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Tuesday, April 30, 2019
Scorpio Bulkers Inc. (SALT)
Recovery Under Way - Worst Might Be Passing.
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.
- 1Q2019 Results slightly ahead of recent revisions. Adjusted EBITDA of $17.3 million was in line with our estimate of $16.0 million mainly due to higher shipping days, which drove a $1.9 million revenue variance and more than offset higher opex (-$0.5 million) and cash G&A expenses (-$0.1 million). Please note that 1Q2019 EBITDA excludes a non-cash gain of $15.3 million on the Scorpio Tankers (STNG) investment.
- Adjusting estimates to reflect 1Q2019 results, 2Q2019 contract cover, financing activity, timing of scrubber installations and recent dry bulk market weakness.
Our 2019 EBITDA estimate is $89.8 million (from $86.3
million) on TCE rates of $10,819/da...
*Analyst certification and important disclosures included in full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.