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SAFE BULKERS INC (SB) Stock Fundamental Analysis

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

3.73  -0.08 (-2.1%)

After market: 3.7318 +0 (+0.05%)

Fundamental Rating

4

Overall SB gets a fundamental rating of 4 out of 10. We evaluated SB against 29 industry peers in the Marine Transportation industry. While SB is still in line with the averages on profitability rating, there are concerns on its financial health. SB has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year SB was profitable.
The reported net income has been mixed in the past 5 years: SB reported negative net income in multiple years.
Of the past 5 years SB 4 years had a positive operating cash flow.
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

Looking at the Return On Assets, with a value of 7.30%, SB is in the better half of the industry, outperforming 64.29% of the companies in the same industry.
With a Return On Equity value of 12.09%, SB perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
With a Return On Invested Capital value of 7.51%, SB perfoms like the industry average, outperforming 57.14% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years 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

SB's Profit Margin of 30.66% is fine compared to the rest of the industry. SB outperforms 75.00% of its industry peers.
In the last couple of years the Profit Margin of SB has grown nicely.
Looking at the Operating Margin, with a value of 38.32%, SB is in the better half of the industry, outperforming 67.86% of the companies in the same industry.
In the last couple of years the Operating Margin of SB has grown nicely.
Looking at the Gross Margin, with a value of 65.19%, SB is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
In the last couple of years the Gross Margin of SB has remained more or less at the same level.
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.
There is no outstanding debt for SB. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
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.
SB has a Debt to Equity ratio (0.58) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.58
Debt/FCF N/A
Altman-Z N/A
ROIC/WACC1.04
WACC7.21%
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

SB has a Current Ratio of 1.88. This is a normal value and indicates that SB is financially healthy and should not expect problems in meeting 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 has a Quick ratio of 1.88. This is in the better half 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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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an nice 19.30% over the past year.
Measured over the past years, SB shows a very strong growth in Earnings Per Share. The EPS has been growing by 62.51% on average per year.
EPS 1Y (TTM)19.3%
EPS 3Y-18.15%
EPS 5Y62.51%
EPS Q2Q%-34.78%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-15.95%

3.2 Future

The Earnings Per Share is expected to decrease by -3.14% on average over the next years.
SB is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -2.15% yearly.
EPS Next Y-19.72%
EPS Next 2Y15.45%
EPS Next 3Y-3.14%
EPS Next 5YN/A
Revenue Next Year-2.14%
Revenue Next 2Y6.96%
Revenue Next 3Y-2.15%
Revenue Next 5YN/A

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.
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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5

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 5.49, the valuation of SB can be described as very cheap.
SB's Price/Earnings ratio is in line with the industry average.
The average S&P500 Price/Earnings ratio is at 29.63. SB is valued rather cheaply when compared to this.
The Price/Forward Earnings ratio is 6.83, which indicates a rather cheap valuation of SB.
SB's Price/Forward Earnings is on the same level as the industry average.
SB is valuated cheaply when we compare the Price/Forward Earnings ratio to 22.68, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 5.49
Fwd PE 6.83
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 4.69
SB Per share dataSB EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6

4.3 Compensation for Growth

The decent profitability rating of SB may justify a higher PE ratio.
SB's earnings are expected to decrease with -3.14% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.09
EPS Next 2Y15.45%
EPS Next 3Y-3.14%

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6

5. Dividend

5.1 Amount

SB has a Yearly Dividend Yield of 5.42%, which is a nice return.
SB's Dividend Yield is a higher than the industry average which is at 13.73.
SB's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
Industry RankSector Rank
Dividend Yield 5.42%

5.2 History

The dividend of SB is nicely growing with an annual growth rate of 18.95%!
SB has been paying a dividend for at least 10 years, so it has a reliable track record.
SB has decreased its dividend 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

DPN/A
EPS Next 2Y15.45%
EPS Next 3Y-3.14%
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 (2/21/2025, 8:04:00 PM)

After market: 3.7318 +0 (+0.05%)

3.73

-0.08 (-2.1%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryMarine Transportation
Earnings (Last)02-18 2025-02-18/amc
Earnings (Next)N/A N/A
Inst Owners28.28%
Inst Owner Change-1.37%
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap398.29M
Analysts85.45
Price Target5.58 (49.6%)
Short Float %2.58%
Short Ratio2.19
Dividend
Industry RankSector Rank
Dividend Yield 5.42%
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)-3.53%
PT rev (3m)-8.38%
EPS NQ rev (1m)-9.37%
EPS NQ rev (3m)-40.82%
EPS NY rev (1m)-2.86%
EPS NY rev (3m)-4.23%
Revenue NQ rev (1m)-1.41%
Revenue NQ rev (3m)-10.17%
Revenue NY rev (1m)-0.34%
Revenue NY rev (3m)-2.88%
Valuation
Industry RankSector Rank
PE 5.49
Fwd PE 6.83
P/S 1.25
P/FCF N/A
P/OCF N/A
P/B 0.49
P/tB 0.49
EV/EBITDA 4.69
EPS(TTM)0.68
EY18.23%
EPS(NY)0.55
Fwd EY14.64%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS2.98
BVpS7.56
TBVpS7.56
PEG (NY)N/A
PEG (5Y)0.09
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
WACC7.21%
ROIC/WACC1.04
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)19.3%
EPS 3Y-18.15%
EPS 5Y62.51%
EPS Q2Q%-34.78%
EPS Next Y-19.72%
EPS Next 2Y15.45%
EPS Next 3Y-3.14%
EPS Next 5YN/A
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-15.95%
Revenue Next Year-2.14%
Revenue Next 2Y6.96%
Revenue Next 3Y-2.15%
Revenue Next 5YN/A
EBIT growth 1Y23.61%
EBIT growth 3Y107.47%
EBIT growth 5Y10.9%
EBIT Next Year82.69%
EBIT Next 3Y26.45%
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%