Intrinsic value of Costamare - CMRE

Previous Close

$7.40

  Intrinsic Value

$3.02

stock screener

  Rating & Target

str. sell

-59%

Previous close

$7.40

 
Intrinsic value

$3.02

 
Up/down potential

-59%

 
Rating

str. sell

We calculate the intrinsic value of CMRE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -4.49
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  468
  420
  430
  441
  453
  467
  482
  499
  516
  536
  556
  578
  602
  627
  653
  681
  711
  743
  776
  811
  849
  888
  930
  973
  1,019
  1,068
  1,119
  1,173
  1,229
  1,289
  1,351
Variable operating expenses, $m
 
  199
  203
  209
  214
  221
  228
  236
  244
  253
  263
  273
  285
  296
  309
  322
  336
  351
  367
  384
  401
  420
  440
  460
  482
  505
  529
  555
  581
  610
  639
Fixed operating expenses, $m
 
  85
  87
  89
  91
  93
  95
  97
  99
  101
  103
  105
  108
  110
  113
  115
  118
  120
  123
  126
  128
  131
  134
  137
  140
  143
  146
  149
  153
  156
  159
Total operating expenses, $m
  302
  284
  290
  298
  305
  314
  323
  333
  343
  354
  366
  378
  393
  406
  422
  437
  454
  471
  490
  510
  529
  551
  574
  597
  622
  648
  675
  704
  734
  766
  798
Operating income, $m
  166
  137
  140
  144
  148
  154
  160
  166
  173
  181
  190
  199
  209
  220
  232
  244
  257
  271
  286
  302
  319
  337
  356
  376
  397
  420
  444
  469
  495
  523
  553
EBITDA, $m
  267
  345
  353
  362
  373
  385
  398
  413
  429
  446
  465
  485
  507
  530
  555
  581
  609
  639
  670
  704
  739
  776
  816
  858
  902
  948
  997
  1,049
  1,104
  1,161
  1,222
Interest expense (income), $m
  51
  66
  67
  69
  71
  73
  75
  78
  80
  83
  86
  90
  93
  97
  102
  106
  111
  116
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
  202
  212
Earnings before tax, $m
  82
  71
  73
  75
  78
  81
  84
  89
  93
  98
  103
  109
  116
  123
  130
  138
  147
  156
  165
  176
  187
  198
  211
  224
  238
  253
  269
  285
  303
  321
  341
Tax expense, $m
  0
  19
  20
  20
  21
  22
  23
  24
  25
  26
  28
  30
  31
  33
  35
  37
  40
  42
  45
  47
  50
  54
  57
  61
  64
  68
  73
  77
  82
  87
  92
Net income, $m
  82
  52
  53
  55
  57
  59
  62
  65
  68
  72
  76
  80
  84
  90
  95
  101
  107
  114
  121
  128
  136
  145
  154
  164
  174
  185
  196
  208
  221
  235
  249

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  165
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,558
  2,532
  2,590
  2,656
  2,731
  2,814
  2,905
  3,004
  3,111
  3,226
  3,350
  3,482
  3,624
  3,774
  3,934
  4,104
  4,284
  4,474
  4,675
  4,888
  5,113
  5,350
  5,600
  5,863
  6,141
  6,433
  6,741
  7,065
  7,406
  7,764
  8,141
Adjusted assets (=assets-cash), $m
  2,393
  2,532
  2,590
  2,656
  2,731
  2,814
  2,905
  3,004
  3,111
  3,226
  3,350
  3,482
  3,624
  3,774
  3,934
  4,104
  4,284
  4,474
  4,675
  4,888
  5,113
  5,350
  5,600
  5,863
  6,141
  6,433
  6,741
  7,065
  7,406
  7,764
  8,141
Revenue / Adjusted assets
  0.196
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
Average production assets, $m
  1,847
  2,080
  2,128
  2,182
  2,244
  2,312
  2,386
  2,468
  2,556
  2,650
  2,752
  2,861
  2,977
  3,101
  3,232
  3,371
  3,519
  3,676
  3,841
  4,016
  4,200
  4,395
  4,600
  4,817
  5,045
  5,285
  5,538
  5,804
  6,084
  6,379
  6,688
Working capital, $m
  -70
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
Total debt, $m
  1,415
  1,246
  1,275
  1,309
  1,347
  1,390
  1,436
  1,487
  1,541
  1,600
  1,664
  1,731
  1,804
  1,880
  1,962
  2,049
  2,141
  2,238
  2,341
  2,450
  2,564
  2,686
  2,813
  2,948
  3,090
  3,239
  3,396
  3,562
  3,736
  3,919
  4,112
Total liabilities, $m
  1,484
  1,294
  1,323
  1,357
  1,396
  1,438
  1,484
  1,535
  1,590
  1,649
  1,712
  1,779
  1,852
  1,929
  2,010
  2,097
  2,189
  2,286
  2,389
  2,498
  2,613
  2,734
  2,861
  2,996
  3,138
  3,287
  3,444
  3,610
  3,784
  3,967
  4,160
Total equity, $m
  1,074
  1,238
  1,266
  1,299
  1,335
  1,376
  1,420
  1,469
  1,521
  1,578
  1,638
  1,703
  1,772
  1,846
  1,924
  2,007
  2,095
  2,188
  2,286
  2,390
  2,500
  2,616
  2,738
  2,867
  3,003
  3,146
  3,296
  3,455
  3,621
  3,797
  3,981
Total liabilities and equity, $m
  2,558
  2,532
  2,589
  2,656
  2,731
  2,814
  2,904
  3,004
  3,111
  3,227
  3,350
  3,482
  3,624
  3,775
  3,934
  4,104
  4,284
  4,474
  4,675
  4,888
  5,113
  5,350
  5,599
  5,863
  6,141
  6,433
  6,740
  7,065
  7,405
  7,764
  8,141
Debt-to-equity ratio
  1.318
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.010
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.020
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
  1.030
Adjusted equity ratio
  0.380
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489
  0.489

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  52
  53
  55
  57
  59
  62
  65
  68
  72
  76
  80
  84
  90
  95
  101
  107
  114
  121
  128
  136
  145
  154
  164
  174
  185
  196
  208
  221
  235
  249
Depreciation, amort., depletion, $m
  101
  208
  213
  218
  224
  231
  239
  247
  256
  265
  275
  286
  298
  310
  323
  337
  352
  368
  384
  402
  420
  439
  460
  482
  504
  528
  554
  580
  608
  638
  669
Funds from operations, $m
  208
  260
  266
  273
  281
  290
  300
  311
  323
  337
  351
  366
  382
  400
  418
  438
  459
  481
  505
  530
  556
  584
  614
  645
  678
  713
  750
  789
  829
  873
  918
Change in working capital, $m
  -19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
Cash from operations, $m
  227
  259
  266
  273
  281
  290
  300
  311
  323
  336
  351
  366
  382
  399
  418
  438
  459
  481
  505
  530
  556
  584
  614
  645
  678
  713
  749
  788
  829
  872
  917
Maintenance CAPEX, $m
  0
  -204
  -208
  -213
  -218
  -224
  -231
  -239
  -247
  -256
  -265
  -275
  -286
  -298
  -310
  -323
  -337
  -352
  -368
  -384
  -402
  -420
  -439
  -460
  -482
  -504
  -528
  -554
  -580
  -608
  -638
New CAPEX, $m
  -3
  -39
  -48
  -55
  -61
  -68
  -75
  -81
  -88
  -95
  -102
  -109
  -116
  -124
  -131
  -139
  -148
  -156
  -165
  -175
  -185
  -195
  -205
  -216
  -228
  -240
  -253
  -266
  -280
  -295
  -310
Cash from investing activities, $m
  -34
  -243
  -256
  -268
  -279
  -292
  -306
  -320
  -335
  -351
  -367
  -384
  -402
  -422
  -441
  -462
  -485
  -508
  -533
  -559
  -587
  -615
  -644
  -676
  -710
  -744
  -781
  -820
  -860
  -903
  -948
Free cash flow, $m
  193
  17
  10
  5
  1
  -2
  -6
  -9
  -11
  -14
  -16
  -18
  -20
  -22
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -31
  -32
  -32
  -32
  -32
  -32
  -31
  -31
  -30
Issuance/(repayment) of debt, $m
  -135
  22
  30
  34
  38
  42
  46
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
Issuance/(repurchase) of shares, $m
  69
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -52
  22
  30
  34
  38
  42
  46
  51
  55
  59
  63
  68
  72
  77
  82
  87
  92
  97
  103
  109
  115
  121
  128
  135
  142
  149
  157
  166
  174
  183
  193
Total cash flow (excl. dividends), $m
  140
  39
  40
  39
  40
  40
  41
  42
  43
  45
  47
  49
  52
  55
  58
  62
  66
  70
  74
  79
  85
  90
  97
  103
  110
  117
  125
  134
  143
  152
  162
Retained Cash Flow (-), $m
  -110
  -19
  -28
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -98
  -104
  -110
  -116
  -122
  -129
  -136
  -143
  -151
  -158
  -167
  -175
  -184
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
Cash available for distribution, $m
 
  20
  11
  7
  3
  0
  -4
  -6
  -9
  -11
  -13
  -15
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -25
  -25
  -26
  -26
  -26
  -25
  -25
  -25
  -24
  -23
  -22
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  19
  10
  5
  2
  0
  -2
  -3
  -4
  -5
  -5
  -5
  -4
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Costamare Inc. (Costamare) is a holding company. The Company is an international owner of containerships. The Company is engaged in chartering its vessels to various liner companies. The Company provides marine transportation services around the world by chartering its container vessels to liner operators under long, medium and short-term time charters. As of March 10, 2017, the Company had a fleet of 69 containerships with a total capacity of approximately 456,000 TEU, including five newbuilds on order. The Company's fleet of vessels includes Cosco Guangzhou, Titan, Cosco Yantian, Valor, Valiant and Maersk Kobe. Its subsidiaries include Adele Shipping Co., Bastian Shipping Co., Cadence Shipping Co., Jodie Shipping Co. and Kayley Shipping Co.

FINANCIAL RATIOS  of  Costamare (CMRE)

Valuation Ratios
P/E Ratio 8.2
Price to Sales 1.4
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 3
Growth Rates
Sales Growth Rate -4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -43.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 110.6%
Total Debt to Equity 131.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 76.3%
Gross Margin - 3 Yr. Avg. 74.9%
EBITDA Margin 50%
EBITDA Margin - 3 Yr. Avg. 54.9%
Operating Margin 35.5%
Oper. Margin - 3 Yr. Avg. 41.5%
Pre-Tax Margin 17.5%
Pre-Tax Margin - 3 Yr. Avg. 23.6%
Net Profit Margin 17.5%
Net Profit Margin - 3 Yr. Avg. 23.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 91.5%

CMRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMRE stock intrinsic value calculation we used $412 million for the last fiscal year's total revenue generated by Costamare. The default revenue input number comes from 2016 income statement of Costamare. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CMRE stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7%, whose default value for CMRE is calculated based on our internal credit rating of Costamare, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Costamare.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CMRE stock the variable cost ratio is equal to 47.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $83 million in the base year in the intrinsic value calculation for CMRE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Costamare.

Corporate tax rate of 27% is the nominal tax rate for Costamare. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CMRE stock is equal to 0.9%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CMRE are equal to 494.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Costamare operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CMRE is equal to 0.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1219 million for Costamare - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 101 million for Costamare is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Costamare at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

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▶ These 3 Preferred Stocks Are Paying 5.5% or More   [May-14-18 12:25PM  InvestorPlace]
▶ Costamare: 1Q Earnings Snapshot   [May-01-18 06:45PM  Associated Press]
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▶ NYSE Favorite Transport Dividend Stocks   [Feb-22-18 08:02AM  Simply Wall St.]
▶ Costamare tops 4Q profit forecasts   [Jan-23-18 04:55PM  Associated Press]
▶ ETFs with exposure to Costamare Inc. : December 20, 2017   [Dec-20-17 11:37AM  Capital Cube]
▶ Costamare tops 3Q profit forecasts   [Oct-24-17 04:53PM  Associated Press]
▶ ETFs with exposure to Costamare Inc. : September 25, 2017   [Sep-25-17 10:36AM  Capital Cube]
▶ ETFs with exposure to Costamare Inc. : September 14, 2017   [Sep-14-17 06:06PM  Capital Cube]
▶ Why I (Still) Love Seaspan Corporation   [Sep-06-17 02:05PM  Motley Fool]
▶ Investor Network: Costamare Inc. to Host Earnings Call   [Jul-26-17 06:50AM  Accesswire]
▶ Costamare beats 2Q profit forecasts   [Jul-25-17 10:33PM  Associated Press]
▶ How Seaspan Corporation Makes Most of Its Money   [Jul-05-17 04:34PM  Motley Fool]
▶ Costamare Inc. Value Analysis (NYSE:CMRE) : July 3, 2017   [Jul-03-17 04:16PM  Capital Cube]
▶ ETFs with exposure to Costamare Inc. : June 28, 2017   [Jun-28-17 02:40PM  Capital Cube]
▶ Why Costamare Inc. Stock Just Sank 9%   [May-25-17 12:41PM  Motley Fool]
▶ Costamare Inc. Announces Public Offering of Common Stock   [May-24-17 04:16PM  Marketwired]
▶ ETFs with exposure to Costamare Inc. : May 22, 2017   [May-22-17 01:28PM  Capital Cube]
▶ Is Seaspan Corporation About to Turn the Corner?   [May-15-17 11:15AM  Motley Fool]
▶ ETFs with exposure to Costamare Inc. : May 9, 2017   [May-09-17 04:27PM  Capital Cube]
▶ Why Costamare Shares Just Jumped 14.5%   [11:45AM  Motley Fool]
▶ Costamare beats 1Q profit forecasts   [Apr-27-17 05:44PM  Associated Press]
▶ Seaspan Corporation: The Bear Case From a Bull   [Apr-11-17 10:00AM  Motley Fool]
▶ DryShips Inc.'s High Dividend Yield Is Shrinking Quickly   [Mar-20-17 10:00AM  Motley Fool]
▶ New Strong Sell Stocks for February 24th   [Feb-24-17 10:06AM  Zacks]
▶ ETFs with exposure to Costamare Inc. : February 14, 2017   [Feb-14-17 03:20PM  Capital Cube]
▶ What Makes Costamare (CMRE) a Strong Sell?   [Feb-09-17 08:37AM  Zacks]
Financial statements of CMRE
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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