DDM Analysis: CMRE

Valuation Snapshot

Stable Growth	$224.54 - $532.98	$499.48
Multi-Stage	$77.69 - $85.08	$81.32
Blended Fair Value	$290.40
Current Price	$9.11
Upside	3,087.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.80%	-2.25%	0.62	0.60	1.00	0.59	0.55	0.49	0.41	0.31	0.62	0.85
YoY Growth	-	-	3.17%	-39.88%	67.76%	8.85%	11.62%	19.36%	30.15%	-49.66%	-26.67%	9.90%
Dividend Yield	-	-	8.46%	7.09%	14.27%	4.69%	7.64%	14.59%	10.29%	6.61%	12.65%	12.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	321.70
(-) Cash Dividends Paid (M)	78.54
(=) Cash Retained (M)	243.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.34	40.21	24.13
Cash Retained (M)	243.16	243.16	243.16
(-) Cash Required (M)	-64.34	-40.21	-24.13
(=) Excess Retained (M)	178.82	202.95	219.03
(/) Shares Outstanding (M)	120.04	120.04	120.04
(=) Excess Retained per Share	1.49	1.69	1.82
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	1.49	1.69	1.82
(=) Adjusted Dividend	2.14	2.34	2.48
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$224.54	$499.48	$532.98
Upside / Downside	2,364.77%	5,382.75%	5,750.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	321.70	342.61	364.88	388.60	413.86	440.76	453.98
Payout Ratio	24.42%	37.53%	50.65%	63.77%	76.88%	90.00%	92.50%
Projected Dividends (M)	78.54	128.59	184.81	247.80	318.19	396.68	419.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	119.60	120.73	121.87
Year 2 PV (M)	159.87	162.92	165.99
Year 3 PV (M)	199.37	205.09	210.93
Year 4 PV (M)	238.11	247.27	256.69
Year 5 PV (M)	276.10	289.43	303.28
PV of Terminal Value (M)	8,333.37	8,735.88	9,153.79
Equity Value (M)	9,326.42	9,761.32	10,212.53
Shares Outstanding (M)	120.04	120.04	120.04
Fair Value	$77.69	$81.32	$85.08
Upside / Downside	752.85%	792.62%	833.88%

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Costamare Inc. (CMRE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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