We have updated our estimates, owing to the Q1 report and its updated contract backlog at healthy rates providing visibility on cash flows for the coming quarters. The market is still pricing Safe Bulkers at c50% of NAV, which screens at a noticeable discount to peers’ average P/NAV of ~0.8x. This, along with its contract portfolio, continues to provide relatively attractive exposure to the dry bulk segment, despite potential downside risk to demand on fundamental drivers in China (importer of ~...
Two Directors at ABB Ltd sold 62,402 shares at between 44.780CHF and 44.933CHF. The significance rating of the trade was 79/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
Are the Lows "In" for this Pullback? While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback. Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&P 500 due to a multitude of reasons (SPX had simply filled 2/22/24 gap support that we had been discussing since late-February, Russell 2000 and Equal-Weighted S&P 500 were holding above key supports, short-term oversold conditions, subdued ...
Safe Bulkers, Inc. Reports First Quarter 2024 Results and Declares Dividend on Common Stock MONACO, April 29, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three month periods ended March 31, 2024. The Board of Directors of the Company also declared a cash dividend of $0.05 per share of outstanding common stock. Financial highlights In million U.S. Dollars except per share dataQ1 2024Q4 2023Q3 2023Q2 2023Q1 2023Net revenues81.782...
Our trip to South Korea and China revealed Chinese shipbuilders are seeking growth to take on Korea’s established yards who are facing constraints. An eagerness to add capacity is one of our takeaways, as well as a gloomy outlook for Chinese real estate, which in our view should inevitably weigh on dry bulk demand.
The market is pricing Safe Bulkers at a ~50% discount to NAV, which we believe mitigates any potential vessel value risk and leaves a still-favourable risk/reward towards the dry bulk supply-side narrative. However, we find the recent dry bulk freight market strength counter to fundamental demand drivers in China (importer of ~75% of seaborne iron ore volumes and ~50% of overall volumes), and see some market downside risk near-term. Still, at today’s share price, we see an attractive 17% earning...
Safe Bulkers, Inc. Announces Agreement for the Acquisition of One Newbuild Japanese Kamsarmax Class Dry-bulk Vessel MONACO, April 26, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it has entered into an agreement for the acquisition of a Japanese, 82,000 dwt, dry-bulk, Kamsarmax class vessel, with a scheduled delivery date within the fourth quarter of 2026. The newbuild vessel is designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to the reduct...
Safe Bulkers, Inc. Sets Date for the First Quarter 2024 Results, Conference Call, and Webcast Earnings Release: Monday, April 29, 2024, After Market Closes Conference Call and Webcast: Tuesday, April 30, 2024, at 10:00 A.M. Eastern Time MONACO, April 24, 2024 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it will release its results for the first quarter ended March 31, 2024, after the market closes in New York on Monday, April 29, 2024. On Tuesday, April 30, 2024, at...
>Good Q1 set to reassure the market (book-to-bill at 1.1x, operational EBITA margin of 17.9%) - ABB’s Q1 results, reported yesterday morning, were better than expected overall. Order intake came in at $ 9bn, -4% in comparable terms (consensus at -7%), underpinned by the Electrification (EL) and Motion (MO) divisions, at respectively +8% and +1%, while orders fell by 30% at RA and by 20% for Process Automation (PA). Sales came to $ 7.87bn, +2% in comparable terms vs 5%...
>Le bon T1 rassure (book-to-bill 1.1x, marge d’op. EBIT à 17.9%) - ABB a publié hier matin des résultats T1 globalement meilleurs qu’attendu. Les prises de commandes atteignent 9 Md$, -4% en comparable (consensus à -7%), soutenues par les divisions Electrification (EL) et Motion (MO), à respectivement +8% et +1%, tandis qu’elles reculent de 30% chez RA et de 20% en Process Automation (PA). Le CA atteint 7 870 M$, +2% en comparable vs 5% attendus par le consensus. La m...
CEO Björn Rosengren’s penultimate report before retiring highlighted the structural improvements made at ABB under his tenure as margins beat our expectations and consensus, and the 2024 margin guidance was raised. We have upgraded to BUY (HOLD) and raised our target price to SEK595 (520), having increased our 2024–2026e operating EBITA by 5–4%. At 15.2x 2024e EV/EBIT (10-year average 15.0x), we believe the stock deserves further re-rating as the valuation still seems to be anchored in historica...
>Q1 2024: book-to-bill of 1.14x, operational EBITA 4% above expectations - This morning, ABB published Q1 sales of $ 7,870m, up 2% l-f-l vs 5% anticipated by the consensus, an “operation EBITA” margin of 17.9% ($ 1,417m) vs 16.8% estimated ($ 1,364m) and order intake of $ 8,974m (a 4% decline l-f-l), better than expected. The book-to-bill was therefore 1.14x. By market, demand remains robust in medium-voltage but the group mentioned (for the first time) a decline in p...
>T1 2024 : book-to-bill à 1.14x, EBIT opérationnel 4% au-dessus des attentes - ABB a publié ce matin un chiffre d’affaires T1 de 7 870 M$, en hausse de 2% en comparable vs 5% attendus par le consensus, une marge « operational EBITA » de 17.9% (1 417 M$) vs 16.8% attendus (1 364 M$) et des prises de commandes de 8 974 M$ (en recul de 4% en comparable), meilleures qu’attendu. Le book-to-bill atteint ainsi 1.14x. Par marché, la demande reste forte en medium-voltage mais ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.