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Golden Ocean Group

DB:KT31
Snowflake Description

Good value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
KT31
DB
$881M
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. The last earnings update was 25 days ago. More info.


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KT31 Share Price and Events
7 Day Returns
14.4%
DB:KT31
4.1%
Europe Shipping
2.8%
DE Market
1 Year Returns
-25.2%
DB:KT31
6.2%
Europe Shipping
3%
DE Market
KT31 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Golden Ocean Group (KT31) 14.4% -3.3% -2.1% -25.2% - -
Europe Shipping 4.1% -1.6% 9.8% 6.2% 6.6% -14.5%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • KT31 underperformed the Shipping industry which returned 6.2% over the past year.
  • KT31 underperformed the Market in Germany which returned 3% over the past year.
Price Volatility
KT31
Industry
5yr Volatility vs Market

Value

 Is Golden Ocean Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Golden Ocean Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Golden Ocean Group.

DB:KT31 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.7%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:KT31
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Shipping Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.733 (1 + (1- 21%) (153.06%))
1.415
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.42
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.415 * 5.96%)
8.66%

Discounted Cash Flow Calculation for DB:KT31 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Golden Ocean Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:KT31 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.66%)
2020 141.00 Analyst x2 129.76
2021 223.50 Analyst x2 189.29
2022 288.85 Est @ 29.24% 225.13
2023 348.16 Est @ 20.54% 249.73
2024 398.45 Est @ 14.44% 263.01
2025 439.00 Est @ 10.18% 266.68
2026 470.58 Est @ 7.19% 263.08
2027 494.60 Est @ 5.1% 254.46
2028 512.61 Est @ 3.64% 242.70
2029 526.02 Est @ 2.62% 229.20
Present value of next 10 years cash flows $2,313.00
DB:KT31 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $526.02 × (1 + 0.23%) ÷ (8.66% – 0.23%)
$6,250.99
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,250.99 ÷ (1 + 8.66%)10
$2,723.73
DB:KT31 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,313.00 + $2,723.73
$5,036.73
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $5,036.73 / 143.07
$35.2
DB:KT31 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:KT31 represents 0.8888x of NasdaqGS:GOGL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8888x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 35.20 x 0.8888
€31.29
Value per share (EUR) From above. €31.29
Current discount Discount to share price of €5.48
= -1 x (€5.48 - €31.29) / €31.29
82.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Golden Ocean Group is available for.
Intrinsic value
>50%
Share price is €5.48 vs Future cash flow value of €31.29
Current Discount Checks
For Golden Ocean Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Golden Ocean Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Golden Ocean Group's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Golden Ocean Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Golden Ocean Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:KT31 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $0.13
NasdaqGS:GOGL Share Price ** NasdaqGS (2019-10-11) in USD $6.16
Europe Shipping Industry PE Ratio Median Figure of 26 Publicly-Listed Shipping Companies 11.43x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Golden Ocean Group.

DB:KT31 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:GOGL Share Price ÷ EPS (both in USD)

= 6.16 ÷ 0.13

48.4x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Ocean Group is overvalued based on earnings compared to the Europe Shipping industry average.
  • Golden Ocean Group is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Golden Ocean Group's expected growth come at a high price?
Raw Data
DB:KT31 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 48.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
70.2%per year
Europe Shipping Industry PEG Ratio Median Figure of 14 Publicly-Listed Shipping Companies 0.79x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

DB:KT31 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 48.4x ÷ 70.2%

0.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Ocean Group is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Golden Ocean Group's assets?
Raw Data
DB:KT31 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $10.26
NasdaqGS:GOGL Share Price * NasdaqGS (2019-10-11) in USD $6.16
Europe Shipping Industry PB Ratio Median Figure of 43 Publicly-Listed Shipping Companies 0.76x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:KT31 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:GOGL Share Price ÷ Book Value per Share (both in USD)

= 6.16 ÷ 10.26

0.6x

* Primary Listing of Golden Ocean Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Ocean Group is good value based on assets compared to the Europe Shipping industry average.
X
Value checks
We assess Golden Ocean Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Shipping industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Shipping industry average (and greater than 0)? (1 check)
  5. Golden Ocean Group has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Golden Ocean Group expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
70.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Golden Ocean Group expected to grow at an attractive rate?
  • Golden Ocean Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Golden Ocean Group's earnings growth is expected to exceed the Germany market average.
  • Golden Ocean Group's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:KT31 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:KT31 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 70.2%
DB:KT31 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -1.6%
Europe Shipping Industry Earnings Growth Rate Market Cap Weighted Average 23.5%
Europe Shipping Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:KT31 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:KT31 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 460 224 130 4
2020-12-31 468 164 120 5
2019-12-31 434 121 21 5
2019-10-13
DB:KT31 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 612 153 18
2019-03-31 638 183 60
2018-12-31 659 187 85
2018-09-30 633 181 88
2018-06-30 571 145 53
2018-03-31 528 118 32
2017-12-31 464 94 -2
2017-09-30 399 56 -23
2017-06-30 342 24 -50
2017-03-31 297 3 -77
2016-12-31 258 -23 -128
2016-09-30 228 -47 -203

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Golden Ocean Group's earnings are expected to grow significantly at over 20% yearly.
  • Golden Ocean Group's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:KT31 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Golden Ocean Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KT31 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.01 1.01 1.01 1.00
2020-12-31 1.17 1.30 1.04 2.00
2019-12-31 0.27 0.27 0.27 1.00
2019-10-13
DB:KT31 Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 0.13
2019-03-31 0.42
2018-12-31 0.59
2018-09-30 0.61
2018-06-30 0.38
2018-03-31 0.24
2017-12-31 -0.02
2017-09-30 -0.20
2017-06-30 -0.46
2017-03-31 -0.73
2016-12-31 -1.34
2016-09-30 -2.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Golden Ocean Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Golden Ocean Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Golden Ocean Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Golden Ocean Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Golden Ocean Group's growth in the last year to its industry (Shipping).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Golden Ocean Group has delivered over 20% year on year earnings growth in the past 5 years.
  • Golden Ocean Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Golden Ocean Group's 1-year earnings growth is negative, it can't be compared to the Europe Shipping industry average.
Earnings and Revenue History
Golden Ocean Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Golden Ocean Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:KT31 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 611.79 18.32 14.15
2019-03-31 638.13 60.39 14.57
2018-12-31 659.06 84.54 14.71
2018-09-30 632.60 88.07 14.26
2018-06-30 571.13 53.16 13.79
2018-03-31 527.97 32.21 13.61
2017-12-31 463.90 -2.35 12.56
2017-09-30 399.41 -23.00 12.41
2017-06-30 341.88 -50.10 11.97
2017-03-31 296.62 -77.35 12.32
2016-12-31 257.81 -127.71 14.53
2016-09-30 228.42 -203.46 19.55
2016-06-30 223.10 -217.40 19.92
2016-03-31 216.87 -211.66 20.87
2015-12-31 190.24 -220.84 17.20
2015-09-30 149.44 -146.41 11.07
2015-06-30 103.08 -111.86 8.52
2015-03-31 74.34 -71.92 4.81
2014-12-31 76.32 16.25 5.04
2013-12-31 37.55 3.53 4.94
2012-12-31 227.14 11.60 19.41

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Golden Ocean Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Golden Ocean Group used its assets less efficiently than the Europe Shipping industry average last year based on Return on Assets.
  • Golden Ocean Group has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Golden Ocean Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Shipping industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Golden Ocean Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Golden Ocean Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Golden Ocean Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Golden Ocean Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Golden Ocean Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Golden Ocean Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Golden Ocean Group Company Filings, last reported 3 months ago.

DB:KT31 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,473.22 1,156.63 108.38
2019-03-31 1,510.70 1,162.59 139.29
2018-12-31 1,523.51 1,349.04 322.81
2018-09-30 1,523.97 1,376.36 295.04
2018-06-30 1,503.00 1,383.61 276.12
2018-03-31 1,508.30 1,438.28 289.60
2017-12-31 1,494.05 1,290.37 328.19
2017-09-30 1,387.33 1,330.90 123.93
2017-06-30 1,367.37 1,291.94 132.78
2017-03-31 1,284.60 1,111.19 209.33
2016-12-31 1,238.72 1,060.20 220.97
2016-09-30 1,230.11 1,074.29 178.30
2016-06-30 1,255.96 1,082.58 210.77
2016-03-31 1,295.77 1,056.82 253.58
2015-12-31 1,158.65 930.38 118.87
2015-09-30 1,217.09 980.45 139.19
2015-06-30 1,263.44 1,124.94 83.22
2015-03-31 1,304.22 1,139.85 185.35
2014-12-31 884.27 363.50 42.22
2013-12-31
2012-12-31 538.30 400.95 104.36
  • Golden Ocean Group's level of debt (78.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (40.8% vs 78.5% today).
  • Debt is not well covered by operating cash flow (13.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Golden Ocean Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Golden Ocean Group has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Golden Ocean Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.49%
Current annual income from Golden Ocean Group dividends. Estimated to be 7.5% next year.
If you bought €2,000 of Golden Ocean Group shares you are expected to receive €130 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Golden Ocean Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Golden Ocean Group's dividend is above the markets top 25% of dividend payers in Germany (3.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:KT31 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Shipping Industry Average Dividend Yield Market Cap Weighted Average of 23 Stocks 2.6%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:KT31 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.40 1.00
2020-12-31 0.56 2.00
2019-12-31 0.33 1.00
2019-10-13
DB:KT31 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-22 0.400 7.165
2019-02-19 0.400 7.909
2018-11-20 0.600 9.753
2018-08-17 0.400 4.706
2018-05-30 0.400 4.544
2018-03-21 0.400 4.915
2018-02-20 0.400 4.444
2016-04-14 0.000 0.000
2016-02-18 0.000 0.000
2015-03-17 4.000 40.959

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Golden Ocean Group has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Golden Ocean Group has only been paying a dividend for 5 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Golden Ocean Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
X
Income/ dividend checks
We assess Golden Ocean Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Golden Ocean Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Golden Ocean Group has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Golden Ocean Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Birgitte Vartdal
COMPENSATION $0
AGE 42
CEO Bio

Mrs. Birgitte Ringstad Vartdal has been the Chief Executive Officer of Golden Ocean Management AS since April 2016. Mrs. Vartdal serves as Chief Executive Officer of Golden Ocean Group Limited. She served as Chief Financial Officer of Golden Ocean Management AS from June 21, 2010 to April 2016 and served as its Executive Officer since June 21, 2010. Mrs. Vartdal served as the Chief Executive Officer of Golden Ocean Group Limited. Prior to joining Golden Ocean, she held several positions within finance, risk management and investments in the Torvald Klaveness Group, as well as in Norsk Hydro Energy. She served as Vice President of Investments at the Torvald Klaveness Group, where she has also served in several other positions, including Vice President and Head of Commercial Controlling, Risk Manager and Financial Analyst. She was a Structuring Analyst in Hydro Energy. She has been a Director at Seadrill Limited since July 2018. She served as the Chairman of Sevan Drilling Limited since September 18, 2015 until August 25, 2016 and served as its Director since July 23, 2013 until August 25, 2016. She has been a Member of Corporate Assembly at Statoil ASA since May 12, 2016 and of Marine Harvest ASA since June 9, 2016. She serves as a Deputy Member of the Corporate Assembly at Statoil ASA. Mrs. Vartdal holds the degree of MSc in Physics and Mathematics from the Norwegian University of Science and Technology (NTNU) and an MSc in Financial Mathematics from Heriot-Watt University, Scotland.

CEO Compensation
  • Insufficient data for Birgitte to compare compensation growth.
  • Insufficient data for Birgitte to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team

Birgitte Vartdal

TITLE
Chief Executive Officer
AGE
42

Per Heiberg

TITLE
Chief Financial Officer
AGE
52

Thomas Semino

TITLE
Chief Commercial Officer of Golden Ocean Management Asia Pte Ltd
AGE
45
TENURE
2.9 yrs

Tord Brath

TITLE
Head of Global Operations
TENURE
14 yrs
Board of Directors Tenure

Average tenure and age of the Golden Ocean Group board of directors in years:

1.1
Average Tenure
62.5
Average Age
  • The average tenure for the Golden Ocean Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Ola Lorentzon

TITLE
Chairman
AGE
70
TENURE
19.4 yrs

James O’Shaughnessey

TITLE
Director
AGE
55
TENURE
1.1 yrs

John Fredriksen

TITLE
Director
AGE
75
TENURE
4.6 yrs

Ulrika Laurin

TITLE
Director
AGE
48
TENURE
1.1 yrs

Marius Hermansen

TITLE
Director
TENURE
0.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
22. Mar 19 Buy Greenwich Holdings Ltd. Company 22. Mar 19 22. Mar 19 50,000 €4.65 €232,623
19. Feb 19 Buy Per Heiberg Individual 19. Feb 19 19. Feb 19 12,000 €4.52 €54,238
26. Nov 18 Buy Birgitte Vartdal Individual 26. Nov 18 26. Nov 18 10,000 €6.18 €61,777
22. Nov 18 Buy Ulrika Laurin Individual 22. Nov 18 22. Nov 18 50,000 €5.84 €292,222
X
Management checks
We assess Golden Ocean Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Golden Ocean Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Golden Ocean Group Limited, a shipping company, engages in the transportation of bulk commodities worldwide. It owns and operates dry bulk vessels in the spot and time charter markets. The company transports bulk commodities, such as ores, coal, grains, and fertilizers. As of March 31, 2019, it owned a fleet of 77 vessels comprising 38 Capesize, 27 Panamax, and 2 Ultramax vessels; 8 Capesize vessels under operating leases; 1 Panamax vessel under a capital lease; and 1 Supramax vessel under an operating lease. The company is based in Hamilton, Bermuda.

Details
Name: Golden Ocean Group Limited
KT31
Exchange: DB
Founded:
$797,601,671
143,072,697
Website: http://www.goldenocean.bm
Address: Golden Ocean Group Limited
Par-la-Ville Place,
14 Par-la-Ville Road,
Hamilton,
HM 08,
Bermuda
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS GOGL New Common Shares Nasdaq Global Select US USD 19. Jan 2007
DB KT31 New Common Shares Deutsche Boerse AG DE EUR 19. Jan 2007
LSE 0RII New Common Shares London Stock Exchange GB NOK 19. Jan 2007
OB GOGL New Common Shares Oslo Bors NO NOK 19. Jan 2007
BATS-CHIXE GOGLO New Common Shares BATS 'Chi-X Europe' GB NOK 19. Jan 2007
OB GOGL R USD0.50(REGS)(POST SPLIT) Oslo Bors NO NOK 13. Oct 2019
OB GOGL COM USD0.05(POST SPLIT) Oslo Bors NO USD 13. Oct 2019
Number of employees
Current staff
Staff numbers
32
Golden Ocean Group employees.
Industry
Marine
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 21:32
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/09/23
Last earnings filing: 2019/09/18
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.