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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Pb Multiple | 0.6x - 0.6x | 0.6x |
Historical Pb Multiple | 0.4x - 0.8x | 0.5x |
Fair Value | €92.09 - €101.78 | €96.93 |
Upside | 24.5% - 37.6% | 31.1% |
Benchmarks | - | Full Ticker |
Global Ship Lease, Inc. | - | NYSE:GSL |
Euroseas Ltd. | - | NasdaqCM:ESEA |
Star Bulk Carriers Corp. | - | NasdaqGS:SBLK |
Navios Maritime Partners L.P. | - | NYSE:NMM |
Costamare Inc. | - | NYSE:CMRE |
Danaos Corporation | - | DB:DVW1 |
Select Price / Book Ratio | ||||||||
Benchmark Companies | ||||||||
GSL | ESEA | SBLK | NMM | CMRE | DVW1 | |||
NYSE:GSL | NasdaqCM:ESEA | NasdaqGS:SBLK | NYSE:NMM | NYSE:CMRE | DB:DVW1 | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 81.3% | NM- | NM- | NM- | 33.8% | 30.9% | ||
3Y CAGR | 28.2% | 38.6% | -23.5% | -10.7% | -10.4% | -21.7% | ||
Latest Twelve Months | 16.7% | -1.5% | 75.5% | -17.7% | -5.1% | -12.4% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 37.4% | 40.9% | 24.9% | 31.2% | 30.5% | 71.6% | ||
Prior Fiscal Year | 44.2% | 60.5% | 18.3% | 33.2% | 23.5% | 59.2% | ||
Latest Fiscal Year | 48.8% | 53.0% | 24.1% | 27.5% | 13.9% | 49.8% | ||
Latest Twelve Months | 48.8% | 53.0% | 24.1% | 25.4% | 14.2% | 49.8% | ||
Return on Equity | ||||||||
5 Year Average Margin | 21.9% | 50.3% | 17.1% | 17.4% | 16.0% | 29.1% | ||
Prior Fiscal Year | 27.4% | 52.7% | 9.4% | 17.0% | 15.6% | 20.7% | ||
Latest Twelve Months | 26.0% | 35.8% | 14.7% | 11.2% | 11.5% | 15.7% | ||
Next Fiscal Year | 20.9% | 25.1% | 4.4% | 6.8% | 9.4% | 14.4% | ||
Two Fiscal Years Forward | 18.4% | 20.0% | 12.7% | 7.5% | 7.7% | 12.3% | ||
Current Trading Multiples | ||||||||
Price / LTM Sales | 1.1x | 1.2x | 1.4x | 0.8x | 0.5x | 1.5x | ||
Price / LTM EPS | 2.3x | 2.2x | 5.9x | 3.3x | 3.2x | 3.1x | ||
Price / Book | 0.5x | 0.7x | 0.7x | 0.4x | 0.4x | 0.5x | ||
Price / Fwd Book | 0.5x | 0.6x | 0.8x | 0.3x | 0.3x | 0.4x | ||
Low | Mid | High | ||||||
Benchmark P/B Ratio | 0.4x | 0.5x | 0.7x | |||||
Historical P/B Ratio | 0.4x | 0.5x | 0.8x | |||||
Selected P/B Multiple | 0.6x | 0.6x | 0.6x | |||||
(x) Book Value | 3,425 | 3,425 | 3,425 |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | GSL | ESEA | SBLK | NMM | CMRE | DVW1 | |
Value of Common Equity | 784 | 248 | 1,786 | 1,109 | 933 | 1,556 | |
(/) Shares Outstanding | 35.7 | 7.0 | 116.7 | 30.1 | 120.0 | 18.7 | |
Implied Stock Price | 21.95 | 35.23 | 15.30 | 36.82 | 7.78 | 83.35 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
Implied Stock Price (Trading Cur) | 21.95 | 35.23 | 15.30 | 36.82 | 7.78 | 73.95 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 |