Capital Clean Energy Carriers Corp.

NasdaqGS:CPLP Voorraadrapport

Marktkapitalisatie: US$920.5m

This company listing is no longer active

This company may still be operating, however this listing is no longer active. Find out why through their latest events.

Capital Product Partners Inkomsten in het verleden

Verleden criteriumcontroles 2/6

Capital Product Partners heeft de winst zien groeien met een gemiddeld jaarlijks percentage van 29.5%, terwijl de Shipping-industrie de winst zag dalen met 9.5% per jaar. De inkomsten zijn gegroeid met een gemiddeld jaarlijks percentage van 20.2%. Het rendement op eigen vermogen van Capital Product Partners is 8%, en het heeft een nettomarge van 24.5%.

Belangrijke informatie

29.46%

Groei van de winst

23.64%

Groei van de winst per aandeel

Shipping Groei van de industrie51.92%
Inkomstengroei20.19%
Rendement op eigen vermogen7.96%
Nettomarge24.47%
Laatste winstupdate30 Jun 2024

Recente prestatie-updates uit het verleden

Recent updates

Seeking Alpha • Jul 08

Capital Product Partners: Still Risky After Recent Dilution And Additional Debt

Summary Capital Product Partners L.P. stock outperformed S&P 500 with 31% total returns since my last coverage, which may indicate that my caution was unwarranted. The company's debt and dilution situation only got worse since then, though, which means caution might still be warranted. While shares are still cheap, they are significantly "less cheap." Investors should probably keep their position size small in CPLP stock. Read the full article on Seeking Alpha
Seeking Alpha • Feb 23

Capital Product Partners: Ambitious Plans And Undermining Risks

Summary Capital Product Partners operates in the LNG carrier and container ship segments and plans to expand its LNG fleet. CPLP has an adequate capital structure with 151% Total Debt/Equity and 62.6% Total Liabilities/Total Assets. The company delivers 72.1% gross profit margin, 68.3% EBITDA margin, and 5.21% ROE. CPLP distributes dividends with a mediocre yield of 3.31%. The market values dearly CPLP plans for fleet expansion; the company trades at 100% P/NAV. There are better opportunities at lower prices and with higher yields. I prefer a pure-play company like CLCO, FLNG, or DLNG to get exposure to LNG. Read the full article on Seeking Alpha
Seeking Alpha • Feb 07

Capital Product Partners: Recent Runup Still Leaves Value On The Table For Investors

Summary Capital Product Partners has experienced a rollercoaster ride in stock price due to increased hostilities in the Red Sea region and rising shipping spot prices. CPLP has closed an agreement to acquire vessels worth $3.1 billion, expanding its asset base and delivering shareholder value. The company operates in the marine transportation sector, handling various cargoes and has made strategic moves to diversify its fleet and enter the LNG transportation sector. Read the full article on Seeking Alpha
Seeking Alpha • Jul 28

Capital Product Partners Q2 2022 Earnings Preview

Capital Product Partners (NASDAQ:CPLP) is scheduled to announce Q2 earnings results on Friday, July 29th, before market open. EPS Estimate is $1.12 (+111.3% Y/Y) and the consensus Revenue Estimate is $72.73M (+82.6% Y/Y). upward revisions and 0 downward. Revenue estimates have seen 2 upward revisions and 1 downward.
Seeking Alpha • Jul 22

Capital Product Partners prices €100M in unsecured bonds offering

Capital Product Partners (NASDAQ:CPLP) wholly owned subsidiary, CPLP Shipping successfully priced its earlier announced offering of €100M of unsecured bonds in Greece. The bonds will mature in 2029 and will have a coupon of 4.40%, payable semi-annually. The company estimates the expenses of the offering to be ~€3.4M. Offer and settlement is expected to occur on July 26, 2022. The trading of the bonds on the Athens Exchange is expected to commence on July 27, 2022. Proceeds will be used to either repay debt or/and to finance the acquisition of new vessels and the remainder of such proceeds, if any, will be used to finance working capital needs.
Seeking Alpha • Jul 05

Capital Product Partners: Higher Distributions Coming, But Higher Risks, Too

Capital Product Partners ended 2021 by acquiring six LNG vessels, which has transformed their partnership. They subsequently increased their distributions by 50% in early 2022 with plans to continue growing them higher in tandem with their earnings. This points to higher distributions coming, especially given the very strong outlook for LNG demand from Europe, but disappointingly, this has also imposed a heavy cost upon their financial position. Their leverage is now in very high territory and appears poised to jump even higher as their net debt grows another circa 50% to acquire a further four LNG vessels. This leaves them particularly vulnerable, which offsets the desirability of their growth, and as a result, I believe that maintaining my hold rating is appropriate. Introduction A little over a year after the Covid-19 pandemic saw Capital Product Partners L.P. (CPLP) reduce their distributions, it seemed that higher distributions could be coming, although these were already risky after acquiring six LNG vessels, as my previous article discussed. Thankfully, management subsequently provided their unitholders with a solid 50% distribution increase, which now sees a moderate yield of 4.03%. Even though their outlook sees higher distributions coming, quite disappointingly, these are accompanied by higher risks too, as discussed within this follow-up analysis that also reviews their subsequently released financial results as well as the implications of the Russia- Ukraine war. Executive Summary & Ratings Since many readers are likely short on time, the table below provides a very brief executive summary and ratings for the primary criteria that were assessed. This Google Document provides a list of all my equivalent ratings as well as more information regarding my rating system. The following section provides a detailed analysis for those readers who are wishing to dig deeper into their situation. Author *Instead of simply assessing distribution coverage through distributable cash flow, I prefer to utilize free cash flow since it provides the toughest criteria and also best captures the true impact upon their financial position. Detailed Analysis Author Following a solid end to 2021 with the fourth quarter seeing operating cash flow of $36.2m, they have enjoyed further strength into the first quarter of 2022 with their operating cash flow climbing higher to $48.4m. Apart from this strong consecutive increase, this also represents a very large improvement of 92.28% year-on-year versus their previous result of $25.2m during the first quarter of 2021, which was not materially impacted by their temporary working capital movements. This is not too surprising considering their now larger fleet includes six new LNG vessels, plus the continued strong operating conditions for container ships that comprise the vast majority of their remaining fleet. Since they abstained from acquiring any new vessels during the first quarter of 2022, their barebones capital expenditure saw almost all of their operating cash flow translated into free cash flow of $47.4m, which provides ample scope to fund unitholder returns. When conducting the previous analysis, management had recently flagged higher distributions were forthcoming and thankfully, they followed through with a 50% increase in early 2022 with prospects to see even higher distributions coming, as per the commentary from management included below. “I think as we complete more dropdowns and we increase our disable cash flow, you should also expect that we'll continue to increase the capital return to unit holders that is through unit buybacks and quarterly distributions.” -Capital Products Partners Q1 2022 Conference Call. It can be seen that management intends to continue scaling their unitholder returns higher as they grow their fleet larger with further dropdowns from their parent company, which phrased another way means further vessel acquisitions. Even though management had no way of knowing back during 2021 when acquiring their new LNG vessels, their outlook is very strong following the subsequent Russian invasion of Ukraine in early 2022, which stands to boost their financial performance, despite the otherwise tragic loss of life. When looking further ahead into the medium to long-term, the outbreak of war in Eastern Europe is creating a surge in demand for LNG vessels as Europe now expedites sourcing their gas supplies from outside of Russia. This geopolitical event is highly uncertain and still evolving but it remains certain that Europe will reduce their vulnerability to Russia from a national security perspective, especially with the latter recently reducing their own gas exports in suspected retaliation to sanctions in support of Ukraine. This even saw the International Energy Agency warning that Europe should brace for Russian gas imports to completely cease, which creates the scary possibility that Europe could run out of gas during the coming Winter or more likely, see them forced to ration supply. Even though they cannot simply flick a switch to completely transition their gas supply away from Russia seamlessly, this pivotal geopolitical moment should nevertheless still create additional LNG demand and thus by extension, additional demand for their LNG vessels for transportation to Europe during the coming years. Whilst this helps make their outlook for continued fleet and distribution growth more desirable, thus far the former has imposed a heavy cost upon their financial position that sees their higher distributions accompanied by higher risks too. Author Their LNG vessels acquisition saw their net debt explode higher following 2021 to $1.289b and thus cross the $1b level for the first time, thereby sitting almost 300% higher year-on-year versus its previous level of $327m at the end of 2020, which was expected when conducting the previous analysis. Unsurprisingly, this transformed their capital structure in a lasting manner, as despite their solid cash flow performance during the first quarter of 2022 that was accompanied by almost no capital expenditure, they still saw their net debt barely move with only a small decrease to $1.245b. When looking ahead, they are planning to double down on building out their fleet by acquiring another four LNG vessels for $597.5m later in 2022, which guarantees their net debt will continue climbing even higher to circa $1.85b and thus quickly push closer towards the $2b level. This represents another increase of almost 50%, which is concerning given where their leverage already resides and sees it far surpassing their market capitalization of only around $292m, thereby ruling out any ability to issue equity to deleverage and leaving them completely reliant upon their internally generated cash inflows. Author Despite their significantly stronger financial performance throughout the first quarter of 2022, it was nowhere near sufficient to offset their dramatically higher net debt and thus as a result, their net debt-to-EBITDA now sits at 5.65, whilst their net debt-to-operating cash flow sits at 7.00. Apart from both now being well above their previous respective results of 3.16 and 4.05 at the end of 2020 before embarking upon the acquisition spree of 2021, they are also both now well above the threshold for the very high territory of 5.01, which confirms my fears when conducting the previous analysis. Since their latest leverage ratios annualize their first quarter of 2022 results, they see full contributions from their new LNG vessels, as per slide six of their fourth quarter of 2021 results presentation. Apart from the usual fluctuations of the inherently volatile broader shipping industry that can see its fortunes turn on a dime, this means that there is not a simple answer to their very high leverage on the horizon. Even though the outlook for their new LNG vessels appears very strong, it should be remembered that more than half of their fleet are containerships, which could see their earnings suffer if the recent fears of a recession come to fruition, thereby offsetting the strength of their new LNG vessels.
Seeking Alpha • Mar 28

Capital Product Partners - Deep Value Opportunity After Transformative Acquisitions

CPLP has completed its initial push into the LNG sector by acquiring six ultra-modern LNG carriers with long-term charters. Management plans to keep expanding the fleet via nine potential dropdowns. The six ultra-modern LNG carriers make the company a large player in the sector, and note that six out of the nine potential dropdowns are LNG carriers as well. The dividend was recently raised by 50%, but the firm is focusing on completing its dropdowns. Share repurchases are very attractive at current pricing, $25.5M remains under authorization. The company continues to trade at a sizable discount to NAV (estimated above $50/unit), and the long-term nature of the company’s charters provide downside protection. CPLP trades at a massive discount to net asset value. Although it has an LP structure and weaker governance, management has so far not acted nefariously and insiders have been buying.
Seeking Alpha • Jan 27

Capital Product Partners Increased Its Distribution By 50% - Expect More To Come

Capital Product Partners just increased its quarterly distribution by 50% (from $0.10 to $0.15 per unit). Expect more increases to come given the transformative $1.2 billion acquisition of 6 LNG carriers (the purchase amount was roughly 4 times higher than the current market cap!). This transaction is a game changer that will materially boost per unit metrics and will eventually help rerate the units. Contracted revenue will increase by 177%, EBITDA will more than double and the average fleet age will decrease 28%. The partnership has an active buyback program, and the sponsor and largest unitholder is investing millions in the open market to boost his stake. The 50% distribution increase represents the first step in Capital Product's plan to return additional value to unitholders.
Seeking Alpha • Aug 15

Capital Product Partners: Positive Momentum Set To Continue

Capital Product Partners has very low debt (Net Debt to Capitalization below 30%) and a plain vanilla capital structure that can be enhanced to fuel growth initiatives. In addition, the partnership has substantial liquidity aided by the sale of 2 containership vessels for almost $200 million, fetching near-record prices. Taking some chips off the table by selling these vessels in the red hot containership market was prudent, as capital can be recycled in better ways. There are many dropdown candidates, all chartered out to world-class counterparties (BP, Cheniere, etc.) with an average charter duration significantly higher than the 3.9 years remaining on the existing fleet. This provides a great opportunity to reactivate a new growth cycle for the partnership that relies on a healthy model based on retained internally generated cash flow versus the old MLP model which relied on high payouts and constant equity raises.

Opbrengsten en kosten

Hoe Capital Product Partners geld verdient en uitgeeft. Gebaseerd op laatst gerapporteerde winst, op LTM-basis.

Inkomsten en omzetgeschiedenis

NasdaqGS:CPLP Opbrengsten, kosten en inkomsten (USD Millions )
DatumInkomstenInkomstenG+A UitgavenR&D-uitgaven
30 Jun 2439396160
31 Mar 2438470150
31 Dec 2336146130
30 Sep 2334553120
30 Jun 2332193120
31 Mar 23307105120
31 Dec 22299120110
30 Sep 2228313790
30 Jun 222549390
31 Mar 2222010890
31 Dec 211859490
30 Sep 211566480
30 Jun 211495970
31 Mar 211453370
31 Dec 201412970
30 Sep 201332870
30 Jun 201242170
31 Mar 201152360
31 Dec 191081260
30 Sep 192702150
30 Jun 19275-650
31 Mar 19277-1350
31 Dec 18118-1860
30 Sep 18269-1760
30 Jun 181851260
31 Mar 182542070
31 Dec 17117560
30 Sep 172473460
30 Jun 172453660
31 Mar 172444060
31 Dec 162424060
30 Sep 162394260
30 Jun 162364460
31 Mar 162304360
31 Dec 152204370
30 Sep 152114170
30 Jun 152013970
31 Mar 151943170
31 Dec 141932960
30 Sep 141901660
30 Jun 141853760
31 Mar 141796680
31 Dec 131717890
30 Sep 1316343100

Kwaliteitswinsten: CPLP heeft een grote eenmalige winst van $28.1M wat gevolgen heeft voor de financiële resultaten van de laatste 12 maanden tot 30th June, 2024.

Groeiende winstmarge: De huidige netto winstmarges (24.5%) CPLP } zijn lager dan vorig jaar (29%).

Analyse vrije kasstroom versus winst

Analyse van de winstgroei in het verleden

Winsttrend: CPLP is de afgelopen 5 jaar winstgevend geworden en heeft de winst met 29.5% per jaar laten groeien.

Versnelling van de groei: De winstgroei van CPLP over het afgelopen jaar ( 3.2% ) ligt onder het 5-jarig gemiddelde ( 29.5% per jaar).

Winst versus industrie: De winstgroei CPLP over het afgelopen jaar ( 3.2% ) overtrof de Shipping -sector -14.9%.

Rendement op eigen vermogen

Hoge ROE: Het Rendement op eigen vermogen ( 8% ) van CPLP wordt als laag beschouwd.

Rendement op activa

Rendement op geïnvesteerd vermogen

Ontdek sterk presterende bedrijven uit het verleden

7D

1Y

7D

1Y

7D

1Y

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2024/08/26 20:43
Aandelenkoers aan het einde van de dag2024/08/26 00:00
Inkomsten2024/06/30
Jaarlijkse inkomsten2023/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysamodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina, we hebben ook handleidingen over hoe u onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

Capital Clean Energy Carriers Corp. wordt gevolgd door 16 analisten. 3 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

AnalistInstelling
Kenneth HoexterBofA Global Research
Michael GyureBrean Capital Historical (Janney Montgomery)
Liam BurkeB. Riley Securities, Inc.