Tag Archives: $CMRE

Costamare (CMRE), mcap=$1.4bn, price $11.23 vs $10.87

Container ship lessor. Covid beneficiary was able to lock its charter agreements at very high rates for 90% of the fleet. Set to earn $500m+ a year for 2023-2025 from these agreements or more than the current market cap. Undervalued even assuming depressed earnings/rates after 2025. Better governance than the average shipping company with insiders owning 57% and buying in the open market and participating in DRIP. Management fees have not been raised since 2017 despite inflation and overheads only amount to 4.3% of revenues.