NYSE:CMRE

Stock Analysis Report

Executive Summary

Costamare Inc. owns and charters containerships to liner companies worldwide.

Snowflake

Fundamentals

Reasonable growth potential average dividend payer.


Similar Companies

Share Price & News

How has Costamare's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CMRE's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0.5%

CMRE

-0.7%

US Shipping

0.7%

US Market


1 Year Return

51.2%

CMRE

2.5%

US Shipping

12.9%

US Market

Return vs Industry: CMRE exceeded the US Shipping industry which returned 2.5% over the past year.

Return vs Market: CMRE exceeded the US Market which returned 12.9% over the past year.


Shareholder returns

CMREIndustryMarket
7 Day0.5%-0.7%0.7%
30 Day17.4%-1.0%4.4%
90 Day52.4%11.5%7.2%
1 Year62.2%51.2%4.4%2.5%15.4%12.9%
3 Year35.7%11.9%12.0%5.3%49.1%39.5%
5 Year-43.4%-61.1%-56.7%-60.5%62.7%44.7%

Price Volatility Vs. Market

How volatile is Costamare's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Costamare undervalued compared to its fair value and its price relative to the market?

31.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CMRE ($8.09) is trading below our estimate of fair value ($11.87)

Significantly Below Fair Value: CMRE is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CMRE is poor value based on its PE Ratio (17.9x) compared to the Shipping industry average (17.9x).

PE vs Market: CMRE is good value based on its PE Ratio (17.9x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: CMRE is good value based on its PEG Ratio (0.3x)


Price to Book Ratio

PB vs Industry: CMRE is overvalued based on its PB Ratio (0.7x) compared to the US Shipping industry average (0.5x).


Next Steps

Future Growth

How is Costamare forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

59.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CMRE's forecast earnings growth (59.9% per year) is above the savings rate (2.7%).

Earnings vs Market: CMRE's earnings (59.9% per year) are forecast to grow faster than the US market (14.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CMRE's revenue (8.6% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: CMRE's revenue (8.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CMRE's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Costamare performed over the past 5 years?

-30.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CMRE has large one-off items impacting its financial results.

Growing Profit Margin: CMRE's current net profit margins (11.2%) are higher than last year (5.9%).


Past Earnings Growth Analysis

Earnings Trend: CMRE's earnings have declined by -30.9% per year over the past 5 years.

Accelerating Growth: CMRE's earnings growth over the past year (132.1%) exceeds its 5-year average (-30.9% per year).

Earnings vs Industry: CMRE earnings growth over the past year (132.1%) exceeded the Shipping industry -48.2%.


Return on Equity

High ROE: CMRE's Return on Equity (6%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Costamare's financial position?


Financial Position Analysis

Short Term Liabilities: CMRE's short term assets ($204.9M) do not cover its short term liabilities ($252.0M)

Long Term Liabilities: CMRE's short term assets (204.9M) do not cover its long term liabilities (1.4B)


Debt to Equity History and Analysis

Debt Level: CMRE's debt to equity ratio (104.3%) is considered high

Reducing Debt: CMRE's debt to equity ratio has reduced from 195.6% to 104.3% over the past 5 years.

Debt Coverage: CMRE's debt is not well covered by operating cash flow (14.4%).

Interest Coverage: CMRE's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet

Inventory Level: CMRE has a high level of physical assets or inventory.

Debt Coverage by Assets: CMRE's debt is not covered by short term assets (assets are 0.1x debt).


Next Steps

Dividend

What is Costamare's current dividend yield, its reliability and sustainability?

4.94%

Current Dividend Yield


Dividend Yield vs Market

company4.9%marketbottom25%1.4%markettop25%3.6%industryaverage4.4%forecastin3Years4.9%

Current dividend yield vs market & industry

Notable Dividend: CMRE's dividend (4.94%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: CMRE's dividend (4.94%) is in the top 25% of dividend payers in the US market (3.64%)


Stability and Growth of Payments

Stable Dividend: CMRE has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: CMRE has only been paying a dividend for 9 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (88.5%), CMRE's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CMRE's dividends in 3 years are forecast to be well covered by earnings (29.4% payout ratio).


Next Steps

Management

What is the CEO of Costamare's salary, the management and board of directors tenure and is there insider trading?

9.8yrs

Average board tenure


CEO

Konstantinos Konstantakopoulos (50yo)

0yrs

Tenure

0

Mr. Konstantinos Konstantakopoulos has been the Chairman and Chief Executive Officer of Costamare Partners GP LLC, the General Partner of Costamare Partners LP since August 04, 2014. Mr. Konstantakopoulos  ...


Board Age and Tenure

9.8yrs

Average Tenure

50yo

Average Age

Experienced Board: CMRE's board of directors are considered experienced (9.8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.3%.


Management Team

  • Gregory Zikos (50yo)

    CFO & Director

    • Tenure: 9.8yrs
  • Konstantinos Konstantakopoulos (50yo)

    Chairman & CEO

    • Tenure: 0yrs
  • Anastassios Gabrielides (54yo)

    General Counsel & Secretary

    • Tenure: 0yrs

Board Members

  • Gregory Zikos (50yo)

    CFO & Director

    • Tenure: 9.8yrs
  • Charlotte Stratos (65yo)

    Independent Director

    • Tenure: 9.8yrs
  • Konstantinos Konstantakopoulos (50yo)

    Chairman & CEO

    • Tenure: 0yrs
  • Konstantinos Zacharatos (46yo)

    Director

    • Tenure: 11.8yrs
  • Vagn Møller (73yo)

    Independent Director

    • Tenure: 9.8yrs

Company Information

Costamare Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Costamare Inc.
  • Ticker: CMRE
  • Exchange: NYSE
  • Founded: 1974
  • Industry: Marine
  • Sector: Transportation
  • Market Cap: US$957.310m
  • Shares outstanding: 118.33m
  • Website: https://www.costamare.com

Number of Employees


Location

  • Costamare Inc.
  • 7 Rue du Gabian
  • Monaco
  • 98000
  • Monaco

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CMRENYSE (New York Stock Exchange)YesCommon StockUSUSDNov 2010
LCMDB (Deutsche Boerse AG)YesCommon StockDEEURNov 2010
CMRE.PRBNYSE (New York Stock Exchange)PERP PFD SER BUSUSDAug 2013
CMRE.PRCNYSE (New York Stock Exchange)PERP PFD SER CUSUSDJan 2014
CMRE.PRDNYSE (New York Stock Exchange)PFD SER DUSUSDMay 2015
CMRE.PRENYSE (New York Stock Exchange)8.87% CUM PFD EUSUSDJan 2018

Biography

Costamare Inc. owns and charters containerships to liner companies worldwide. As of October 3, 2019, it had a fleet of 75 containerships with a total capacity of approximately 538,000 twenty foot equivalen ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/16 00:20
End of Day Share Price2019/11/15 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.