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Tuesday, November 26, 2019
Euroseas Ltd. (ESEA)
3Q2019 Results In Line. Another Acquisition Adds Scale
Euroseas Ltd. provides ocean-going transportation services worldwide. The company owns and operates containerships that transport dry and refrigerated containerized cargoes, including manufactured products and perishables; and drybulk carriers that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. As of March 31, 2017, it had a fleet of seven containerships; and six drybulk carriers, including three Panamax drybulk carriers, one Handymax drybulk carrier, one Kamsarmax drybulk carrier, and one Ultramax drybulk carrier. The company was founded in 2005 and is based in Maroussi, Greece.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
3Q2019 results stabilized in challenging container market. Adjusted EBITDA, excluding dry dock expenses, of $2.0 million was slightly below our estimate of $2.1 million, mainly due to higher opex, which more than offset higher revenue.
Fine-tuning 2019 EBITDA estimate to reflect quarterly results and acquisitions. To incorporate quarterly results and acquisition timing, adjusted EBITDA estimate (excluding dry dock expenses) moves to $9.0 million, down from our previous estimate of $9.3 million, and…
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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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