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Grindrod Shipping Holdings Ltd.NasdaqGS:GRIN Stok Raporu

Piyasa Değeri US$5.1b
Hisse Fiyatı
n/a
US$5.54
yokiçsel indirim
1Y67.3%
7D0.07%
1D
Portföy Değeri
​
Görünüm

Grindrod Shipping Holdings Ltd.

NasdaqGS:GRIN Stok Raporu

Piyasa değeri: US$5.1b

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Grindrod Shipping Holdings (GRIN) Hisse Özeti

An international shipping company, engages in owning, chartering, and operating a fleet of dry bulk carriers worldwide. Daha fazla detay

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Grindrod Shipping Holdings Ltd. Rakipler

Fiyat Geçmişi ve Performans

Hisse fiyatlarındaki yükseliş, düşüş ve değişimlerin özeti Grindrod Shipping Holdings
Tarihsel hisse senedi fiyatları
Güncel Hisse FiyatıUS$14.20
52 Haftanın En Yüksek SeviyesiUS$14.90
52 Haftanın En Düşük SeviyesiUS$7.35
Beta0.61
1 Aylık Değişim1.14%
3 Aylık Değişim3.27%
1 Yıllık Değişim67.26%
3 Yıllık Değişim17.16%
5 Yıllık Değişim158.18%
Halka arzdan bu yana değişim-16.47%

Son Haberler & Güncellemeler

Seeking Alpha • Jul 01

Grindrod Shipping: Major Shareholder's Takeover Attempt Successful, Stock Will Likely Delist Soon

Summary The Selective Capital Reduction plan was approved by the Extraordinary General Meeting and Grindrod shareholders will likely receive 14.25 USD per share after the Singaporean High Court approves the decisions. Taylor Maritime Investments will likely become the sole shareholder and Grindrod shares will be delisted from NASDAQ and JSE. The best option, in my opinion, for current shareholders is to wait Singaporean High Court's approval of the decisions and receive 14.25 USD per share. Read the full article on Seeking Alpha
Seeking Alpha • Apr 06

Grindrod Shipping: Minority Shareholder Buyout Proposal Might Not Pass

Summary Grindrod Shipping shares rallied by 30% after the company announced plans to buy out minority shareholders for $14.25 in cash per common share. The offer represents a 12% discount to estimated net asset value and an approximately 45% discount to controlling shareholder Taylor Maritime's $26 cash tender offer back in 2022. However, with Taylor Maritime not permitted to vote on the proposal, approval won't be an easy task. Singapore law requires a 75% majority of shareholders to pass a special resolution on a yet to be scheduled extraordinary general meeting which appears to be a Herculean task. With approval anything but certain and shares trading just 4% below the proposed buyout price, I would strongly advise investors to consider selling into the open market next week to avoid the risk of shares giving back all of Thursday's gains in case the special resolution doesn't pass. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jul 01

Grindrod Shipping: Major Shareholder's Takeover Attempt Successful, Stock Will Likely Delist Soon

Summary The Selective Capital Reduction plan was approved by the Extraordinary General Meeting and Grindrod shareholders will likely receive 14.25 USD per share after the Singaporean High Court approves the decisions. Taylor Maritime Investments will likely become the sole shareholder and Grindrod shares will be delisted from NASDAQ and JSE. The best option, in my opinion, for current shareholders is to wait Singaporean High Court's approval of the decisions and receive 14.25 USD per share. Read the full article on Seeking Alpha
Seeking Alpha • Apr 06

Grindrod Shipping: Minority Shareholder Buyout Proposal Might Not Pass

Summary Grindrod Shipping shares rallied by 30% after the company announced plans to buy out minority shareholders for $14.25 in cash per common share. The offer represents a 12% discount to estimated net asset value and an approximately 45% discount to controlling shareholder Taylor Maritime's $26 cash tender offer back in 2022. However, with Taylor Maritime not permitted to vote on the proposal, approval won't be an easy task. Singapore law requires a 75% majority of shareholders to pass a special resolution on a yet to be scheduled extraordinary general meeting which appears to be a Herculean task. With approval anything but certain and shares trading just 4% below the proposed buyout price, I would strongly advise investors to consider selling into the open market next week to avoid the risk of shares giving back all of Thursday's gains in case the special resolution doesn't pass. Read the full article on Seeking Alpha
Seeking Alpha • Jan 14

Grindrod Shipping: Favorable Outlook, M&A Completion, And Very Cheap

Summary Grindrod didn’t only continue to reduce its total amount of debt in the last quarter, management also reported the completion of the acquisition of Tamar Ship Management Limited. Favorable outlook for the geared dry bulk segment and expected market growth in the Asia Pacific region could lead to net sales growth. Stable balance sheet with negative working capital and recent debt reduction promises may positively impact future valuation multiples. Read the full article on Seeking Alpha
Seeking Alpha • Sep 07

Grindrod Shipping goes ex-dividend tomorrow

Grindrod Shipping (NASDAQ:GRIN) declares $0.84/share interim quarterly dividend, 78.7% increase from prior dividend of $0.47. Payable Sept. 19; for shareholders of record Sept. 9; ex-div Sept. 8. See GRIN Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Aug 29

Grindrod Shipping hits 12-week high on $365.9M acquisition offer from Taylor Maritime

Grindrod Shipping (NASDAQ:GRIN) stock soared to a near 12-week high on Monday on receipt of a non-binding offer from Taylor Maritime Investments (OTCPK:TMILF) to acquire the firm for $26/share, or ~$365.9M. Taylor Maritime proposed to pay a cash purchase price of $21/share to be paid along with a special dividend from GRIN of $5/share. GRIN entered into exclusive talks with Taylor Maritime regarding the offer, but the parties are yet to agree on definitive terms. There is no certainty that any deal will result from these talks. Taylor Maritime believes its proposal offers "significant value and certainty to GRIN's shareholders at a time of weakening global economic activity and declining dry bulk rates", it said in a statement. Taylor Maritime currently owns ~26% stake in GRIN. Shares of GRIN have gained 31.3% YTD and ~61% in the last 1 year.
Seeking Alpha • Aug 16

Grindrod Shipping Q2 2022 Earnings Preview

Grindrod Shipping (NASDAQ:GRIN) is scheduled to announce Q2 earnings results on Wednesday, August 17th, after market close. The consensus EPS Estimate is $1.92 (+1500.0% Y/Y) and the consensus Revenue Estimate is $120.6M (+68.0% Y/Y). Over the last 2 years, GRIN has beaten EPS estimates 63% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 0 downward. Revenue estimates have seen 0 upward revisions and 0 downward.
Seeking Alpha • Jul 13

Grindrod Shipping Looks Fundamentally And Technically Oversold

I believe GRIN is attractive enough for both a short-term speculative buy and a longer-term dividend buy - the bull cycle in shipping is not over yet. In my view, the slowdown in Chinese economic activity is a new reality, but it does not cancel out the demand for the active use of bulk carriers. Given Grindrod's operating efficiency (cash flow generation - CFO), the stock looks undervalued by 30-80%. By evenly adding to the position at such oversold price levels, the investor partially eliminates the risks of a deep drawdown and increases the probability of making money on each new purchase, in my view. Instead Of An Investment Thesis Recently, more and more information is emerging about a new wave of coronavirus that could dampen demand for raw materials for heavy industry companies, as it did in 2020 - which is probably why shipping stocks are falling so sharply. We see the same in commodity prices - the Dow Jones Commodity Index, which tracks a broad range of 28 different commodity futures contracts, including metals, agricultural products, and energy commodities such as oil and gas, is down 19% from its highs: Data by YCharts In my opinion, however, these fears are somewhat exaggerated - yes, the slowdown in Chinese economic activity is a new reality, but it does not cancel out the demand for the active use of bulk carriers in world trade. An example of a high-quality dry bulk shipping company that has become oversold is Grindrod Shipping Holdings Ltd. (GRIN), which I cover regularly here on Seeking Alpha. Now the share price has approached the price level from which I published all my bullish articles: My rating on GRIN with notes, Seeking Alpha Since not much has changed structurally in this shipping industry, I think GRIN is attractive enough for both a short-term speculative buy and a longer-term dividend buy - the bull cycle in shipping is not over yet. My General Reasoning Everyone is afraid of the state of the Chinese economy and the fact that steel production could drop significantly due to the danger of the property crisis slipping out of the CCP's control. A drop in demand for steel will lead to a drop in demand for iron ore, one of the main transport products for bulk carriers. Since this really makes sense - no one has canceled the property debt crisis in China as well as slowdown in the global economy - I believe that not everything is so bad and that we should not only look at the demand side but also the supply side. The dry bulk shipping market differs from the container shipping market in many ways, but one of the most important differences, in my opinion, is the size of the orderbook. Dry bulk carriers make up 21 percent of the world's merchant fleets, and it takes years to build a single vessel. So, everyone is looking at the order book to see how many new ships will be at sea in the coming years. So far, the order book for dry bulk carriers looks quite good for the industry, accounting for only 4.7% and 6.6% of the total Handysize and Supramax fleets respectively. At the same time, the number of vessels is expected to increase the fleet by 2.2% and 0.4% in 2022 and 2023, respectively - most new orders could set sail in mid-2024 at the earliest, according to Grindrod Shipping Holdings' management. GRIN's IR materials At the same time, according to Splash, the order book of container ships is reaching an all-time high - the ratio of orderbook-to-fleet is currently 25% (or 27% if orders under negotiation and those not yet confirmed are included). Back to bulk carriers: according to GRIN, 22% of the bulk fleet is 15 years or older and 11% of the bulk fleet is 20 years or older, measured by deadweight tonnage ((dwt)). Approximately the same conclusion was reached by the management of Precious Shipping in February this year with a small addition - ship recycling decreased by 64% in 2021 compared to 2020, despite the increase in vessel utilization. This was a consequence of high demand, but at the same time also of necessity on the supply side - if new ships do not appear for a few years, the old ones have to be used actively. There are operational risks to this approach - if your fleet is relatively old, you will need to repair it more frequently after more intensive use - this will affect fleet utilization and asset turnover. Therefore, those with a relatively new fleet are in a better position. GRIN is one such company, with 15 Handysize and 9 Supramax/Ultramax vessels, which are on average 9.56 and 5.2 years old respectively (dwt-weighted): Author's calculations, based on GRIN's data The age of 7 chartered - in Supramax/Ultramax bulk carriers are also quite young - is about 5.5 years (also dwt-weighted). Due to limited supply in the bulk carrier market, Handysize and Supra/Ultramax vessel prices have risen 10% since the beginning of this year (last quarter data). We are now seeing bulk carrier stocks trading significantly lower than YTD, although their assets should be positively revalued (especially newer assets like GRIN's). The dynamics of the fundamental operational indicators also speak for the medium-term growth potential of GRIN. For this assessment, I like to use Piotroski's F-score - this criterion comprises 9 ratios showing a company's creditworthiness, profitability, and operational efficiency. In recent years, this criterion for GRIN has increased but has not reached the maximum score of 9. This was the case until recently - now the TTM score of this criterion indicates a continued improvement in the company's business dynamics: GRIN, YCharts, author's notes A few words about valuation. It is quite difficult to make predictions in a cyclical industry, but looking at the recent past, I realize that GRIN should be valued at about the same level as Safe Bulkers (SB) or Eagle Bulk Shipping (EGLE) given its operating efficiency (in terms of cash flow generation - CFO), which implies a share price upside of 30-80% (rough calculation based on EV/CFO ratios comparison): Author's calculations, based on SA data Some Signs Of GRIN's Oversold-ness Now a few words about how I see the technical picture of GRIN. Before any serious talk of the "new destructive wave of the coronavirus," the stock was following the RSI almost perfectly - local oversold and overbought levels were actively bought and sold, allowing speculators to earn on the medium-term upward movement of the price. At some point this no longer worked - liquidity began to dry up sharply and the breach of the RSI level at 35 did not lead to recovery as in previous periods. On the contrary, since then the share has fallen by another 25% and continues to fall now. Investing.com, GRIN, author's notes Now the RSI is already at a level just above 28, having crossed the critical threshold of 30 on 6 July and also not leading to an appropriate bounce back. In my opinion, for speculative purposes you can open a LONG position now - the price has yet to fall to a strong support level of around 7-9% and we cannot know when a reversal will occur. If you open a 1/3 position now and leave the rest in case of a further fall, you can get a good average purchase price that can be realized on a pullback. Historically, a speculator who bought GRIN at an RSI of 35 or less, with a take profit of 30% and a stop loss of 10% (risk/reward = 1/3) has earned an average of 3.4% per trade over the last ~4 years (18 trades in total with a win rate of 33%): TrendSpider software, GRIN, RSI testing Author's note: Special thanks to fellow SA contributor Danil Sereda (see our association in my bio description) for running the TrendSpider software to obtain the above information. By evenly adding to the position at such oversold price levels, the investor partially eliminates the risks of a deep drawdown and increases the probability of making money on each new purchase, in my view.
Seeking Alpha • May 17

Grindrod Shipping: A High Performer With Little Downside

Grindrod Shipping Holdings is a small-sized shipping company serving the global markets through a wide range of clients spanning a number of industries. The stock had been on a sharp two-year decline since its trade initiation which was followed by an impressive two-year growth rocket, that has a strong momentum moving forward. GRIN’s financial performance has been highly impressive, showcasing growth, profitability, and business sustainability. When set against comparable stocks, GRIN holds far more impressive metrics indicating it as being an efficient investment that is undervalued.
Seeking Alpha • Apr 15

Grindrod Shipping: A New Era Putting An End To Years Of Struggling

Grindrod Shipping struggled for years as they faced a downturn that left their financial position overleveraged. Thankfully 2021 provided relief with booming operating conditions sending their cash flow performance surging many magnitudes higher. Whether these very strong operating conditions last remains to be seen but thankfully, their capital allocation strategy sees them enter a new era. Instead of focusing upon short-term shareholder returns, they opted to deleverage and thus going forwards, they are now more resilient to whatever the prevailing operating conditions entail. Since this stands to boost their long-term prospects for shareholder returns and also better support their share price, I believe that a buy rating is appropriate.
Seeking Alpha • Mar 04

Grindrod Shipping Is Still Worth Investing: About 35% Upside Potential

Using the Baltic Dry Index and dry bulk freight rates, I estimate 4Q 2021 TCE per day of $23003 for Grindrod Shipping. I value the stock is worth $34.50, about 35% upside potential at prices around $25. According to GRIN’s strong cash generation with debt shrinking during 2021, the company’s liquidity and leverage conditions help the company to cover risks of surprise losses.
Seeking Alpha • Jan 28

Grindrod Shipping: Market Conditions Still Strong, The Dip Is Worth Buying

GRIN began to fall rapidly along with the general pressure on the market. Facing another dip, I am reassessing the growth prospects of GRIN. I think dry bulkers will have a lot of work in 2022 - charter rates are likely to decrease compared to what we saw in 2021. Strong free cash flow and a young fleet indicate serious undervaluation of GRIN - both relative and intrinsic. That is why, despite the risks involved, I keep holding GRIN, adding a little on top.
Seeking Alpha • Nov 02

Grindrod Shipping: Shifting To Longer-Term Value Play

I still hold GRIN and have suffered losses. But still believe in the stock, just shifting my focus to a longer investment horizon. GRIN falls in line with the Baltic Exchange Dry Index. But the stock has become indecently undervalued with a P/E ratio of 2.26x and an EV/EBITDA of 2.33x. Grindrod Shipping has a fairly young fleet - this is undoubtedly one of the company's key competitive advantages compared to other representatives of this sector. I expect a) a post-report rebound in GRIN's quotes and b) upcoming revisions over the next quarter. Anyway, I continue to hold GRIN, but I no longer consider it a medium-term swing trading idea - it's a longer-term value play.
Seeking Alpha • Oct 07

Grindrod Shipping: Some Upside Potential, But Not Enough To Justify A Core Holding

The company has a very young fleet, with only 7 out of their 32 vessels being older. However, it seems that it will live to go through this market cycle without divesting its older vessels, due to high asset prices and spot market volatility. The dividend policy can be regarded as a positive one, although past performance indicates that it may not hold for long. A tide lifts all boats, and it will also lift Grindrod. But don't expect much more than that.
Seeking Alpha • Sep 23

Grindrod Shipping: The New Dip Is Even More Attractive

Grindrod began to lag behind its peers in terms of performance again - over the past week, the stock fell 17.67%, while the entire industry corrected by only 6.95% (average). The secondary placement was the reason for this drop. However, the offering was not dilutive, so there's no need to worry about the company's value. The increased number of shares will add liquidity, which is supposed to increase the investment quality of GRIN. The Baltic Dry Index began to grow again, while other catalysts did not lose their influence. I conclude that such a huge dip can serve as a new starting point for a new stock rally. Therefore, I recommend adding more if you're still holding.
Seeking Alpha • Sep 02

Grindrod Shipping: The Recent 10% Dip Should Be Bought

GRIN fell by >10% on August 31. That was the biggest dip in the whole "Marine Shipping" industry. This dip is explained by the stock's overheating during the last week and a slight correction of the Baltic Dry Index (-2.43%). I do not think that these two reasons are enough not to buy out the drawdown because the company is doing better than ever. GRIN is trading at 3.59x forward P/E and 3.72x EV/EBITDA (also FWD), which allows it to maintain a strong "A+" score in Seeking Alpha's rating. I think the upside is still there, so I recommend going LONG on GRIN at its current price levels.

Hissedar Getirileri

GRINUS ShippingUS Pazar
7D0.07%0.03%2.5%
1Y67.3%45.3%26.4%

Getiri vs. Endüstri: GRIN geçen yıl % 45.3 oranında getiri sağlayan US Shipping sektörünü aştı.

Getiri vs Piyasa: GRIN geçen yıl % 26.4 oranında getiri sağlayan US Piyasasını aştı.

Fiyat Oynaklığı

Is GRIN's price volatile compared to industry and market?
GRIN volatility
GRIN Average Weekly Movement1.2%
Shipping Industry Average Movement6.6%
Market Average Movement7.2%
10% most volatile stocks in US Market16.5%
10% least volatile stocks in US Market3.1%

İstikrarlı Hisse Senedi Fiyatı: GRIN son 3 ayda US piyasasına kıyasla önemli bir fiyat oynaklığı yaşamadı.

Zaman İçindeki Volatilite: GRIN 'nin haftalık oynaklığı geçtiğimiz yıl boyunca 9% dan 1% a düştü.

Şirket Hakkında

KurulduÇalışanlarCEOWeb sitesi
19101,015Ed Butterywww.grinshipping.com

Grindrod Shipping Holdings Ltd. Temel Bilgiler Özeti

Grindrod Shipping Holdings'un kazançları ve gelirleri piyasa değeriyle nasıl karşılaştırılır?
GRIN temel i̇stati̇sti̇kler
Piyasa değeriUS$5.10b
Kazançlar(TTM)-US$9.62m
Gelir(TTM)US$387.10m
0.7x
P/S Oranı
-29.1x
F/K Oranı

GRIN aşırı değerli mi?

Gerçeğe Uygun Değer ve değerleme analizine bakınız

Kazanç ve Gelir

En son kazanç raporundan temel karlılık istatistikleri (TTM)
GRIN gelir tablosu (TTM)
GelirUS$387.10m
Gelir MaliyetiUS$292.56m
Brüt KârUS$94.53m
Diğer GiderlerUS$104.16m
Kazançlar-US$9.62m

Son Raporlanan Kazançlar

Dec 31, 2023

Sonraki Kazanç Tarihi

n/a

Hisse başına kazanç (EPS)-0.49
Brüt Marj24.42%
Net Kâr Marjı-2.49%
Borç/Özkaynak Oranı57.8%

GRIN uzun vadede nasıl bir performans gösterdi?

Geçmiş performansı ve karşılaştırmayı görün

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2024/08/17 04:42
Gün Sonu Hisse Fiyatı2024/08/15 00:00
Kazançlar2023/12/31
Yıllık Kazançlar2023/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Grindrod Shipping Holdings Ltd. 4 Bu analistlerden 1, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Charles FrattAlliance Global Partners
Mpho MokotsoAvior Capital Markets
Randall GiveansJefferies LLC