Intrinsic value of Costamare - CMRE

Previous Close

$5.41

  Intrinsic Value

$2.79

stock screener

  Rating & Target

sell

-48%

Previous close

$5.41

 
Intrinsic value

$2.79

 
Up/down potential

-48%

 
Rating

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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  421
  430
  441
  454
  468
  483
  499
  517
  536
  557
  579
  602
  627
  654
  682
  712
  743
  777
  812
  850
  889
  931
  974
  1,020
  1,069
  1,120
  1,174
  1,231
  1,290
  1,353
Variable operating expenses, $m
  197
  201
  207
  212
  219
  226
  234
  242
  251
  261
  271
  282
  294
  306
  319
  333
  348
  364
  380
  398
  416
  435
  456
  478
  500
  524
  549
  576
  604
  633
Fixed operating expenses, $m
  87
  89
  91
  93
  95
  97
  99
  101
  103
  106
  108
  110
  113
  115
  118
  120
  123
  126
  129
  131
  134
  137
  140
  143
  146
  150
  153
  156
  160
  163
Total operating expenses, $m
  284
  290
  298
  305
  314
  323
  333
  343
  354
  367
  379
  392
  407
  421
  437
  453
  471
  490
  509
  529
  550
  572
  596
  621
  646
  674
  702
  732
  764
  796
Operating income, $m
  137
  140
  144
  149
  154
  160
  167
  174
  182
  190
  200
  210
  221
  233
  245
  258
  272
  288
  304
  321
  339
  358
  378
  400
  422
  446
  472
  498
  527
  556
EBITDA, $m
  235
  241
  247
  255
  263
  273
  283
  295
  307
  321
  335
  351
  367
  385
  404
  425
  446
  469
  493
  519
  546
  575
  606
  638
  672
  708
  746
  786
  828
  873
Interest expense (income), $m
  51
  66
  67
  69
  70
  72
  74
  76
  79
  81
  84
  87
  90
  93
  97
  101
  105
  109
  114
  118
  123
  129
  134
  140
  147
  153
  160
  168
  175
  183
  192
Earnings before tax, $m
  71
  73
  75
  78
  82
  86
  90
  95
  101
  107
  113
  120
  127
  136
  144
  153
  163
  174
  185
  197
  210
  223
  238
  253
  269
  286
  304
  323
  343
  365
Tax expense, $m
  19
  20
  20
  21
  22
  23
  24
  26
  27
  29
  31
  32
  34
  37
  39
  41
  44
  47
  50
  53
  57
  60
  64
  68
  73
  77
  82
  87
  93
  98
Net income, $m
  52
  53
  55
  57
  60
  63
  66
  69
  73
  78
  82
  88
  93
  99
  105
  112
  119
  127
  135
  144
  153
  163
  174
  185
  196
  209
  222
  236
  251
  266

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  2,363
  2,418
  2,480
  2,550
  2,627
  2,712
  2,804
  2,904
  3,012
  3,127
  3,251
  3,383
  3,523
  3,673
  3,831
  3,999
  4,177
  4,365
  4,563
  4,773
  4,994
  5,228
  5,473
  5,733
  6,005
  6,293
  6,595
  6,914
  7,248
  7,601
Adjusted assets (=assets-cash), $m
  2,363
  2,418
  2,480
  2,550
  2,627
  2,712
  2,804
  2,904
  3,012
  3,127
  3,251
  3,383
  3,523
  3,673
  3,831
  3,999
  4,177
  4,365
  4,563
  4,773
  4,994
  5,228
  5,473
  5,733
  6,005
  6,293
  6,595
  6,914
  7,248
  7,601
Revenue / Adjusted assets
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
Average production assets, $m
  2,084
  2,132
  2,187
  2,248
  2,316
  2,391
  2,473
  2,561
  2,656
  2,758
  2,867
  2,983
  3,107
  3,239
  3,378
  3,526
  3,683
  3,849
  4,024
  4,209
  4,404
  4,610
  4,827
  5,055
  5,296
  5,549
  5,816
  6,096
  6,392
  6,702
Working capital, $m
  -30
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -85
  -89
  -93
  -97
Total debt, $m
  1,248
  1,274
  1,303
  1,336
  1,373
  1,413
  1,456
  1,504
  1,554
  1,609
  1,667
  1,730
  1,796
  1,866
  1,941
  2,020
  2,104
  2,193
  2,287
  2,386
  2,490
  2,600
  2,716
  2,839
  2,967
  3,103
  3,246
  3,396
  3,554
  3,720
Total liabilities, $m
  1,116
  1,141
  1,171
  1,203
  1,240
  1,280
  1,324
  1,371
  1,422
  1,476
  1,534
  1,597
  1,663
  1,734
  1,808
  1,888
  1,971
  2,060
  2,154
  2,253
  2,357
  2,467
  2,583
  2,706
  2,835
  2,970
  3,113
  3,263
  3,421
  3,587
Total equity, $m
  1,248
  1,277
  1,309
  1,346
  1,387
  1,432
  1,481
  1,533
  1,590
  1,651
  1,717
  1,786
  1,860
  1,939
  2,023
  2,112
  2,205
  2,305
  2,409
  2,520
  2,637
  2,760
  2,890
  3,027
  3,171
  3,323
  3,482
  3,650
  3,827
  4,013
Total liabilities and equity, $m
  2,364
  2,418
  2,480
  2,549
  2,627
  2,712
  2,805
  2,904
  3,012
  3,127
  3,251
  3,383
  3,523
  3,673
  3,831
  4,000
  4,176
  4,365
  4,563
  4,773
  4,994
  5,227
  5,473
  5,733
  6,006
  6,293
  6,595
  6,913
  7,248
  7,600
Debt-to-equity ratio
  1.000
  1.000
  1.000
  0.990
  0.990
  0.990
  0.980
  0.980
  0.980
  0.970
  0.970
  0.970
  0.970
  0.960
  0.960
  0.960
  0.950
  0.950
  0.950
  0.950
  0.940
  0.940
  0.940
  0.940
  0.940
  0.930
  0.930
  0.930
  0.930
  0.930
Adjusted equity ratio
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528
  0.528

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  52
  53
  55
  57
  60
  63
  66
  69
  73
  78
  82
  88
  93
  99
  105
  112
  119
  127
  135
  144
  153
  163
  174
  185
  196
  209
  222
  236
  251
  266
Depreciation, amort., depletion, $m
  98
  101
  103
  106
  109
  113
  117
  121
  125
  130
  135
  141
  147
  153
  159
  166
  174
  182
  190
  199
  208
  217
  228
  238
  250
  262
  274
  288
  301
  316
Funds from operations, $m
  150
  154
  158
  163
  169
  175
  183
  190
  199
  208
  218
  228
  240
  252
  265
  278
  293
  309
  325
  342
  361
  380
  401
  423
  446
  471
  496
  523
  552
  582
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
Cash from operations, $m
  151
  154
  159
  164
  170
  177
  184
  192
  200
  209
  219
  230
  241
  254
  267
  281
  295
  311
  328
  345
  364
  383
  404
  426
  450
  474
  500
  527
  556
  587
Maintenance CAPEX, $m
  -96
  -98
  -101
  -103
  -106
  -109
  -113
  -117
  -121
  -125
  -130
  -135
  -141
  -147
  -153
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -217
  -228
  -238
  -250
  -262
  -274
  -288
  -301
New CAPEX, $m
  -43
  -48
  -55
  -62
  -68
  -75
  -81
  -88
  -95
  -102
  -109
  -116
  -124
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -228
  -241
  -253
  -267
  -281
  -295
  -311
Cash from investing activities, $m
  -139
  -146
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -227
  -239
  -251
  -265
  -279
  -293
  -307
  -323
  -340
  -357
  -375
  -394
  -414
  -434
  -456
  -479
  -503
  -529
  -555
  -583
  -612
Free cash flow, $m
  11
  8
  4
  -1
  -4
  -8
  -11
  -13
  -16
  -18
  -20
  -22
  -23
  -25
  -26
  -27
  -28
  -29
  -29
  -30
  -30
  -30
  -30
  -30
  -29
  -29
  -28
  -27
  -26
  -25
Issuance/(repayment) of debt, $m
  25
  26
  29
  33
  36
  40
  44
  47
  51
  55
  58
  62
  66
  70
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  166
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  25
  26
  29
  33
  36
  40
  44
  47
  51
  55
  58
  62
  66
  70
  75
  79
  84
  89
  94
  99
  104
  110
  116
  122
  129
  136
  143
  150
  158
  166
Total cash flow (excl. dividends), $m
  36
  34
  33
  32
  32
  32
  33
  34
  35
  37
  39
  41
  43
  46
  49
  52
  56
  60
  65
  69
  75
  80
  86
  93
  99
  107
  114
  123
  132
  141
Retained Cash Flow (-), $m
  -29
  -29
  -33
  -37
  -41
  -45
  -49
  -53
  -57
  -61
  -65
  -70
  -74
  -79
  -84
  -89
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
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
  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 available for distribution, $m
  7
  5
  0
  -4
  -9
  -12
  -16
  -19
  -22
  -24
  -27
  -29
  -31
  -33
  -35
  -36
  -38
  -39
  -40
  -41
  -42
  -43
  -44
  -44
  -45
  -45
  -45
  -45
  -45
  -45
Discount rate, %
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
  7
  4
  0
  -3
  -6
  -7
  -8
  -9
  -9
  -9
  -8
  -7
  -7
  -6
  -5
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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 6
Price to Sales 1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 2.2
Price to Free Cash Flow 2.2
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 $412.433 million for the last fiscal year's total revenue generated by Costamare. The default revenue input number comes from 0001 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 7.1%, 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 46.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $85 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%.

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 495.4%.

Life of production assets of 21.2 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 -7.2%. 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 - $1218.539 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 109.195 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 $0.6 billion.

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COMPANY NEWS

▶ Costamare: 3Q Earnings Snapshot   [06:11PM  Associated Press]
▶ Costamare Inc. to Host Earnings Call   [Jul-25-18 06:30AM  ACCESSWIRE]
▶ Costamare: 2Q Earnings Snapshot   [Jul-24-18 05:25PM  Associated Press]
▶ Costamare's Q2 Earnings Preview   [07:57AM  Benzinga]
▶ May Undervalued Transport Stocks To Look Out For   [May-23-18 09:02AM  Simply Wall St.]
▶ 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]
▶ Unique Fabricating And Other Top Undervalued Transport Stocks   [Mar-22-18 09:02AM  Simply Wall St.]
▶ 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]

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