Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Euroseas Ltd. (ESEA)

Company Dividend Discount ModelIndustry: Marine ShippingSector: Industrials

Valuation Snapshot

Stable Growth$525.05 - $2,193.62$904.40
Multi-Stage$321.73 - $351.92$336.55
Blended Fair Value$620.47
Current Price$59.61
Upside940.89%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%104.68%2.412.001.550.000.000.000.000.000.000.00
YoY Growth--20.43%29.41%0.00%0.00%0.00%0.00%0.00%0.00%0.00%-100.00%
Dividend Yield--7.88%6.80%10.29%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)120.86
(-) Cash Dividends Paid (M)18.31
(=) Cash Retained (M)102.56
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)24.1715.119.06
Cash Retained (M)102.56102.56102.56
(-) Cash Required (M)-24.17-15.11-9.06
(=) Excess Retained (M)78.3887.4593.49
(/) Shares Outstanding (M)6.976.976.97
(=) Excess Retained per Share11.2412.5413.40
LTM Dividend per Share2.622.622.62
(+) Excess Retained per Share11.2412.5413.40
(=) Adjusted Dividend13.8615.1616.03
WACC / Discount Rate8.29%8.29%8.29%
Growth Rate5.50%6.50%7.50%
Fair Value$525.05$904.40$2,193.62
Upside / Downside780.81%1,417.19%3,579.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)120.86128.72137.09146.00155.49165.59170.56
Payout Ratio15.15%30.12%45.09%60.06%75.03%90.00%92.50%
Projected Dividends (M)18.3138.7761.8187.68116.66149.04157.77

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.29%8.29%8.29%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)35.4635.8036.14
Year 2 PV (M)51.7352.7153.71
Year 3 PV (M)67.1369.0671.02
Year 4 PV (M)81.7184.8588.08
Year 5 PV (M)95.49100.10104.89
PV of Terminal Value (M)1,912.502,004.872,100.78
Equity Value (M)2,244.022,347.392,454.62
Shares Outstanding (M)6.976.976.97
Fair Value$321.73$336.55$351.92
Upside / Downside439.72%464.59%490.38%

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