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SB

Safe Bulkers NYSE:SB Stock Report

Last Price

US$3.81

Market Cap

US$459.7m

7D

3.3%

1Y

10.4%

Updated

12 Aug, 2022

Data

Company Financials +
SB fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance5/6
Financial Health4/6
Dividends3/6

SB Stock Overview

Safe Bulkers, Inc., together with its subsidiaries, provides marine drybulk transportation services.

Safe Bulkers Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Safe Bulkers
Historical stock prices
Current Share PriceUS$3.81
52 Week HighUS$5.44
52 Week LowUS$3.02
Beta0.77
1 Month Change17.59%
3 Month Change-5.46%
1 Year Change10.44%
3 Year Change108.20%
5 Year Change34.63%
Change since IPO-79.84%

Recent News & Updates

Shareholder Returns

SBUS ShippingUS Market
7D3.3%5.1%3.2%
1Y10.4%12.8%-10.1%

Return vs Industry: SB underperformed the US Shipping industry which returned 13.8% over the past year.

Return vs Market: SB exceeded the US Market which returned -11.7% over the past year.

Price Volatility

Is SB's price volatile compared to industry and market?
SB volatility
SB Average Weekly Movement7.2%
Shipping Industry Average Movement8.4%
Market Average Movement7.7%
10% most volatile stocks in US Market16.9%
10% least volatile stocks in US Market3.2%

Stable Share Price: SB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: SB's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
20079Polys Hajioannouhttps://www.safebulkers.com

Safe Bulkers, Inc., together with its subsidiaries, provides marine drybulk transportation services. It owns and operates drybulk vessels for transporting bulk cargoes primarily coal, grain, and iron ore. As of March 18, 2022, the company had a fleet of 40 drybulk vessels having an average age of 10.4 years; and an aggregate carrying capacity of 3,925,500 deadweight tons.

Safe Bulkers Fundamentals Summary

How do Safe Bulkers's earnings and revenue compare to its market cap?
SB fundamental statistics
Market CapUS$459.73m
Earnings (TTM)US$196.81m
Revenue (TTM)US$354.28m

2.3x

P/E Ratio

1.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SB income statement (TTM)
RevenueUS$354.28m
Cost of RevenueUS$81.44m
Gross ProfitUS$272.84m
Other ExpensesUS$76.03m
EarningsUS$196.81m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.63
Gross Margin77.01%
Net Profit Margin55.55%
Debt/Equity Ratio60.0%

How did SB perform over the long term?

See historical performance and comparison

Dividends

5.2%

Current Dividend Yield

n/a

Payout Ratio

Does SB pay a reliable dividends?

See SB dividend history and benchmarks
When do you need to buy SB by to receive an upcoming dividend?
Safe Bulkers dividend dates
Ex Dividend DateAug 19 2022
Dividend Pay DateSep 01 2022
Days until Ex dividend5 days
Days until Dividend pay date18 days

Does SB pay a reliable dividends?

See SB dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

SB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.2x
Enterprise Value/EBITDA3.1x
PEG Ratio-0.4x

Price to Earnings Ratio vs Peers

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

SB PE Ratio vs Peers
The above table shows the PE ratio for SB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3.1x
GRIN Grindrod Shipping Holdings
2.5x-30.0%US$371.6m
GSL Global Ship Lease
2.9x3.5%US$737.8m
DSX Diana Shipping
4x-24.9%US$443.7m
GNK Genco Shipping & Trading
3.1x-10.1%US$745.8m
SB Safe Bulkers
2.3x-6.1%US$459.7m

Price-To-Earnings vs Peers: SB is good value based on its Price-To-Earnings Ratio (2.3x) compared to the peer average (3.1x).


Price to Earnings Ratio vs Industry

How does SB's PE Ratio compare vs other companies in the US Shipping Industry?

Price-To-Earnings vs Industry: SB is good value based on its Price-To-Earnings Ratio (2.3x) compared to the US Shipping industry average (2.7x)


Price to Earnings Ratio vs Fair Ratio

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

SB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio2.3x
Fair PE Ratio6.7x

Price-To-Earnings vs Fair Ratio: SB is good value based on its Price-To-Earnings Ratio (2.3x) compared to the estimated Fair Price-To-Earnings Ratio (6.7x).


Share Price vs Fair Value

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

Below Fair Value: SB ($3.81) is trading below our estimate of fair value ($22.34)

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


Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.


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Future Growth

How is Safe Bulkers forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-6.1%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SB's earnings are forecast to decline over the next 3 years (-6.1% per year).

Earnings vs Market: SB's earnings are forecast to decline over the next 3 years (-6.1% per year).

High Growth Earnings: SB's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SB's revenue (4.7% per year) is forecast to grow slower than the US market (7.9% per year).

High Growth Revenue: SB's revenue (4.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SB's Return on Equity is forecast to be low in 3 years time (16.2%).


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Past Performance

How has Safe Bulkers performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


73.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SB has high quality earnings.

Growing Profit Margin: SB's current net profit margins (55.6%) are higher than last year (21.3%).


Past Earnings Growth Analysis

Earnings Trend: SB has become profitable over the past 5 years, growing earnings by 73.1% per year.

Accelerating Growth: SB's earnings growth over the past year (272.3%) exceeds its 5-year average (73.1% per year).

Earnings vs Industry: SB earnings growth over the past year (272.3%) underperformed the Shipping industry 368.6%.


Return on Equity

High ROE: SB's Return on Equity (29.3%) is considered high.


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Financial Health

How is Safe Bulkers's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SB's short term assets ($152.0M) exceed its short term liabilities ($76.2M).

Long Term Liabilities: SB's short term assets ($152.0M) do not cover its long term liabilities ($414.3M).


Debt to Equity History and Analysis

Debt Level: SB's net debt to equity ratio (41.8%) is considered high.

Reducing Debt: SB's debt to equity ratio has reduced from 102.5% to 60% over the past 5 years.

Debt Coverage: SB's debt is well covered by operating cash flow (60.3%).

Interest Coverage: SB's interest payments on its debt are well covered by EBIT (22.4x coverage).


Balance Sheet


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Dividend

What is Safe Bulkers's current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.25%

Current Dividend Yield

Upcoming Dividend Payment

TodayAug 13 2022Ex Dividend DateAug 19 2022Dividend Pay DateSep 01 202213 days from Ex DividendBuy in the next 5 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: SB's dividend (5.25%) is higher than the bottom 25% of dividend payers in the US market (1.49%).

High Dividend: SB's dividend (5.25%) is in the top 25% of dividend payers in the US market (4%)


Stability and Growth of Payments

Stable Dividend: SB's dividend payments have been volatile in the past 10 years.

Growing Dividend: SB's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (16.4%), SB's dividend payments are well covered by cash flows.


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Management

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

14.6yrs

Average management tenure


CEO

Polys Hajioannou (55 yo)

14.58yrs

Tenure

Mr. Polys Hajioannou has been the Chairman and Chief Executive Officer of Safe Bulkers, Inc. since 2008. Mr. Hajioannou serves at Safety Management Overseas S.A. He also serves at Alassia Steamship Co., Lt...


Leadership Team

Experienced Management: SB's management team is seasoned and experienced (14.6 years average tenure).


Board Members

Experienced Board: SB's board of directors are seasoned and experienced ( 14.6 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

Safe Bulkers, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Safe Bulkers, Inc.
  • Ticker: SB
  • Exchange: NYSE
  • Founded: 2007
  • Industry: Marine
  • Sector: Transportation
  • Implied Market Cap: US$459.727m
  • Shares outstanding: 120.66m
  • Website: https://www.safebulkers.com

Number of Employees


Location

  • Safe Bulkers, Inc.
  • Les Acanthes
  • Apartment D11
  • Monaco
  • 98000
  • Monaco

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/12 00:00
End of Day Share Price2022/08/12 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.