Tuesday, July 23, 2019
Scorpio Bulkers (SALT)
Worst Has Passed and Rebound Underway
Scorpio Bulkers Inc is a shipping company based in Monaco. It owns and operates a fleet of modern mid to large-size dry bulk carriers which provide marine transportation for major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products internationally.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- 2Q2019 results slightly below expectations. Scorpio Tankers (STNG) investment performed well and non-cash gain of $53.1 million recognized. Adjusted EBITDA of $16.9 million was below our estimate of $19.7 million mainly due to lower TCE rates, which drove a $3.0 million revenue variance, and higher G&A expenses ($0.6 million), which more than offset lower opex (-$0.5 million) and other expenses (-$0.3 million).
- Increasing 2019 EBTDA estimate to $103.0 million to reflect recent strong dry bulk market rebound. Introducing our 2020 EBITDA estimate of $150.4 million, which is based on …
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