This company's capital structure comprises of no bank debt and a strong cash balance standing at $35.6M. This company also concluded 2 equity offerings in Q1 2024 with a gross proceeds of $13M.
Currently, the stock sits at <$0.05/share. Diluted EPS for the fourth quarter of 2023 was $0.25, which is 733% higher than the Company’s stock price as of March 22, 2024. Based on the current fleet market value, the Company’s net asset value is estimated at $50.45 million, or $0.31 per share, which represents approximately 10.3x our current market capitalization.
I see a preliminary target price of $0.25/share (+500%) which is still lower than their net asset intrinsic value (NAV). I will study where other dry bulk carrier companies like when it comes to multiples vs. earnings per share.
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