Intrinsic value of Safe Bulkers - SB

Previous Close

$2.14

  Intrinsic Value

$1.12

stock screener

  Rating & Target

sell

-47%

Previous close

$2.14

 
Intrinsic value

$1.12

 
Up/down potential

-47%

 
Rating

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 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 0.2

 

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, %
  34.90
  31.91
  29.22
  26.80
  24.62
  22.66
  20.89
  19.30
  17.87
  16.58
  15.43
  14.38
  13.44
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.94
  7.65
  7.39
  7.15
  6.93
  6.74
  6.56
  6.41
Revenue, $m
  200
  263
  340
  432
  538
  660
  798
  951
  1,121
  1,307
  1,509
  1,726
  1,958
  2,205
  2,466
  2,741
  3,030
  3,333
  3,649
  3,979
  4,322
  4,680
  5,052
  5,438
  5,840
  6,257
  6,691
  7,142
  7,611
  8,098
Variable operating expenses, $m
  256
  338
  437
  554
  691
  847
  1,024
  1,222
  1,440
  1,679
  1,938
  2,216
  2,514
  2,831
  3,166
  3,520
  3,891
  4,279
  4,685
  5,109
  5,550
  6,009
  6,486
  6,983
  7,498
  8,034
  8,591
  9,170
  9,772
  10,398
Fixed operating expenses, $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 operating expenses, $m
  256
  338
  437
  554
  691
  847
  1,024
  1,222
  1,440
  1,679
  1,938
  2,216
  2,514
  2,831
  3,166
  3,520
  3,891
  4,279
  4,685
  5,109
  5,550
  6,009
  6,486
  6,983
  7,498
  8,034
  8,591
  9,170
  9,772
  10,398
Operating income, $m
  -57
  -75
  -97
  -123
  -153
  -187
  -226
  -270
  -318
  -371
  -429
  -490
  -556
  -626
  -700
  -779
  -861
  -947
  -1,036
  -1,130
  -1,228
  -1,329
  -1,435
  -1,544
  -1,658
  -1,777
  -1,900
  -2,028
  -2,161
  -2,300
EBITDA, $m
  13
  17
  22
  28
  34
  42
  51
  61
  72
  84
  97
  110
  125
  141
  158
  175
  194
  213
  233
  255
  277
  299
  323
  348
  374
  400
  428
  457
  487
  518
Interest expense (income), $m
  20
  31
  41
  54
  70
  88
  110
  134
  162
  193
  228
  265
  306
  350
  397
  447
  500
  556
  614
  675
  739
  806
  876
  948
  1,023
  1,102
  1,183
  1,267
  1,355
  1,446
  1,541
Earnings before tax, $m
  -87
  -116
  -151
  -192
  -241
  -297
  -361
  -432
  -512
  -599
  -694
  -796
  -906
  -1,023
  -1,147
  -1,278
  -1,416
  -1,561
  -1,712
  -1,869
  -2,034
  -2,205
  -2,383
  -2,568
  -2,760
  -2,960
  -3,167
  -3,383
  -3,608
  -3,841
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
Net income, $m
  -87
  -116
  -151
  -192
  -241
  -297
  -361
  -432
  -512
  -599
  -694
  -796
  -906
  -1,023
  -1,147
  -1,278
  -1,416
  -1,561
  -1,712
  -1,869
  -2,034
  -2,205
  -2,383
  -2,568
  -2,760
  -2,960
  -3,167
  -3,383
  -3,608
  -3,841

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
  1,322
  1,744
  2,254
  2,858
  3,562
  4,369
  5,282
  6,301
  7,427
  8,659
  9,994
  11,432
  12,969
  14,603
  16,332
  18,154
  20,067
  22,071
  24,165
  26,350
  28,625
  30,993
  33,455
  36,014
  38,674
  41,438
  44,310
  47,296
  50,401
  53,631
Adjusted assets (=assets-cash), $m
  1,322
  1,744
  2,254
  2,858
  3,562
  4,369
  5,282
  6,301
  7,427
  8,659
  9,994
  11,432
  12,969
  14,603
  16,332
  18,154
  20,067
  22,071
  24,165
  26,350
  28,625
  30,993
  33,455
  36,014
  38,674
  41,438
  44,310
  47,296
  50,401
  53,631
Revenue / Adjusted assets
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
  0.151
Average production assets, $m
  1,348
  1,778
  2,298
  2,914
  3,631
  4,454
  5,384
  6,423
  7,571
  8,827
  10,188
  11,654
  13,220
  14,886
  16,649
  18,506
  20,457
  22,500
  24,634
  26,861
  29,180
  31,594
  34,104
  36,713
  39,424
  42,242
  45,170
  48,214
  51,379
  54,672
Working capital, $m
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -57
Total debt, $m
  763
  1,002
  1,290
  1,632
  2,030
  2,487
  3,004
  3,581
  4,218
  4,915
  5,671
  6,485
  7,355
  8,279
  9,258
  10,289
  11,372
  12,507
  13,692
  14,928
  16,216
  17,556
  18,950
  20,398
  21,904
  23,468
  25,094
  26,784
  28,541
  30,369
Total liabilities, $m
  749
  987
  1,276
  1,618
  2,016
  2,473
  2,989
  3,566
  4,204
  4,901
  5,657
  6,470
  7,340
  8,265
  9,244
  10,275
  11,358
  12,492
  13,678
  14,914
  16,202
  17,542
  18,936
  20,384
  21,890
  23,454
  25,080
  26,770
  28,527
  30,355
Total equity, $m
  574
  757
  978
  1,240
  1,546
  1,896
  2,292
  2,735
  3,223
  3,758
  4,338
  4,961
  5,628
  6,338
  7,088
  7,879
  8,709
  9,579
  10,488
  11,436
  12,423
  13,451
  14,520
  15,630
  16,785
  17,984
  19,231
  20,527
  21,874
  23,276
Total liabilities and equity, $m
  1,323
  1,744
  2,254
  2,858
  3,562
  4,369
  5,281
  6,301
  7,427
  8,659
  9,995
  11,431
  12,968
  14,603
  16,332
  18,154
  20,067
  22,071
  24,166
  26,350
  28,625
  30,993
  33,456
  36,014
  38,675
  41,438
  44,311
  47,297
  50,401
  53,631
Debt-to-equity ratio
  1.330
  1.320
  1.320
  1.320
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.310
  1.300
  1.300
  1.300
  1.300
  1.300
  1.300
Adjusted equity ratio
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434
  0.434

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -87
  -116
  -151
  -192
  -241
  -297
  -361
  -432
  -512
  -599
  -694
  -796
  -906
  -1,023
  -1,147
  -1,278
  -1,416
  -1,561
  -1,712
  -1,869
  -2,034
  -2,205
  -2,383
  -2,568
  -2,760
  -2,960
  -3,167
  -3,383
  -3,608
  -3,841
Depreciation, amort., depletion, $m
  69
  92
  118
  150
  187
  230
  278
  331
  390
  455
  525
  601
  681
  767
  858
  954
  1,054
  1,160
  1,270
  1,385
  1,504
  1,629
  1,758
  1,892
  2,032
  2,177
  2,328
  2,485
  2,648
  2,818
Funds from operations, $m
  -18
  -24
  -32
  -42
  -54
  -67
  -83
  -101
  -122
  -144
  -169
  -196
  -225
  -256
  -289
  -325
  -362
  -401
  -442
  -485
  -530
  -576
  -625
  -675
  -728
  -782
  -839
  -898
  -959
  -1,023
Change in working capital, $m
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
Cash from operations, $m
  -17
  -24
  -32
  -41
  -53
  -67
  -82
  -100
  -120
  -143
  -167
  -194
  -223
  -254
  -287
  -323
  -360
  -399
  -440
  -482
  -527
  -574
  -622
  -673
  -725
  -779
  -836
  -895
  -956
  -1,020
Maintenance CAPEX, $m
  -52
  -69
  -92
  -118
  -150
  -187
  -230
  -278
  -331
  -390
  -455
  -525
  -601
  -681
  -767
  -858
  -954
  -1,054
  -1,160
  -1,270
  -1,385
  -1,504
  -1,629
  -1,758
  -1,892
  -2,032
  -2,177
  -2,328
  -2,485
  -2,648
New CAPEX, $m
  -349
  -430
  -520
  -616
  -717
  -823
  -930
  -1,039
  -1,148
  -1,256
  -1,362
  -1,465
  -1,567
  -1,666
  -1,763
  -1,857
  -1,951
  -2,043
  -2,135
  -2,227
  -2,319
  -2,414
  -2,510
  -2,609
  -2,711
  -2,817
  -2,928
  -3,044
  -3,165
  -3,293
Cash from investing activities, $m
  -401
  -499
  -612
  -734
  -867
  -1,010
  -1,160
  -1,317
  -1,479
  -1,646
  -1,817
  -1,990
  -2,168
  -2,347
  -2,530
  -2,715
  -2,905
  -3,097
  -3,295
  -3,497
  -3,704
  -3,918
  -4,139
  -4,367
  -4,603
  -4,849
  -5,105
  -5,372
  -5,650
  -5,941
Free cash flow, $m
  -418
  -524
  -643
  -776
  -920
  -1,076
  -1,242
  -1,417
  -1,599
  -1,789
  -1,984
  -2,185
  -2,391
  -2,602
  -2,817
  -3,038
  -3,264
  -3,496
  -3,734
  -3,979
  -4,231
  -4,492
  -4,761
  -5,040
  -5,329
  -5,629
  -5,942
  -6,267
  -6,606
  -6,961
Issuance/(repayment) of debt, $m
  195
  239
  289
  342
  398
  457
  517
  577
  637
  697
  756
  814
  870
  925
  979
  1,031
  1,083
  1,134
  1,185
  1,236
  1,288
  1,340
  1,394
  1,449
  1,505
  1,564
  1,626
  1,690
  1,757
  1,828
Issuance/(repurchase) of shares, $m
  237
  299
  372
  454
  546
  647
  757
  875
  1,001
  1,134
  1,274
  1,420
  1,573
  1,733
  1,898
  2,069
  2,247
  2,430
  2,621
  2,817
  3,021
  3,232
  3,451
  3,678
  3,914
  4,159
  4,414
  4,679
  4,955
  5,243
Cash from financing (excl. dividends), $m  
  432
  538
  661
  796
  944
  1,104
  1,274
  1,452
  1,638
  1,831
  2,030
  2,234
  2,443
  2,658
  2,877
  3,100
  3,330
  3,564
  3,806
  4,053
  4,309
  4,572
  4,845
  5,127
  5,419
  5,723
  6,040
  6,369
  6,712
  7,071
Total cash flow (excl. dividends), $m
  14
  14
  17
  21
  24
  28
  31
  35
  39
  42
  46
  49
  53
  56
  59
  62
  65
  69
  72
  75
  78
  81
  84
  88
  91
  95
  98
  102
  106
  110
Retained Cash Flow (-), $m
  -237
  -299
  -372
  -454
  -546
  -647
  -757
  -875
  -1,001
  -1,134
  -1,274
  -1,420
  -1,573
  -1,733
  -1,898
  -2,069
  -2,247
  -2,430
  -2,621
  -2,817
  -3,021
  -3,232
  -3,451
  -3,678
  -3,914
  -4,159
  -4,414
  -4,679
  -4,955
  -5,243
Prev. year cash balance distribution, $m
  32
  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
  -191
  -285
  -355
  -434
  -522
  -620
  -726
  -840
  -962
  -1,092
  -1,228
  -1,371
  -1,521
  -1,677
  -1,839
  -2,007
  -2,181
  -2,362
  -2,549
  -2,743
  -2,943
  -3,151
  -3,367
  -3,591
  -3,823
  -4,065
  -4,316
  -4,577
  -4,849
  -5,132
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  -176
  -240
  -272
  -299
  -321
  -336
  -344
  -344
  -336
  -321
  -300
  -274
  -245
  -214
  -183
  -153
  -125
  -99
  -77
  -58
  -43
  -31
  -22
  -15
  -10
  -6
  -4
  -2
  -1
  -1
Current shareholders' claim on cash, %
  55.7
  31.9
  18.7
  11.3
  6.9
  4.3
  2.8
  1.8
  1.2
  0.8
  0.5
  0.4
  0.2
  0.2
  0.1
  0.1
  0.1
  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

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 -3.8
Price to Sales 1.9
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow -4.7
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 $148.032 million for the last fiscal year's total revenue generated by Safe Bulkers. The default revenue input number comes from 0001 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 34.9% 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 8.4%, 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 128.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5.4% 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 675.1%.

Life of production assets of 19.4 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 -0.7%. 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 - $456.348 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 101.536 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 $0.2 billion.

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COMPANY NEWS

▶ Safe Bulkers (SB) Q3 Earnings Lag Estimates   [Nov-07-18 08:50PM  Zacks]
▶ Safe Bulkers: 3Q Earnings Snapshot   [07:47PM  Associated Press]
▶ Safe Bulkers: 2Q Earnings Snapshot   [Jul-25-18 06:29PM  Associated Press]
▶ Safe Bulkers Announces Annual Meeting of Stockholders   [Jun-27-18 09:00AM  GlobeNewswire]
▶ How Financially Strong Is Safe Bulkers Inc (NYSE:SB)?   [Jun-26-18 12:09PM  Simply Wall St.]
▶ Why Safe Bulkers Stock Popped 12% Today   [May-31-18 07:08PM  Motley Fool]
▶ Safe Bulkers: 1Q Earnings Snapshot   [May-29-18 04:10PM  Associated Press]
▶ Penny Stocks to Watch for March 2018   [Feb-28-18 11:33AM  Investopedia]
▶ 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]

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