SAFE BULKERS, INC. (SB)

Deep Sea Foreign Transportation of Freight

Latest Price

$8.61

TTM P/E

28.70

Normalized P/E

28.70

Div Yield

2.32%

Book Value

P/B Ratio

Valuation metrics

EPS: $0.30

Book value / share: $8.12

Formula: √(22.5 × EPS × BVPS)

Graham Number

$7.40

14% downside

Norm. op. income: $104M (median of 7yr)

Tax rate: 25%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$3.71

57% downside

EPS: $0.30

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$4.50

48% downside