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GRINDROD SHIPPING HOLDINGS L (GRIN) Stock Fundamental Analysis

NASDAQ:GRIN - Nasdaq - SG9999019087 - Common Stock - Currency: USD

14.2  -0.02 (-0.14%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to GRIN. GRIN was compared to 29 industry peers in the Marine Transportation industry. The financial health of GRIN is average, but there are quite some concerns on its profitability. GRIN does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year GRIN has reported negative net income.
In the past year GRIN had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: GRIN reported negative net income in multiple years.
GRIN had a positive operating cash flow in 4 of the past 5 years.
GRIN Yearly Net Income VS EBIT VS OCF VS FCFGRIN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M -50M 100M 150M 200M

1.2 Ratios

GRIN's Return On Assets of -2.10% is on the low side compared to the rest of the industry. GRIN is outperformed by 89.66% of its industry peers.
GRIN's Return On Equity of -3.93% is on the low side compared to the rest of the industry. GRIN is outperformed by 89.66% of its industry peers.
Looking at the Return On Invested Capital, with a value of 1.15%, GRIN is doing worse than 82.76% of the companies in the same industry.
Industry RankSector Rank
ROA -2.1%
ROE -3.93%
ROIC 1.15%
ROA(3y)11.72%
ROA(5y)4.11%
ROE(3y)23.09%
ROE(5y)6.74%
ROIC(3y)N/A
ROIC(5y)N/A
GRIN Yearly ROA, ROE, ROICGRIN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 -20 30

1.3 Margins

GRIN's Operating Margin of 1.41% is on the low side compared to the rest of the industry. GRIN is outperformed by 86.21% of its industry peers.
GRIN's Gross Margin of 10.15% is on the low side compared to the rest of the industry. GRIN is outperformed by 82.76% of its industry peers.
In the last couple of years the Gross Margin of GRIN has grown nicely.
Industry RankSector Rank
OM 1.41%
PM (TTM) N/A
GM 10.15%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y23.43%
GM growth 5Y23.92%
GRIN Yearly Profit, Operating, Gross MarginsGRIN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 -20 30

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5

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), GRIN is destroying value.
Compared to 1 year ago, GRIN has more shares outstanding
The number of shares outstanding for GRIN has been increased compared to 5 years ago.
Compared to 1 year ago, GRIN has an improved debt to assets ratio.
GRIN Yearly Shares OutstandingGRIN Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M
GRIN Yearly Total Debt VS Total AssetsGRIN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.2 Solvency

Based on the Altman-Z score of 1.59, we must say that GRIN is in the distress zone and has some risk of bankruptcy.
GRIN has a Altman-Z score (1.59) which is in line with its industry peers.
The Debt to FCF ratio of GRIN is 1.14, which is an excellent value as it means it would take GRIN, only 1.14 years of fcf income to pay off all of its debts.
GRIN has a Debt to FCF ratio of 1.14. This is amongst the best in the industry. GRIN outperforms 93.10% of its industry peers.
A Debt/Equity ratio of 0.51 indicates that GRIN is somewhat dependend on debt financing.
GRIN has a Debt to Equity ratio (0.51) which is in line with its industry peers.
Although GRIN does not score too well on debt/equity it has very limited outstanding debt, which is well covered by the FCF. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 1.14
Altman-Z 1.59
ROIC/WACC0.15
WACC7.74%
GRIN Yearly LT Debt VS Equity VS FCFGRIN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M 200M 300M

2.3 Liquidity

A Current Ratio of 1.13 indicates that GRIN should not have too much problems paying its short term obligations.
GRIN has a Current ratio of 1.13. This is in the lower half of the industry: GRIN underperforms 65.52% of its industry peers.
GRIN has a Quick Ratio of 1.01. This is a normal value and indicates that GRIN is financially healthy and should not expect problems in meeting its short term obligations.
GRIN has a Quick ratio of 1.01. This is in the lower half of the industry: GRIN underperforms 65.52% of its industry peers.
Industry RankSector Rank
Current Ratio 1.13
Quick Ratio 1.01
GRIN Yearly Current Assets VS Current LiabilitesGRIN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M

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1

3. Growth

3.1 Past

GRIN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -107.59%.
GRIN shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -15.93%.
Measured over the past years, GRIN shows a small growth in Revenue. The Revenue has been growing by 3.95% on average per year.
EPS 1Y (TTM)-107.59%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%45.83%
Revenue 1Y (TTM)-15.93%
Revenue growth 3Y11.51%
Revenue growth 5Y3.95%
Sales Q2Q%20.13%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next Y247.9%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year21.63%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
GRIN Yearly Revenue VS EstimatesGRIN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
GRIN Yearly EPS VS EstimatesGRIN Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2 4 6

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3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for GRIN. In the last year negative earnings were reported.
With a Price/Forward Earnings ratio of 24.00, GRIN is valued on the expensive side.
72.41% of the companies in the same industry are cheaper than GRIN, based on the Price/Forward Earnings ratio.
GRIN's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 22.68.
Industry RankSector Rank
PE N/A
Fwd PE 24
GRIN Price Earnings VS Forward Price EarningsGRIN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 -20

4.2 Price Multiples

GRIN's Enterprise Value to EBITDA is on the same level as the industry average.
Based on the Price/Free Cash Flow ratio, GRIN is valued cheaper than 86.21% of the companies in the same industry.
Industry RankSector Rank
P/FCF 1.81
EV/EBITDA 6.28
GRIN Per share dataGRIN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

GRIN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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1

5. Dividend

5.1 Amount

GRIN has a yearly dividend return of 0.85%, which is pretty low.
Compared to an average industry Dividend Yield of 13.73, GRIN has a dividend in line with its industry peers.
Compared to an average S&P500 Dividend Yield of 2.27, GRIN's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.85%

5.2 History

GRIN has paid a dividend for less than 5 years, so there is no long track record yet.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
GRIN Yearly Dividends per shareGRIN Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2 4 6 8 10

5.3 Sustainability

The earnings of GRIN are negative and hence is the payout ratio. GRIN will probably not be able to sustain this dividend level.
DP-12.09%
EPS Next 2YN/A
EPS Next 3YN/A
GRIN Yearly Income VS Free CF VS DividendGRIN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M -50M 100M 150M 200M

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GRINDROD SHIPPING HOLDINGS L

NASDAQ:GRIN (8/15/2024, 8:02:48 PM)

14.2

-0.02 (-0.14%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryMarine Transportation
Earnings (Last)06-12 2024-06-12/amc
Earnings (Next)08-29 2024-08-29/amc
Inst Owners0%
Inst Owner Change0%
Ins Owners21.99%
Ins Owner Change0%
Market Cap279.60M
Analysts43.33
Price Target12.75 (-10.21%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.85%
Yearly Dividend0.06
Dividend Growth(5Y)N/A
DP-12.09%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-13.08%
Min EPS beat(2)-51.18%
Max EPS beat(2)25.03%
EPS beat(4)3
Avg EPS beat(4)67.58%
Min EPS beat(4)-51.18%
Max EPS beat(4)230.72%
EPS beat(8)5
Avg EPS beat(8)19.46%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)1
Avg Revenue beat(2)54.71%
Min Revenue beat(2)-28.76%
Max Revenue beat(2)138.18%
Revenue beat(4)3
Avg Revenue beat(4)52.75%
Min Revenue beat(4)-28.76%
Max Revenue beat(4)138.18%
Revenue beat(8)6
Avg Revenue beat(8)33.71%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 24
P/S 0.72
P/FCF 1.81
P/OCF 1.8
P/B 1.14
P/tB 1.2
EV/EBITDA 6.28
EPS(TTM)-0.4
EYN/A
EPS(NY)0.59
Fwd EY4.17%
FCF(TTM)7.83
FCFY55.17%
OCF(TTM)7.88
OCFY55.48%
SpS19.66
BVpS12.5
TBVpS11.85
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -2.1%
ROE -3.93%
ROCE 1.46%
ROIC 1.15%
ROICexc 1.37%
ROICexgc 1.43%
OM 1.41%
PM (TTM) N/A
GM 10.15%
FCFM 39.85%
ROA(3y)11.72%
ROA(5y)4.11%
ROE(3y)23.09%
ROE(5y)6.74%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y23.43%
GM growth 5Y23.92%
F-Score4
Asset Turnover0.84
Health
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 1.14
Debt/EBITDA 1.98
Cap/Depr 1.5%
Cap/Sales 0.22%
Interest Coverage 0.32
Cash Conversion 245.76%
Profit Quality N/A
Current Ratio 1.13
Quick Ratio 1.01
Altman-Z 1.59
F-Score4
WACC7.74%
ROIC/WACC0.15
Cap/Depr(3y)0.65%
Cap/Depr(5y)0.67%
Cap/Sales(3y)0.1%
Cap/Sales(5y)0.1%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-107.59%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%45.83%
EPS Next Y247.9%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-15.93%
Revenue growth 3Y11.51%
Revenue growth 5Y3.95%
Sales Q2Q%20.13%
Revenue Next Year21.63%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-95.41%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year4312.44%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-16.98%
FCF growth 3Y30.13%
FCF growth 5YN/A
OCF growth 1Y-16.6%
OCF growth 3Y30.13%
OCF growth 5YN/A