Top Ships Inc (TOPS)

[Dragnet]

His prediction was after hours with caveats about potential results with DRYS.

DRYS filings reflected they spent more than they made. That frequently happens in growth mode.

The key here...and maybe I’m wrong...was the revenue growth. ~147.1% increase?

The last years revenues were 28,433,000. If we use the same multiple of 147.1% that equals 41,824.943

The stock to equity conversion was $12,500,00 for shares of 12,872,689 or 1.02981512/share.
Way below our trading price!

This capital was needed for expansion IMO.

Net income last year was 1,052,000 with ~215% increase in revenues which sets them apart from DRYS in that area..for now.

Using the 147.1% increase in the income as a baseline as an increase growth expense just added via equity financing was recent that makes net income ~2,599,492 using a straight line accounting method or about 0.092839/income per share.

The total stockholders equity is
$45,521,000 as of the last report for 2016.

The shares increased, including the equity conversion above to about 28 million.

So the ~45 million equity equals about $1.60/share.

IMO this price should easily trade 15-20x profits which is 1.39-1.85/share including the RS’s that have already occurred. Plus the 1.60 equity not being factored in.

I believe most understand the worlds economy is improving this year, in a big way and transportation is key in that increase.

This IMO is trading way too low.

Where have I missed something?