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
歐洲海洋分析師下調目標價，仍認為禮貌多年期合同幾乎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集團分析師泰特·沙利文堅持認為歐洲海洋有限公司(納斯達克：ESEA)與買入，並將目標價從42美元下調至36美元。
- ESEA宣佈以1420萬美元的價格出售2001年建造的集裝箱船Akinada Bridge。
- 這艘船在22年第三季度末結束了之前的合同，正在進行乾船塢維修。
- ESEA在2017年以1100萬美元的價格購買了Akinada Bridge船。
- 基於自那次購買以來的折舊，以及集裝箱船運費下降對其他船隻的潛在資產減值，沙利文預測23年第一季度出售的淨收益為300萬美元。
- 這位分析師認為，ESEA將船賣給了將報廢船舶的買家，沙利文預計這將允許ESEA在22年第四季度出售船舶，而不會招致高昂的乾船塢成本。
- 因此，Sullivan將第四季度每股收益預期從2.27美元上調至2.75美元(同比下降12.1%)。
- 沙利文下調了2023年和2024年的收入和每股收益預期。
- 該分析師上調了23季度BV/股預期，但下調了23季度。
- 由於利率上升和對全球經濟增長放緩的預期，沙利文下調了目標價格倍數。
- 這位分析師維持買入評級，正如預期的那樣，ESEA現有的合同覆蓋範圍將有助於公司將槓桿率保持在2倍以下，同時增加9艘新集裝箱船，回購股票，並維持季度股息。
- 價格行動：在週五的最後一次檢查中，ESEA的股價下跌了0.8%，至18.55美元。
譯文內容由第三人軟體翻譯。
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