Financials Golden Ocean Group Limited

Equities

GOGL

BMG396372051

Marine Freight & Logistics

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-31 pm EDT			5-day change	1st Jan Change
14.39 ^USD	-0.21%		-0.76%	+47.44%

May. 29	Golden Ocean Group CEO to Step Down; CFO to Become Interim Chief	MT
May. 29	Golden Ocean Group's Chief Executive Lars-Christian Svensen to Step Down	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	832.4	663.6	1,864	1,742	1,948	2,878	-	-
Enterprise Value (EV) ¹	1,952	1,727	3,044	2,831	3,270	4,108	3,963	3,848
P/E ratio	22.3 x	-4.82 x	3.41 x	3.79 x	17.4 x	8.64 x	8.83 x	8.5 x
Yield	5.59%	-	26.9%	19%	6.15%	10.4%	10.3%	9.65%
Capitalization / Revenue	1.6 x	1.61 x	1.96 x	2.09 x	3.05 x	3.64 x	3.68 x	3.51 x
EV / Revenue	3.75 x	4.18 x	3.2 x	3.39 x	5.11 x	5.19 x	5.07 x	4.7 x
EV / EBITDA	9.18 x	11.3 x	4.62 x	4.95 x	9.7 x	7.27 x	6.65 x	6.95 x
EV / FCF	17.1 x	15 x	17.9 x	4.91 x	-28.3 x	11.2 x	11.6 x	10 x
FCF Yield	5.86%	6.68%	5.6%	20.4%	-3.53%	8.97%	8.6%	9.99%
Price to Book	0.55 x	0.48 x	0.97 x	0.91 x	1.01 x	1.43 x	1.43 x	1.45 x
Nbr of stocks (in thousands)	143,278	143,328	200,436	200,486	199,628	200,028	-	-
Reference price ²	5.810	4.630	9.300	8.690	9.760	14.39	14.39	14.39
Announcement Date	2/18/20	2/18/21	2/16/22	2/16/23	2/28/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	520.7	413.4	950.3	834.9	639.6	791.8	782	819
EBITDA ¹	212.5	152.6	658.2	571.6	337.2	565.3	596	554.1
EBIT ¹	118.7	41.25	534.5	441.8	201.6	390.3	358.9	387
Operating Margin	22.79%	9.98%	56.25%	52.92%	31.52%	49.29%	45.89%	47.25%
Earnings before Tax (EBT) ¹	37.43	-137.5	527.6	462.2	112.8	316.3	315.3	316.5
Net income ¹	37.2	-137.7	527.2	461.8	112.3	287.9	323.7	331.1
Net margin	7.14%	-33.3%	55.48%	55.32%	17.55%	36.36%	41.39%	40.43%
EPS ²	0.2600	-0.9600	2.730	2.290	0.5600	1.665	1.629	1.693
Free Cash Flow ¹	114.3	115.4	170.4	576.2	-115.4	368.3	341	384.5
FCF margin	21.95%	27.91%	17.93%	69.01%	-18.05%	46.52%	43.61%	46.94%
FCF Conversion (EBITDA)	53.79%	75.63%	25.88%	100.8%	-	65.16%	57.21%	69.39%
FCF Conversion (Net income)	307.29%	-	32.32%	124.76%	-	127.95%	105.35%	116.12%
Dividend per Share ²	0.3250	-	2.500	1.650	0.6000	1.500	1.486	1.388
Announcement Date	2/18/20	2/18/21	2/16/22	2/16/23	2/28/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	312.9	208.9	250	195.6	180.4	132.3	154	156.6	196.8	196.7	188.2	207.7	224.4	148.3	164.7
EBITDA ¹	243.5	149.4	191.6	118.2	112.4	54.72	80.4	78.88	123.2	114.3	123.4	156.2	172.9	103	134
EBIT ¹	210.2	116.9	159.1	85.71	80.05	23.22	47.81	43.61	87	79.25	84.4	105.8	126.4	36.5	45.5
Operating Margin	67.18%	55.97%	63.63%	43.82%	44.38%	17.55%	31.05%	27.85%	44.22%	40.29%	44.84%	50.91%	56.33%	24.61%	27.63%
Earnings before Tax (EBT) ¹	204.1	125.4	163.8	104.6	68.49	-8.792	34.92	28.76	57.92	65.44	54.89	69.09	86.88	28.75	60
Net income ¹	203.8	125.3	163.7	104.6	68.21	-8.822	34.89	28.73	57.47	65.4	54.9	71.34	87.9	28.75	60
Net margin	65.14%	59.99%	65.49%	53.46%	37.82%	-6.67%	22.66%	18.35%	29.21%	33.25%	29.17%	34.34%	39.17%	19.39%	36.43%
EPS ²	1.010	0.6200	0.8100	0.5200	0.3400	-0.0400	0.1700	0.1400	0.2900	0.3300	0.2812	0.4131	0.4696	0.1450	0.2950
Dividend per Share ²	0.9000	0.5000	0.6000	0.3500	0.2000	0.1000	-	0.1000	0.3000	-	0.2833	0.4533	0.4700	0.2000	0.4000
Announcement Date	2/16/22	5/19/22	8/25/22	11/16/22	2/16/23	5/16/23	8/29/23	11/21/23	2/28/24	5/22/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,119	1,064	1,180	1,089	1,322	1,230	1,085	970
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.267 x	6.972 x	1.793 x	1.905 x	3.921 x	2.175 x	1.82 x	1.751 x
Free Cash Flow ¹	114	115	170	576	-115	368	341	385
ROE (net income / shareholders' equity)	2.45%	-1.2%	29.9%	24%	5.85%	15.9%	18.6%	15.8%
ROA (Net income/ Total Assets)	1.26%	-4.84%	17.1%	13.8%	3.33%	6%	1.3%	8.4%
Assets ¹	2,960	2,844	3,088	3,356	3,373	4,798	24,899	3,942
Book Value Per Share ²	10.60	9.550	9.620	9.560	9.630	10.10	10.10	9.950
Cash Flow per Share ²	1.100	-	2.900	2.500	1.330	2.110	2.470	2.600
Capex ¹	44.1	25.3	293	61	478	95.8	33	28
Capex / Sales	8.47%	6.11%	30.78%	7.31%	74.66%	12.11%	4.22%	3.42%
Announcement Date	2/18/20	2/18/21	2/16/22	2/16/23	2/28/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Golden Ocean Group Limited

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

14.39 USD

Average target price

15.69 USD

Spread / Average Target

+9.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
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MITSUI O.S.K. LINES LTD	+14.77%	11.95B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+21.83%	11.21B
KAWASAKI KISEN KAISHA, LTD.	+15.61%	10.24B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+50.85%	9.97B
HMM CO.,LTD	-8.07%	8.97B

Other Marine Freight & Logistics