Intrinsic value of Safe Bulkers - SB

Previous Close

$3.32

  Intrinsic Value

$1.43

stock screener

  Rating & Target

str. sell

-57%

Previous close

$3.32

 
Intrinsic value

$1.43

 
Up/down potential

-57%

 
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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

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
  34.60
  31.64
  28.98
  26.58
  24.42
  22.48
  20.73
  19.16
  17.74
  16.47
  15.32
  14.29
  13.36
  12.52
  11.77
  11.09
  10.48
  9.94
  9.44
  9.00
  8.60
  8.24
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
Revenue, $m
  110
  148
  195
  251
  318
  396
  485
  585
  698
  821
  957
  1,103
  1,261
  1,429
  1,608
  1,797
  1,997
  2,206
  2,426
  2,655
  2,893
  3,142
  3,401
  3,670
  3,950
  4,241
  4,543
  4,857
  5,184
  5,523
  5,876
Variable operating expenses, $m
 
  156
  206
  265
  336
  418
  512
  618
  736
  867
  1,009
  1,164
  1,330
  1,508
  1,697
  1,896
  2,107
  2,328
  2,559
  2,801
  3,053
  3,315
  3,588
  3,872
  4,167
  4,474
  4,793
  5,124
  5,469
  5,827
  6,199
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
  183
  233
  293
  365
  447
  542
  649
  768
  899
  1,042
  1,198
  1,365
  1,544
  1,734
  1,934
  2,146
  2,368
  2,600
  2,843
  3,096
  3,359
  3,633
  3,918
  4,214
  4,522
  4,842
  5,175
  5,521
  5,880
  6,254
Operating income, $m
  -31
  -35
  -38
  -42
  -46
  -51
  -57
  -63
  -70
  -78
  -86
  -95
  -104
  -114
  -125
  -137
  -148
  -161
  -174
  -188
  -202
  -216
  -232
  -248
  -264
  -281
  -299
  -318
  -337
  -357
  -378
EBITDA, $m
  18
  31
  49
  70
  95
  125
  159
  197
  240
  288
  340
  396
  457
  522
  591
  664
  740
  821
  906
  994
  1,086
  1,182
  1,282
  1,386
  1,494
  1,606
  1,723
  1,844
  1,970
  2,101
  2,238
Interest expense (income), $m
  20
  20
  27
  36
  46
  59
  73
  89
  108
  129
  152
  177
  204
  233
  264
  298
  333
  370
  408
  449
  491
  536
  582
  630
  680
  731
  785
  841
  900
  960
  1,023
Earnings before tax, $m
  -56
  -55
  -65
  -77
  -92
  -110
  -130
  -152
  -178
  -206
  -238
  -272
  -308
  -348
  -390
  -434
  -481
  -530
  -582
  -637
  -693
  -752
  -814
  -877
  -944
  -1,013
  -1,085
  -1,159
  -1,237
  -1,317
  -1,401
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
  -65
  -77
  -92
  -110
  -130
  -152
  -178
  -206
  -238
  -272
  -308
  -348
  -390
  -434
  -481
  -530
  -582
  -637
  -693
  -752
  -814
  -877
  -944
  -1,013
  -1,085
  -1,159
  -1,237
  -1,317
  -1,401

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
  1,452
  1,911
  2,465
  3,120
  3,881
  4,754
  5,739
  6,839
  8,052
  9,378
  10,815
  12,360
  14,012
  15,767
  17,623
  19,578
  21,630
  23,780
  26,025
  28,367
  30,806
  33,344
  35,983
  38,727
  41,577
  44,540
  47,618
  50,819
  54,147
  57,609
Adjusted assets (=assets-cash), $m
  1,080
  1,452
  1,911
  2,465
  3,120
  3,881
  4,754
  5,739
  6,839
  8,052
  9,378
  10,815
  12,360
  14,012
  15,767
  17,623
  19,578
  21,630
  23,780
  26,025
  28,367
  30,806
  33,344
  35,983
  38,727
  41,577
  44,540
  47,618
  50,819
  54,147
  57,609
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
  1,364
  1,796
  2,316
  2,932
  3,648
  4,468
  5,394
  6,427
  7,568
  8,814
  10,164
  11,617
  13,169
  14,818
  16,562
  18,400
  20,329
  22,349
  24,459
  26,660
  28,952
  31,338
  33,818
  36,396
  39,075
  41,860
  44,753
  47,761
  50,889
  54,143
Working capital, $m
  87
  7
  9
  11
  14
  18
  22
  26
  31
  37
  43
  50
  57
  64
  72
  81
  90
  99
  109
  119
  130
  141
  153
  165
  178
  191
  204
  219
  233
  249
  264
Total debt, $m
  582
  771
  1,019
  1,318
  1,672
  2,083
  2,554
  3,086
  3,680
  4,335
  5,051
  5,827
  6,662
  7,553
  8,501
  9,503
  10,559
  11,667
  12,828
  14,041
  15,305
  16,622
  17,993
  19,418
  20,899
  22,439
  24,038
  25,701
  27,429
  29,226
  31,096
Total liabilities, $m
  595
  784
  1,032
  1,331
  1,685
  2,096
  2,567
  3,099
  3,693
  4,348
  5,064
  5,840
  6,675
  7,566
  8,514
  9,516
  10,572
  11,680
  12,841
  14,054
  15,318
  16,635
  18,006
  19,431
  20,912
  22,452
  24,051
  25,714
  27,442
  29,239
  31,109
Total equity, $m
  579
  668
  879
  1,134
  1,435
  1,785
  2,187
  2,640
  3,146
  3,704
  4,314
  4,975
  5,686
  6,445
  7,253
  8,106
  9,006
  9,950
  10,939
  11,972
  13,049
  14,171
  15,338
  16,552
  17,814
  19,126
  20,488
  21,904
  23,377
  24,908
  26,500
Total liabilities and equity, $m
  1,174
  1,452
  1,911
  2,465
  3,120
  3,881
  4,754
  5,739
  6,839
  8,052
  9,378
  10,815
  12,361
  14,011
  15,767
  17,622
  19,578
  21,630
  23,780
  26,026
  28,367
  30,806
  33,344
  35,983
  38,726
  41,578
  44,539
  47,618
  50,819
  54,147
  57,609
Debt-to-equity ratio
  1.005
  1.150
  1.160
  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
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
  -65
  -77
  -92
  -110
  -130
  -152
  -178
  -206
  -238
  -272
  -308
  -348
  -390
  -434
  -481
  -530
  -582
  -637
  -693
  -752
  -814
  -877
  -944
  -1,013
  -1,085
  -1,159
  -1,237
  -1,317
  -1,401
Depreciation, amort., depletion, $m
  49
  66
  87
  112
  142
  176
  216
  261
  311
  366
  426
  491
  561
  636
  716
  800
  889
  982
  1,080
  1,182
  1,288
  1,399
  1,514
  1,634
  1,758
  1,888
  2,022
  2,162
  2,307
  2,458
  2,616
Funds from operations, $m
  10
  11
  22
  34
  49
  67
  86
  108
  132
  159
  188
  219
  253
  289
  326
  366
  408
  452
  497
  545
  595
  646
  700
  756
  814
  875
  938
  1,003
  1,071
  1,141
  1,215
Change in working capital, $m
  -3
  2
  2
  3
  3
  3
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
Cash from operations, $m
  13
  9
  20
  32
  46
  63
  82
  104
  127
  154
  182
  213
  246
  281
  318
  358
  399
  442
  487
  535
  584
  635
  689
  744
  802
  862
  924
  989
  1,056
  1,126
  1,199
Maintenance CAPEX, $m
  0
  -49
  -66
  -87
  -112
  -142
  -176
  -216
  -261
  -311
  -366
  -426
  -491
  -561
  -636
  -716
  -800
  -889
  -982
  -1,080
  -1,182
  -1,288
  -1,399
  -1,514
  -1,634
  -1,758
  -1,888
  -2,022
  -2,162
  -2,307
  -2,458
New CAPEX, $m
  -58
  -351
  -432
  -520
  -616
  -716
  -820
  -926
  -1,033
  -1,140
  -1,246
  -1,350
  -1,452
  -1,552
  -1,649
  -1,744
  -1,837
  -1,929
  -2,020
  -2,110
  -2,201
  -2,292
  -2,385
  -2,480
  -2,578
  -2,679
  -2,784
  -2,894
  -3,008
  -3,128
  -3,254
Cash from investing activities, $m
  21
  -400
  -498
  -607
  -728
  -858
  -996
  -1,142
  -1,294
  -1,451
  -1,612
  -1,776
  -1,943
  -2,113
  -2,285
  -2,460
  -2,637
  -2,818
  -3,002
  -3,190
  -3,383
  -3,580
  -3,784
  -3,994
  -4,212
  -4,437
  -4,672
  -4,916
  -5,170
  -5,435
  -5,712
Free cash flow, $m
  34
  -390
  -478
  -575
  -681
  -795
  -914
  -1,038
  -1,167
  -1,297
  -1,430
  -1,563
  -1,698
  -1,832
  -1,967
  -2,103
  -2,239
  -2,376
  -2,515
  -2,655
  -2,799
  -2,945
  -3,095
  -3,250
  -3,410
  -3,576
  -3,748
  -3,927
  -4,114
  -4,309
  -4,513
Issuance/(repayment) of debt, $m
  -84
  201
  248
  299
  354
  411
  471
  532
  594
  655
  716
  776
  834
  892
  948
  1,002
  1,056
  1,108
  1,161
  1,213
  1,265
  1,317
  1,371
  1,425
  1,481
  1,539
  1,600
  1,663
  1,728
  1,797
  1,870
Issuance/(repurchase) of shares, $m
  14
  225
  276
  332
  394
  460
  531
  606
  684
  765
  848
  933
  1,019
  1,107
  1,197
  1,288
  1,380
  1,475
  1,571
  1,669
  1,770
  1,874
  1,981
  2,092
  2,206
  2,324
  2,447
  2,575
  2,709
  2,848
  2,993
Cash from financing (excl. dividends), $m  
  -70
  426
  524
  631
  748
  871
  1,002
  1,138
  1,278
  1,420
  1,564
  1,709
  1,853
  1,999
  2,145
  2,290
  2,436
  2,583
  2,732
  2,882
  3,035
  3,191
  3,352
  3,517
  3,687
  3,863
  4,047
  4,238
  4,437
  4,645
  4,863
Total cash flow (excl. dividends), $m
  -35
  36
  46
  56
  66
  77
  88
  100
  111
  123
  134
  145
  156
  167
  177
  187
  197
  207
  217
  227
  236
  246
  256
  267
  277
  288
  299
  311
  323
  336
  350
Retained Cash Flow (-), $m
  55
  -225
  -276
  -332
  -394
  -460
  -531
  -606
  -684
  -765
  -848
  -933
  -1,019
  -1,107
  -1,197
  -1,288
  -1,380
  -1,475
  -1,571
  -1,669
  -1,770
  -1,874
  -1,981
  -2,092
  -2,206
  -2,324
  -2,447
  -2,575
  -2,709
  -2,848
  -2,993
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
 
  -107
  -230
  -276
  -327
  -383
  -443
  -506
  -573
  -642
  -714
  -787
  -863
  -940
  -1,020
  -1,100
  -1,183
  -1,267
  -1,354
  -1,443
  -1,534
  -1,628
  -1,725
  -1,825
  -1,929
  -2,036
  -2,148
  -2,264
  -2,386
  -2,512
  -2,644
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
 
  -99
  -193
  -210
  -223
  -232
  -236
  -234
  -227
  -216
  -201
  -183
  -163
  -142
  -122
  -101
  -83
  -66
  -51
  -39
  -29
  -21
  -15
  -10
  -7
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  60.7
  38.1
  24.8
  16.6
  11.4
  8.0
  5.7
  4.2
  3.1
  2.3
  1.8
  1.4
  1.1
  0.9
  0.7
  0.5
  0.4
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  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 -5.9
Price to Sales 3
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 25.3
Price to Free Cash Flow -7.3
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 34.6% 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 101.517 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 $0.3 billion.

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COMPANY NEWS

▶ 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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