company background image
BULK

GoodBulkOTCNO:BULK Stock Report

Market Cap

kr2.1b

7D

64.3%

1Y

n/a

Updated

23 Sep, 2021

Data

Company Financials +
BULK fundamental analysis
Snowflake Score
Valuation1/6
Future Growth2/6
Past Performance4/6
Financial Health3/6
Dividends2/6

BULK Overview

GoodBulk Ltd., together with its subsidiaries, owns and operates dry bulk vessels worldwide.

Price History & Performance

Summary of all time highs, changes and price drops for GoodBulk
Historical stock prices
Current Share Pricekr115.00
52 Week Highkr0
52 Week Lowkr0
Beta0.55
1 Month Change64.29%
3 Month Changen/a
1 Year Changen/a
3 Year Change-19.70%
5 Year Changen/a
Change since IPO21.82%

Recent News & Updates

Shareholder Returns

BULKNO ShippingNO Market
7D64.3%-4.4%0.5%
1Yn/a79.1%25.9%

Return vs Industry: Insufficient data to determine how BULK performed against the Norwegian Shipping industry.

Return vs Market: Insufficient data to determine how BULK performed against the Norwegian Market.

Price Volatility

Is BULK's price volatile compared to industry and market?
BULK volatility
BULK Beta0.55
Industry Beta1.1
Market Beta1

Stable Share Price: Insufficient data to determine BULK's volatility over the past 3 months.

Volatility Over Time: Insufficient data to determine BULK's volatility change over the past year.

About the Company

FoundedEmployeesCEOWebsite
2016n/aJohn Radziwillhttps://goodbulk.com

GoodBulk Ltd., together with its subsidiaries, owns and operates dry bulk vessels worldwide. It provides seaborne transportation solutions. As of July 30, 2021, it had 23 dry bulk vessels, including 22 Capesize vessels and one Panamax vessel.

GoodBulk Fundamentals Summary

How do GoodBulk's earnings and revenue compare to its market cap?
BULK fundamental statistics
Market CapUS$240.57m
Earnings (TTM)US$30.14m
Revenue (TTM)US$203.40m

13.1x

P/E Ratio

1.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BULK income statement (TTM)
RevenueUS$203.40m
Cost of RevenueUS$121.99m
Gross ProfitUS$81.41m
ExpensesUS$51.27m
EarningsUS$30.14m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.00
Gross Margin40.02%
Net Profit Margin14.82%
Debt/Equity Ratio54.2%

How did BULK perform over the long term?

See historical performance and comparison

Dividends

19.4%

Current Dividend Yield

100%

Payout Ratio

Valuation

Is GoodBulk undervalued compared to its fair value and its price relative to the market?

13.11x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: BULK (NOK115) is trading above our estimate of fair value (NOK87.96)

Significantly Below Fair Value: BULK is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: BULK is poor value based on its PE Ratio (13.1x) compared to the Norwegian Shipping industry average (10.5x).

PE vs Market: BULK's PE Ratio (13.1x) is in line with the Norwegian market.


Price to Earnings Growth Ratio

PEG Ratio: BULK is poor value based on its PEG Ratio (1.1x)


Price to Book Ratio

PB vs Industry: BULK is good value based on its PB Ratio (1.1x) compared to the NO Shipping industry average (1.3x).


Future Growth

How is GoodBulk forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

12.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BULK's forecast earnings growth (12.3% per year) is above the savings rate (1.2%).

Earnings vs Market: BULK's earnings (12.3% per year) are forecast to grow faster than the Norwegian market (10.1% per year).

High Growth Earnings: BULK's earnings are forecast to grow, but not significantly.

Revenue vs Market: BULK's revenue is expected to decline over the next 3 years (-7.9% per year).

High Growth Revenue: BULK's revenue is forecast to decline over the next 3 years (-7.9% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BULK's Return on Equity is forecast to be low in 3 years time (19%).


Past Performance

How has GoodBulk performed over the past 5 years?

2.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BULK has high quality earnings.

Growing Profit Margin: BULK's current net profit margins (14.8%) are higher than last year (9.3%).


Past Earnings Growth Analysis

Earnings Trend: BULK's earnings have grown by 2.8% per year over the past 5 years.

Accelerating Growth: BULK's earnings growth over the past year (51.3%) exceeds its 5-year average (2.8% per year).

Earnings vs Industry: BULK earnings growth over the past year (51.3%) underperformed the Shipping industry 144.4%.


Return on Equity

High ROE: BULK's Return on Equity (8.6%) is considered low.


Financial Health

How is GoodBulk's financial position?


Financial Position Analysis

Short Term Liabilities: BULK's short term assets ($73.8M) exceed its short term liabilities ($37.7M).

Long Term Liabilities: BULK's short term assets ($73.8M) do not cover its long term liabilities ($160.6M).


Debt to Equity History and Analysis

Debt Level: BULK's debt to equity ratio (54.2%) is considered high.

Reducing Debt: Insufficient data to determine if BULK's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: BULK's debt is well covered by operating cash flow (35.6%).

Interest Coverage: BULK's interest payments on its debt are well covered by EBIT (3.1x coverage).


Balance Sheet


Dividend

What is GoodBulk current dividend yield, its reliability and sustainability?

19.40%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BULK's dividend (19.4%) is higher than the bottom 25% of dividend payers in the Norwegian market (1.92%).

High Dividend: BULK's dividend (19.4%) is in the top 25% of dividend payers in the Norwegian market (5.09%)


Stability and Growth of Payments

Stable Dividend: BULK has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BULK's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (99.6%), BULK's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BULK's dividends in 3 years are not forecast to be well covered by earnings (90.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.1yrs

Average board tenure


CEO

John Radziwill (42 yo)

4.92yrs

Tenure

Mr. John Michael Radziwill has been Chairman and Chief Executive Officer at GoodBulk Ltd. since 2016. Mr. Radziwill serves as Chairman of C Transport Maritime S.A.M. and has also been its Chief Executive O...


Board Members

Experienced Board: BULK's board of directors are considered experienced (4.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

GoodBulk Ltd.'s employee growth, exchange listings and data sources


Key Information

  • Name: GoodBulk Ltd.
  • Ticker: BULK
  • Exchange: OTCNO
  • Founded: 2016
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: kr2.064b
  • Shares outstanding: 29.48m
  • Website: https://goodbulk.com

Location

  • GoodBulk Ltd.
  • Clarendon House
  • 2 Church Street
  • Hamilton
  • Bermuda

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/23 21:44
End of Day Share Price2021/09/23 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.