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Euroseas, Ltd. Message Board

  • bennta01 bennta01 Oct 6, 2013 2:00 PM Flag

    UPDATED-company book value

    I posted a while back (when this company was trading for a dollar a share) indicating what a great value ESEA was. I am a value investor. I wanted to invest in the bottom of the shipping market cycle and I wanted to pay less than market value for the ships. One of the reasons I recommend ESEA was the fleet age, I argued that older ships would increase in value more than newer ships when the market turned and that is exactly what happened.. Lets look at what ESEA is worth today.

    They own:
    3 Panamax drybulker (18 years old)- 8 million each = 24 million
    1 Handymax Drybulker (15 years old)-8 million

    10 Container Ships (19 years old)-6 million each= 60 million

    Investment in Euromar Joint venture (newer containerships)= 15 million

    Cash-23 million

    Assets: $130 million
    Long term debt: 36 million

    Current book value- 94 million

    Company currently selling for just 64 million.

    Lots of upside just to hit asset value.

    What I like about ESEA:
    1. low debt
    2. good DIV
    3. balance between Container and Drybulk
    4. lots of insider ownership

    Sentiment: Buy

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ESEA
0.84+0.07(+8.95%)Dec 19 4:00 PMEST

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