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Mar 22, 2023

CMRE:NYSE
Investment Type
Small-Cap
Risk Level
Action
Rec. Price ($)

Section 1: Company Overview and Fundamentals

1.1 Company Overview:

Costamare Inc is a Monaco-based company that provides containerships and dry bulk vessels for charter. The Business operates in the international shipping sector and has a fleet of 73 containerships, with a combined capacity of over 537,000 TEU (including two vessels that have agreed to sell), and 45 dry bulk vessels, with a combined capacity of roughly 2,436,000 DWT.

1.2 The Key Positives, Negatives, and Investment summary

1.3 Key Metrics:

The profit margins for CMRE in FY22 were exceptional in comparison to the industry median. CMRE has surpassed the industry median in every category, demonstrating efficient resource allocation and operational performance. In comparison to the industry median current ratio of 1.67x, the accompanying graph shows that CMRE has respectable short-term liquidity with a current ratio of 2.4x in FY22.

1.4 Top 10 shareholders:

The top 10 shareholders together form ~71.72% of the total shareholding, signifying concentrated shareholding. Konstantakopoulos (Konstantinos) and Konstantakopoulos (Achillefs) are the biggest shareholders, holding the maximum stake in the company at ~24.98% and ~17.35%, respectively.

1.5 Consistent dividend payments history since 2011:

Since 2011, CMRE has distributed quarterly dividends. The company announced a dividend on the common stock on January 3, 2023, at a rate of USD 0.115 per share. The dividend was paid on February 7, 2023, to holders of record of the common stock as of January 20, 2023. The Company declared a dividend on January 3, 2023, which was paid on January 17, 2023, to holders of record as of January 13, 2023. The dividend amounts were USD 0.476 per share on the Series B Preferred Stock, USD 0.53 per share on the Series C Preferred Stock, USD 0.54 on the Series D Preferred Stock, and USD 0.55 on the Series E Preferred Stock. There are still around USD 90 million in available funds for common shares and USD 150 million in available funds for preferred shares under the share buyback program.

Section 2: Business Updates and Financial Highlights

2.1 Recent Updates:

The below picture gives an overview of the recent updates: