Financials Golden Ocean Group Limited

Equities

GOGL

BMG396372051

Marine Freight & Logistics

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
14.05 ^USD	+1.66%		+8.33%	+43.95%

Mar. 20	Tranche Update on Golden Ocean Group Limited's Equity Buyback Plan announced on October 4, 2022.	CI
Feb. 28	Nordic Stocks Closed Down Wednesday; Electrolux Series a Posted Biggest Loss	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	832.4	663.6	1,864	1,742	1,948	2,808	-	-
Enterprise Value (EV) ¹	1,952	1,727	3,044	2,831	3,270	4,032	3,925	3,797
P/E ratio	22.3 x	-4.82 x	3.41 x	3.79 x	17.4 x	7.95 x	8.37 x	8.25 x
Yield	5.59%	-	26.9%	19%	6.15%	11.6%	10.9%	10.2%
Capitalization / Revenue	1.6 x	1.61 x	1.96 x	2.09 x	3.05 x	3.52 x	3.46 x	3.33 x
EV / Revenue	3.75 x	4.18 x	3.2 x	3.39 x	5.11 x	5.05 x	4.84 x	4.51 x
EV / EBITDA	9.18 x	11.3 x	4.62 x	4.95 x	9.7 x	7.43 x	6.88 x	6.71 x
EV / FCF	17.1 x	15 x	17.9 x	4.91 x	5.05 x	12.9 x	10.3 x	9.52 x
FCF Yield	5.86%	6.68%	5.6%	20.4%	19.8%	7.76%	9.71%	10.5%
Price to Book	0.55 x	0.48 x	0.97 x	0.91 x	1.01 x	1.4 x	1.39 x	1.4 x
Nbr of stocks (in thousands)	143,278	143,328	200,436	200,486	199,628	199,828	-	-
Reference price ²	5.810	4.630	9.300	8.690	9.760	14.05	14.05	14.05
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	798.5	810.6	842.1
EBITDA ¹	212.5	152.6	658.2	571.6	337.2	542.9	570.2	565.8
EBIT ¹	118.7	41.25	534.5	441.8	201.6	360.5	378.7	394.9
Operating Margin	22.79%	9.98%	56.25%	52.92%	31.52%	45.15%	46.72%	46.89%
Earnings before Tax (EBT) ¹	37.43	-137.5	527.6	462.2	112.8	318.4	329.9	320.2
Net income ¹	37.2	-137.7	527.2	461.8	112.3	261.3	336.7	319.8
Net margin	7.14%	-33.3%	55.48%	55.32%	17.55%	32.73%	41.54%	37.98%
EPS ²	0.2600	-0.9600	2.730	2.290	0.5600	1.768	1.679	1.704
Free Cash Flow ¹	114.3	115.4	170.4	576.2	648.1	313	381	398.7
FCF margin	21.95%	27.91%	17.93%	69.01%	101.33%	39.2%	47.01%	47.34%
FCF Conversion (EBITDA)	53.79%	75.63%	25.88%	100.8%	192.21%	57.65%	66.82%	70.45%
FCF Conversion (Net income)	307.29%	-	32.32%	124.76%	577.29%	119.77%	113.15%	124.65%
Dividend per Share ²	0.3250	-	2.500	1.650	0.6000	1.635	1.538	1.436
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 Q3	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
Net sales ¹	305.9	312.9	208.9	250	195.6	180.4	132.3	154	156.6	196.8	184.5	188.1	204.7	226.9	152.3
EBITDA ¹	229.7	243.5	149.4	191.6	118.2	112.4	54.72	80.4	78.88	123.2	110.1	122.2	147.3	161.4	90.65
EBIT ¹	196.4	210.2	116.9	159.1	85.71	80.05	23.22	47.81	43.61	87	75.27	82.64	96.56	119.3	54.8
Operating Margin	64.19%	67.18%	55.97%	63.63%	43.82%	44.38%	17.55%	31.05%	27.85%	44.22%	40.8%	43.94%	47.18%	52.6%	35.98%
Earnings before Tax (EBT) ¹	195.4	204.1	125.4	163.8	104.6	68.49	-8.792	34.92	28.76	57.92	50.06	68.91	71.64	110.9	30.6
Net income ¹	195.3	203.8	125.3	163.7	104.6	68.21	-8.822	34.89	28.73	57.47	53.94	68.62	110	110.6	30.6
Net margin	63.86%	65.14%	59.99%	65.49%	53.46%	37.82%	-6.67%	22.66%	18.35%	29.21%	29.24%	36.49%	53.77%	48.75%	20.09%
EPS ²	0.9700	1.010	0.6200	0.8100	0.5200	0.3400	-0.0400	0.1700	0.1400	0.2900	0.3445	0.4784	0.5516	0.7233	0.0700
Dividend per Share ²	0.8500	0.9000	0.5000	0.6000	0.3500	0.2000	0.1000	-	0.1000	0.3000	0.3000	0.5000	0.5000	0.7000	-
Announcement Date	11/24/21	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	-	-	-	-	-

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	1,224	1,118	989
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.267 x	6.972 x	1.793 x	1.905 x	3.921 x	2.255 x	1.961 x	1.748 x
Free Cash Flow ¹	114	115	170	576	648	313	381	399
ROE (net income / shareholders' equity)	2.45%	-1.2%	29.9%	24%	5.85%	14.8%	19.3%	16%
ROA (Net income/ Total Assets)	1.26%	-4.84%	17.1%	13.8%	3.33%	6.94%	5.73%	7.92%
Assets ¹	2,960	2,844	3,088	3,356	3,373	3,764	5,877	4,041
Book Value Per Share ²	10.60	9.550	9.620	9.560	9.630	10.00	10.10	10.10
Cash Flow per Share ²	1.100	-	2.900	2.500	1.330	2.250	2.570	-
Capex ¹	44.1	25.3	293	61	478	85.5	26.8	25.3
Capex / Sales	8.47%	6.11%	30.78%	7.31%	74.66%	10.71%	3.3%	3%
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

14.05 USD

Average target price

14.52 USD

Spread / Average Target

+3.36%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
GOLDEN OCEAN GROUP LIMITED	+43.95%	2.81B
HAPAG-LLOYD AG	+24.30%	31.49B
COSCO SHIPPING HOLDINGS CO., LTD.	+21.02%	23.83B
AP MOLLER MAERSK	-14.91%	23.03B
NIPPON YUSEN KABUSHIKI KAISHA	-3.80%	12.27B
MITSUI O.S.K. LINES LTD	+4.34%	10.85B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+45.92%	9.64B
KAWASAKI KISEN KAISHA, LTD.	+3.71%	9.39B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	-1.74%	9.03B
ADNOC LOGISTICS & SERVICES PLC	+3.13%	7.96B

Other Marine Freight & Logistics