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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 2018 2019e 2020e
Sales 1053 1184 1246
Sales growth (%) 27,2 12,4 5,3
EBITDA 57 346 527
EBITDA margin (%) 5,4 29,2 42,3
EBIT adj -130 104 285
EBIT adj margin (%) -12,3 8,8 22,9
Pretax profit -182 7 187
EPS rep -3,81 0,14 3,91
EPS growth (%) 72,4 103,6 2771,1
EPS adj -3,81 0,14 3,91
DPS 0 0 0
EV/EBITDA (x) 31,1 4,3 2,2
EV/EBIT adj (x) -13,6 14,1 4
P/E (x) -3,2 81,2 2,8
P/E adj (x) -3,2 81,2 2,8
EV/sales (x) 1,7 1,2 0,9
FCF yield (%) -10,1 32,4 64,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 20,9 2,7 1,2
SEKm 2018 2019e 2020e
Sales 1053 1184 1246
COGS -996 -837 -719
Gross profit 57 346 527
Other operating items 0 0 0
EBITDA 57 346 527
Depreciation on tangibles -187 -242 -242
Depreciation on intangibles 0 0 0
EBITA -130 104 285
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -130 104 285
Other financial items 0 0 0
Net financial items -52 -98 -99
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -182 7 187
Tax 0 0 0
Net profit -182 6 187
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -182 6 187
EPS -3,81 0,14 3,91
EPS Adj -3,81 0,14 3,91
Total extraordinary items after tax 0 0 0
Tax rate (%) 0,1 -1,5 0
Gross margin (%) 5,4 29,2 42,3
EBITDA margin (%) 5,4 29,2 42,3
EBITA margin (%) -12,3 8,8 22,9
EBIT margin (%) -12,3 8,8 22,9
Pretax margin (%) -17,3 0,6 15
Net margin (%) -17,3 0,5 15
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 27,2 12,4 5,3
EBITDA growth (%) 10,9 508,2 52,2
EBIT growth (%) 79,2 180,3 173
Net profit growth (%) 72,4 103,6 2771,1
EPS growth (%) 72,4 103,6 2771,1
Profitability 2018 2019 2020
ROE (%) -15,9 0,6 14,9
ROE Adj (%) -15,9 0,6 14,9
ROCE (%) -3,9 5 12,7
ROCE Adj(%) -3,9 5 12,7
ROIC (%) -5,1 3,5 8,8
ROIC Adj (%) -5,1 3,5 8,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 57 346 527
EBITDA Adj margin (%) 5,4 29,2 42,3
EBITA Adj -130 104 285
EBITA Adj margin (%) -12,3 8,8 22,9
EBIT Adj -130 104 285
EBIT Adj margin (%) -12,3 8,8 22,9
Pretax profit Adj -182 7 187
Net profit Adj -182 6 187
Net profit to shareholders Adj -182 6 187
Net Adj margin (%) -17,3 0,5 15
SEKm 2018 2019e 2020e
EBITDA 57 346 527
Net financial items -52 -98 -99
Paid tax 0 0 0
Non-cash items -64 -69 23
Cash flow before change in WC -59 179 451
Change in WC -57 -3 -25
Operating cash flow -116 177 426
CAPEX tangible fixed assets -3 -6 -87
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 61 0 0
Free cash flow -59 171 339
Dividend paid 0 0 0
Share issues and buybacks 8 0 0
Other non cash items 88 862 23
Decrease in net IB debt 37 1033 362
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2303 3031 2876
Other fixed assets 15 15 15
Fixed assets 2318 3046 2892
Inventories 0 0 0
Receivables 254 256 281
Other current assets 97 85 85
Cash and liquid assets 126 146 254
Total assets 2795 3533 3512
Shareholders equity 1062 1158 1345
Minority 0 0 0
Total equity 1062 1158 1345
Long-term debt 1108 878 647
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 193 1033 1033
Short-term debt 221 231 231
Accounts payable 0 0 0
Other current liabilities 212 234 257
Total liabilities and equity 4142 2968 2795
Net IB debt 1188 947 608
Net IB debt excl. pension debt 1188 947 608
Capital invested 2557 3287 3158
Working capital 254 256 281
EV breakdown 2018 2019 2020
Market cap. diluted (m) 582 527 527
Net IB debt Adj 1188 947 608
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 1770 1475 1136
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 36,5 37,4 35,4
Capital invested turnover (%) 41,6 40,5 38,7
Capital employed turnover (%) 41,9 50,8 55,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 21,4 21,5 21,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 111,9 81,8 45,2
Net debt / market cap (%) 229 179,6 115,4
Equity ratio (%) 38 32,8 38,3
Net IB debt adj. / equity (%) 111,9 81,8 45,2
Current ratio (%) 110,5 104,7 127,1
EBITDA / net interest (%) 109,8 353,7 534,2
Net IB debt / EBITDA (%) 2087,3 273,7 115,5
Interest cover (%) -120,1 106 289,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 48 48 48
Fully diluted shares Adj 48 48 48
EPS -3,81 0,14 3,91
Dividend per share Adj 0 0 0
EPS Adj -3,81 0,14 3,91
BVPS 22,24 24,27 28,18
BVPS Adj 22,24 24,27 28,18
Net IB debt / share 24,9 19,8 12,7
Share price 10,86 11,05 11,05
Market cap. (m) 519 527 527
Valuation 2018 2019 2020
P/E -3,2 81,2 2,8
EV/sales 1,68 1,25 0,91
EV/EBITDA 31,1 4,3 2,2
EV/EBITA -13,6 14,1 4
EV/EBIT -13,6 14,1 4
Dividend yield (%) 0 0 0
FCF yield (%) -10,1 32,4 64,2
P/BVPS 0,55 0,46 0,39
P/BVPS Adj 0,55 0,46 0,39
P/E Adj -3,2 81,2 2,8
EV/EBITDA Adj 31,1 4,3 2,2
EV/EBITA Adj -13,6 14,1 4
EV/EBIT Adj -13,6 14,1 4
EV/cap. employed 0,7 0,7 0,5
Investment ratios 2018 2019 2020
Capex / sales 0,3 0,5 7
Capex / depreciation 1,6 2,5 36,1
Capex tangibles / tangible fixed assets 0,1 0,2 3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 8,1 8 8,4

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Main shareholders

Concordia Maritime

Main shareholders Share capital % Voting shares % Verified
Stena 52.2 % 72.7 % 31 Mar 2019
Bengt Stillström 4.2 % 2.4 % 31 Mar 2019
Avanza Pension 2.8 % 1.6 % 31 Mar 2019
Stig Andersson 2.5 % 1.4 % 31 Mar 2019
Fourton Oy 2.4 % 1.4 % 31 Mar 2019
Traction 2.3 % 1.3 % 31 Mar 2019
Morgan-Åke Åkesson 1.8 % 1.0 % 31 Mar 2019
Nordnet Pensionsförsäkring 0.9 % 0.5 % 31 Mar 2019
Ann Stillström 0.8 % 0.4 % 31 Mar 2019
Rutger Arnhult 0.6 % 0.4 % 31 Mar 2019
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
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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