Intrinsic value of Safe Bulkers - SB

Previous Close

$3.57

  Intrinsic Value

$1.45

stock screener

  Rating & Target

str. sell

-59%

Previous close

$3.57

 
Intrinsic value

$1.45

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of SB stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -13.39
  37.00
  33.80
  30.92
  28.33
  26.00
  23.90
  22.01
  20.31
  18.77
  17.40
  16.16
  15.04
  14.04
  13.13
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
Revenue, $m
  110
  151
  202
  264
  339
  427
  529
  645
  776
  922
  1,082
  1,257
  1,446
  1,649
  1,866
  2,096
  2,339
  2,594
  2,863
  3,143
  3,436
  3,742
  4,060
  4,391
  4,735
  5,092
  5,464
  5,850
  6,251
  6,669
  7,103
Variable operating expenses, $m
 
  159
  213
  279
  357
  450
  558
  681
  819
  973
  1,142
  1,326
  1,526
  1,740
  1,969
  2,211
  2,467
  2,737
  3,020
  3,316
  3,625
  3,947
  4,283
  4,632
  4,995
  5,372
  5,764
  6,172
  6,595
  7,036
  7,493
Fixed operating expenses, $m
 
  27
  27
  28
  29
  29
  30
  31
  32
  32
  33
  34
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  51
  52
  53
  55
Total operating expenses, $m
  141
  186
  240
  307
  386
  479
  588
  712
  851
  1,005
  1,175
  1,360
  1,561
  1,776
  2,006
  2,249
  2,506
  2,777
  3,061
  3,358
  3,668
  3,991
  4,328
  4,678
  5,042
  5,420
  5,813
  6,223
  6,647
  7,089
  7,548
Operating income, $m
  -31
  -35
  -38
  -43
  -47
  -53
  -59
  -66
  -74
  -83
  -93
  -103
  -115
  -127
  -139
  -153
  -167
  -182
  -198
  -214
  -232
  -249
  -268
  -287
  -307
  -328
  -350
  -372
  -396
  -420
  -445
EBITDA, $m
  18
  32
  51
  75
  103
  137
  176
  221
  271
  327
  389
  456
  529
  608
  691
  780
  874
  973
  1,076
  1,185
  1,298
  1,416
  1,539
  1,667
  1,800
  1,938
  2,082
  2,232
  2,387
  2,548
  2,716
Interest expense (income), $m
  20
  20
  27
  37
  48
  62
  79
  98
  119
  143
  170
  200
  232
  268
  305
  345
  388
  433
  480
  530
  582
  636
  693
  752
  813
  877
  943
  1,012
  1,084
  1,158
  1,235
Earnings before tax, $m
  -56
  -55
  -66
  -79
  -96
  -115
  -138
  -164
  -193
  -227
  -263
  -303
  -347
  -394
  -445
  -498
  -555
  -615
  -678
  -744
  -814
  -886
  -961
  -1,039
  -1,121
  -1,205
  -1,293
  -1,384
  -1,479
  -1,578
  -1,680
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -56
  -55
  -66
  -79
  -96
  -115
  -138
  -164
  -193
  -227
  -263
  -303
  -347
  -394
  -445
  -498
  -555
  -615
  -678
  -744
  -814
  -886
  -961
  -1,039
  -1,121
  -1,205
  -1,293
  -1,384
  -1,479
  -1,578
  -1,680

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  94
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,174
  1,477
  1,977
  2,588
  3,321
  4,185
  5,184
  6,325
  7,610
  9,039
  10,611
  12,326
  14,180
  16,170
  18,294
  20,548
  22,929
  25,435
  28,064
  30,815
  33,688
  36,683
  39,802
  43,046
  46,419
  49,925
  53,568
  57,354
  61,289
  65,380
  69,634
Adjusted assets (=assets-cash), $m
  1,080
  1,477
  1,977
  2,588
  3,321
  4,185
  5,184
  6,325
  7,610
  9,039
  10,611
  12,326
  14,180
  16,170
  18,294
  20,548
  22,929
  25,435
  28,064
  30,815
  33,688
  36,683
  39,802
  43,046
  46,419
  49,925
  53,568
  57,354
  61,289
  65,380
  69,634
Revenue / Adjusted assets
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
  0.102
Average production assets, $m
  1,014
  1,389
  1,858
  2,432
  3,121
  3,933
  4,873
  5,945
  7,152
  8,495
  9,973
  11,584
  13,326
  15,197
  17,193
  19,311
  21,549
  23,904
  26,375
  28,961
  31,661
  34,476
  37,407
  40,456
  43,626
  46,921
  50,345
  53,903
  57,601
  61,446
  65,444
Working capital, $m
  87
  7
  9
  12
  15
  19
  24
  29
  35
  41
  49
  57
  65
  74
  84
  94
  105
  117
  129
  141
  155
  168
  183
  198
  213
  229
  246
  263
  281
  300
  320
Total debt, $m
  582
  785
  1,054
  1,385
  1,780
  2,247
  2,787
  3,403
  4,096
  4,868
  5,717
  6,643
  7,644
  8,719
  9,866
  11,083
  12,369
  13,722
  15,142
  16,627
  18,178
  19,796
  21,480
  23,232
  25,053
  26,946
  28,914
  30,958
  33,083
  35,292
  37,589
Total liabilities, $m
  595
  798
  1,067
  1,398
  1,793
  2,260
  2,800
  3,416
  4,109
  4,881
  5,730
  6,656
  7,657
  8,732
  9,879
  11,096
  12,382
  13,735
  15,155
  16,640
  18,191
  19,809
  21,493
  23,245
  25,066
  26,959
  28,927
  30,971
  33,096
  35,305
  37,602
Total equity, $m
  579
  680
  909
  1,191
  1,528
  1,925
  2,385
  2,910
  3,501
  4,158
  4,881
  5,670
  6,523
  7,438
  8,415
  9,452
  10,547
  11,700
  12,909
  14,175
  15,496
  16,874
  18,309
  19,801
  21,353
  22,965
  24,641
  26,383
  28,193
  30,075
  32,032
Total liabilities and equity, $m
  1,174
  1,478
  1,976
  2,589
  3,321
  4,185
  5,185
  6,326
  7,610
  9,039
  10,611
  12,326
  14,180
  16,170
  18,294
  20,548
  22,929
  25,435
  28,064
  30,815
  33,687
  36,683
  39,802
  43,046
  46,419
  49,924
  53,568
  57,354
  61,289
  65,380
  69,634
Debt-to-equity ratio
  1.005
  1.150
  1.160
  1.160
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
  1.170
Adjusted equity ratio
  0.449
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -56
  -55
  -66
  -79
  -96
  -115
  -138
  -164
  -193
  -227
  -263
  -303
  -347
  -394
  -445
  -498
  -555
  -615
  -678
  -744
  -814
  -886
  -961
  -1,039
  -1,121
  -1,205
  -1,293
  -1,384
  -1,479
  -1,578
  -1,680
Depreciation, amort., depletion, $m
  49
  67
  90
  118
  151
  190
  235
  287
  346
  410
  482
  560
  644
  734
  831
  933
  1,041
  1,155
  1,274
  1,399
  1,530
  1,665
  1,807
  1,954
  2,108
  2,267
  2,432
  2,604
  2,783
  2,968
  3,162
Funds from operations, $m
  10
  12
  24
  38
  55
  75
  98
  123
  152
  184
  219
  256
  297
  340
  386
  435
  486
  540
  596
  655
  716
  780
  846
  915
  987
  1,062
  1,139
  1,220
  1,303
  1,390
  1,481
Change in working capital, $m
  -3
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
Cash from operations, $m
  13
  10
  22
  35
  52
  71
  93
  118
  146
  177
  211
  248
  288
  331
  376
  424
  475
  528
  584
  642
  703
  766
  832
  900
  971
  1,045
  1,122
  1,202
  1,285
  1,372
  1,462
Maintenance CAPEX, $m
  0
  -49
  -67
  -90
  -118
  -151
  -190
  -235
  -287
  -346
  -410
  -482
  -560
  -644
  -734
  -831
  -933
  -1,041
  -1,155
  -1,274
  -1,399
  -1,530
  -1,665
  -1,807
  -1,954
  -2,108
  -2,267
  -2,432
  -2,604
  -2,783
  -2,968
New CAPEX, $m
  -58
  -375
  -469
  -574
  -689
  -811
  -940
  -1,072
  -1,207
  -1,343
  -1,478
  -1,611
  -1,742
  -1,871
  -1,996
  -2,118
  -2,238
  -2,355
  -2,471
  -2,586
  -2,700
  -2,815
  -2,931
  -3,049
  -3,170
  -3,295
  -3,424
  -3,558
  -3,698
  -3,845
  -3,998
Cash from investing activities, $m
  21
  -424
  -536
  -664
  -807
  -962
  -1,130
  -1,307
  -1,494
  -1,689
  -1,888
  -2,093
  -2,302
  -2,515
  -2,730
  -2,949
  -3,171
  -3,396
  -3,626
  -3,860
  -4,099
  -4,345
  -4,596
  -4,856
  -5,124
  -5,403
  -5,691
  -5,990
  -6,302
  -6,628
  -6,966
Free cash flow, $m
  34
  -414
  -515
  -629
  -755
  -891
  -1,037
  -1,190
  -1,348
  -1,511
  -1,677
  -1,845
  -2,014
  -2,184
  -2,354
  -2,525
  -2,696
  -2,868
  -3,042
  -3,218
  -3,396
  -3,578
  -3,765
  -3,956
  -4,153
  -4,357
  -4,568
  -4,788
  -5,017
  -5,256
  -5,505
Issuance/(repayment) of debt, $m
  -84
  215
  270
  330
  396
  466
  540
  616
  694
  772
  849
  926
  1,001
  1,075
  1,147
  1,217
  1,286
  1,353
  1,420
  1,486
  1,551
  1,617
  1,684
  1,752
  1,821
  1,893
  1,967
  2,044
  2,125
  2,209
  2,297
Issuance/(repurchase) of shares, $m
  14
  238
  296
  361
  433
  512
  598
  689
  784
  884
  987
  1,092
  1,200
  1,310
  1,421
  1,535
  1,650
  1,768
  1,888
  2,010
  2,135
  2,263
  2,395
  2,532
  2,672
  2,818
  2,969
  3,126
  3,289
  3,460
  3,637
Cash from financing (excl. dividends), $m  
  -70
  453
  566
  691
  829
  978
  1,138
  1,305
  1,478
  1,656
  1,836
  2,018
  2,201
  2,385
  2,568
  2,752
  2,936
  3,121
  3,308
  3,496
  3,686
  3,880
  4,079
  4,284
  4,493
  4,711
  4,936
  5,170
  5,414
  5,669
  5,934
Total cash flow (excl. dividends), $m
  -35
  39
  50
  62
  74
  87
  101
  115
  130
  144
  159
  173
  187
  201
  214
  228
  240
  253
  266
  278
  290
  302
  315
  328
  341
  354
  368
  382
  397
  413
  430
Retained Cash Flow (-), $m
  55
  -238
  -296
  -361
  -433
  -512
  -598
  -689
  -784
  -884
  -987
  -1,092
  -1,200
  -1,310
  -1,421
  -1,535
  -1,650
  -1,768
  -1,888
  -2,010
  -2,135
  -2,263
  -2,395
  -2,532
  -2,672
  -2,818
  -2,969
  -3,126
  -3,289
  -3,460
  -3,637
Prev. year cash balance distribution, $m
 
  82
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -117
  -245
  -299
  -359
  -425
  -497
  -574
  -655
  -739
  -828
  -919
  -1,013
  -1,109
  -1,207
  -1,307
  -1,410
  -1,515
  -1,622
  -1,732
  -1,845
  -1,961
  -2,081
  -2,204
  -2,332
  -2,464
  -2,601
  -2,744
  -2,892
  -3,047
  -3,208
Discount rate, %
 
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
 
  -107
  -206
  -227
  -245
  -257
  -264
  -265
  -260
  -249
  -233
  -214
  -192
  -168
  -144
  -121
  -99
  -79
  -61
  -47
  -35
  -25
  -18
  -12
  -8
  -5
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  59.4
  36.7
  23.4
  15.4
  10.4
  7.2
  5.1
  3.7
  2.7
  2.0
  1.5
  1.2
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Safe Bulkers, Inc. is a holding company. The Company's principal business is the acquisition, ownership and operation of drybulk vessels. The Company's vessels operate across the world, carrying drybulk cargo for the consumers of marine drybulk transportation services. The Company is an international provider of marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along shipping routes across the world. As of February 17, 2017 the Company's fleet included 38 vessels, of which 14 are Panamax class vessels, nine are Kamsarmax class vessels, 12 are Post-Panamax class vessels and three are Capesize class vessels, with an aggregate carrying capacity of 3,421,800 deadweight tonnage (dwt). The Company's fleet of Post-Panamax vessels includes Marina, Xenia, Sophia, Eleni, Martine, Andreas K, Panayiota K, Venus Heritage, Venus History, Venus Horizon and Troodos Sun. Its fleet of Capesize vessels includes Kanaris, Pelopidas and Lake Despina.

FINANCIAL RATIOS  of  Safe Bulkers (SB)

Valuation Ratios
P/E Ratio -6.3
Price to Sales 3.2
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 27.2
Price to Free Cash Flow -7.9
Growth Rates
Sales Growth Rate -13.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -53.2%
Cap. Spend. - 3 Yr. Gr. Rate -13.4%
Financial Strength
Quick Ratio 8
Current Ratio 0
LT Debt to Equity 98.4%
Total Debt to Equity 100.5%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.9%
Ret/ On Assets - 3 Yr. Avg. -1.2%
Return On Total Capital -4.6%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity -9.2%
Return On Equity - 3 Yr. Avg. -4.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 92.7%
Gross Margin - 3 Yr. Avg. 88.7%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 21.3%
Operating Margin -28.2%
Oper. Margin - 3 Yr. Avg. -11.9%
Pre-Tax Margin -50.9%
Pre-Tax Margin - 3 Yr. Avg. -26.3%
Net Profit Margin -50.9%
Net Profit Margin - 3 Yr. Avg. -26.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -25%

SB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SB stock intrinsic value calculation we used $110 million for the last fiscal year's total revenue generated by Safe Bulkers. The default revenue input number comes from 2016 income statement of Safe Bulkers. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SB stock valuation model: a) initial revenue growth rate of 37% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for SB is calculated based on our internal credit rating of Safe Bulkers, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Safe Bulkers.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SB stock the variable cost ratio is equal to 105.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $26 million in the base year in the intrinsic value calculation for SB stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Safe Bulkers.

Corporate tax rate of 27% is the nominal tax rate for Safe Bulkers. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SB stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SB are equal to 921.4%.

Life of production assets of 20.7 years is the average useful life of capital assets used in Safe Bulkers operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SB is equal to 4.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $579 million for Safe Bulkers - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 99.954 million for Safe Bulkers is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Safe Bulkers at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Safe Bulkers, Inc. to Host Earnings Call   [Feb-15-18 06:30AM  ACCESSWIRE]
▶ Safe Bulkers beats Street 4Q forecasts   [Feb-14-18 04:47PM  Associated Press]
▶ Safe Bulkers, Inc. to Host Earnings Call   [Nov-01-17 06:50AM  ACCESSWIRE]
▶ Safe Bulkers misses 3Q profit forecasts   [Oct-31-17 05:41PM  Associated Press]
▶ New Strong Sell Stocks for October 12th   [Oct-12-17 09:16AM  Zacks]
▶ ETFs with exposure to Safe Bulkers, Inc. : August 4, 2017   [Aug-03-17 09:22PM  Capital Cube]
▶ Safe Bulkers reports 2Q loss   [Jul-26-17 11:59PM  Associated Press]
▶ ETFs with exposure to Safe Bulkers, Inc. : July 4, 2017   [Jul-04-17 03:26PM  Capital Cube]
▶ Safe Bulkers Announces Annual Meeting of Stockholders   [Jun-28-17 04:05PM  Marketwired]
▶ Safe Bulkers, Inc. Added to the Russell 3000 Index   [Jun-27-17 04:05PM  Marketwired]
▶ Softbank Searches the Skies for OneWeb Partner   [Jun-04-17 07:04PM  TheStreet.com]
▶ Safe Bulkers reports 1Q loss   [May-18-17 04:12PM  Associated Press]
▶ Why Safe Bulkers Stock Just Jumped 16%   [Apr-06-17 05:31PM  Motley Fool]
▶ Shipping stocks rocket after analyst calls the bottom   [Mar-29-17 07:36AM  MarketWatch]
▶ Why Dry Bulk Shipping Stocks Popped Today   [12:22PM  Motley Fool]
▶ Here is What Hedge Funds Think About Willbros Group Inc (WG)   [Dec-15-16 06:04AM  at Insider Monkey]
▶ The Donald Trump Shipping Stock Boom   [Nov-15-16 03:38PM  at Forbes]
▶ Safe Bulkers, Inc. Files Shelf Registration Statement   [Oct-17-16 05:30PM  Marketwired]
Financial statements of SB
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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