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Songa Bulk

OB:SBULK
Snowflake Description

Flawless balance sheet with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SBULK
OB
NOK15M
Market Cap
  1. Home
  2. NO
  3. Transportation
Company description

Songa Bulk ASA invests in dry bulk business. The last earnings update was 79 days ago. More info.


Add to Portfolio Compare Print
  • Songa Bulk has significant price volatility in the past 3 months.
SBULK Share Price and Events
7 Day Returns
-8.2%
OB:SBULK
-0.7%
NO Shipping
-0.9%
NO Market
1 Year Returns
-99.1%
OB:SBULK
-27.2%
NO Shipping
-9.6%
NO Market
SBULK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Songa Bulk (SBULK) -8.2% -11.4% -1.9% -99.1% - -
NO Shipping -0.7% -9.5% -8.5% -27.2% 5.8% -42.1%
NO Market -0.9% -1.9% -6.3% -9.6% 31.4% 8.1%
1 Year Return vs Industry and Market
  • SBULK underperformed the Shipping industry which returned -27.2% over the past year.
  • SBULK underperformed the Market in Norway which returned -9.6% over the past year.
Price Volatility
SBULK
Industry
5yr Volatility vs Market

Value

 Is Songa Bulk undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Songa Bulk to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Songa Bulk.

OB:SBULK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year NO Government Bond Rate 1.8%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:SBULK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 1.8%
Equity Risk Premium S&P Global 6%
Shipping Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.688 (1 + (1- 23%) (0%))
0.791
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.76% + (0.8 * 5.96%)
6.53%

Discounted Cash Flow Calculation for OB:SBULK using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Songa Bulk is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OB:SBULK DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.53%)
2019 6.19 Est @ 4.2% 5.81
2020 6.40 Est @ 3.47% 5.64
2021 6.59 Est @ 2.96% 5.45
2022 6.76 Est @ 2.6% 5.25
2023 6.92 Est @ 2.35% 5.04
2024 7.07 Est @ 2.17% 4.84
2025 7.21 Est @ 2.05% 4.63
2026 7.36 Est @ 1.96% 4.43
2027 7.50 Est @ 1.9% 4.24
2028 7.63 Est @ 1.86% 4.06
Present value of next 10 years cash flows $49.39
OB:SBULK DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $7.63 × (1 + 1.76%) ÷ (6.53% – 1.76%)
$162.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $162.94 ÷ (1 + 6.53%)10
$86.57
OB:SBULK Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $49.39 + $86.57
$135.97
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $135.97 / 35.86
$3.79
OB:SBULK Discount to Share Price
Calculation Result
Exchange Rate USD/NOK
(Reporting currency to currency of OB:SBULK)
8.71
Value per Share
(NOK)
= Value per Share in USD x Exchange Rate (USD/NOK)
= $3.79 x 8.71
NOK33.03
Value per share (NOK) From above. NOK33.03
Current discount Discount to share price of NOK0.41
= -1 x (NOK0.41 - NOK33.03) / NOK33.03
98.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Songa Bulk is available for.
Intrinsic value
>50%
Share price is NOK0.41 vs Future cash flow value of NOK33.03
Current Discount Checks
For Songa Bulk to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Songa Bulk's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Songa Bulk's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Songa Bulk's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Songa Bulk's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:SBULK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $-0.01
OB:SBULK Share Price ** OB (2019-06-14) in NOK NOK0.41
OB:SBULK Share Price converted to USD reporting currency Exchange rate (NOK/ USD) 0.115 $0.05
Norway Shipping Industry PE Ratio Median Figure of 10 Publicly-Listed Shipping Companies 10.32x
Norway Market PE Ratio Median Figure of 135 Publicly-Listed Companies 13.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Songa Bulk.

OB:SBULK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:SBULK Share Price ÷ EPS (both in USD)

= 0.05 ÷ -0.01

-8.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Songa Bulk is loss making, we can't compare its value to the NO Shipping industry average.
  • Songa Bulk is loss making, we can't compare the value of its earnings to the Norway market.
Price based on expected Growth
Does Songa Bulk's expected growth come at a high price?
Raw Data
OB:SBULK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -8.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
68%per year
Norway Shipping Industry PEG Ratio Median Figure of 7 Publicly-Listed Shipping Companies 0.52x
Norway Market PEG Ratio Median Figure of 105 Publicly-Listed Companies 0.86x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Songa Bulk, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Songa Bulk's assets?
Raw Data
OB:SBULK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $0.02
OB:SBULK Share Price * OB (2019-06-14) in NOK NOK0.41
OB:SBULK Share Price converted to USD reporting currency Exchange rate (NOK/ USD) 0.115 $0.05
Norway Shipping Industry PB Ratio Median Figure of 15 Publicly-Listed Shipping Companies 0.58x
Norway Market PB Ratio Median Figure of 216 Publicly-Listed Companies 1.09x
OB:SBULK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:SBULK Share Price ÷ Book Value per Share (both in USD)

= 0.05 ÷ 0.02

2.12x

* Primary Listing of Songa Bulk.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Songa Bulk is overvalued based on assets compared to the NO Shipping industry average.
X
Value checks
We assess Songa Bulk's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Shipping industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Shipping industry average (and greater than 0)? (1 check)
  5. Songa Bulk has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Songa Bulk expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Songa Bulk, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
68%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Songa Bulk expected to grow at an attractive rate?
  • Songa Bulk's earnings growth is expected to exceed the low risk savings rate of 1.8%.
Growth vs Market Checks
  • Songa Bulk's earnings growth is expected to exceed the Norway market average.
  • Unable to compare Songa Bulk's revenue growth to the Norway market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
OB:SBULK Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:SBULK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 68%
Norway Shipping Industry Earnings Growth Rate Market Cap Weighted Average 40.6%
Norway Shipping Industry Revenue Growth Rate Market Cap Weighted Average 5.2%
Norway Market Earnings Growth Rate Market Cap Weighted Average 13.9%
Norway Market Revenue Growth Rate Market Cap Weighted Average 3.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:SBULK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:SBULK Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
OB:SBULK Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 3 0
2018-09-30 26 5 0
2018-06-30 26 13 0
2018-03-31 40 8 3
2017-12-31 3 0
2016-12-31 0 0 -6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Songa Bulk's earnings are expected to grow significantly at over 20% yearly.
  • Unable to determine if Songa Bulk is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:SBULK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Songa Bulk Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBULK Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
OB:SBULK Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 -0.01
2018-09-30 0.01
2018-06-30 0.01
2018-03-31 0.09
2017-12-31 -0.01
2016-12-31 -1.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Songa Bulk will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Songa Bulk's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Songa Bulk has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Songa Bulk performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Songa Bulk's growth in the last year to its industry (Shipping).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Songa Bulk does not make a profit and there is insufficient past data to establish if their 5 year on year earnings growth rate was positive.
  • Unable to compare Songa Bulk's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Songa Bulk's 1-year growth to the NO Shipping industry average as it is not currently profitable.
Earnings and Revenue History
Songa Bulk's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Songa Bulk Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:SBULK Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 -0.20 0.20
2018-09-30 26.40 0.39 2.49
2018-06-30 26.40 0.39 2.49
2018-03-31 39.98 3.12 2.46
2017-12-31 -0.20 0.20
2016-12-31 0.35 -6.11 2.34

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Songa Bulk has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Songa Bulk used its assets more efficiently than the NO Shipping industry average last year based on Return on Assets.
  • It is difficult to establish if Songa Bulk improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Songa Bulk's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Shipping industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Songa Bulk has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Songa Bulk's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Songa Bulk's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Songa Bulk is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Songa Bulk has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Songa Bulk's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Songa Bulk has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Songa Bulk Company Filings, last reported 5 months ago.

OB:SBULK Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 0.80 0.00 11.12
2018-09-30 21.30 0.00 21.21
2018-06-30 168.99 0.00 16.11
2018-03-31 172.21 137.24 16.29
2017-12-31 174.17 136.78 41.02
2016-12-31 71.21 0.00 57.69
  • Songa Bulk has no debt.
  • Songa Bulk currently has no debt however we can't compare to 5 years ago as we have no data for that period.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Songa Bulk has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Songa Bulk has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by % per year.
X
Financial health checks
We assess Songa Bulk's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Songa Bulk has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Songa Bulk's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
541.26%
Current annual income from Songa Bulk dividends.
If you bought NOK2,000 of Songa Bulk shares you are expected to receive NOK10,825 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Songa Bulk's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (2.62%).
  • Songa Bulk's dividend is above the markets top 25% of dividend payers in Norway (6.44%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:SBULK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Norway Shipping Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 3.8%
Norway Market Average Dividend Yield Market Cap Weighted Average of 110 Stocks 4.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 1.9%
Norway Bottom 25% Dividend Yield 25th Percentile 2.6%
Norway Top 25% Dividend Yield 75th Percentile 6.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:SBULK Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
OB:SBULK Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-10-17 0.256 416.601
2018-03-01 0.100 9.406

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Songa Bulk has stable dividend payments.
  • Songa Bulk only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Songa Bulk's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Songa Bulk's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Songa Bulk afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Songa Bulk has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Songa Bulk's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Thomas Ronningen
TENURE AS CEO 1.4 years
CEO Bio

Mr. Thomas Ronningen has been Chief Executive Officer of Songa Bulk AS since September 1, 2018. Mr. Thomas Ronningen has been Chief Financial Officer at Songa Bulk AS since April 24, 2017. Mr. Ronningen has worked as a Financial Controller for Arne Blystad AS since 2013. From 2007 to 2013, he worked for Deloitte Norway in the offices in Oslo as an auditor, which included 1.5 years as an Audit Manager. He is a Norwegian State Authorized Auditor. He holds a Master of Business Administration degree from the Norwegian School of Economics.

CEO Compensation
  • Insufficient data for Thomas to compare compensation growth.
  • Insufficient data for Thomas to establish whether their remuneration is reasonable compared to companies of similar size in Norway.
Management Team

Per Aamlid

TITLE
Chief Operating Officer
COMPENSATION
$169K

Thomas Ronningen

TITLE
CFO & CEO
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the Songa Bulk board of directors in years:

2.1
Average Tenure
58
Average Age
  • The average tenure for the Songa Bulk board of directors is less than 3 years, this suggests a new board.
Board of Directors

Arne Blystad

TITLE
Chairman of the Board
AGE
63

Magnus Roth

TITLE
Director
AGE
62
TENURE
2.5 yrs

Vibeke Fængsrud

TITLE
Director
AGE
40
TENURE
2.1 yrs

Christine Rødsæther

TITLE
Director
AGE
54
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
19. Oct 18 Buy Arne Blystad Individual 19. Oct 18 19. Oct 18 1,267,100 NOK2.00 NOK2,534,204
16. Jan 19 Sell Arne Blystad Individual 16. Jan 19 16. Jan 19 -9,392,120 NOK0.65 NOK-6,149,048
20. Dec 18 Sell Thomas Ronningen Individual 20. Dec 18 20. Dec 18 -3,500 NOK0.30 NOK-1,050
15. Oct 18 Sell Sissener AS Company 15. Oct 18 15. Oct 18 -2,992,026 NOK2.00 NOK-5,984,043
15. Oct 18 Buy Arne Blystad Individual 15. Oct 18 15. Oct 18 2,992,026 NOK2.00 NOK5,984,043
26. Sep 18 Sell Team Tankers International Ltd. Company 26. Sep 18 26. Sep 18 -2,164,000 NOK4.00 NOK-8,656,004
26. Sep 18 Buy Arne Blystad Individual 26. Sep 18 26. Sep 18 2,164,000 NOK4.00 NOK8,656,004
X
Management checks
We assess Songa Bulk's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Songa Bulk has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Should You Be Tempted To Sell Songa Bulk ASA (OB:SBULK) Because Of Its PE Ratio?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to learn about the link between company’s fundamentals and stock market performance. … While SBULK might seem like a stock to avoid or sell if you own it, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions.

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Why These Fundamentals Make Songa Bulk ASA (OB:SBULK) Truly A Standout Investment

Attractive stocks have exceptional fundamentals. … In the case of Songa Bulk ASA (OB:SBULK), there's. … In the following section, I expand a bit more on these key aspects.

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Is Now The Right Time To Buy Songa Bulk ASA (OB:SBULK)?

Songa Bulk ASA (OB:SBULK) is considered a high-growth stock, but its last closing price of NOK44.2 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … See our latest analysis for Songa Bulk? … The excitement around Songa Bulk's growth potential is not unfounded

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Songa Bulk ASA (OB:SBULK): What Is Driving Margins?

See our latest analysis for Songa Bulk Breaking Down SBULK's Profit Margin Attractive margins generally indicate a desirable ability to translate sales revenue in to earnings, and return for shareholders. … Margin Calculation for SBULK Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 388.00 Killion ÷ 26.40 Million = 1.47% The past five years have seen Songa Bulk's margin remain stable, due to triple digit earnings growth keeping pace with enormous revenue growth, which means that a relatively consistent portion of revenue has fallen to the bottom line. … Thus, it is essential to run your own analysis on Songa Bulk's future earnings whilst maintaining a watchful eye over the sustainability of their cost management methods and the runway for top line growth.

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How Financially Strong Is Songa Bulk ASA (OB:SBULK)?

Additionally, SBULK has generated US$3.21M in operating cash flow over the same time period, leading to an operating cash to total debt ratio of 2.35%, signalling that SBULK’s operating cash is not sufficient to cover its debt. … In SBULK’s case, it is able to generate 0.023x cash from its debt capital. … OB:SBULK Historical Debt May 11th 18 Can SBULK service its debt comfortably?

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Why Songa Bulk ASA (OB:SBULK) May Not Be As Efficient As Its Industry

View our latest analysis for Songa Bulk What you must know about ROE Return on Equity (ROE) weighs Songa Bulk’s profit against the level of its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Songa Bulk’s equity capital deployed. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity OB:SBULK Last Perf Apr 11th 18 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

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Analysts Expect Breakeven For Songa Bulk ASA (OB:SBULK)

OB:SBULK Past Future Earnings Mar 12th 18 Underlying developments driving SBULK’s growth isn’t the focus of this broad overview, though, take into account that by and large a high forecast growth rate is not unusual for a company that is currently undergoing an investment period. … SBULK currently has no debt on its balance sheet, which is rare for a loss-making loss-making, growth company, which typically has high debt relative to its equity. … For a more comprehensive look at SBULK, take a look at SBULK’s company page on Simply Wall St.

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Company Info

Description

Songa Bulk ASA invests in dry bulk business. It engages in the operation of dry-bulk ships and other related activities. The company was founded in 2016 and is based in Oslo, Norway.

Details
Name: Songa Bulk ASA
SBULK
Exchange: OB
Founded: 2016
NOK14,774,320
35,860,000
Website: http://www.songabulk.no
Address: Songa Bulk ASA
Haakon VII's gate 1,
Oslo,
Oslo, 0161,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB SBULK Ordinary Shares Oslo Bors NO NOK 11. Nov 2016
DB S5B Ordinary Shares Deutsche Boerse AG DE EUR 11. Nov 2016
Number of employees
Current staff
Staff numbers
3
Songa Bulk employees.
Industry
Marine
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/15 23:32
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2018/02/28
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.