New Risk • 22h
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 39% Last year net profit margin: 62% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (39% net profit margin). Reported Earnings • May 21
First quarter 2026 earnings released: EPS: US$0.62 (vs US$0.79 in 1Q 2025) First quarter 2026 results: EPS: US$0.62 (down from US$0.79 in 1Q 2025). Revenue: US$211.1m (down 53% from 1Q 2025). Net income: US$75.3m (down 21% from 1Q 2025). Profit margin: 36% (up from 21% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Charlotte Stratos was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • May 01
Costamare Inc. Recommends Approval of Dividend Increase, Beginning with the Second Quarter of 2026 Costamare Inc. announced that the Company will recommend to the Board of Directors the approval of a dividend increase, beginning with the second quarter of 2026, increasing the quarterly dividend from $0.115 to $0.125 per common share. Tillkännagivande • Apr 27
Costamare Inc. to Report Q1, 2026 Results on Apr 29, 2026 Costamare Inc. announced that they will report Q1, 2026 results Pre-Market on Apr 29, 2026 Tillkännagivande • Apr 02
Costamare Inc. Declares Dividend for the Quarter Ended March 31, 2026, Payable on May 5, 2026 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended March 31, 2026. The dividend for the common stock is payable on May 5, 2026, to holders of record of common stock as of April 20, 2026. Tillkännagivande • Feb 16
Costamare Inc. to Report Q4, 2025 Results on Feb 18, 2026 Costamare Inc. announced that they will report Q4, 2025 results Pre-Market on Feb 18, 2026 Tillkännagivande • Jan 02
Costamare Inc. Declares Dividend for the Quarter Ended December 31, 2025, payable on February 5, 2026 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended December 31, 2025. The dividend for the common stock is payable on February 5, 2026, to holders of record of common stock as of January 20, 2026. Tillkännagivande • Oct 31
Costamare Inc. to Report Q3, 2025 Results on Nov 04, 2025 Costamare Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 04, 2025 Tillkännagivande • Oct 17
Costamare Inc. announced that it expects to receive $0.0012 million in funding Costamare Inc. entered into a stock subscription agreement with new investor Konstantinos Konstantakopoulos for issuance of 1,200 shares of a new series of high-vote, non-economic series F preferred share at a price of $1 per share for gross proceeds of $1,200 on October 15, 2025. Tillkännagivande • Oct 03
Costamare Inc. Declares Quarterly Dividend, Payable on November 6, 2025 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended September 30, 2025. The dividend for the common stock is payable on November 6, 2025, to holders of record of common stock as of October 21, 2025. Tillkännagivande • Jul 28
Costamare Inc. to Report Q2, 2025 Results on Jul 31, 2025 Costamare Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 31, 2025 Tillkännagivande • Jul 12
Costamare Inc., Annual General Meeting, Oct 02, 2025 Costamare Inc., Annual General Meeting, Oct 02, 2025. Tillkännagivande • Jul 02
Costamare Inc. Declares Quarterly Dividend on Its Common Stock, Payable on August 6, 2025 Costamare Inc. declared a quarterly dividend on its common stock of US $0.115 per share for the quarter ended June 30, 2025. The dividend for the common stock is payable on August 6, 2025, to holders of record of common stock as of July 21, 2025. Tillkännagivande • Apr 02
Costamare Inc. Declares Dividend for the Quarter Ended March 31, 2025, Payable on May 6, 2025 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended March 31, 2025. The dividend for the common stock is payable on May 6, 2025, to holders of record of common stock as of April 17, 2025. Tillkännagivande • Jan 31
Costamare Inc. to Report Q4, 2024 Results on Feb 05, 2025 Costamare Inc. announced that they will report Q4, 2024 results Pre-Market on Feb 05, 2025 Tillkännagivande • Jan 02
Costamare Inc. Declares Quarterly Dividend for the Quarter Ended December 31, 2024, Payable on February 6, 2025 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended December 31, 2024. The dividend for the common stock is payable on February 6, 2025, to holders of record of common stock as of January 21, 2025. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: US$0.77 (vs US$0.52 in 2Q 2023) Second quarter 2024 results: EPS: US$0.77 (up from US$0.52 in 2Q 2023). Revenue: US$515.4m (up 40% from 2Q 2023). Net income: US$91.3m (up 44% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.1% per year for the foreseeable future. Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (18% net profit margin). Tillkännagivande • Oct 30
Costamare Inc. to Report Q3, 2024 Results on Nov 01, 2024 Costamare Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 01, 2024 Upcoming Dividend • Oct 17
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 21 October 2024. Payment date: 06 November 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.0%). Declared Dividend • Oct 03
Second quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 21st October 2024 Payment date: 6th November 2024 Dividend yield will be 3.1%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (16% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 19% over the next 3 years. However, it would need to fall by 82% to increase the payout ratio to a potentially unsustainable range. Tillkännagivande • Oct 01
Costamare Inc. Declares Dividend for the Quarter Ended September 30, 2024, Payable on November 6, 2024 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended September 30, 2024. The dividend for the common stock is payable on November 6, 2024, to holders of record of common stock as of October 21, 2024. New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (18% net profit margin). Tillkännagivande • Jul 26
Costamare Inc. to Report Q2, 2024 Results on Jul 31, 2024 Costamare Inc. announced that they will report Q2, 2024 results Pre-Market on Jul 31, 2024 Tillkännagivande • Jul 13
Costamare Inc., Annual General Meeting, Oct 03, 2024 Costamare Inc., Annual General Meeting, Oct 03, 2024. Buy Or Sell Opportunity • Jul 09
Now 23% undervalued Over the last 90 days, the stock has risen 38% to €14.31. The fair value is estimated to be €18.68, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to decline by 46% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Declared Dividend • Jul 08
First quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 19th July 2024 Payment date: 6th August 2024 Dividend yield will be 2.8%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 2.8% over the next 3 years. However, it would need to fall by 80% to increase the payout ratio to a potentially unsustainable range. Tillkännagivande • Jul 01
Costamare Inc. Declares Quarterly Dividend on Its Common Stock for the Quarter Ended June 30, 2024, Payable on August 6, 2024 Costamare Inc. declared a quarterly dividend on its common stock of $0.115 per share for the quarter ended June 30, 2024. The dividend for the common stock is payable on August 6, 2024, to holders of record of common stock as of July 19, 2024. New Risk • May 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (112% cash payout ratio). Profit margins are more than 30% lower than last year (18% net profit margin). Reported Earnings • May 10
First quarter 2024 earnings released: EPS: US$0.79 (vs US$1.16 in 1Q 2023) First quarter 2024 results: EPS: US$0.79 (down from US$1.16 in 1Q 2023). Revenue: US$475.4m (up 91% from 1Q 2023). Net income: US$94.2m (down 34% from 1Q 2023). Profit margin: 20% (down from 57% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Shipping industry in Europe are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 09
Costamare Inc. to Report Q1, 2024 Results on May 10, 2024 Costamare Inc. announced that they will report Q1, 2024 results Pre-Market on May 10, 2024 Declared Dividend • Apr 04
Fourth quarter dividend of US$0.12 announced Shareholders will receive a dividend of US$0.12. Ex-date: 18th April 2024 Payment date: 6th May 2024 Dividend yield will be 4.2%, which is lower than the industry average of 15%. Sustainability & Growth Dividend is covered by earnings (16% earnings payout ratio) but not covered by cash flows (111% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Tillkännagivande • Apr 02
Costamare Inc. Declares Quarterly Dividend for the Quarter Ended March 31, 2024, Payable on May 6, 2024 Costamare Inc. also declared a quarterly dividend on its common stock of $0.115 per share for the quarter ended March 31, 2024. The dividend for the common stock is payable on May 6, 2024, to holders of record of common stock as of April 19, 2024. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: US$2.95 (vs US$4.26 in FY 2022) Full year 2023 results: EPS: US$2.95 (down from US$4.26 in FY 2022). Revenue: US$1.51b (up 36% from FY 2022). Net income: US$354.7m (down 32% from FY 2022). Profit margin: 24% (down from 47% in FY 2022). Revenue is expected to decline by 13% p.a. on average during the next 2 years, while revenues in the Shipping industry in Europe are expected to grow by 1.4%. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: US$2.95 (vs US$4.26 in FY 2022) Full year 2023 results: EPS: US$2.95 (down from US$4.26 in FY 2022). Revenue: US$1.51b (up 36% from FY 2022). Net income: US$354.7m (down 32% from FY 2022). Profit margin: 24% (down from 47% in FY 2022). Revenue is expected to fall by 5.5% p.a. on average during the next 2 years compared to a 1.4% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Feb 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 18% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings are forecast to decline by an average of 18% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Tillkännagivande • Feb 03
Costamare Inc. to Report Q4, 2023 Results on Feb 07, 2024 Costamare Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 07, 2024 Upcoming Dividend • Jan 12
Upcoming dividend of US$0.12 per share at 4.3% yield Eligible shareholders must have bought the stock before 19 January 2024. Payment date: 07 February 2024. Payout ratio is a comfortable 13% and the cash payout ratio is 79%. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (17%). Tillkännagivande • Jan 02
Costamare Inc. Declares Quarterly Dividend for the Quarter Ended December 31, 2023, Payable February 7, 2024 Costamare Inc. has declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended December 31, 2023. The dividend for the common stock is payable on February 7, 2024, to holders of record of common stock as of January 22, 2024. Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: US$0.45 (vs US$0.89 in 3Q 2022) Third quarter 2023 results: EPS: US$0.45 (down from US$0.89 in 3Q 2022). Revenue: US$400.4m (up 38% from 3Q 2022). Net income: US$53.3m (down 51% from 3Q 2022). Profit margin: 13% (down from 37% in 3Q 2022). Revenue is expected to fall by 6.6% p.a. on average during the next 3 years compared to a 5.4% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. New Risk • Nov 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 20% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Tillkännagivande • Oct 28
Costamare Inc. to Report Q3, 2023 Results on Nov 01, 2023 Costamare Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 01, 2023 Tillkännagivande • Oct 05
Costamare Inc. Declares Dividend for the Quarter Ended September 30, 2023, Payable on November 6, 2023 Costamare Inc. declared a quarterly dividend on its common stock of USD 0.115 per share for the quarter ended September 30, 2023. The dividend for the common stock is payable on November 6, 2023, to holders of record of common stock as of October 20, 2023. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €10.26, the stock trades at a trailing P/E ratio of 2.8x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 208% over the past three years. New Risk • Aug 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: US$0.49 (vs US$0.92 in 2Q 2022) Second quarter 2023 results: EPS: US$0.49 (down from US$0.92 in 2Q 2022). Revenue: US$365.9m (up 26% from 2Q 2022). Net income: US$59.5m (down 48% from 2Q 2022). Profit margin: 16% (down from 39% in 2Q 2022). Revenue is expected to fall by 2.7% p.a. on average during the next 3 years compared to a 8.5% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jul 25
Costamare Inc. to Report Q2, 2023 Results on Jul 28, 2023 Costamare Inc. announced that they will report Q2, 2023 results on Jul 28, 2023 Tillkännagivande • Jul 13
Costamare Inc., Annual General Meeting, Oct 03, 2023 Costamare Inc., Annual General Meeting, Oct 03, 2023. Upcoming Dividend • Jul 12
Upcoming dividend of US$0.12 per share at 4.5% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 07 August 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (17%). Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €8.45, the stock trades at a trailing P/E ratio of 2x. Average forward P/E is 6x in the Shipping industry in Europe. Total returns to shareholders of 118% over the past three years. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: US$1.16 (vs US$0.93 in 1Q 2022) First quarter 2023 results: EPS: US$1.16 (up from US$0.93 in 1Q 2022). Revenue: US$248.8m (down 7.2% from 1Q 2022). Net income: US$141.6m (up 23% from 1Q 2022). Profit margin: 57% (up from 43% in 1Q 2022). Revenue is expected to fall by 2.7% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 11
Costamare Inc. to Report Q1, 2023 Results on May 15, 2023 Costamare Inc. announced that they will report Q1, 2023 results Pre-Market on May 15, 2023 Upcoming Dividend • Apr 11
Upcoming dividend of US$0.12 per share at 4.9% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 05 May 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (15%). Reported Earnings • Apr 08
Full year 2022 earnings released: EPS: US$4.26 (vs US$3.28 in FY 2021) Full year 2022 results: EPS: US$4.26 (up from US$3.28 in FY 2021). Revenue: US$1.11b (up 40% from FY 2021). Net income: US$523.9m (up 30% from FY 2021). Profit margin: 47% (down from 51% in FY 2021). Revenue is expected to fall by 2.1% p.a. on average during the next 3 years compared to a 11% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 09
Full year 2022 earnings released: EPS: US$4.26 (vs US$3.28 in FY 2021) Full year 2022 results: EPS: US$4.26 (up from US$3.28 in FY 2021). Revenue: US$1.11b (up 40% from FY 2021). Net income: US$523.9m (up 30% from FY 2021). Profit margin: 47% (down from 51% in FY 2021). Revenue is expected to fall by 2.1% p.a. on average during the next 3 years compared to a 5.9% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Feb 04
Costamare Inc. to Report Q4, 2022 Results on Feb 08, 2023 Costamare Inc. announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Feb 08, 2023 Upcoming Dividend • Jan 12
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 19 January 2023. Payment date: 07 February 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.7%). Lower than average of industry peers (12%). Tillkännagivande • Jan 04
Costamare Inc. Declares Quarterly Dividend for the Quarter Ended December 31, 2022, Payable on February 7, 2023 Costamare Inc. has declared a quarterly dividend on its common stock of $0.115 per share for the quarter ended December 31, 2022. The dividend for the common stock is payable on February 7, 2023, to holders of record of common stock as of January 20, 2023. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: US$0.89 (vs US$0.87 in 3Q 2021) Third quarter 2022 results: EPS: US$0.89 (up from US$0.87 in 3Q 2021). Revenue: US$289.5m (up 34% from 3Q 2021). Net income: US$107.6m (flat on 3Q 2021). Profit margin: 37% (down from 50% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 3.0% p.a. on average during the next 3 years compared to a 12% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Charlotte Stratos was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: US$0.89 (vs US$0.87 in 3Q 2021) Third quarter 2022 results: EPS: US$0.89 (up from US$0.87 in 3Q 2021). Revenue: US$289.5m (up 34% from 3Q 2021). Net income: US$107.6m (flat on 3Q 2021). Profit margin: 37% (down from 50% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 3.4% p.a. on average during the next 3 years compared to a 11% decline forecast for the Shipping industry in Europe. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Oct 14
Chairman & CEO recently bought €11m worth of stock On the 12th of October, Konstantinos Konstantakopoulos bought around 1m shares on-market at roughly €9.86 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Konstantinos has been a buyer over the last 12 months, purchasing a net total of €15m worth in shares. Upcoming Dividend • Oct 12
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 19 October 2022. Payment date: 07 November 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of German dividend payers (5.3%). Lower than average of industry peers (14%). Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: US$0.98 (vs US$0.67 in 2Q 2021) Second quarter 2022 results: EPS: US$0.98 (up from US$0.67 in 2Q 2021). Revenue: US$290.9m (up 74% from 2Q 2021). Net income: US$122.0m (up 47% from 2Q 2021). Profit margin: 42% (down from 50% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 6.6%, compared to a 8.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (11%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: US$0.99 (vs US$0.49 in 1Q 2021) First quarter 2022 results: EPS: US$0.99 (up from US$0.49 in 1Q 2021). Revenue: US$268.0m (up 112% from 1Q 2021). Net income: US$123.0m (up 103% from 1Q 2021). Profit margin: 46% (down from 48% in 1Q 2021). Over the next year, revenue is forecast to grow 22%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 5 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Director Charlotte Stratos was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 11
Upcoming dividend of US$0.61 per share Eligible shareholders must have bought the stock before 18 April 2022. Payment date: 05 May 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (3.9%). Lower than average of industry peers (9.8%). Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$3.28 (up from US$0.18 loss in FY 2020). Revenue: US$793.6m (up 72% from FY 2020). Net income: US$404.1m (up US$425.6m from FY 2020). Profit margin: 51% (up from net loss in FY 2020). Revenue missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 44%, compared to a 18% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 12
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 19 January 2022. Payment date: 07 February 2022. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (1.6%). Reported Earnings • Oct 28
Third quarter 2021 earnings released: EPS US$0.87 (vs US$0.14 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$216.2m (up 100% from 3Q 2020). Net income: US$107.4m (up US$90.0m from 3Q 2020). Profit margin: 50% (up from 16% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 12
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 19 October 2021. Payment date: 05 November 2021. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (3.3%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to €12.79, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Shipping industry in Europe. Total returns to shareholders of 178% over the past three years. Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$0.67 (vs US$0.70 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$166.8m (up 49% from 2Q 2020). Net income: US$82.8m (up US$166.7m from 2Q 2020). Profit margin: 50% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 13
Upcoming dividend of US$0.12 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 05 August 2021. Trailing yield: 3.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (1.8%). Reported Earnings • Jun 03
First quarter 2021 earnings released: EPS US$0.49 (vs US$0.21 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$126.7m (up 4.4% from 1Q 2020). Net income: US$60.5m (up 136% from 1Q 2020). Profit margin: 48% (up from 21% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 12
Upcoming dividend of US$0.10 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 06 May 2021. Trailing yield: 3.9%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (2.2%). Reported Earnings • Mar 03
Full year 2020 earnings released: US$0.18 loss per share (vs US$0.58 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$460.3m (down 3.7% from FY 2019). Net loss: US$21.6m (down 132% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 03
Revenue misses expectations Revenue missed analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 22%, compared to a 8.5% growth forecast for the Shipping industry in Germany. Is New 90 Day High Low • Feb 11
New 90-day high: €7.65 The company is up 46% from its price of €5.25 on 13 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €52.81 per share. Reported Earnings • Feb 03
Full year 2020 earnings released: US$0.18 loss per share (vs US$0.58 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$460.3m (down 3.7% from FY 2019). Net loss: US$21.6m (down 132% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue misses expectations Revenue missed analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 18%, compared to a 6.4% growth forecast for the Shipping industry in Germany. Is New 90 Day High Low • Jan 06
New 90-day high: €6.85 The company is up 28% from its price of €5.35 on 08 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 35% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €43.28 per share. Is New 90 Day High Low • Dec 12
New 90-day high: €6.25 The company is up 44% from its price of €4.34 on 11 September 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 30% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €41.10 per share. Is New 90 Day High Low • Nov 25
New 90-day high: €6.05 The company is up 49% from its price of €4.06 on 26 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €38.81 per share. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS US$0.14 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$107.9m (down 13% from 3Q 2019). Net income: US$17.4m (down 38% from 3Q 2019). Profit margin: 16% (down from 23% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue misses expectations Revenue missed analyst estimates by 9.8%. Over the next year, revenue is forecast to grow 15%, compared to a 2.9% growth forecast for the Shipping industry in Germany. Analyst Estimate Surprise Post Earnings • Oct 29
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 9.8% at US$103.9m. Revenue is forecast to grow 9.6% over the next year, compared to a 2.8% growth forecast for the Shipping industry in Germany. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total losses of US$12.8m, with earnings decreasing by US$64.6m from the prior year. Total revenue was US$465.6m over the last 12 months, up 1.2% from the prior year.