SBSafe Bulkers, Inc.
Is it safe?
Nothing alarming, nothing pristine: comfortable debt (A) and typical volatility.
Investment-grade balance sheet. A rule of thumb on leverage, not a credit rating.
Moderate price swings, typical volatility. Worst drawdown -78% · now 4% below its 52-week high.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can SB take a bad year?
Safe Bulkers, Inc. carries $259M of net debt at 1.30× EBITDA: a load its earnings can carry.
Net debt · as at Q4 2021 · under two and a half years of EBITDA, comfortable
- Net debt / EBITDA
- 1.30×
Net debt / EBITDA · 190× a year ago · the load is coming down
- Interest cover
- 9.49×
Interest cover · operating profit covers the interest bill several times over
- Annualised volatility
- 36%
Annualised volatility · roughly twice as jumpy as the market
Details›
- Total debtQ4 2021
- $360M
- Cash and short-term investments
- $101M
- Net debt
- $259M
- EBITDA, trailing twelve months
- $199M
- Operating profit, trailing twelve months
- $146M
- Debt / equity
- 0.53×
- Total debt / EBITDA
- 1.81×
- Annualised volatilitytwo years of daily moves
- 36%
- Worst drawdown on file
- −78%
- Below its 52-week high
- 4.0%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.