Intrinsic value of Seanergy Maritime Holdings - SHIP

Previous Close

$0.71

  Intrinsic Value

$1.92

stock screener

  Rating & Target

str. buy

+171%

Previous close

$0.71

 
Intrinsic value

$1.92

 
Up/down potential

+171%

 
Rating

str. buy

We calculate the intrinsic value of SHIP 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 0.0

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  120
  185
  277
  401
  566
  779
  1,045
  1,372
  1,766
  2,230
  2,770
  3,386
  4,081
  4,856
  5,710
  6,642
  7,651
  8,735
  9,893
  11,122
  12,422
  13,791
  15,227
  16,731
  18,302
  19,939
  21,645
  23,419
  25,265
  27,182
Variable operating expenses, $m
  67
  104
  155
  225
  317
  436
  585
  768
  989
  1,249
  1,551
  1,896
  2,285
  2,719
  3,197
  3,719
  4,284
  4,892
  5,540
  6,229
  6,956
  7,723
  8,527
  9,369
  10,249
  11,166
  12,121
  13,115
  14,148
  15,222
Fixed operating expenses, $m
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  55
  56
  57
  58
  60
Total operating expenses, $m
  99
  136
  188
  259
  352
  471
  621
  805
  1,027
  1,288
  1,590
  1,936
  2,326
  2,761
  3,240
  3,763
  4,329
  4,938
  5,587
  6,277
  7,005
  7,773
  8,578
  9,421
  10,302
  11,221
  12,177
  13,172
  14,206
  15,282
Operating income, $m
  21
  49
  89
  143
  215
  307
  424
  567
  739
  943
  1,179
  1,450
  1,755
  2,095
  2,469
  2,878
  3,321
  3,798
  4,306
  4,846
  5,417
  6,018
  6,649
  7,309
  7,999
  8,719
  9,468
  10,248
  11,058
  11,901
EBITDA, $m
  38
  75
  128
  199
  294
  417
  571
  760
  987
  1,256
  1,568
  1,925
  2,328
  2,777
  3,272
  3,812
  4,396
  5,025
  5,696
  6,409
  7,162
  7,956
  8,789
  9,660
  10,571
  11,521
  12,510
  13,538
  14,608
  15,720
Interest expense (income), $m
  8
  17
  29
  46
  70
  103
  146
  202
  272
  357
  461
  583
  724
  886
  1,069
  1,272
  1,496
  1,741
  2,006
  2,290
  2,594
  2,917
  3,258
  3,617
  3,994
  4,389
  4,801
  5,231
  5,679
  6,145
  6,629
Earnings before tax, $m
  4
  20
  43
  73
  112
  161
  222
  295
  382
  482
  596
  725
  869
  1,026
  1,197
  1,382
  1,581
  1,792
  2,016
  2,252
  2,500
  2,760
  3,032
  3,315
  3,610
  3,917
  4,237
  4,568
  4,913
  5,271
Tax expense, $m
  1
  5
  12
  20
  30
  44
  60
  80
  103
  130
  161
  196
  235
  277
  323
  373
  427
  484
  544
  608
  675
  745
  819
  895
  975
  1,058
  1,144
  1,233
  1,327
  1,423
Net income, $m
  3
  15
  31
  53
  82
  118
  162
  216
  279
  352
  435
  529
  634
  749
  874
  1,009
  1,154
  1,308
  1,472
  1,644
  1,825
  2,015
  2,213
  2,420
  2,635
  2,860
  3,093
  3,335
  3,587
  3,848

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
  440
  680
  1,017
  1,476
  2,082
  2,862
  3,842
  5,045
  6,492
  8,200
  10,182
  12,448
  15,005
  17,852
  20,991
  24,418
  28,127
  32,114
  36,371
  40,891
  45,670
  50,702
  55,983
  61,512
  67,286
  73,307
  79,577
  86,101
  92,884
  99,935
Adjusted assets (=assets-cash), $m
  440
  680
  1,017
  1,476
  2,082
  2,862
  3,842
  5,045
  6,492
  8,200
  10,182
  12,448
  15,005
  17,852
  20,991
  24,418
  28,127
  32,114
  36,371
  40,891
  45,670
  50,702
  55,983
  61,512
  67,286
  73,307
  79,577
  86,101
  92,884
  99,935
Revenue / Adjusted assets
  0.273
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
  0.272
Average production assets, $m
  389
  600
  898
  1,303
  1,838
  2,527
  3,392
  4,454
  5,732
  7,239
  8,990
  10,991
  13,248
  15,762
  18,534
  21,559
  24,834
  28,354
  32,112
  36,103
  40,323
  44,766
  49,428
  54,309
  59,407
  64,723
  70,260
  76,020
  82,009
  88,234
Working capital, $m
  -10
  -15
  -23
  -33
  -46
  -64
  -86
  -113
  -145
  -183
  -227
  -278
  -335
  -398
  -468
  -545
  -627
  -716
  -811
  -912
  -1,019
  -1,131
  -1,249
  -1,372
  -1,501
  -1,635
  -1,775
  -1,920
  -2,072
  -2,229
Total debt, $m
  342
  546
  832
  1,222
  1,737
  2,400
  3,233
  4,256
  5,485
  6,937
  8,622
  10,549
  12,721
  15,142
  17,810
  20,723
  23,876
  27,264
  30,882
  34,725
  38,787
  43,064
  47,553
  52,252
  57,160
  62,278
  67,608
  73,153
  78,919
  84,912
Total liabilities, $m
  374
  578
  865
  1,254
  1,770
  2,433
  3,266
  4,288
  5,518
  6,970
  8,655
  10,581
  12,754
  15,175
  17,843
  20,755
  23,908
  27,297
  30,915
  34,758
  38,820
  43,097
  47,586
  52,285
  57,193
  62,311
  67,641
  73,186
  78,952
  84,945
Total equity, $m
  66
  102
  153
  221
  312
  429
  576
  757
  974
  1,230
  1,527
  1,867
  2,251
  2,678
  3,149
  3,663
  4,219
  4,817
  5,456
  6,134
  6,851
  7,605
  8,398
  9,227
  10,093
  10,996
  11,937
  12,915
  13,933
  14,990
Total liabilities and equity, $m
  440
  680
  1,018
  1,475
  2,082
  2,862
  3,842
  5,045
  6,492
  8,200
  10,182
  12,448
  15,005
  17,853
  20,992
  24,418
  28,127
  32,114
  36,371
  40,892
  45,671
  50,702
  55,984
  61,512
  67,286
  73,307
  79,578
  86,101
  92,885
  99,935
Debt-to-equity ratio
  5.170
  5.350
  5.450
  5.520
  5.560
  5.590
  5.610
  5.620
  5.630
  5.640
  5.650
  5.650
  5.650
  5.650
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
  5.660
Adjusted equity ratio
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150
  0.150

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3
  15
  31
  53
  82
  118
  162
  216
  279
  352
  435
  529
  634
  749
  874
  1,009
  1,154
  1,308
  1,472
  1,644
  1,825
  2,015
  2,213
  2,420
  2,635
  2,860
  3,093
  3,335
  3,587
  3,848
Depreciation, amort., depletion, $m
  17
  26
  39
  56
  80
  109
  147
  193
  248
  313
  389
  476
  573
  682
  802
  933
  1,075
  1,227
  1,390
  1,563
  1,746
  1,938
  2,140
  2,351
  2,572
  2,802
  3,042
  3,291
  3,550
  3,820
Funds from operations, $m
  20
  41
  70
  110
  161
  227
  309
  408
  527
  665
  825
  1,005
  1,208
  1,431
  1,676
  1,942
  2,229
  2,536
  2,862
  3,207
  3,571
  3,953
  4,353
  4,771
  5,207
  5,662
  6,134
  6,626
  7,137
  7,668
Change in working capital, $m
  -4
  -5
  -8
  -10
  -14
  -17
  -22
  -27
  -32
  -38
  -44
  -51
  -57
  -64
  -70
  -76
  -83
  -89
  -95
  -101
  -107
  -112
  -118
  -123
  -129
  -134
  -140
  -146
  -151
  -157
Cash from operations, $m
  23
  46
  78
  120
  175
  245
  331
  435
  559
  703
  869
  1,056
  1,265
  1,495
  1,746
  2,019
  2,312
  2,624
  2,957
  3,308
  3,677
  4,065
  4,471
  4,894
  5,336
  5,796
  6,274
  6,771
  7,288
  7,825
Maintenance CAPEX, $m
  -11
  -17
  -26
  -39
  -56
  -80
  -109
  -147
  -193
  -248
  -313
  -389
  -476
  -573
  -682
  -802
  -933
  -1,075
  -1,227
  -1,390
  -1,563
  -1,746
  -1,938
  -2,140
  -2,351
  -2,572
  -2,802
  -3,042
  -3,291
  -3,550
New CAPEX, $m
  -145
  -212
  -298
  -405
  -535
  -689
  -865
  -1,062
  -1,277
  -1,508
  -1,750
  -2,001
  -2,257
  -2,514
  -2,771
  -3,025
  -3,275
  -3,520
  -3,758
  -3,991
  -4,219
  -4,443
  -4,663
  -4,881
  -5,098
  -5,316
  -5,536
  -5,760
  -5,989
  -6,225
Cash from investing activities, $m
  -156
  -229
  -324
  -444
  -591
  -769
  -974
  -1,209
  -1,470
  -1,756
  -2,063
  -2,390
  -2,733
  -3,087
  -3,453
  -3,827
  -4,208
  -4,595
  -4,985
  -5,381
  -5,782
  -6,189
  -6,601
  -7,021
  -7,449
  -7,888
  -8,338
  -8,802
  -9,280
  -9,775
Free cash flow, $m
  -132
  -182
  -246
  -324
  -417
  -524
  -644
  -774
  -911
  -1,053
  -1,195
  -1,334
  -1,468
  -1,593
  -1,707
  -1,809
  -1,897
  -1,970
  -2,029
  -2,074
  -2,105
  -2,124
  -2,130
  -2,126
  -2,113
  -2,092
  -2,064
  -2,030
  -1,992
  -1,950
Issuance/(repayment) of debt, $m
  140
  204
  286
  390
  515
  663
  833
  1,022
  1,230
  1,452
  1,685
  1,926
  2,173
  2,421
  2,668
  2,913
  3,153
  3,388
  3,618
  3,843
  4,062
  4,277
  4,489
  4,699
  4,908
  5,118
  5,330
  5,545
  5,766
  5,993
Issuance/(repurchase) of shares, $m
  22
  21
  19
  16
  9
  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  
  162
  225
  305
  406
  524
  663
  833
  1,022
  1,230
  1,452
  1,685
  1,926
  2,173
  2,421
  2,668
  2,913
  3,153
  3,388
  3,618
  3,843
  4,062
  4,277
  4,489
  4,699
  4,908
  5,118
  5,330
  5,545
  5,766
  5,993
Total cash flow (excl. dividends), $m
  29
  43
  60
  81
  108
  139
  189
  249
  319
  399
  490
  592
  705
  828
  961
  1,104
  1,256
  1,418
  1,589
  1,769
  1,957
  2,154
  2,359
  2,573
  2,795
  3,026
  3,266
  3,515
  3,774
  4,043
Retained Cash Flow (-), $m
  -25
  -36
  -51
  -69
  -91
  -117
  -147
  -180
  -217
  -256
  -297
  -340
  -383
  -427
  -471
  -514
  -556
  -598
  -639
  -678
  -717
  -755
  -792
  -829
  -866
  -903
  -941
  -979
  -1,018
  -1,058
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
  5
  7
  9
  13
  17
  22
  42
  68
  102
  143
  193
  252
  321
  400
  490
  590
  700
  820
  951
  1,091
  1,240
  1,399
  1,567
  1,743
  1,929
  2,123
  2,325
  2,537
  2,756
  2,985
Discount rate, %
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
  4
  5
  6
  7
  8
  9
  14
  19
  22
  24
  25
  24
  23
  20
  17
  14
  11
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  57.1
  39.1
  30.8
  26.9
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4
  25.4

Seanergy Maritime Holdings Corp. is an international shipping company. The Company provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. It owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 deadweight tonnages (dwt) and an average fleet age of about 8.1 years. Its fleet comprises vessels, including Leadership, Gloriuship, Geniuship, Premiership, Squireship, Championship, Gladiatorship and Guardianship. The Company's subsidiaries, which are all, owned by it either directly or indirectly, conduct all of its operations and own all of its operating assets. The Company manages its vessel's operations, insurances and bunkering, and has the general supervision of its third-party technical and commercial managers. V.Ships Limited, which is an independent third party, provides technical management for its vessels.

FINANCIAL RATIOS  of  Seanergy Maritime Holdings (SHIP)

Valuation Ratios
P/E Ratio -1
Price to Sales 0.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -1.6
Price to Free Cash Flow -1.6
Growth Rates
Sales Growth Rate 218.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 641.9%
Total Debt to Equity 677.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -7.3%
Ret/ On Assets - 3 Yr. Avg. 83%
Return On Total Capital -11.3%
Ret/ On T. Cap. - 3 Yr. Avg. 106.8%
Return On Equity -92.6%
Return On Equity - 3 Yr. Avg. -114.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin -2.9%
Gross Margin - 3 Yr. Avg. -7%
EBITDA Margin -22.9%
EBITDA Margin - 3 Yr. Avg. 1490.9%
Operating Margin -40%
Oper. Margin - 3 Yr. Avg. 1332.1%
Pre-Tax Margin -71.4%
Pre-Tax Margin - 3 Yr. Avg. 1282.3%
Net Profit Margin -71.4%
Net Profit Margin - 3 Yr. Avg. 1282.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

SHIP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHIP stock intrinsic value calculation we used $74.834 million for the last fiscal year's total revenue generated by Seanergy Maritime Holdings. The default revenue input number comes from 0001 income statement of Seanergy Maritime Holdings. 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 SHIP stock valuation model: a) initial revenue growth rate of 60% 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 12.6%, whose default value for SHIP is calculated based on our internal credit rating of Seanergy Maritime Holdings, 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 Seanergy Maritime Holdings.
    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 SHIP stock the variable cost ratio is equal to 56%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $31 million in the base year in the intrinsic value calculation for SHIP 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 8.4% for Seanergy Maritime Holdings.

Corporate tax rate of 27% is the nominal tax rate for Seanergy Maritime Holdings. 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 SHIP 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 SHIP are equal to 324.6%.

Life of production assets of 23.1 years is the average useful life of capital assets used in Seanergy Maritime Holdings 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 SHIP is equal to -8.2%. 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 - $41.313 million for Seanergy Maritime Holdings - 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 38.239 million for Seanergy Maritime Holdings 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 Seanergy Maritime Holdings at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
SBLK Star Bulk Carr 9.35 4.24  str.sell
DSX Diana Shipping 3.18 1.45  str.sell
SB Safe Bulkers 2.14 1.12  str.sell
SALT Scorpio Bulker 5.58 2.97  str.sell
GLBS Globus Maritim 6.66 0.34  hold
DRYS DryShips 5.54 1.79  str.sell
ESEA Euroseas 1.77 1.04  sell

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