Financials Safe Bulkers, Inc.

Equities

SB

MHY7388L1039

Marine Freight & Logistics

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
5.06 ^USD	+0.40%		+5.20%	+28.75%

Apr. 26	Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Newbuild Japanese Kamsarmax Class Dry-Bulk Vessel	CI
Mar. 06	Safe Bulkers Agrees to Sell Two Dry-Bulk Vessels	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	177.8	132.8	458.6	345.9	438.6	564.8	-	-
Enterprise Value (EV) ¹	672.4	638.7	712.2	646.9	858.6	950.3	886.8	764.3
P/E ratio	42.5 x	-5.2 x	2.62 x	2.14 x	6.44 x	6.08 x	10.4 x	3.92 x
Yield	-	-	-	6.87%	5.09%	4.85%	4.51%	9.39%
Capitalization / Revenue	0.86 x	0.64 x	1.34 x	0.95 x	1.48 x	2.06 x	1.63 x	1.56 x
EV / Revenue	3.25 x	3.1 x	2.07 x	1.78 x	2.91 x	3.47 x	2.56 x	2.11 x
EV / EBITDA	7.2 x	9.93 x	3.18 x	2.74 x	5.76 x	5.28 x	4.82 x	3.33 x
EV / FCF	31.3 x	22.3 x	3.15 x	-57 x	-29.1 x	5.94 x	13.2 x	5.1 x
FCF Yield	3.2%	4.48%	31.7%	-1.76%	-3.44%	16.8%	7.56%	19.6%
Price to Book	0.37 x	0.3 x	0.68 x	-	0.56 x	0.66 x	0.63 x	-
Nbr of stocks (in thousands)	104,566	102,175	121,641	118,868	111,608	111,617	-	-
Reference price ²	1.700	1.300	3.770	2.910	3.930	5.060	5.060	5.060
Announcement Date	2/26/20	2/15/21	3/9/22	2/14/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	206.7	206	343.5	364	295.4	274	346.9	362
EBITDA ¹	93.45	64.35	223.9	236.4	149	179.9	183.8	229.6
EBIT ¹	44.53	10.48	191.4	184.6	104.1	117.9	114.9	177
Operating Margin	21.54%	5.09%	55.73%	50.72%	35.26%	43.05%	33.11%	48.9%
Earnings before Tax (EBT) ¹	16.04	-12.9	174.3	172.6	77.35	100.9	62.26	152
Net income ¹	4.341	-25.31	163.6	163.6	69.35	92.9	54.25	144
Net margin	2.1%	-12.29%	47.62%	44.93%	23.48%	33.91%	15.64%	39.78%
EPS ²	0.0400	-0.2500	1.440	1.360	0.6100	0.8323	0.4860	1.290
Free Cash Flow ¹	21.5	28.59	225.8	-11.36	-29.52	160	67	150
FCF margin	10.4%	13.88%	65.73%	-3.12%	-9.99%	58.39%	19.31%	41.44%
FCF Conversion (EBITDA)	23.01%	44.43%	100.82%	-	-	88.94%	36.45%	65.34%
FCF Conversion (Net income)	495.25%	-	138.03%	-	-	172.23%	123.51%	104.17%
Dividend per Share ²	-	-	-	0.2000	0.2000	0.2454	0.2284	0.4750
Announcement Date	2/26/20	2/15/21	3/9/22	2/14/23	2/13/24	-	-	-

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	96.85	96.44	81.1	95.46	97.38	90.11	69.49	73.32	67.1	85.48	-	-	-	-	-
EBITDA ¹	67.68	67.58	46.94	66.58	69.09	55.99	33.11	34.3	30.91	50.69	47	52	45	47	25
EBIT ¹	59.03	65.65	36.32	54.49	54.09	39.75	24.76	21.54	20.63	37.22	32	37	31	33	11
Operating Margin	60.95%	68.08%	44.79%	57.08%	55.54%	44.11%	35.63%	29.37%	30.75%	43.54%	-	-	-	-	-
Earnings before Tax (EBT) ¹	55.38	65.2	36.36	50.33	50.99	34.87	19.31	15.38	15.04	27.61	23	29	23	25	4
Net income ¹	52.63	62.46	33.62	48.1	48.99	32.87	17.31	13.38	13.04	25.61	21	27	21	23	2
Net margin	54.35%	64.76%	41.45%	50.38%	50.31%	36.48%	24.91%	18.26%	19.44%	29.96%	-	-	-	-	-
EPS ²	0.4400	0.5100	0.2800	0.4000	0.4100	0.2800	0.1500	0.1200	0.1200	0.2300	0.1900	0.2400	0.1900	0.2100	0.0200
Dividend per Share ²	-	-	-	0.0500	0.0500	0.0500	-	0.0500	0.0500	0.0500	-	-	-	-	-
Announcement Date	11/3/21	3/9/22	5/25/22	7/27/22	11/9/22	2/14/23	5/10/23	7/26/23	11/7/23	2/13/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	495	506	254	301	420	386	322	200
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.293 x	7.861 x	1.133 x	1.273 x	2.818 x	2.143 x	1.752 x	0.869 x
Free Cash Flow ¹	21.5	28.6	226	-11.4	-29.5	160	67	150
ROE (net income / shareholders' equity)	3.42%	-5.52%	25.5%	22%	7.95%	11.3%	5.23%	15.3%
ROA (Net income/ Total Assets)	1.46%	-2.28%	13%	13.6%	4.81%	6.7%	3.9%	10.3%
Assets ¹	296.5	1,110	1,256	1,200	1,442	1,387	1,391	1,398
Book Value Per Share ²	4.530	4.350	5.580	-	6.980	7.660	8.000	-
Cash Flow per Share ²	0.5700	0.6200	1.910	1.810	1.080	1.360	1.520	-
Capex ¹	-	50.4	109	183	209	92.5	62	49
Capex / Sales	-	24.48%	31.8%	50.34%	70.79%	33.76%	17.87%	13.54%
Announcement Date	2/26/20	2/15/21	3/9/22	2/14/23	2/13/24	-	-	-

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 Safe Bulkers, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

5.06 USD

Average target price

4.788 USD

Spread / Average Target

-5.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
SAFE BULKERS, INC.	+28.75%	565M
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
STAR BULK CARRIERS CORP.	+16.23%	2.8B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+33.94%	1.59B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+32.12%	1.57B

Deep Sea Freight