd September 2024 Dividend yield will be 6.0%, which is lower than the industry average of 14%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio). However, it is covered by cash flows (69% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 3.6% to bring the payout ratio under control. EPS is expected to grow by 52% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Aug 29
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.31 (up from US$0.17 in 2Q 2023). Revenue: US$250.1m (up 17% from 2Q 2023). Net income: US$62.5m (up 79% from 2Q 2023). Profit margin: 25% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to decline by 6.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • May 24
First quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 6th June 2024 Payment date: 19th June 2024 Dividend yield will be 3.7%, which is lower than the industry average of 14%. Sustainability & Growth Dividend is covered by earnings (86% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 23
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.33 (up from US$0.044 loss in 1Q 2023). Revenue: US$246.7m (up 26% from 1Q 2023). Net income: US$65.4m (up US$74.2m from 1Q 2023). Profit margin: 27% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Revenue is forecast to decline by 6.8% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 27
Insider recently sold kr27m worth of stock On the 21st of March, Peder Carl Simonsen sold around 201k shares on-market at roughly kr135 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Mar 05
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 12 March 2024. Payment date: 27 March 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.6%. Lower than top quartile of Norwegian dividend payers (7.7%). Lower than average of industry peers (14%). Declared Dividend • Mar 03
Fourth quarter dividend of US$0.10 announced Shareholders will receive a dividend of US$0.10. Ex-date: 12th March 2024 Payment date: 27th March 2024 Dividend yield will be 2.4%, which is lower than the industry average of 14%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 19% to bring the payout ratio under control. EPS is expected to grow by 123% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 01
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$0.56 (down from US$2.30 in FY 2022). Revenue: US$885.8m (down 20% from FY 2022). Net income: US$112.3m (down 76% from FY 2022). Profit margin: 13% (down from 42% in FY 2022). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.9%. Revenue is forecast to stay flat during the next 3 years compared to a 1.1% growth forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr137, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 5x in the Shipping industry in Norway. Total returns to shareholders of 278% over the past three years. Announcement • Feb 28
Golden Ocean Group Limited Announces Dividend for the Fourth Quarter of 2023, Payable on or About 25 March, 2024 Golden Ocean Group Limited announced a cash dividend of $0.30 per share for the fourth quarter of 2023, which is payable on or about 25 March, 2024 to shareholders of record on 13 March, 2024. Due to the implementation of CSDR in Norway, dividends payable on shares registered with Euronext VPS is expected to be distributed to Euronext VPS shareholders on or about 27 March, 2024. Ex-date is 12 March, 2024. Board Change • Jan 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director James O'Shaughnessy was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 19
Golden Ocean Group Ltd. Announces the Appointment of Cato Stonex as Director Golden Ocean Group Ltd. announced the appointment of Mr. Cato Stonex as Director. Mr. Stonex has had a long career in fund management, initially with J Rothschild Investment Management. He was then a founder and partner of Taube Hodson Stonex (THS) for 20 years, which managed institutional portfolios of global equity mandates. THS was sold to GAM in 2016, after which he established Partners Investment Company, which focused on stock picking in small and mid-cap equities, largely in Europe. In 2021, Partners Investment Company became Stonex Capital Partners Ltd. and that same year Mr. Stonex also funded WMC Capital Ltd, an investment company focused on the recovery of the global shipping industry. Mr. Stonex has also been involved in a range of other business areas. He holds an undergraduate degree from the London School of Economics and Political Science, where he served for ten years as a Governor and is now an Emeritus Governor. He has chaired its Development Committee and is now an advisor to the Endowment Investment Committee. Mr. Stonex is closely involved with LSE Ideas, a leading academic think tank. Upcoming Dividend • Nov 28
Upcoming dividend of US$0.10 per share at 18% yield Eligible shareholders must have bought the stock before 05 December 2023. Payment date: 13 December 2023. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 18%. Within top quartile of Norwegian dividend payers (8.6%). In line with average of industry peers (17%). Reported Earnings • Nov 22
Third quarter 2023 earnings released: EPS: US$0.14 (vs US$0.52 in 3Q 2022) Third quarter 2023 results: EPS: US$0.14 (down from US$0.52 in 3Q 2022). Revenue: US$222.5m (down 21% from 3Q 2022). Net income: US$28.7m (down 73% from 3Q 2022). Profit margin: 13% (down from 37% in 3Q 2022). Revenue is expected to fall by 2.0% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 36% per year. Announcement • Nov 21
Golden Ocean Group Limited Announces Cash Dividend for the Third Quarter of 2023, Payable on or About December 13, 2023 Golden Ocean Group Limited announced a cash dividend of $0.10 per share for the third quarter of 2023, which is payable on or about December 13, 2023, to shareholders of record on December 6, 2023. Shareholders holding the Company's shares through Euronext VPS may receive this cash dividend later on or about December 15, 2023. Announcement • Aug 31
Golden Ocean Group Limited Announces Cash Dividend for the Second Quarter of 2023, Payable on or About September 19, 2023 Golden Ocean Group Limited announced a cash dividend of $0.10 per share for the second quarter of 2023, which is payable on or about September 19, 2023, to shareholders of record on September 11, 2023. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later on or about September 21, 2023. Reported Earnings • Aug 31
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: US$0.17 (down from US$0.82 in 2Q 2022). Revenue: US$213.4m (down 33% from 2Q 2022). Net income: US$34.9m (down 79% from 2Q 2022). Profit margin: 16% (down from 52% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) also surpassed analyst estimates by 78%. Revenue is expected to fall by 1.7% p.a. on average during the next 3 years compared to a 2.5% decline forecast for the Shipping industry in Norway. 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 34% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be kr98.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 25% in 2 years. Earnings is forecast to decline by 13% in the next 2 years. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.04 loss per share (vs US$0.63 profit in 1Q 2022) First quarter 2023 results: US$0.04 loss per share (down from US$0.63 profit in 1Q 2022). Revenue: US$199.1m (down 25% from 1Q 2022). Net loss: US$8.82m (down 107% from profit in 1Q 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 20
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$2.30 (down from US$2.74 in FY 2021). Revenue: US$1.11b (down 7.3% from FY 2021). Net income: US$461.8m (down 12% from FY 2021). Profit margin: 42% (down from 44% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%. Revenue is expected to fall by 9.4% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$2.30 (down from US$2.74 in FY 2021). Revenue: US$1.11b (down 7.3% from FY 2021). Net income: US$461.8m (down 12% from FY 2021). Profit margin: 42% (down from 44% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 3.5%. Revenue is expected to fall by 9.0% p.a. on average during the next 3 years compared to a 2.2% decline forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
Golden Ocean Group Limited Announces Dividend for the Fourth Quarter of 2022, Payable on or About 9 March, 2023 Golden Ocean Group Limited announced dividend of $0.20 per share for the fourth quarter of 2022. Ex-date is 27 February, 2023. Record date is 28 February, 2023. Payment date is on or about 9 March, 2023. Reported Earnings • Nov 17
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.52 (down from US$0.97 in 3Q 2021). Revenue: US$303.9m (down 22% from 3Q 2021). Net income: US$104.6m (down 47% from 3Q 2021). Profit margin: 34% (down from 50% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to decline by 7.4% p.a. on average during the next 3 years, while revenues in the Shipping industry in Norway are expected to remain flat. 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 21% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Bjorn Larsen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 30
Upcoming dividend of US$0.60 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 16 September 2022. Payout ratio and cash payout ratio are on the higher end at 83% and 86% respectively. Trailing yield: 35%. Within top quartile of Norwegian dividend payers (7.3%). Higher than average of industry peers (7.6%). Reported Earnings • Aug 25
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: US$0.82 (up from US$0.52 in 2Q 2021). Revenue: US$326.2m (up 17% from 2Q 2021). Net income: US$163.7m (up 57% from 2Q 2021). Profit margin: 50% (up from 38% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 39% compared to a 82% growth forecast for the Shipping industry in Norway. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 24
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 10 June 2022. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 23%. Within top quartile of Norwegian dividend payers (6.5%). Higher than average of industry peers (6.7%). Reported Earnings • May 20
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.63 (up from US$0.14 in 1Q 2021). Revenue: US$264.8m (up 67% from 1Q 2021). Net income: US$125.3m (up 432% from 1Q 2021). Profit margin: 47% (up from 15% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 56%. Over the next year, revenue is expected to shrink by 28% compared to a 26% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Bjorn Larsen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 16% share price gain to kr121, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Shipping industry in Norway. Total returns to shareholders of 242% over the past three years. Upcoming Dividend • Feb 23
Upcoming dividend of US$0.90 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 14 March 2022. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 28%. Within top quartile of Norwegian dividend payers (5.8%). Higher than average of industry peers (5.7%). Reported Earnings • Feb 17
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: US$2.74 (up from US$0.96 loss in FY 2020). Revenue: US$1.21b (up 98% from FY 2020). Net income: US$527.2m (up US$664.9m from FY 2020). Profit margin: 44% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 32% compared to a 120% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 17% share price gain to kr87.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Shipping industry in Norway. Total returns to shareholders of 156% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 18% share price gain to kr84.90, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Shipping industry in Norway. Total returns to shareholders of 59% over the past three years. Upcoming Dividend • Dec 01
Upcoming dividend of US$0.85 per share Eligible shareholders must have bought the stock before 08 December 2021. Payment date: 16 December 2021. Trailing yield: 36%. Within top quartile of Norwegian dividend payers (5.0%). Higher than average of industry peers (4.9%). Reported Earnings • Nov 25
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: EPS: US$0.97 (up from US$0.27 in 3Q 2020). Revenue: US$393.3m (up 110% from 3Q 2020). Net income: US$195.3m (up 400% from 3Q 2020). Profit margin: 50% (up from 21% in 3Q 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 100%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 16% compared to a 186% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Sep 02
Upcoming dividend of US$0.50 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 20 September 2021. Trailing yield: 18%. Within top quartile of Norwegian dividend payers (5.2%). Higher than average of industry peers (4.9%). Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS US$0.52 (vs US$0.29 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$278.6m (up 143% from 2Q 2020). Net income: US$104.5m (up US$145.8m from 2Q 2020). Profit margin: 38% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • May 26
Inaugural dividend of US$0.25 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 10 June 2021. The company last paid an ordinary dividend in February 2020. The average dividend yield among industry peers is 4.0%. Reported Earnings • May 21
First quarter 2021 earnings released: EPS US$0.14 (vs US$1.12 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$158.7m (up 12% from 1Q 2020). Net income: US$23.6m (up US$184.4m from 1Q 2020). Profit margin: 15% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 20
Full year 2020 earnings released: US$0.96 loss per share (vs US$0.26 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$610.9m (down 13% from FY 2019). Net loss: US$137.7m (down 470% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Feb 20
Full year 2020 earnings released: US$0.96 loss per share (vs US$0.26 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$610.9m (down 13% from FY 2019). Net loss: US$137.7m (down 470% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 96% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 20
Revenue and earnings miss expectations Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 1.0%. Over the next year, revenue is expected to shrink by 23% compared to a 19% growth forecast for the Shipping industry in Norway. Is New 90 Day High Low • Feb 12
New 90-day high: kr48.74 The company is up 40% from its price of kr34.70 on 13 November 2020. The Norwegian market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr166 per share. 
