Financials 2020 Bulkers Ltd.

Equities

2020

BMG9156K1018

Marine Freight & Logistics

Real-time Oslo Bors Other stock markets 10:45:00 2024-05-08 EDT			5-day change	1st Jan Change
169.2 ^NOK	0.00%		-1.97%	+39.26%

05-08	Transcript : 2020 Bulkers Ltd., Q1 2024 Earnings Call, May 08, 2024
05-08	2020 Bulkers Ltd. Approves Dividend for April 2024, Payable on or About May 24, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	220.3	153.4	282.6	210	273.4	354.9	-	-
Enterprise Value (EV) ¹	340.3	379.5	493.6	412.5	273.4	512.9	473.3	468.6
P/E ratio	-497 x	13.8 x	4.05 x	6.66 x	10.6 x	6.86 x	8.35 x	8.79 x
Yield	1.36%	4.34%	25%	14.3%	-	18.1%	11.8%	12.5%
Capitalization / Revenue	24.2 x	3.14 x	2.5 x	2.76 x	3.79 x	5.3 x	4.38 x	4.49 x
EV / Revenue	37.4 x	7.76 x	4.36 x	5.41 x	3.79 x	7.66 x	5.85 x	5.93 x
EV / EBITDA	162 x	12.2 x	5.36 x	7.75 x	5.54 x	7.81 x	7.12 x	8.14 x
EV / FCF	-2.83 x	-3.74 x	5.91 x	9.75 x	-	9.24 x	9.79 x	8.9 x
FCF Yield	-35.3%	-26.7%	16.9%	10.3%	-	10.8%	10.2%	11.2%
Price to Book	1.6 x	1.08 x	1.86 x	1.35 x	-	2.23 x	2.24 x	2.15 x
Nbr of stocks (in thousands)	22,171	22,171	22,221	22,221	22,871	22,871	-	-
Reference price ²	9.937	6.918	12.72	9.451	11.95	15.52	15.52	15.52
Announcement Date	20-02-11	21-01-28	22-01-26	23-02-08	24-02-07	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9.1	48.9	113.1	76.2	72.1	67	80.95	78.97
EBITDA ¹	2.1	31	92.1	53.2	49.3	65.7	66.49	57.59
EBIT ¹	0.9	21.1	80.4	41.5	37.7	65.36	55.81	46.64
Operating Margin	9.89%	43.15%	71.09%	54.46%	52.29%	97.55%	68.94%	59.06%
Earnings before Tax (EBT) ¹	-0.3	11.1	70.8	32	27.1	50	48.57	36.04
Net income ¹	-0.4	11.1	70.8	31.9	25.6	44.56	46.79	38.57
Net margin	-4.4%	22.7%	62.6%	41.86%	35.51%	66.51%	57.8%	48.83%
EPS ²	-0.0200	0.5000	3.140	1.420	1.130	2.262	1.859	1.765
Free Cash Flow ¹	-120.3	-101.4	83.5	42.3	-	55.5	48.33	52.67
FCF margin	-1,321.98%	-207.36%	73.83%	55.51%	-	82.84%	59.71%	66.69%
FCF Conversion (EBITDA)	-	-	90.66%	79.51%	-	84.48%	72.7%	91.45%
FCF Conversion (Net income)	-	-	117.94%	132.6%	-	124.54%	103.31%	136.56%
Dividend per Share ²	0.1350	0.3000	3.180	1.350	-	2.801	1.829	1.940
Announcement Date	20-02-11	21-01-28	22-01-26	23-02-08	24-02-07	-	-	-

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	32.4	37.1	16.4	23	18.5	18.3	12.4	16.9	16.8	26	40.3	14	14	18	8
EBITDA ¹	27.1	31.4	11	17.4	12.7	12.1	6.4	11.1	11.1	20.7	34.4	15.03	18.2	19.76	12
EBIT ¹	24.1	28.5	8.1	14.5	9.7	9.2	3.5	8.1	8.2	17.9	31.7	12.42	15.93	17.24	10
Operating Margin	74.38%	76.82%	49.39%	63.04%	52.43%	50.27%	28.23%	47.93%	48.81%	68.85%	78.66%	88.68%	113.78%	95.77%	125%
Earnings before Tax (EBT) ¹	21.6	26.3	5.9	12	7.3	6.8	0.8	5.5	5.4	15.4	28.7	10.94	13.96	15.04	-
Net income ¹	21.6	26.3	5.9	12	7.3	6.7	0.8	4.8	5.2	14.8	28.5	9.204	13.22	14.53	7
Net margin	66.67%	70.89%	35.98%	52.17%	39.46%	36.61%	6.45%	28.4%	30.95%	56.92%	70.72%	65.74%	94.42%	80.71%	87.5%
EPS ²	0.9600	1.160	0.2600	0.5300	0.3200	0.3000	0.0400	0.2100	0.2300	0.6500	1.250	0.3500	0.5251	0.6106	0.1450
Dividend per Share ²	0.9700	1.200	0.2600	0.5200	0.3000	0.2700	0.0400	0.1900	0.1200	-	1.284	0.4348	0.5175	0.6013	0.1300
Announcement Date	21-10-27	22-01-26	22-04-27	22-08-17	22-11-09	23-02-08	23-05-10	23-08-16	23-11-08	24-02-07	24-05-08	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	120	226	211	203	-	158	118	114
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	57.14 x	7.294 x	2.291 x	3.806 x	-	2.405 x	1.78 x	1.974 x
Free Cash Flow ¹	-120	-101	83.5	42.3	-	55.5	48.3	52.7
ROE (net income / shareholders' equity)	-	7.92%	48.2%	20.7%	-	18.6%	26.2%	26.9%
ROA (Net income/ Total Assets)	-0.23%	3.27%	18%	8.28%	-	9.1%	9.99%	13.6%
Assets ¹	176	339.4	393.1	385.2	-	489.7	468.4	282.8
Book Value Per Share ²	6.230	6.410	6.840	7.020	-	6.960	6.940	7.220
Cash Flow per Share	-	-	3.700	1.880	-	-	-	-
Capex ¹	126	123	-	-	-	1.75	1.5	3.33
Capex / Sales	1,387.91%	251.94%	-	-	-	2.61%	1.85%	4.22%
Announcement Date	20-02-11	21-01-28	22-01-26	23-02-08	24-02-07	-	-	-

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 2020 Bulkers Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

15.52 USD

Average target price

15.56 USD

Spread / Average Target

+0.28%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
2020 BULKERS LTD.	+39.26%	355M
HAPAG-LLOYD AG	+14.52%	28.07B
COSCO SHIPPING HOLDINGS CO., LTD.	+45.48%	25.93B
AP MOLLER MAERSK	-14.04%	23.32B
NIPPON YUSEN KABUSHIKI KAISHA	+1.33%	13.22B
MITSUI O.S.K. LINES LTD	+6.62%	11.08B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+17.71%	10.21B
KAWASAKI KISEN KAISHA, LTD.	+7.01%	9.97B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+50.00%	9.94B
HMM CO.,LTD	-16.91%	8.21B

Other Marine Freight & Logistics