Euroseas Analyst Cuts Price Target, Still Sees Almost 100% Upside Courtesy Multi-Year Contracts
Euroseas Analyst Cuts Price Target, Still Sees Almost 100% Upside Courtesy Multi-Year Contracts
欧洲海洋分析师下调目标价，仍认为礼貌多年期合同几乎100%上行
- Maxim Group analyst Tate Sullivan maintained Euroseas Ltd (NASDAQ:ESEA) with a Buy and lowered the price target from $42 to $36.
- ESEA announced the sale of the 2001-built containership Akinada Bridge for $14.2 million.
- The vessel ended its previous contract at the end of 3Q22 and was undergoing drydock repairs.
- ESEA bought the Akinada Bridge vessel in 2017 for $11 million.
- Based on depreciation since that purchase and potential asset impairments on other vessels amid lower containership rates, Sullivan forecasted a net gain of $3 million from the sale in 1Q23.
- The analyst believed ESEA sold the ship to a buyer that would scrap the ship, which Sullivan expected allowed ESEA to sell the ship without incurring high drydocking costs in 4Q22.
- Consequently, Sullivan increased the 4Q22 EPS estimate to $2.75 (down 12.1% Y/Y) from $2.27.
- Sullivan reduced 2023 and 2024 revenue and EPS estimates.
- The analyst raised the 3Q23 BV/share forecast but reduced 4Q23.
- Sullivan reduced the price target multiple amid higher interest rates and expectations for slower global economic growth.
- The analyst maintained a Buy rating as expected ESEA's existing contract coverage would help the company maintain a leverage ratio below 2x while adding nine new containerships, repurchasing shares, and maintaining the quarterly dividend.
- Price Action: ESEA shares traded lower by 0.8% at $18.55 on the last check Friday.
- Maxim集团分析师泰特·沙利文坚持认为欧洲海洋有限公司(纳斯达克：ESEA)与买入，并将目标价从42美元下调至36美元。
- ESEA宣布以1420万美元的价格出售2001年建造的集装箱船Akinada Bridge。
- 这艘船在22年第三季度末结束了之前的合同，正在进行干船坞维修。
- ESEA在2017年以1100万美元的价格购买了Akinada Bridge船。
- 基于自那次购买以来的折旧，以及集装箱船运费下降对其他船只的潜在资产减值，沙利文预测23年第一季度出售的净收益为300万美元。
- 这位分析师认为，ESEA将船卖给了将报废船舶的买家，沙利文预计这将允许ESEA在22年第四季度出售船舶，而不会招致高昂的干船坞成本。
- 因此，Sullivan将第四季度每股收益预期从2.27美元上调至2.75美元(同比下降12.1%)。
- 沙利文下调了2023年和2024年的收入和每股收益预期。
- 该分析师上调了23季度BV/股预期，但下调了23季度。
- 由于利率上升和对全球经济增长放缓的预期，沙利文下调了目标价格倍数。
- 这位分析师维持买入评级，正如预期的那样，ESEA现有的合同覆盖范围将有助于公司将杠杆率保持在2倍以下，同时增加9艘新集装箱船，回购股票，并维持季度股息。
- 价格行动：在周五的最后一次检查中，ESEA的股价下跌了0.8%，至18.55美元。