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Concordia Maritime

Concordia Maritime

International shipping company

Concordia Maritime is an international tanker shipping company focusing on the transportation of crude oils, oil products, chemicals, and vegetable oils. The company owns a fleet of ten P-MAX product tankers, two IMOIIMAX chemical/product tankers, one Suezmax, and shares in six-contracted MR (ECO)-vessels. Concordia’s position within the Stena Sphere helps the company to achieve meaningful access to financing and top-tier operational competence.

While declining asset values and day rates are risks for oil tanker companies, increasing asset values and day rates would, all else equal, be positive. A tight freight market results in increased day rates, which consequently drives asset values. Increasing net asset values would be supportive for valuations across the sector, whilst sustained day rates at healthy levels mean increased dividend capacity with the potential for highly attractive dividend yields.

Declining asset values and day rates are, in our view, the biggest risks for listed oil tanker companies. Low day rates and lack of funding could lead to deteriorating asset values, which in turn would put pressure on NAVs. Furthermore, sustained day rates at depressed levels could lead to balance sheet issues for ship owners. A more balanced oil market is likely to lead to higher oil prices and less tanker demand for stockpiling.

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -12,6 45,2 64
Lease adj. ND/EBITDA 52,7 8,1 7,4
Sales 915 1065 1065
Sales growth (%) -10,8 16,4 0
EBITDA 43 269 269
EBITDA margin (%) 4,7 25,3 25,3
EBIT adj -182 44 44
EBIT adj margin (%) -19,9 4,1 4,1
Pretax profit -244 -24 -22
EPS rep -5,14 -0,49 -0,46
EPS growth (%) -270,8 90,4 6,3
EPS adj -5,14 -0,49 -0,46
DPS 0 0 0
EV/EBITDA (x) 59,3 9,1 8,4
EV/EBIT adj (x) -14,2 55,7 51,6
P/E (x) -1,2 -12,2 -13
P/E adj (x) -1,2 -12,2 -13
EV/sales (x) 2,8 2,3 2,1
FCF yield (%) -12,6 45,2 64
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 52,7 8,1 7,4
SEKm 2021 2022e 2023e
Depreciation and amortisation -225 -225 -225
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 43 269 269
EBITDA lease Adj margin (%) 4,7 25,3 25,3
Sales 915 1065 1065
COGS -872 -795 -795
Gross profit 43 269 269
Other operating items 0 0 0
EBITDA 43 269 269
Depreciation on tangibles -221 -221 -221
Depreciation on intangibles 0 0 0
EBITA -182 44 44
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -182 44 44
Other financial items 0 0 0
Net financial items -62 -68 -66
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -244 -24 -22
Tax -1 0 0
Net profit -245 -24 -22
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -245 -24 -22
EPS -5,14 -0,49 -0,46
EPS Adj -5,14 -0,49 -0,46
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,5 0 0
Gross margin (%) 4,7 25,3 25,3
EBITDA margin (%) 4,7 25,3 25,3
EBITA margin (%) -19,9 4,1 4,1
EBIT margin (%) -19,9 4,1 4,1
Pretax margin (%) -26,6 -2,2 -2,1
Net margin (%) -26,8 -2,2 -2,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -10,8 16,4 0
EBITDA growth (%) -84,4 520,3 0
EBIT growth (%) -660,8 124,3 0
Net profit growth (%) -270,8 90,4 6,3
EPS growth (%) -270,8 90,4 6,3
Profitability 2021 2022 2023
ROE (%) -34,3 -3,8 -3,7
ROE Adj (%) -34,3 -3,8 -3,7
ROCE (%) -5,7 1,9 2
ROCE Adj(%) -5,7 1,9 2
ROIC (%) -6,4 1,5 1,6
ROIC Adj (%) -6,4 1,5 1,6
Adj earnings numbers 2021 2022 2023
EBITDA Adj 43 269 269
EBITDA Adj margin (%) 4,7 25,3 25,3
EBITA Adj -182 44 44
EBITA Adj margin (%) -19,9 4,1 4,1
EBIT Adj -182 44 44
EBIT Adj margin (%) -19,9 4,1 4,1
Pretax profit Adj -244 -24 -22
Net profit Adj -245 -24 -22
Net profit to shareholders Adj -245 -24 -22
Net Adj margin (%) -26,8 -2,2 -2,1
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
Lease liability amortisation 0 0 0
Other intangible assets 0 0 0
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 2290 2169 1986
Net IB debt / EBITDA lease Adj (%) 5274,8 805,4 737,4
EBITDA 43 269 269
Net financial items -62 -68 -66
Paid tax -1 0 0
Non-cash items 236 8 0
Cash flow before change in WC 216 210 203
Change in WC -122 -27 0
Operating cash flow 94 182 203
CAPEX tangible fixed assets -130 -53 -20
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -36 129 183
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -305 -8 0
Decrease in net IB debt -153 116 252
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2659 2486 2281
Other fixed assets 0 0 0
Fixed assets 2659 2486 2281
Inventories 0 0 0
Receivables 267 295 295
Other current assets 0 0 0
Cash and liquid assets 111 67 76
Total assets 3037 2848 2652
Shareholders equity 635 612 590
Minority 0 0 0
Total equity 635 612 590
Long-term debt 1741 1567 1393
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 660 669 669
Accounts payable 0 0 0
Other current liabilities 0 0 0
Total liabilities and equity 3037 2848 2652
Net IB debt 2290 2169 1986
Net IB debt excl. pension debt 2290 2169 1986
Capital invested 2926 2781 2576
Working capital 267 295 295
EV breakdown 2021 2022 2023
Market cap. diluted (m) 286 286 286
Net IB debt Adj 2290 2169 1986
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2577 2456 2272
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 31 36,2 38,7
Capital invested turnover (%) 26,2 36,7 38,7
Capital employed turnover (%) 25,2 35,7 37,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 22,5 26,4 27,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 360,4 354,5 336,7
Net debt / market cap (%) 799,7 757,4 693,5
Equity ratio (%) 20,9 21,5 22,2
Net IB debt adj. / equity (%) 360,4 354,5 336,7
Current ratio (%) 57,3 54 55,4
EBITDA / net interest (%) 69,9 398,3 407,2
Net IB debt / EBITDA (%) 5274,8 805,4 737,4
Interest cover (%) -230 70,4 71,8
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) -12,6 45,2 64
Shares outstanding adj. 48 48 48
Fully diluted shares Adj 48 48 48
EPS -5,14 -0,49 -0,46
Dividend per share Adj 0 0 0
EPS Adj -5,14 -0,49 -0,46
BVPS 13,31 12,82 12,36
BVPS Adj 13,31 12,82 12,36
Net IB debt / share 48 45,4 41,6
Share price 6 6 6
Market cap. (m) 286 286 286
Valuation 2021 2022 2023
P/E -1,2 -12,2 -13
EV/sales 2,82 2,31 2,13
EV/EBITDA 59,3 9,1 8,4
EV/EBITA -14,2 55,7 51,6
EV/EBIT -14,2 55,7 51,6
Dividend yield (%) 0 0 0
FCF yield (%) -12,6 45,2 64
P/BVPS 0,45 0,47 0,49
P/BVPS Adj 0,45 0,47 0,49
P/E Adj -1,2 -12,2 -13
EV/EBITDA Adj 59,3 9,1 8,4
EV/EBITA Adj -14,2 55,7 51,6
EV/EBIT Adj -14,2 55,7 51,6
EV/cap. employed 0,8 0,9 0,9
Investment ratios 2021 2022 2023
Capex / sales 14,2 5 1,9
Capex / depreciation 57,8 23,6 8,9
Capex tangibles / tangible fixed assets 4,9 2,1 0,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 8,5 9,1 9,9

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Media

Concordia Maritime - Company presentation with CEO Kim Ullman
Concordia Maritime - Company presentation with CEO Kim Ullman

Main shareholders - Concordia Maritime

Main shareholders Share capital % Voting shares % Verified
Stena 52.2 % 72.7 %
Bengt Stillström 4.2 % 2.4 %
Avanza Pension 2.8 % 1.6 %
Stig Andersson 2.5 % 1.4 %
Fourton Oy 2.4 % 1.4 %
Traction 2.3 % 1.3 %
Morgan-Åke Åkesson 1.5 % 0.9 %
Ann Stillström 0.8 % 0.4 %
Nordnet Pensionsförsäkring 0.8 % 0.4 %
Dimensional Fund Advisors 0.7 % 0.4 %

Insider list - Concordia Maritime

Name Quantity Code Date
Henrik Hallin - 10 000 SELL 4 Nov 2021
Henrik Hallin + 10 000 BUY 10 May 2019
Mats Jansson + 9 670 BUY 19 Nov 2018
Mats Jansson + 6 700 BUY 14 Nov 2018
Mats Jansson + 100 BUY 13 Nov 2018
Helena Levander + 637 BUY 9 Nov 2018
Mats Jansson + 50 BUY 8 Nov 2018
Mats Jansson + 10 238 BUY 8 Nov 2018
Mats Jansson + 1 000 BUY 7 Feb 2018
MATS JANSSON + 6 000 BUY 1 Feb 2018

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