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SAFE BULKERS INC (SB) Stock Fundamental Analysis

NYSE:SB - New York Stock Exchange, Inc. - MHY7388L1039 - Common Stock

3.37  -0.02 (-0.59%)

Fundamental Rating

5

Overall SB gets a fundamental rating of 5 out of 10. We evaluated SB against 29 industry peers in the Marine Transportation industry. There are concerns on the financial health of SB while its profitability can be described as average. SB has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year SB was profitable.
Of the past 5 years SB 4 years were profitable.
SB had a positive operating cash flow in each of the past 5 years.
SB Yearly Net Income VS EBIT VS OCF VS FCFSB 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 100M 200M

1.2 Ratios

The Return On Assets of SB (7.30%) is better than 64.29% of its industry peers.
SB has a Return On Equity (12.09%) which is in line with its industry peers.
SB's Return On Invested Capital of 7.51% is in line compared to the rest of the industry. SB outperforms 57.14% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for SB is above the industry average of 8.54%.
Industry RankSector Rank
ROA 7.3%
ROE 12.09%
ROIC 7.51%
ROA(3y)11.08%
ROA(5y)6.27%
ROE(3y)18.01%
ROE(5y)9.85%
ROIC(3y)10.84%
ROIC(5y)7.35%
SB Yearly ROA, ROE, ROICSB Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 -10 20 -20

1.3 Margins

With a decent Profit Margin value of 30.66%, SB is doing good in the industry, outperforming 75.00% of the companies in the same industry.
In the last couple of years the Profit Margin of SB has grown nicely.
SB has a better Operating Margin (38.32%) than 67.86% of its industry peers.
In the last couple of years the Operating Margin of SB has grown nicely.
SB has a better Gross Margin (65.19%) than 75.00% of its industry peers.
SB's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 38.32%
PM (TTM) 30.66%
GM 65.19%
OM growth 3Y83.94%
OM growth 5Y2.65%
PM growth 3YN/A
PM growth 5Y23.65%
GM growth 3Y8.39%
GM growth 5Y-0.24%
SB Yearly Profit, Operating, Gross MarginsSB Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 -50

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3

2. Health

2.1 Basic Checks

SB has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
Compared to 1 year ago, SB has less shares outstanding
Compared to 5 years ago, SB has more shares outstanding
Compared to 1 year ago, SB has a worse debt to assets ratio.
SB Yearly Shares OutstandingSB Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M
SB Yearly Total Debt VS Total AssetsSB Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

2.2 Solvency

SB has a Debt/Equity ratio of 0.58. This is a neutral value indicating SB is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.58, SB is in line with its industry, outperforming 50.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.58
Debt/FCF N/A
Altman-Z N/A
ROIC/WACC1.08
WACC6.93%
SB Yearly LT Debt VS Equity VS FCFSB Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M 400M 600M

2.3 Liquidity

A Current Ratio of 1.88 indicates that SB should not have too much problems paying its short term obligations.
The Current ratio of SB (1.88) is better than 64.29% of its industry peers.
A Quick Ratio of 1.88 indicates that SB should not have too much problems paying its short term obligations.
SB's Quick ratio of 1.88 is fine compared to the rest of the industry. SB outperforms 67.86% of its industry peers.
Industry RankSector Rank
Current Ratio 1.88
Quick Ratio 1.88
SB Yearly Current Assets VS Current LiabilitesSB Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M

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5

3. Growth

3.1 Past

SB shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 20.63%, which is quite impressive.
Measured over the past years, SB shows a very strong growth in Earnings Per Share. The EPS has been growing by 27.38% on average per year.
Looking at the last year, SB shows a quite strong growth in Revenue. The Revenue has grown by 10.27% in the last year.
Measured over the past years, SB shows a quite strong growth in Revenue. The Revenue has been growing by 8.04% on average per year.
EPS 1Y (TTM)20.63%
EPS 3YN/A
EPS 5Y27.38%
EPS Q2Q%33.33%
Revenue 1Y (TTM)10.27%
Revenue growth 3Y12.79%
Revenue growth 5Y8.04%
Sales Q2Q%17.44%

3.2 Future

SB is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 2.04% yearly.
SB is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.72% yearly.
EPS Next Y26.49%
EPS Next 2Y13.27%
EPS Next 3Y25.16%
EPS Next 5Y2.04%
Revenue Next Year10.21%
Revenue Next 2Y4.31%
Revenue Next 3Y7.85%
Revenue Next 5Y0.72%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
SB Yearly Revenue VS EstimatesSB Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 100M 200M 300M
SB Yearly EPS VS EstimatesSB Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0 0.5 -0.5 1

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6

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 4.43, which indicates a rather cheap valuation of SB.
Compared to the rest of the industry, the Price/Earnings ratio of SB is on the same level as its industry peers.
SB's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 28.29.
The Price/Forward Earnings ratio is 4.61, which indicates a rather cheap valuation of SB.
Based on the Price/Forward Earnings ratio, SB is valued a bit cheaper than the industry average as 60.71% of the companies are valued more expensively.
When comparing the Price/Forward Earnings ratio of SB to the average of the S&P500 Index (24.44), we can say SB is valued rather cheaply.
Industry RankSector Rank
PE 4.43
Fwd PE 4.61
SB Price Earnings VS Forward Price EarningsSB Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

SB's Enterprise Value to EBITDA is on the same level as the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 4.43
SB Per share dataSB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of SB may justify a higher PE ratio.
A more expensive valuation may be justified as SB's earnings are expected to grow with 25.16% in the coming years.
PEG (NY)0.17
PEG (5Y)0.16
EPS Next 2Y13.27%
EPS Next 3Y25.16%

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6

5. Dividend

5.1 Amount

SB has a Yearly Dividend Yield of 5.87%, which is a nice return.
In the last 3 months the price of SB has falen by -20.42%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
SB's Dividend Yield is a higher than the industry average which is at 9.88.
SB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.28.
Industry RankSector Rank
Dividend Yield 5.87%

5.2 History

On average, the dividend of SB grows each year by 18.95%, which is quite nice.
SB has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of SB decreased recently.
Dividend Growth(5Y)18.95%
Div Incr Years0
Div Non Decr Years1
SB Yearly Dividends per shareSB Yearly Dividends per shareYearly Dividends per share 2015 2022 2023 2024 2 4 6 8 10

5.3 Sustainability

The dividend of SB is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DPN/A
EPS Next 2Y13.27%
EPS Next 3Y25.16%
SB Yearly Income VS Free CF VS DividendSB 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

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SAFE BULKERS INC

NYSE:SB (1/22/2025, 11:46:58 AM)

3.37

-0.02 (-0.59%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryMarine Transportation
Earnings (Last)11-13 2024-11-13/amc
Earnings (Next)N/A N/A
Inst Owners28.28%
Inst Owner Change0.02%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap359.85M
Analysts81.82
Price Target5.78 (71.51%)
Short Float %2.84%
Short Ratio2.44
Dividend
Industry RankSector Rank
Dividend Yield 5.87%
Yearly Dividend0.27
Dividend Growth(5Y)18.95%
DPN/A
Div Incr Years0
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-10.24%
Min EPS beat(2)-14.63%
Max EPS beat(2)-5.85%
EPS beat(4)1
Avg EPS beat(4)0.22%
Min EPS beat(4)-14.63%
Max EPS beat(4)28.89%
EPS beat(8)3
Avg EPS beat(8)-1.42%
EPS beat(12)5
Avg EPS beat(12)1.97%
EPS beat(16)8
Avg EPS beat(16)10.31%
Revenue beat(2)1
Avg Revenue beat(2)2.71%
Min Revenue beat(2)-1.41%
Max Revenue beat(2)6.83%
Revenue beat(4)3
Avg Revenue beat(4)3.89%
Min Revenue beat(4)-1.41%
Max Revenue beat(4)7.18%
Revenue beat(8)7
Avg Revenue beat(8)5.1%
Revenue beat(12)10
Avg Revenue beat(12)4.25%
Revenue beat(16)14
Avg Revenue beat(16)4.73%
PT rev (1m)0%
PT rev (3m)-7.61%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-34.69%
EPS NY rev (1m)0%
EPS NY rev (3m)-16.67%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-8.89%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.98%
Valuation
Industry RankSector Rank
PE 4.43
Fwd PE 4.61
P/S 1.13
P/FCF N/A
P/OCF N/A
P/B 0.45
P/tB 0.45
EV/EBITDA 4.43
EPS(TTM)0.76
EY22.55%
EPS(NY)0.73
Fwd EY21.7%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS2.98
BVpS7.56
TBVpS7.56
PEG (NY)0.17
PEG (5Y)0.16
Profitability
Industry RankSector Rank
ROA 7.3%
ROE 12.09%
ROCE 9.51%
ROIC 7.51%
ROICexc 7.96%
ROICexgc 7.96%
OM 38.32%
PM (TTM) 30.66%
GM 65.19%
FCFM N/A
ROA(3y)11.08%
ROA(5y)6.27%
ROE(3y)18.01%
ROE(5y)9.85%
ROIC(3y)10.84%
ROIC(5y)7.35%
ROICexc(3y)11.91%
ROICexc(5y)8.09%
ROICexgc(3y)11.91%
ROICexgc(5y)8.09%
ROCE(3y)13.73%
ROCE(5y)9.3%
ROICexcg growth 3Y86.6%
ROICexcg growth 5Y4.99%
ROICexc growth 3Y86.6%
ROICexc growth 5Y4.99%
OM growth 3Y83.94%
OM growth 5Y2.65%
PM growth 3YN/A
PM growth 5Y23.65%
GM growth 3Y8.39%
GM growth 5Y-0.24%
F-ScoreN/A
Asset Turnover0.24
Health
Industry RankSector Rank
Debt/Equity 0.58
Debt/FCF N/A
Debt/EBITDA 2.65
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.88
Quick Ratio 1.88
Altman-Z N/A
F-ScoreN/A
WACC6.93%
ROIC/WACC1.08
Cap/Depr(3y)321.67%
Cap/Depr(5y)227.15%
Cap/Sales(3y)53.04%
Cap/Sales(5y)40.88%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)20.63%
EPS 3YN/A
EPS 5Y27.38%
EPS Q2Q%33.33%
EPS Next Y26.49%
EPS Next 2Y13.27%
EPS Next 3Y25.16%
EPS Next 5Y2.04%
Revenue 1Y (TTM)10.27%
Revenue growth 3Y12.79%
Revenue growth 5Y8.04%
Sales Q2Q%17.44%
Revenue Next Year10.21%
Revenue Next 2Y4.31%
Revenue Next 3Y7.85%
Revenue Next 5Y0.72%
EBIT growth 1Y23.61%
EBIT growth 3Y107.47%
EBIT growth 5Y10.9%
EBIT Next Year84.92%
EBIT Next 3Y31.06%
EBIT Next 5Y14.89%
FCF growth 1Y-349.92%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-43.95%
OCF growth 3Y24.45%
OCF growth 5Y7.43%