Tag Archives: Safe Bulkers
SB-US: Initiation (Neutral, TP 2.4)
The company is fairly priced on steel and has a high elasticity towards changes in asset prices at an opportune moment in the cycle. Additional attractiveness comes from a low cash break-even, although somewhat offset buy a steep fee structure and outstanding preferred shares. Thus, we initiate coverage of Safe Bulkers with a Neutral recommendation and target price of USD 2.4.
Posted in dry bulk, shipping Tagged Safe Bulkers, SB Leave a comment