Star Bulk Minor model adjustments
We have updated our estimates following Star Bulk’s Q4 report, Q1 bookings, and other minor model adjustments. We have lowered our 2025e EBITDA by 3%, maintained our 2026e, and introduced our 2027e. The company remains notably discounted to underlying values (P/NAV of 0.61x), but we continue to believe the dry bulk market will be challenged by weak fundamentals despite seasonal tailwinds from here. We expect continued downward pressure on still-elevated consensus, making for a balanced risk/reward, in our opinion. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We have lowered our target price from USD16.0 to USD15.8.Star Bulk Carriers is an international company providing worldwide transportation solutions in the drybulk sector through its vessels-owning subsidiaries for a range of customers of major and minor bulk cargoes including iron ore, coal, grain, cement, fertilizer, along worldwide shipping routes. As of Dec 31 2016, Co. owned and operated a fleet of 73 vessels consisting primarily of Newcastlemax, Capesize as well as Kamsarmax, Ultramax and Supramax vessels with a carrying capacity between 52,055 dwt and 209,537 dwt. Co.'s vessels transport a range of major and minor bulk commodities, including ores, coal, grains and fertilizers, along worldwide shipping routes.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.