Financials Star Bulk Carriers Corp.

Equities

SBLK

MHY8162K2046

Marine Freight & Logistics

Market Closed - Nasdaq Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
24.71 ^USD	+1.19%		+7.29%	+16.23%

Apr. 09	Star Bulk Carriers, Eagle Bulk Shipping Complete Merger	MT
Apr. 09	Star Bulk Carriers Corp. Appoints Gary Weston to the Bulk Board of Directors Consequent to Merger	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,116	848.3	2,315	1,975	1,783	2,799	-	-
Enterprise Value (EV) ¹	2,580	2,225	3,386	2,976	2,760	3,455	3,327	3,093
P/E ratio	-69.5 x	88.3 x	3.38 x	3.48 x	12.1 x	8.01 x	7.57 x	4.72 x
Yield	0.85%	-	18.7%	26.5%	6.68%	8.69%	10.7%	12.3%
Capitalization / Revenue	1.87 x	1.72 x	1.93 x	1.72 x	2.56 x	3.18 x	2.84 x	2.55 x
EV / Revenue	4.31 x	4.51 x	2.82 x	2.59 x	3.97 x	3.92 x	3.38 x	2.81 x
EV / EBITDA	10.9 x	9.71 x	3.76 x	3.68 x	7.28 x	5.94 x	5.34 x	4.26 x
EV / FCF	-13.5 x	22.6 x	5.32 x	3.97 x	4.83 x	6.77 x	7.87 x	7.49 x
FCF Yield	-7.41%	4.43%	18.8%	25.2%	20.7%	14.8%	12.7%	13.4%
Price to Book	0.73 x	0.55 x	1.06 x	0.98 x	1.08 x	1.25 x	1.12 x	0.95 x
Nbr of stocks (in thousands)	94,535	96,068	102,130	102,688	83,862	113,290	-	-
Reference price ²	11.81	8.830	22.67	19.23	21.26	24.71	24.71	24.71
Announcement Date	2/19/20	2/17/21	2/16/22	2/16/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	598.4	493.2	1,201	1,151	695.4	881.1	984.7	1,100
EBITDA ¹	237.2	229.1	900.2	808.6	379.2	581.7	623	726.9
EBIT ¹	113	86.78	747.6	651.9	240.8	440.9	566.1	616.5
Operating Margin	18.88%	17.6%	62.23%	56.65%	34.62%	50.05%	57.49%	56.05%
Earnings before Tax (EBT) ¹	-16.09	9.812	680.5	566.2	173.7	314	309.7	440.4
Net income ¹	-16.2	9.66	680.5	566	173.6	314	293	440.4
Net margin	-2.71%	1.96%	56.65%	49.19%	24.96%	35.64%	29.76%	40.04%
EPS ²	-0.1700	0.1000	6.710	5.520	1.760	3.083	3.264	5.236
Free Cash Flow ¹	-191.3	98.49	636.9	749	571.3	510.2	422.5	413
FCF margin	-31.97%	19.97%	53.02%	65.1%	82.15%	57.9%	42.91%	37.55%
FCF Conversion (EBITDA)	-	43%	70.75%	92.63%	150.65%	87.7%	67.81%	56.81%
FCF Conversion (Net income)	-	1,019.6%	93.59%	132.34%	329.17%	162.46%	144.2%	93.79%
Dividend per Share ²	0.1000	-	4.250	5.100	1.420	2.146	2.651	3.045
Announcement Date	2/19/20	2/17/21	2/16/22	2/16/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	354.8	427.6	307.5	351	271.8	220.4	156.5	177.5	165.5	195.8	200.8	191.7	217.1	271.6	239.6
EBITDA ¹	277.8	355.1	225.9	258.3	189.8	134.6	84.8	96.18	84.19	114	122.4	118	133.3	172	142.6
EBIT ¹	238.7	315.9	187.4	219.3	150.3	94.88	49.73	61.18	49.71	80.16	88.44	84.23	108.5	160.3	178
Operating Margin	67.27%	73.88%	60.95%	62.48%	55.29%	43.05%	31.77%	34.46%	30.04%	40.93%	44.05%	43.94%	49.97%	59.02%	74.31%
Earnings before Tax (EBT) ¹	220.4	300.2	170.4	200.1	109.7	86	45.98	44.23	43.75	39.66	68.18	62.73	73.91	109.3	14
Net income ¹	220.4	300.2	170.4	200.1	109.7	85.8	45.88	44.32	43.66	39.71	68.18	62.73	73.91	109.3	14
Net margin	62.11%	70.19%	55.41%	57.03%	40.35%	38.93%	29.31%	24.96%	26.38%	20.28%	33.96%	32.72%	34.05%	40.23%	5.84%
EPS ²	2.150	2.930	1.670	1.950	1.070	0.8400	0.4400	0.4300	0.4500	0.4500	0.7649	0.4000	0.6240	1.296	0.1700
Dividend per Share ²	1.250	2.000	1.650	1.650	1.200	0.6000	0.3500	0.4000	0.2200	0.4500	0.4855	0.3009	0.3753	0.7962	0.6050
Announcement Date	11/16/21	2/16/22	5/24/22	8/4/22	11/16/22	2/16/23	5/16/23	8/3/23	11/13/23	2/13/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,464	1,377	1,070	1,001	977	656	528	294
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.171 x	6.011 x	1.189 x	1.238 x	2.577 x	1.127 x	0.8469 x	0.4041 x
Free Cash Flow ¹	-191	98.5	637	749	571	510	423	413
ROE (net income / shareholders' equity)	-1.06%	0.62%	37.5%	27.6%	9.43%	18.3%	16.9%	22.2%
ROA (Net income/ Total Assets)	-0.52%	0.3%	19.6%	15.7%	5.37%	10.1%	8.48%	12.3%
Assets ¹	3,131	3,215	3,473	3,594	3,231	3,104	3,455	3,580
Book Value Per Share ²	16.10	16.10	21.40	19.60	19.80	19.80	22.10	25.90
Cash Flow per Share ²	0.9400	1.770	7.560	7.510	3.400	5.420	6.280	-
Capex ¹	280	72.1	130	20.9	15.3	42.3	70.8	132
Capex / Sales	46.76%	14.61%	10.83%	1.81%	2.2%	4.8%	7.19%	12%
Announcement Date	2/19/20	2/17/21	2/16/22	2/16/23	2/13/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Star Bulk Carriers Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

24.71 USD

Average target price

27.29 USD

Spread / Average Target

+10.42%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Deep Sea Freight

	1st Jan change	Capi.
STAR BULK CARRIERS CORP.	+16.23%	2.8B
EVERGREEN MARINE CORPORATION (TAIWAN) LTD.	+30.31%	12.25B
WALLENIUS WILHELMSEN ASA	+21.24%	4.13B
COMPAÑÍA SUD AMERICANA DE VAPORES S.A.	+36.60%	4B
SHANGHAI JINJIANG SHIPPING (GROUP) CO., LTD.	-15.05%	1.89B
COSCO SHIPPING SPECIALIZED CARRIERS CO.,LTD.	+18.10%	1.88B
HÖEGH AUTOLINERS ASA	+16.21%	1.85B
ZIM INTEGRATED SHIPPING SERVICES LTD.	+33.94%	1.59B
WISDOM MARINE LINES CO., LIMITED (CAYMAN)	+32.12%	1.57B
DANAOS CORPORATION	+1.55%	1.46B

Deep Sea Freight