Excel Maritime Carriers Ltd. (NYSE: EXM)
Excel Maritime Carriers Ltd. (EXM) is a provider of worldwide sea borne transportation services for dry bulk cargo, including among others, iron ore, coal and grain, collectively referred to as major bulks, and steel products, fertilizers, cement, bauxite, sugar and scrap metal, collectively referred to as minor bulks. EXM’s fleet is managed by one of its wholly owned subsidiaries, Maryville Maritime Inc. (Maryville). As of April 27, 2009, the Company owned a fleet of 40 vessels, and together with seven Panamax vessels under bareboat charters, operates 47 vessels, five Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and five Handymax, with a total carrying capacity of approximately 3.9 million deadweight tons (dwt). On April 15, 2008, the Company completed its acquisition of Quintana Maritime Ltd. (Quintana). As a result of the acquisition, Quintana operates as a wholly owned subsidiary of Excel under the name Bird.
The Company was founded in 1988 and is based in Athens, Greece.
|
Share Statistics (18-Nov-09) |
|
FY 2007 |
FY 2008 |
% Chg |
Q3 2008 |
Q3 2009 |
% Chg |
|
| Symbol |
EXM |
Revenue, $Mn |
177.5M |
696.1M |
16.7% |
231.7M |
174.4M |
24.7% |
| Current price |
$7.69 |
Gross marg. |
73.6% |
78.0% |
5.6% |
80.1% |
74.7% |
6.7% |
| 52wk Range: |
$3.00-11.70 |
Oper. margin |
52.1% |
7.2% |
86.2% |
61.4% |
47.9% |
22.0% |
| Avg Vol (3m): |
2,063,360 |
Net margin |
47.8% |
-6.4% |
113.4% |
50.8% |
35.6% |
29.9% |
| Market Cap. |
612.6M |
|
|
|
|
|
|
|
| Dil. Shares Outst. |
79.7M |
EPS, $ |
4.25 |
-1.21 |
128.5% |
2.68 |
0.83 |
69.0% |
Source: Reuters.com, SEC Filings.
Financial Summary
- Revenue from operations for the quarter amounted to $174.4 million as compared to $231.6 million in the third quarter of 2008.
- Net profit for the quarter was $62.0 million or $0.79 per weighted average diluted share compared to $117.6 million or $2.66 per weighted average diluted share in the third quarter of 2008. The third-quarter 2009 results include a non-cash unrealized interest-rate swap loss of $1.8 million compared to an unrealized interest-rate swap loss of $6.7 million in the corresponding period in 2008. Swap gains and losses are recorded in income, as they do not meet the criteria for hedge accounting. Net income, excluding the above item, for the third quarter of 2009 would amount to $63.8 million or $0.81 per weighted average diluted share compared to respective income for the third quarter of 2008 of $124.3 million or $2.81 per weighted average diluted share.
- Adjusted EBITDA for the third quarter of 2009 was $59.1 million compared to $110.1 million for the third quarter of 2008. A reconciliation of adjusted EBITDA to Net Income is included in a subsequent section of this release.
- An average of 47 vessels were operated during the third quarters of 2009 and 2008 earning a blended average time charter equivalent rate of $21,912 and $33,806 per day, respectively.
| Financial Strength (18-Nov-2009) | Company | Industry | Sector | S&P 500 |
| Quick Ratio (MRQ) | 0.63 | 0.99 | 1.40 | 0.84 |
| Current Ratio (MRQ) | 0.63 | 1.08 | 1.73 | 0.99 |
| Long-Term Debt to Equity (MRQ) | 83.10 | 115.73 | 65.36 | 130.27 |
| Total Debt to Equity (MRQ) | 94.40 | 139.68 | 92.89 | 200.58 |
Source: Reuters.com, SEC Filings.
Analyst Consensus
|
Buy |
Outperform |
Hold |
Underperform |
Sell |
No Opinion |
This is the consensus forecast among 13 polled investment analysts. Against the Excel Maritime Carriers Ltd. company.
|
Analyst Detail |
Buy |
Outperform |
Hold |
Underperform |
Sell |
No Opinion |
|
Latest |
1 |
0 |
7 |
1 |
4 |
0 |
|
4 weeks ago |
1 |
0 |
7 |
1 |
4 |
0 |
|
2 months ago |
1 |
0 |
4 |
1 |
4 |
0 |
|
3 months ago |
1 |
0 |
4 |
1 |
4 |
0 |
|
Last year |
1 |
1 |
5 |
0 |
1 |
1 |
The seven analysts offering 12-month price targets for EXM have a median target of 6.00, with a high estimate of 10.00 and a low estimate of 2.02. The median estimate represents a -28.57% decrease from the last price of 8.40.
Source: www.ft.com
|
# of Estimates |
Mean |
High |
Low |
1 Year |
|
|
SALES (in millions) |
|||||
|
Quarter Ending Dec-09 |
7 |
93.97 |
99.40 |
84.06 |
111.60 |
|
Quarter Ending Mar-10 |
2 |
94.62 |
97.70 |
91.55 |
– |
|
Year Ending Dec-09 |
11 |
404.95 |
711.00 |
357.00 |
522.51 |
|
Year Ending Dec-10 |
11 |
377.92 |
512.00 |
308.00 |
472.10 |
|
Earnings (per share) |
|||||
|
Quarter Ending Dec-09 |
9 |
0.04 |
0.12 |
-0.16 |
0.57 |
|
Quarter Ending Mar-10 |
4 |
0.01 |
0.07 |
-0.16 |
– |
|
Year Ending Dec-09 |
9 |
0.01 |
0.16 |
-0.23 |
2.80 |
|
Year Ending Dec-10 |
9 |
-0.10 |
0.45 |
-0.50 |
1.38 |
Source: http://www.reuters.com/finance/stocks/estimates?symbol=EXM
Investment Highlights
EXM announced last week that it has entered into two new charter agreements for the M/V Renuar and the M/V Elinakos. The M/V Renuar, a 1993 built Panamax bulk carrier with a carrying capacity of 70,128 dwt, has entered into a charter agreement for a minimum period of 12 months to a maximum period of 14 months at the gross daily rate of $22,500. The M/V Elinakos, a 73,751 dwt, 1997-built Panamax bulk carrier, has entered into a short term charter agreement for a period of a minimum of four months to a maximum of six months at a gross rate of $25,000 per day.
EXM in late September announced the results of the annual general meeting of its shareholders (the “AGM”). At the meeting the following proposals were approved and adopted: (1) the election of six directors of the Company; (2) the appointment of Ernst & Young as the Company’s independent auditors for the fiscal year ending December 31, 2009; and (3) an amendment to the Company’s Articles of Incorporation to increase the number of authorized shares of the Company’s Class A common stock, each as described in the AGM’s Proxy Statement submitted to EDGAR in a Report on Form 6-K on August 31, 2009.
Source: http://www.excelmaritime.com/
Technical Analysis
Source: http://stockcharts.com
EXM is trading above its 50-day moving average. While this is normally considered to be a bullish sign, the moving average is downward sloping, which means that investors have been liquidating shares during this time period and tempers the bullishness of the signal.
EXM is trading near its upper Bollinger Band. This suggests that the stock price is high relative to its recent price action.
The MACD for EXM currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9-day moving average. Second, the MACD is above 0, which implies that the underlying moving averages are trending higher.
Comparative Analysis
|
Company Name |
Ticker |
Price per |
Mrkt. Cap. |
P/E |
P/S |
||
|
Nov-18-2009 |
symbol |
Share, $ |
$ Mn |
2009 |
2010 |
2009 |
2010 |
|
|
|
|
|
|
|
|
|
| Diana Shipping Inc. |
DSX |
16.59 |
1.33B |
8.58 |
n/a |
5.45 |
n/a |
| DryShips Inc. |
DRYS |
6.70 |
1.71B |
n/a |
n/a |
2.13 |
n/a |
| Eagle Bulk Shipping Inc. |
EGLE |
5.95 |
368.59M |
7.68 |
n/a |
1.99 |
n/a |
| Bulk Shippers Median |
|
9.74 |
1.13B |
8.13 |
n/a |
3.19 |
n/a |
| Excel Maritime Carriers Inc. |
EXM |
7.69 |
612.6M |
n/a |
n/a |
1.58 |
n/a |
Source: Thomson Financial
Insider Trading Activity
|
NET SHARES PURCHSE ACTIVITY Inside Purchases – Last 6 Months |
||
|
Shares |
Transaction |
|
| Purchases |
n/a |
n/a |
| Sales |
n/a |
n/a |
| Net Shares Purchased (Sold) |
n/a |
n/a |
| Total Insider Shares Held |
n/a |
n/a |
| % Net Shares Purchased (Sold) |
n/a |
n/a |
|
Net Institutional Purchases — Prior Qtr to Latest Qtr |
|
|
Shares |
|
| Net Shares Purchased (Sold) |
n/a |
| % Change in Institutional Shares Held |
n/a |
Source: Yahoo Finance
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