2 models fit Safe Bulkers Inc Common Stock ($0.001 par value) and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Large discount(i)Silver71
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionSafe Bulkers Inc Common Stock ($0.001 par value) (SB)
Fair value (2 models)
$10.62
ACCE price target
$8.80
Rating
Undervalued
Horizon
12 months
Fair value published on 21 Oct 2026, 11:06 CEST; previously $10.38 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 13 Oct 2026, 00:00 CEST.
Rating published on 21 Oct 2026, 11:06 CEST.
Price used: $8.09 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
23.8% below
+31.2% to fair value
ACCE score
93
out of 100
Analysts
100% buy
2 covering
P/E
10.5x
forward 11.6x
1-year return
+82.2%
Dividend yield
3.79%
Safe Bulkers Inc Common Stock ($0.001 par value) in four questions
Plain answers, details below
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Overview
ACCE thesis
Safe Bulkers operates a fleet of dry bulk carriers that haul iron ore, coal, grain and fertilizer on time charters and spot voyages, with the bulk of its tonnage in Panamax, Kamsarmax and Capesize vessels. At a $913M market cap and a 41.1% operating margin, the company has a cost base that holds up well through a freight cycle, and the 33.0% revenue growth shows the fleet is earning more per day than it was. The forward P/E of 2.1 against a trailing 10.4 says the market is pricing in a sharp drop in earnings, which is the first thing to test: if charter rates hold near current levels, the forward figure looks too conservative. ROE of 10.3% is modest for a shipper with this margin, reflecting a balance sheet still carrying vessel debt, so the equity case depends on continued debt paydown and disciplined fleet renewal. Shipping is cyclical and rate-sensitive, so the work ahead is to model charter coverage and scrapping assumptions against the forward multiple before any view on the stock.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Revenue growth may be cyclical
Revenue grew 33.0% YoY but the 5-year revenue CAGR is only 6.8%, so the recent jump looks like a shipping-cycle peak rather than a durable trend.
moderate
Earnings growth flatters the base
Earnings rose 296.2% YoY from a depressed prior-year base, so the percentage overstates the improvement and should not be extrapolated.
AI research notes
AI-assisted·How I use AIWritten Oct 18, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow of $60M over the last twelve months gives the stock a 6.6% free cash flow yield at the current price.
The stock trades on a forward P/E of 11.2x against a sector median of 23.8x, and the price sits 23.8% below the $10.62 model fair value.
Diluted share count fell 4.2% last fiscal year, and the 3.8% dividend yield adds further income for holders.
Why it could disappoint
Return on invested capital of 2.3% is thin, suggesting the business earns little on the capital it deploys.
Revenue grew 33.0% year over year, but the five-year average is only 6.8% a year, so the recent jump may not last.
Only 2 of 4 valuation models feed the consensus, and the price implies 11.7% yearly cash flow growth forever, a demanding assumption for a dry bulk shipper.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 24, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where SB's valuation models land
Price
$8.09
Model fair value
$10.62
Model range
$7.85 to $13.39
Fair value $10.62
Price $8.09
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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