Intrinsic value of Scorpio Bulkers - SALT

Previous Close

$5.71

  Intrinsic Value

$2.97

stock screener

  Rating & Target

sell

-48%

Previous close

$5.71

 
Intrinsic value

$2.97

 
Up/down potential

-48%

 
Rating

sell

We calculate the intrinsic value of SALT 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 0001), $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 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  260
  401
  600
  870
  1,228
  1,688
  2,265
  2,974
  3,827
  4,834
  6,003
  7,339
  8,846
  10,525
  12,376
  14,396
  16,583
  18,933
  21,443
  24,108
  26,926
  29,892
  33,006
  36,265
  39,670
  43,219
  46,916
  50,762
  54,762
  58,918
Variable operating expenses, $m
  119
  183
  274
  398
  561
  771
  1,035
  1,359
  1,749
  2,209
  2,743
  3,354
  4,043
  4,810
  5,656
  6,579
  7,578
  8,653
  9,799
  11,017
  12,305
  13,661
  15,084
  16,573
  18,129
  19,751
  21,441
  23,198
  25,026
  26,926
Fixed operating expenses, $m
  149
  152
  156
  159
  163
  166
  170
  174
  178
  181
  185
  190
  194
  198
  202
  207
  211
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  274
  280
Total operating expenses, $m
  268
  335
  430
  557
  724
  937
  1,205
  1,533
  1,927
  2,390
  2,928
  3,544
  4,237
  5,008
  5,858
  6,786
  7,789
  8,869
  10,020
  11,243
  12,536
  13,897
  15,325
  16,819
  18,381
  20,008
  21,704
  23,467
  25,300
  27,206
Operating income, $m
  -8
  65
  170
  313
  504
  750
  1,060
  1,441
  1,901
  2,443
  3,074
  3,796
  4,610
  5,517
  6,518
  7,610
  8,793
  10,065
  11,423
  12,865
  14,390
  15,996
  17,681
  19,446
  21,289
  23,211
  25,213
  27,295
  29,461
  31,712
EBITDA, $m
  71
  187
  352
  578
  877
  1,263
  1,749
  2,346
  3,064
  3,913
  4,899
  6,027
  7,300
  8,718
  10,281
  11,988
  13,836
  15,822
  17,943
  20,196
  22,577
  25,085
  27,717
  30,473
  33,351
  36,353
  39,478
  42,731
  46,112
  49,627
Interest expense (income), $m
  23
  39
  61
  93
  138
  199
  280
  384
  515
  676
  869
  1,097
  1,362
  1,665
  2,006
  2,387
  2,806
  3,264
  3,760
  4,292
  4,861
  5,465
  6,103
  6,775
  7,481
  8,219
  8,991
  9,795
  10,633
  11,504
  12,410
Earnings before tax, $m
  -47
  4
  77
  175
  305
  470
  676
  926
  1,225
  1,574
  1,977
  2,433
  2,945
  3,511
  4,131
  4,804
  5,529
  6,305
  7,131
  8,004
  8,925
  9,893
  10,906
  11,965
  13,070
  14,220
  15,418
  16,663
  17,957
  19,302
Tax expense, $m
  0
  1
  21
  47
  82
  127
  182
  250
  331
  425
  534
  657
  795
  948
  1,115
  1,297
  1,493
  1,702
  1,925
  2,161
  2,410
  2,671
  2,945
  3,231
  3,529
  3,839
  4,163
  4,499
  4,848
  5,211
Net income, $m
  -47
  3
  56
  128
  222
  343
  493
  676
  894
  1,149
  1,443
  1,776
  2,150
  2,563
  3,015
  3,507
  4,036
  4,603
  5,205
  5,843
  6,516
  7,222
  7,961
  8,735
  9,541
  10,381
  11,255
  12,164
  13,109
  14,090

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  2,544
  3,931
  5,879
  8,530
  12,035
  16,545
  22,208
  29,161
  37,523
  47,394
  58,853
  71,953
  86,728
  103,189
  121,332
  141,138
  162,579
  185,620
  210,225
  236,355
  263,977
  293,062
  323,589
  355,542
  388,917
  423,719
  459,962
  497,671
  536,879
  577,632
Adjusted assets (=assets-cash), $m
  2,544
  3,931
  5,879
  8,530
  12,035
  16,545
  22,208
  29,161
  37,523
  47,394
  58,853
  71,953
  86,728
  103,189
  121,332
  141,138
  162,579
  185,620
  210,225
  236,355
  263,977
  293,062
  323,589
  355,542
  388,917
  423,719
  459,962
  497,671
  536,879
  577,632
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
Average production assets, $m
  2,367
  3,658
  5,470
  7,937
  11,198
  15,394
  20,663
  27,132
  34,913
  44,098
  54,759
  66,948
  80,695
  96,011
  112,892
  131,321
  151,271
  172,709
  195,602
  219,915
  245,616
  272,678
  301,081
  330,812
  361,865
  394,247
  427,969
  463,055
  499,536
  537,454
Working capital, $m
  6
  9
  13
  19
  27
  37
  50
  65
  84
  106
  132
  161
  195
  232
  272
  317
  365
  417
  472
  530
  592
  658
  726
  798
  873
  951
  1,032
  1,117
  1,205
  1,296
Total debt, $m
  1,127
  1,720
  2,554
  3,689
  5,189
  7,119
  9,543
  12,518
  16,097
  20,322
  25,227
  30,834
  37,157
  44,202
  51,968
  60,445
  69,622
  79,483
  90,014
  101,198
  113,020
  125,468
  138,534
  152,210
  166,494
  181,389
  196,901
  213,041
  229,822
  247,264
Total liabilities, $m
  1,089
  1,683
  2,516
  3,651
  5,151
  7,081
  9,505
  12,481
  16,060
  20,285
  25,189
  30,796
  37,119
  44,165
  51,930
  60,407
  69,584
  79,446
  89,976
  101,160
  112,982
  125,431
  138,496
  152,172
  166,456
  181,352
  196,864
  213,003
  229,784
  247,226
Total equity, $m
  1,455
  2,249
  3,363
  4,879
  6,884
  9,464
  12,703
  16,680
  21,463
  27,109
  33,664
  41,157
  49,608
  59,024
  69,402
  80,731
  92,995
  106,175
  120,249
  135,195
  150,995
  167,632
  185,093
  203,370
  222,460
  242,367
  263,098
  284,668
  307,095
  330,405
Total liabilities and equity, $m
  2,544
  3,932
  5,879
  8,530
  12,035
  16,545
  22,208
  29,161
  37,523
  47,394
  58,853
  71,953
  86,727
  103,189
  121,332
  141,138
  162,579
  185,621
  210,225
  236,355
  263,977
  293,063
  323,589
  355,542
  388,916
  423,719
  459,962
  497,671
  536,879
  577,631
Debt-to-equity ratio
  0.770
  0.770
  0.760
  0.760
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
  0.750
Adjusted equity ratio
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -47
  3
  56
  128
  222
  343
  493
  676
  894
  1,149
  1,443
  1,776
  2,150
  2,563
  3,015
  3,507
  4,036
  4,603
  5,205
  5,843
  6,516
  7,222
  7,961
  8,735
  9,541
  10,381
  11,255
  12,164
  13,109
  14,090
Depreciation, amort., depletion, $m
  79
  122
  182
  265
  373
  513
  689
  904
  1,164
  1,470
  1,825
  2,232
  2,690
  3,200
  3,763
  4,377
  5,042
  5,757
  6,520
  7,331
  8,187
  9,089
  10,036
  11,027
  12,062
  13,142
  14,266
  15,435
  16,651
  17,915
Funds from operations, $m
  32
  125
  238
  392
  596
  856
  1,182
  1,580
  2,058
  2,619
  3,268
  4,008
  4,840
  5,763
  6,779
  7,884
  9,079
  10,360
  11,725
  13,174
  14,703
  16,311
  17,998
  19,762
  21,603
  23,522
  25,521
  27,599
  29,760
  32,005
Change in working capital, $m
  2
  3
  4
  6
  8
  10
  13
  16
  19
  22
  26
  29
  33
  37
  41
  44
  48
  52
  55
  59
  62
  65
  69
  72
  75
  78
  81
  85
  88
  91
Cash from operations, $m
  30
  122
  234
  387
  588
  846
  1,169
  1,565
  2,039
  2,597
  3,243
  3,979
  4,806
  5,726
  6,738
  7,840
  9,031
  10,308
  11,670
  13,115
  14,641
  16,246
  17,929
  19,690
  21,528
  23,444
  25,439
  27,514
  29,672
  31,914
Maintenance CAPEX, $m
  -49
  -79
  -122
  -182
  -265
  -373
  -513
  -689
  -904
  -1,164
  -1,470
  -1,825
  -2,232
  -2,690
  -3,200
  -3,763
  -4,377
  -5,042
  -5,757
  -6,520
  -7,331
  -8,187
  -9,089
  -10,036
  -11,027
  -12,062
  -13,142
  -14,266
  -15,435
  -16,651
New CAPEX, $m
  -890
  -1,290
  -1,812
  -2,467
  -3,261
  -4,197
  -5,269
  -6,469
  -7,780
  -9,185
  -10,662
  -12,189
  -13,747
  -15,316
  -16,881
  -18,429
  -19,950
  -21,439
  -22,893
  -24,313
  -25,701
  -27,062
  -28,403
  -29,731
  -31,054
  -32,381
  -33,722
  -35,086
  -36,481
  -37,918
Cash from investing activities, $m
  -939
  -1,369
  -1,934
  -2,649
  -3,526
  -4,570
  -5,782
  -7,158
  -8,684
  -10,349
  -12,132
  -14,014
  -15,979
  -18,006
  -20,081
  -22,192
  -24,327
  -26,481
  -28,650
  -30,833
  -33,032
  -35,249
  -37,492
  -39,767
  -42,081
  -44,443
  -46,864
  -49,352
  -51,916
  -54,569
Free cash flow, $m
  -909
  -1,247
  -1,700
  -2,262
  -2,938
  -3,724
  -4,613
  -5,593
  -6,646
  -7,752
  -8,889
  -10,036
  -11,172
  -12,280
  -13,343
  -14,352
  -15,297
  -16,173
  -16,980
  -17,718
  -18,391
  -19,004
  -19,563
  -20,077
  -20,553
  -20,999
  -21,425
  -21,837
  -22,245
  -22,655
Issuance/(repayment) of debt, $m
  411
  594
  834
  1,135
  1,500
  1,930
  2,424
  2,976
  3,579
  4,225
  4,904
  5,607
  6,324
  7,045
  7,765
  8,477
  9,177
  9,862
  10,531
  11,184
  11,822
  12,448
  13,065
  13,676
  14,285
  14,895
  15,512
  16,139
  16,781
  17,442
Issuance/(repurchase) of shares, $m
  595
  790
  1,058
  1,388
  1,782
  2,237
  2,746
  3,301
  3,889
  4,497
  5,111
  5,717
  6,301
  6,853
  7,362
  7,822
  8,228
  8,577
  8,868
  9,103
  9,284
  9,415
  9,499
  9,543
  9,550
  9,526
  9,476
  9,406
  9,319
  9,220
Cash from financing (excl. dividends), $m  
  1,006
  1,384
  1,892
  2,523
  3,282
  4,167
  5,170
  6,277
  7,468
  8,722
  10,015
  11,324
  12,625
  13,898
  15,127
  16,299
  17,405
  18,439
  19,399
  20,287
  21,106
  21,863
  22,564
  23,219
  23,835
  24,421
  24,988
  25,545
  26,100
  26,662
Total cash flow (excl. dividends), $m
  97
  136
  192
  261
  345
  443
  557
  684
  822
  971
  1,127
  1,288
  1,453
  1,619
  1,784
  1,947
  2,108
  2,266
  2,419
  2,569
  2,716
  2,860
  3,002
  3,142
  3,282
  3,422
  3,564
  3,708
  3,855
  4,007
Retained Cash Flow (-), $m
  -595
  -793
  -1,114
  -1,516
  -2,005
  -2,580
  -3,239
  -3,977
  -4,783
  -5,646
  -6,554
  -7,493
  -8,451
  -9,416
  -10,378
  -11,329
  -12,264
  -13,180
  -14,074
  -14,947
  -15,800
  -16,637
  -17,461
  -18,277
  -19,091
  -19,907
  -20,731
  -21,569
  -22,427
  -23,310
Prev. year cash balance distribution, $m
  10
  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
  -488
  -657
  -923
  -1,256
  -1,660
  -2,136
  -2,683
  -3,293
  -3,961
  -4,676
  -5,428
  -6,205
  -6,998
  -7,797
  -8,594
  -9,382
  -10,156
  -10,914
  -11,654
  -12,377
  -13,084
  -13,777
  -14,459
  -15,135
  -15,809
  -16,485
  -17,167
  -17,862
  -18,572
  -19,303
Discount rate, %
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
  -451
  -556
  -710
  -870
  -1,027
  -1,168
  -1,282
  -1,361
  -1,399
  -1,393
  -1,345
  -1,262
  -1,150
  -1,018
  -877
  -735
  -599
  -475
  -366
  -275
  -200
  -142
  -97
  -65
  -42
  -26
  -16
  -9
  -5
  -3
Current shareholders' claim on cash, %
  51.6
  29.1
  17.4
  10.9
  7.2
  4.9
  3.5
  2.5
  1.9
  1.5
  1.2
  0.9
  0.8
  0.6
  0.5
  0.5
  0.4
  0.4
  0.3
  0.3
  0.3
  0.2
  0.2
  0.2
  0.2
  0.2
  0.2
  0.2
  0.2
  0.2

Scorpio Bulkers Inc. is a shipping company. The Company owns and operates newbuilding drybulk carriers with fuel-efficient specifications and carrying capacities of greater than 30,000 deadweight tons (dwt). The Company operates through two segments: Kamsarmax and Ultramax. Its Kamsarmax segment includes vessels ranging from approximately 77,500 DWT to 98,700 DWT. Its Ultramax segment includes vessels ranging from approximately 60,200 DWT to 64,000 DWT. All of its owned vessels have carrying capacities of greater than 60,000 dwt. Its vessels transport a range of bulk commodities, including ores, coal, grains and fertilizers, along shipping routes, and are employed primarily in the spot market or in spot market-oriented pools of similarly sized vessels. As of December 31, 2016, its operating fleet of 48 vessels consisted of 47 drybulk vessels and one chartered-in drybulk vessel. It also has a contract for the construction of one newbuilding drybulk vessel.

FINANCIAL RATIOS  of  Scorpio Bulkers (SALT)

Valuation Ratios
P/E Ratio -3.4
Price to Sales 5.5
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow -8.3
Price to Free Cash Flow -0.8
Growth Rates
Sales Growth Rate 23.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.6%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 7.5%
Total Debt to Equity 7.5%
Interest Coverage -4
Management Effectiveness
Return On Assets -6.8%
Ret/ On Assets - 3 Yr. Avg. -17.3%
Return On Total Capital -12.3%
Ret/ On T. Cap. - 3 Yr. Avg. -22.3%
Return On Equity -13.2%
Return On Equity - 3 Yr. Avg. -23.7%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 46.9%
EBITDA Margin -83.3%
EBITDA Margin - 3 Yr. Avg. -362.8%
Operating Margin -129.5%
Oper. Margin - 3 Yr. Avg. -382.5%
Pre-Tax Margin -160.3%
Pre-Tax Margin - 3 Yr. Avg. -403.4%
Net Profit Margin -160.3%
Net Profit Margin - 3 Yr. Avg. -403.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SALT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SALT stock intrinsic value calculation we used $162.205 million for the last fiscal year's total revenue generated by Scorpio Bulkers. The default revenue input number comes from 0001 income statement of Scorpio 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 SALT stock valuation model: a) initial revenue growth rate of 60% 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 8.3%, whose default value for SALT is calculated based on our internal credit rating of Scorpio 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 Scorpio 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 SALT stock the variable cost ratio is equal to 45.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $146 million in the base year in the intrinsic value calculation for SALT 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 5.4% for Scorpio Bulkers.

Corporate tax rate of 27% is the nominal tax rate for Scorpio 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 SALT 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 SALT are equal to 912.2%.

Life of production assets of 30.5 years is the average useful life of capital assets used in Scorpio 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 SALT is equal to 2.2%. 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 - $917.38 million for Scorpio 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 77.141 million for Scorpio 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 Scorpio Bulkers at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Scorpio Bulkers: 3Q Earnings Snapshot   [09:02AM  Associated Press]
▶ Scorpio Bulkers Announces Time Charter-Out Agreements   [Oct-16-18 08:49AM  GlobeNewswire]
▶ Scorpio Bulkers Announces Update on Scrubbers   [Oct-15-18 04:25PM  GlobeNewswire]
▶ Why Scorpio Tankers Inc.'s Shares Sank 11% Today   [Oct-10-18 11:41AM  Motley Fool]
▶ Who Are The Top Investors In Scorpio Bulkers Inc (NYSE:SALT)?   [Sep-25-18 12:13PM  Simply Wall St.]
▶ Scorpio Bulkers: 2Q Earnings Snapshot   [07:57AM  Associated Press]
▶ Scorpio Bulkers: 1Q Earnings Snapshot   [06:46AM  Associated Press]
▶ Scorpio Bulkers Inc. to Announce First Quarter 2018 Results   [Apr-13-18 04:15PM  GlobeNewswire]
▶ Scorpio Bulkers reports 4Q loss   [Feb-05-18 08:31AM  Associated Press]
▶ What Is Scorpio Bulkers Incs (NYSE:SALT) Share Price Doing?   [Dec-28-17 06:05AM  Simply Wall St.]
▶ Scorpio Bulkers Inc (SALT): Time For A Financial Health Check   [Nov-23-17 06:51PM  Simply Wall St.]
▶ 2 Stocks With 50% Upside: Evermore Global   [06:00AM  Investopedia]
▶ 2 Shippers With 50% Upside   [Nov-07-17 10:22AM  Barrons.com]
▶ Scorpio Bulkers reports 3Q loss   [Oct-23-17 07:35AM  Associated Press]
▶ Scorpio Bulkers Inc. To Announce Third Quarter 2017 Results   [Oct-13-17 10:00AM  GlobeNewswire]
▶ [$$] Shipowners Rejoice Over Rising Demand for Commodities   [12:37AM  The Wall Street Journal]

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