Professional
Added to YB: 2023-12-27
Pitch date: 2023-12-27
CMRE [bullish]
Costamare Inc.
+116.37%
current return
Author Info
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Company Info
Costamare Inc. owns and operates containerships and dry bulk vessels worldwide. Its containerships are chartered to liner companies providing transportation of cargoes.
Market Cap
$1.7B
Pitch Price
$7.21
Price Target
14.57 (-7%)
Dividend
3.18%
EV/EBITDA
4.96
P/E
5.79
EV/Sales
1.36
Sector
Marine Transportation
Category
growth
Unleashing the Kraken: Why Costamare's Debt is Fueling, Not Anchoring, Growth
CMRE: Costamare bullish despite high debt of 1.7x mkt cap. Fleet expanded 100% in 2 yrs, avg vessel age 9.6 yrs. $747M cash, no maturities til '26. Containerships (59 vessels) provide stable rev, dry bulk offers upside. Insider-aligned mgmt. $14.57 PT (38% upside) on 8x norm FCF w/o growth. Catalysts: low orderbook, canal issues. CBI platform a wild card.
Read full article (7 min)