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2020 Bulkers

2020.OL
78
Marine Shipping · Industrials
Price
kr 6.31
+0.12 (+1.86%)
Market Cap
kr 144.7M
Exchange
Oslo Stock Exchange
Winston Score
78
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Strong
15/20
Cash Flow
Mixed
3/10
Stability
Exceptional
9/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

78 of 100 counted points = Winston Score 78.

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Share count rising — dilution

+1.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 22.6M (2021) → 22.9M (2025)

§Winston Score History

The full picture

2020 Bulkers Ltd. is a shipping company based in Bermuda that owns and operates large dry bulk cargo ships called Newcastlemax vessels. These ships carry raw materials like iron ore, coal, and grain across the world's oceans for industrial customers such as steel mills and power plants. The company owns a small, specialized fleet of some of the largest bulk carriers allowed into certain major ports.

The company makes money by leasing its ships to customers under time-charter contracts, where customers pay a fixed daily rate to use the vessels. This model produces steady, predictable revenue and explains the unusually high margins, since most operating costs are passed to the charterer. 2020 Bulkers operates globally, with trade routes heavily tied to demand from Asia, particularly China. The main risk the company faces is that dry bulk shipping rates are highly cyclical and can drop sharply if global demand for steel or energy slows down.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+108.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+468.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

20.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~14 months

$5M cash & investments

Quarterly Free Cash Flow

Adequate runway but may need to raise capital within 2 years

Strong grower

2020 Bulkers is growing revenue at 108% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
100.3%
Premium pricing power — 100.3% gross margin
Profit after running costs
Operating Margin
99.0%
Excellent — 99.0% operating margin
Return on the money invested
ROCE
3972.1%
Exceptional — 3972.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+310.7%
Fast-growing sales (+310.7% YoY)
Profit growth
EPS YoY
>+1,000%
Earnings growing fast (>+1,000% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
15%
Weak — only 15% of profit becomes cash
Spare cash per sale
FCF Margin
13.9%
Converts sales into free cash efficiently (13.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.06
Conservative — low debt load (0.06)
Covers its interest
Interest Cover
9.38x
Comfortably covers interest (9.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
0.1x
Attractive valuation — P/E 0.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-99.0
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2245.78%
Healthy income — 2245.78% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+1613.1%
Dividend growing fast (1613.1% YoY)

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