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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 2020 2021e 2022e
Lease adj. FCF yield (%) 42,4 -43,8 58,1
Lease adj. ND/EBITDA 7 -136,6 6,8
Sales 1026 841 1118
Sales growth (%) -10 -18 32,9
EBITDA 278 -17 323
EBITDA margin (%) 27,1 -2 28,9
EBIT adj 32 -241 99
EBIT adj margin (%) 3,2 -28,7 8,8
Pretax profit -65 -303 33
EPS rep -1,38 -6,38 0,68
EPS growth (%) 35,5 -360,8 110,7
EPS adj -1,38 -6,38 0,68
DPS 0 0 0
EV/EBITDA (x) 8,4 -159,4 8
EV/EBIT adj (x) 72,2 -10,9 26,1
P/E (x) -5,9 -1,2 11,6
P/E adj (x) -5,9 -1,2 11,6
EV/sales (x) 2,3 3,1 2,3
FCF yield (%) 42,4 -43,8 58,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 7 -136,6 6,8
SEKm 2020 2021e 2022e
Depreciation and amortisation -245 -225 -225
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 278 -17 323
EBITDA lease Adj margin (%) 27,1 -2 28,9
Sales 1026 841 1118
COGS -748 -858 -795
Gross profit 278 -17 323
Other operating items 0 0 0
EBITDA 278 -17 323
Depreciation on tangibles -245 -221 -221
Depreciation on intangibles 0 0 0
EBITA 32 -241 99
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 32 -241 99
Other financial items 0 0 0
Net financial items -98 -62 -66
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -65 -303 33
Tax -1 -1 0
Net profit -66 -305 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -66 -305 33
EPS -1,38 -6,38 0,68
EPS Adj -1,38 -6,38 0,68
Total extraordinary items after tax 0 0 0
Tax rate (%) 1,4 0,4 0
Gross margin (%) 27,1 -2 28,9
EBITDA margin (%) 27,1 -2 28,9
EBITA margin (%) 3,2 -28,7 8,8
EBIT margin (%) 3,2 -28,7 8,8
Pretax margin (%) -6,4 -36,1 2,9
Net margin (%) -6,4 -36,2 2,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -10 -18 32,9
EBITDA growth (%) 11,2 -106 2052,4
EBIT growth (%) 10900 -844,9 140,8
Net profit growth (%) 35,5 -360,8 110,7
EPS growth (%) 35,5 -360,8 110,7
Profitability 2020 2021 2022
ROE (%) -7,1 -44,4 5,5
ROE Adj (%) -7,1 -44,4 5,5
ROCE (%) 1,2 -8,1 4,1
ROCE Adj(%) 1,2 -8,1 4,1
ROIC (%) 1,1 -8,7 3,5
ROIC Adj (%) 1,1 -8,7 3,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 278 -17 323
EBITDA Adj margin (%) 27,1 -2 28,9
EBITA Adj 32 -241 99
EBITA Adj margin (%) 3,2 -28,7 8,8
EBIT Adj 32 -241 99
EBIT Adj margin (%) 3,2 -28,7 8,8
Pretax profit Adj -65 -303 33
Net profit Adj -66 -305 33
Net profit to shareholders Adj -66 -305 33
Net Adj margin (%) -6,4 -36,2 2,9
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
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 1949 2263 2195
Net IB debt / EBITDA lease Adj (%) 702,2 -13663,7 678,9
EBITDA 278 -17 323
Net financial items -98 -62 -66
Paid tax -1 -1 0
Non-cash items -80 79 152
Cash flow before change in WC 99 0 409
Change in WC 204 -35 -137
Operating cash flow 303 -35 272
CAPEX tangible fixed assets -141 -130 -53
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 3 0 0
Free cash flow 166 -165 219
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 247 -148 -152
Decrease in net IB debt 412 -153 116
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2599 2659 2487
Other fixed assets 0 0 0
Fixed assets 2599 2659 2487
Inventories 0 0 0
Receivables 145 180 317
Other current assets 0 0 0
Cash and liquid assets 130 -54 -137
Total assets 2875 2785 2667
Shareholders equity 795 576 609
Minority 0 0 0
Total equity 795 576 609
Long-term debt 1628 1705 1403
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 452 504 655
Accounts payable 0 0 0
Other current liabilities 0 0 0
Total liabilities and equity 2875 2785 2667
Net IB debt 1949 2263 2195
Net IB debt excl. pension debt 1949 2263 2195
Capital invested 2744 2839 2804
Working capital 145 180 317
EV breakdown 2020 2021 2022
Market cap. diluted (m) 390 377 377
Net IB debt Adj 1949 2263 2195
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 2340 2640 2572
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 31,5 29,7 41
Capital invested turnover (%) 33,3 26,2 36,7
Capital employed turnover (%) 31,5 25,2 35,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 24,3 19,3 22,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 245,2 392,9 360,8
Net debt / market cap (%) 408,7 600,1 582,2
Equity ratio (%) 27,7 20,7 22,8
Net IB debt adj. / equity (%) 245,2 392,9 360,8
Current ratio (%) 61 25,1 27,5
EBITDA / net interest (%) 284,4 -26,7 490,5
Net IB debt / EBITDA (%) 702,2 -13663,7 678,9
Interest cover (%) 37 -311,2 141,9
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 42,4 -43,8 58,1
Shares outstanding adj. 48 48 48
Fully diluted shares Adj 48 48 48
EPS -1,38 -6,38 0,68
Dividend per share Adj 0 0 0
EPS Adj -1,38 -6,38 0,68
BVPS 16,66 12,07 12,75
BVPS Adj 16,66 12,07 12,75
Net IB debt / share 40,8 47,4 46
Share price 9,99 7,9 7,9
Market cap. (m) 477 377 377
Valuation 2020 2021 2022
P/E -5,9 -1,2 11,6
EV/sales 2,28 3,14 2,3
EV/EBITDA 8,4 -159,4 8
EV/EBITA 72,2 -10,9 26,1
EV/EBIT 72,2 -10,9 26,1
Dividend yield (%) 0 0 0
FCF yield (%) 42,4 -43,8 58,1
P/BVPS 0,49 0,65 0,62
P/BVPS Adj 0,49 0,65 0,62
P/E Adj -5,9 -1,2 11,6
EV/EBITDA Adj 8,4 -159,4 8
EV/EBITA Adj 72,2 -10,9 26,1
EV/EBIT Adj 72,2 -10,9 26,1
EV/cap. employed 0,8 0,9 1
Investment ratios 2020 2021 2022
Capex / sales 13,7 15,5 4,7
Capex / depreciation 57,4 57,9 23,5
Capex tangibles / tangible fixed assets 5,4 4,9 2,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 9,4 8,5 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 % 31 Mar 2021
Bengt Stillström 4.2 % 2.4 % 31 Mar 2021
Avanza Pension 2.9 % 1.7 % 31 Mar 2021
Morgan-Åke Åkesson 2.6 % 1.5 % 31 Mar 2021
Stig Andersson 2.5 % 1.4 % 31 Mar 2021
Fourton Oy 2.5 % 1.4 % 31 Mar 2021
Traction 2.3 % 1.3 % 31 Mar 2021
Ann Stillström 0.8 % 0.4 % 31 Mar 2021
Kungsmuren Förvaltnings AB 0.5 % 0.3 % 31 Mar 2021
Crossbow AB 0.5 % 0.3 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Concordia Maritime

Name Quantity Code Date
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
Gustaf Michael Gunnarsson Löw BUY 31 Jan 2018

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