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Scorpio Bulkers

NYSE:SALT
Snowflake Description

Reasonable growth potential and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SALT
NYSE
$298M
Market Cap
  1. Home
  2. US
  3. Transportation
Company description

Scorpio Bulkers Inc., a shipping company, owns and operates dry bulk carriers worldwide. The last earnings update was 56 days ago. More info.


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  • Scorpio Bulkers has significant price volatility in the past 3 months.
SALT Share Price and Events
7 Day Returns
1.8%
NYSE:SALT
2.6%
US Shipping
2.2%
US Market
1 Year Returns
-39.5%
NYSE:SALT
-21.4%
US Shipping
3.8%
US Market
SALT Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Scorpio Bulkers (SALT) 1.8% -0.2% 11.9% -39.5% 66.8% -95.9%
US Shipping 2.6% 0.8% 8.3% -21.4% -2.4% -64%
US Market 2.2% 4.2% 4.4% 3.8% 43% 40.9%
1 Year Return vs Industry and Market
  • SALT underperformed the Shipping industry which returned -21.4% over the past year.
  • SALT underperformed the Market in United States of America which returned 3.8% over the past year.
Price Volatility
SALT
Industry
5yr Volatility vs Market

Value

 Is Scorpio Bulkers 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 Scorpio Bulkers 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 Scorpio Bulkers.

NYSE:SALT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 NYSE:SALT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Shipping Unlevered Beta Simply Wall St/ S&P Global 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.697 (1 + (1- 33%) (272.86%))
1.651
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.65
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.651 * 5.96%)
12.57%

Discounted Cash Flow Calculation for NYSE:SALT using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Scorpio Bulkers 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.

NYSE:SALT DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.57%)
2019 40.95 Analyst x3 36.38
2020 52.31 Analyst x3 41.28
2021 146.63 Analyst x2 102.80
2022 245.22 Est @ 67.24% 152.72
2023 362.65 Est @ 47.89% 200.63
2024 487.18 Est @ 34.34% 239.43
2025 608.27 Est @ 24.86% 265.57
2026 719.09 Est @ 18.22% 278.90
2027 816.68 Est @ 13.57% 281.38
2028 900.96 Est @ 10.32% 275.76
Present value of next 10 years cash flows $1,874.86
NYSE:SALT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $900.96 × (1 + 2.73%) ÷ (12.57% – 2.73%)
$9,407.46
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $9,407.46 ÷ (1 + 12.57%)10
$2,879.41
NYSE:SALT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,874.86 + $2,879.41
$4,754.27
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,754.27 / 67.46
$70.47
NYSE:SALT Discount to Share Price
Calculation Result
Value per share (USD) From above. $70.47
Current discount Discount to share price of $4.42
= -1 x ($4.42 - $70.47) / $70.47
93.7%

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

Current Discount
Amount off the current price Scorpio Bulkers is available for.
Intrinsic value
>50%
Share price is $4.42 vs Future cash flow value of $70.47
Current Discount Checks
For Scorpio Bulkers to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Scorpio Bulkers's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Scorpio Bulkers'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 Scorpio Bulkers's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Scorpio Bulkers's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SALT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.15
NYSE:SALT Share Price ** NYSE (2019-06-21) in USD $4.42
United States of America Shipping Industry PE Ratio Median Figure of 14 Publicly-Listed Shipping Companies 16.08x
United States of America Market PE Ratio Median Figure of 3,094 Publicly-Listed Companies 17.87x

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

** Primary Listing of Scorpio Bulkers.

NYSE:SALT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SALT Share Price ÷ EPS (both in USD)

= 4.42 ÷ -0.15

-29.98x

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

  • Scorpio Bulkers is loss making, we can't compare its value to the US Shipping industry average.
  • Scorpio Bulkers is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Scorpio Bulkers's expected growth come at a high price?
Raw Data
NYSE:SALT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -29.98x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
111.6%per year
United States of America Shipping Industry PEG Ratio Median Figure of 12 Publicly-Listed Shipping Companies 0.25x
United States of America Market PEG Ratio Median Figure of 2,134 Publicly-Listed Companies 1.54x

*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 Scorpio Bulkers, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Scorpio Bulkers's assets?
Raw Data
NYSE:SALT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $12.72
NYSE:SALT Share Price * NYSE (2019-06-21) in USD $4.42
United States of America Shipping Industry PB Ratio Median Figure of 23 Publicly-Listed Shipping Companies 0.5x
United States of America Market PB Ratio Median Figure of 5,255 Publicly-Listed Companies 1.81x
NYSE:SALT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SALT Share Price ÷ Book Value per Share (both in USD)

= 4.42 ÷ 12.72

0.35x

* Primary Listing of Scorpio Bulkers.

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

  • Scorpio Bulkers is good value based on assets compared to the US Shipping industry average.
X
Value checks
We assess Scorpio Bulkers'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. Scorpio Bulkers has a total score of 3/6, 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 Scorpio Bulkers expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

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
111.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Scorpio Bulkers expected to grow at an attractive rate?
  • Scorpio Bulkers's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Scorpio Bulkers's earnings growth is expected to exceed the United States of America market average.
  • Scorpio Bulkers's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SALT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SALT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 111.6%
NYSE:SALT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 14.8%
United States of America Shipping Industry Earnings Growth Rate Market Cap Weighted Average 31.9%
United States of America Shipping Industry Revenue Growth Rate Market Cap Weighted Average 4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*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
NYSE:SALT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SALT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 295 139 39 4
2020-12-31 275 91 34 8
2019-12-31 215 31 -13 9
NYSE:SALT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 239 64 -10
2018-12-31 243 70 -13
2018-09-30 228 64 -6
2018-06-30 205 51 -17
2018-03-31 182 32 -31
2017-12-31 162 20 -60
2017-09-30 138 4 -79
2017-06-30 123 -6 -90
2017-03-31 103 -26 -101
2016-12-31 78 -52 -125
2016-09-30 74 -68 -406
2016-06-30 65 -69 -403

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Scorpio Bulkers's earnings are expected to grow significantly at over 20% yearly.
  • Scorpio Bulkers's revenue is expected to grow by 14.8% yearly, however this is not considered high growth (20% yearly).
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
NYSE:SALT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Scorpio Bulkers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SALT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.74 1.08 0.15 3.00
2020-12-31 0.75 0.91 0.67 4.00
2019-12-31 -0.13 0.19 -0.32 6.00
NYSE:SALT Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.15
2018-12-31 -0.18
2018-09-30 -0.09
2018-06-30 -0.23
2018-03-31 -0.43
2017-12-31 -0.83
2017-09-30 -1.10
2017-06-30 -1.25
2017-03-31 -1.52
2016-12-31 -2.22
2016-09-30 -9.01
2016-06-30 -11.86

*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.
  • Scorpio Bulkers is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Scorpio Bulkers'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
Scorpio Bulkers has a total score of 4/6, 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 Scorpio Bulkers 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 Scorpio Bulkers'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.
  • Scorpio Bulkers does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Scorpio Bulkers's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Scorpio Bulkers's 1-year growth to the US Shipping industry average as it is not currently profitable.
Earnings and Revenue History
Scorpio Bulkers'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 Scorpio Bulkers Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SALT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 238.60 -10.40 31.30
2018-12-31 242.50 -12.70 32.39
2018-09-30 228.46 -6.39 29.83
2018-06-30 204.60 -16.72 30.04
2018-03-31 181.73 -30.93 30.26
2017-12-31 162.21 -59.73 29.08
2017-09-30 137.92 -79.22 31.25
2017-06-30 123.25 -89.81 32.89
2017-03-31 102.89 -101.14 33.94
2016-12-31 78.40 -124.84 34.00
2016-09-30 73.57 -406.30 34.88
2016-06-30 64.82 -403.09 34.89
2016-03-31 60.50 -516.98 34.85
2015-12-31 62.52 -510.79 35.38
2015-09-30 58.24 -280.76 34.30
2015-06-30 55.39 -281.62 33.29
2015-03-31 55.79 -157.97 33.19
2014-12-31 48.99 -116.57 31.76
2014-09-30 31.26 -50.24 30.05
2013-12-31 -8.41 7.34

*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 Scorpio Bulkers has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Scorpio Bulkers used its assets less efficiently than the US Shipping industry average last year based on Return on Assets.
  • It is difficult to establish if Scorpio Bulkers 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 Scorpio Bulkers'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.
Scorpio Bulkers has a total score of 0/6, 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 Scorpio Bulkers'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 Scorpio Bulkers's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Scorpio Bulkers's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Scorpio Bulkers's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Scorpio Bulkers'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.
  • Debt is not covered by short term assets, assets are 0.1x debt.
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 Scorpio Bulkers Company Filings, last reported 2 months ago.

NYSE:SALT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 858.09 740.89 50.82
2018-12-31 860.80 828.57 67.50
2018-09-30 894.39 735.72 142.81
2018-06-30 904.77 686.09 54.78
2018-03-31 903.55 684.68 52.79
2017-12-31 917.38 715.58 68.54
2017-09-30 908.46 515.07 62.40
2017-06-30 916.19 606.25 149.32
2017-03-31 925.98 628.24 126.60
2016-12-31 956.62 579.47 101.73
2016-09-30 972.71 570.77 200.89
2016-06-30 988.95 523.36 241.74
2016-03-31 941.53 494.57 230.19
2015-12-31 934.53 521.72 200.30
2015-09-30 1,229.76 402.22 274.09
2015-06-30 1,240.50 238.86 372.37
2015-03-31 1,154.31 212.65 146.96
2014-12-31 1,199.99 107.18 272.67
2014-09-30 1,120.07 65.00 218.59
2013-12-31 1,104.21 0.00 733.90
  • Scorpio Bulkers's level of debt (94.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (2% vs 94.8% today).
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 Scorpio Bulkers has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Scorpio Bulkers has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -94.5% per year.
X
Financial health checks
We assess Scorpio Bulkers'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. Scorpio Bulkers has a total score of 2/6, 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 Scorpio Bulkers'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
1.81%
Current annual income from Scorpio Bulkers dividends. Estimated to be 1.84% next year.
If you bought $2,000 of Scorpio Bulkers shares you are expected to receive $36 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?
  • Scorpio Bulkers's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Scorpio Bulkers's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
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
NYSE:SALT 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 9 Analyst Estimates (S&P Global) See Below
United States of America Shipping Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2012 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

NYSE:SALT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.08 3.00
2020-12-31 0.08 5.00
2019-12-31 0.08 5.00
NYSE:SALT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-29 0.080 1.727
2019-03-20 0.080 1.839
2019-01-28 0.080 1.850
2018-10-22 0.080 1.367
2018-07-26 0.080 1.160
2018-04-23 0.080 1.078
2018-03-02 0.080 1.100
2018-02-05 0.080 1.028
2017-10-24 0.080 1.050
2017-10-23 0.080 0.939

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

  • Whilst dividend payments have been stable, Scorpio Bulkers has been paying a dividend for less than 10 years.
  • Scorpio Bulkers has only been paying a dividend for 2 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Scorpio Bulkers'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
  • Dividends after 3 years are expected to be well covered by earnings (6.4x coverage).
X
Income/ dividend checks
We assess Scorpio Bulkers's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Scorpio Bulkers afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Scorpio Bulkers 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 Scorpio Bulkers'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
Emanuele Lauro
AGE 39
TENURE AS CEO 5.9 years
CEO Bio

Mr. Emanuele A. Lauro is the Chairman and Chief Executive Officer of Nordic American Offshore Ltd. since December 11, 2018 and serves as its Secretary. He is a Co-Founder of Scorpio Bulkers Inc. and has been its Chairman and Chief Executive Officer since April 9, 2013 and July 1, 2013 respectively. Mr. Lauro is the Founder of Scorpio Tankers Inc., and has been its Chairman and Chief Executive Officer since April 6, 2010. He joined Scorpio Group in 2003 and has been its Chief Executive Officer since 2004. He has been the Vice President of the Chamber of Shipping of Monaco since 2006. He was the Founder of RockTree Logistics Pte. Ltd. Over the course of the last six years, he has founded and developed the Scorpio Aframax Tanker Pool, Scorpio Panamax Tanker Pool and the Scorpio Handymax Tanker Pool which employ 10, 20 and 27 vessels, respectively, from Scorpio Group and third party participants. Mr. Lauro also founded Scorpio Logistics in May 2007. Furthermore, he formed a joint venture with Koenig & cie., Scorship Navigation, in August 2005 which engages in the identification, placement and management of certain international shipping investments on behalf of German investors. In addition, he developed a joint venture company, Crewtech Philippines, in May 2007 which screens, trains and manages vessel staff for various third party owners of drybulk and tanker vessels. He serves as a Director of Scorpio Tankers Inc. He serves as a Director of United Shippers Limited. He has been a Director of Scorpio Bulkers Inc. since April 9, 2013. Mr. Lauro has a degree in international business from the European Business School, London.

CEO Compensation
  • Insufficient data for Emanuele to compare compensation growth.
  • Insufficient data for Emanuele to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Scorpio Bulkers management team in years:

5.9
Average Tenure
50
Average Age
  • The average tenure for the Scorpio Bulkers management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Emanuele Lauro

TITLE
Co-Founder
AGE
39
TENURE
5.9 yrs

Robert Bugbee

TITLE
Co-Founder
AGE
58
TENURE
5.9 yrs

Hugh Baker

TITLE
Chief Financial Officer
AGE
50
TENURE
5.9 yrs

Cam Mackey

TITLE
Chief Operating Officer
AGE
50
TENURE
5.9 yrs

Yang Fan

TITLE
Secretary
AGE
29
TENURE
0.5 yrs
Board of Directors Tenure

Average tenure and age of the Scorpio Bulkers board of directors in years:

5.5
Average Tenure
62
Average Age
  • The tenure for the Scorpio Bulkers board of directors is about average.
Board of Directors

Robert Bugbee

TITLE
Co-Founder
AGE
58
TENURE
6.2 yrs

Einar Steimler

TITLE
Lead Independent Director
AGE
70

Emanuele Lauro

TITLE
Co-Founder
AGE
39
TENURE
6.2 yrs

Roberto Giorgi

TITLE
Director
AGE
68
TENURE
5.5 yrs

Christian Gut

TITLE
Director
AGE
39
TENURE
5.5 yrs

Jim Nish

TITLE
Director
AGE
59
TENURE
3.4 yrs

Tom Ostrander

TITLE
Director
AGE
67
TENURE
3.4 yrs

Berit Henriksen

TITLE
Director
AGE
65
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Scorpio Bulkers'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. Scorpio Bulkers 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

Did Changing Sentiment Drive Scorpio Bulkers's (NYSE:SALT) Share Price Down A Disastrous 96%?

View our latest analysis for Scorpio Bulkers Scorpio Bulkers isn't currently profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. … Investors should note that there's a difference between Scorpio Bulkers's total shareholder return (TSR) and its share price change, which we've covered above. … Its history of dividend payouts mean that Scorpio Bulkers's TSR, which was a 96% drop over the last 5 years, was not as bad as the share price return.

Simply Wall St -

Is Scorpio Bulkers Inc. (NYSE:SALT) A Strong Dividend Stock?

A sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … Let's dig deeper into whether Scorpio Bulkers should have a place in your portfolio. … Check out our latest analysis for Scorpio Bulkers

Simply Wall St -

How Financially Strong Is Scorpio Bulkers Inc. (NYSE:SALT)?

Help shape the future of investing tools and receive a $20 prize! … Investors are always looking for growth in small-cap stocks like Scorpio Bulkers Inc. … However, an important fact which most ignore is: how financially healthy is the business?

Simply Wall St -

When Can We Expect A Profit From Scorpio Bulkers Inc. (NYSE:SALT)?

Scorpio Bulkers Inc., a shipping company, owns and operates dry bulk carriers. … Many investors are wondering the rate at which SALT will turn a profit, with the big question being “when will the company breakeven?” … I’ve put together a brief outline of industry analyst expectations for SALT, its year of breakeven and its implied growth rate

Simply Wall St -

Could The Scorpio Bulkers Inc. (NYSE:SALT) Ownership Structure Tell Us Something Useful?

(NYSE:SALT), then you'll have to look at the makeup of its share registry. … With a market capitalization of US$475m, Scorpio Bulkers is a small cap stock, so it might not be well known by many institutional investors. … Taking a look at the our data on the ownership groups (below), it's seems that.

Simply Wall St -

Read This Before Buying Scorpio Bulkers Inc (NYSE:SALT) For Its Dividend

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … Does Scorpio Bulkers tick all the boxes of a great dividend stock? … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:

Simply Wall St -

What You Must Know About Scorpio Bulkers Inc's (NYSE:SALT) Financial Strength

While small-cap stocks, such as Scorpio Bulkers Inc (NYSE:SALT) with its market cap of US$550.79m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … the current state of its operations and pathway to profitability.

Simply Wall St -

Should Scorpio Bulkers Inc (NYSE:SALT) Be Part Of Your Portfolio?

In the past, Scorpio Bulkers Inc (NYSE:SALT) has returned an average of 1.00% per year to investors in the form of dividend payouts. … Let's dig deeper into whether Scorpio Bulkers should have a place in your portfolio. … When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas:

Simply Wall St -

How Does Scorpio Bulkers Inc's (NYSE:SALT) Earnings Growth Stack Up Against Industry Performance?

Investors with a long-term horizong may find it valuable to assess Scorpio Bulkers Inc's (NYSE:SALT) earnings trend over time and against its industry benchmark as opposed to simply looking at a sincle earnings announcement at one point in time. … SALT is loss-making, with the most recent trailing twelve-month earnings of -US$30.93m (from 31 March 2018), which compared to last year has become. … Furthermore, the company's loss seem to be growing over time, with the five-year earnings average of -US$201.15m

Simply Wall St -

Stock Pick Of The Day: Scorpio Bulkers Inc (NYSE:SALT)

Today I will conduct a high level fundamental analysis on the company by looking at its past financials and growth prospects moving forward. … Alarm bells rang in my head when I saw SALT's high level of debt at 0.78x equity, and its low level of cash generated from its core operating activities, covering a mere 2.74% of debt. … SALT has high near term liquidity, with short term assets (cash and other liquid assets) amply covering upcoming one-year liabilities.

Simply Wall St -

Company Info

Description

Scorpio Bulkers Inc., a shipping company, owns and operates dry bulk carriers worldwide. Its vessels transport a range of bulk commodities, including ores, coal, grains, and fertilizers. The company owns and operates 55 vessels, including 54 wholly-owned or finance leased drybulk vessels comprising 17 Kamsarmax vessels and 37 Ultramax vessels; and 1 time chartered-in Ultramax vessel. Scorpio Bulkers Inc. was founded in 2013 and is based in Monaco.

Details
Name: Scorpio Bulkers Inc.
SALT
Exchange: NYSE
Founded: 2013
$298,189,195
67,463,619
Website: http://www.scorpiobulkers.com
Address: Scorpio Bulkers Inc.
Le Millenium,
9, Boulevard Charles III,
Monaco,
98000,
Monaco
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SALT Common Stock New York Stock Exchange US USD 10. Jul 2013
DB SR41 Common Stock Deutsche Boerse AG DE EUR 10. Jul 2013
Number of employees
Current staff
Staff numbers
6
Scorpio Bulkers employees.
Industry
Marine
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/24 00:47
End of day share price update: 2019/06/21 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/29
Last earnings reported: 2019/03/31
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.