Tate Sullivan’s Purchase score for Globus Maritime (GLBS) has been influenced by numerous key components. GLBS’s current outperformance in Q3 outcomes, specifically, was a big contributor. These outcomes exceeded Sullivan’s forecasts, with each income and EPS surpassing expectations. An added constructive was the corporate’s announcement that the supply of its first new dry bulk ship can be in January 2024, sooner than Sullivan initially anticipated.
Sullivan additionally highlighted the promising outlook for the dry bulk transport trade, with most dry bulk transport price indices presently properly above Q3 ranges, partly on account of ongoing Panama Canal delays and elevated demand for dry bulk items. He has additionally factored in GLBS’s strategic plans so as to add debt over the subsequent few years to amass a complete of 5 new dry bulk ships. With the inventory buying and selling at 0.2x Q3’s e-book worth per share, Sullivan maintains his Purchase score and $3.50 worth goal, representing 0.4x his Q3 2024 e-book worth per share estimate.
Sullivan covers the Industrials sector, specializing in shares reminiscent of BWX Applied sciences, Globus Maritime, and Nxu. In line with TipRanks, Sullivan has a mean return of 13.9% and a 43.74% success price on really helpful shares.
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Globus Maritime (GLBS) Firm Description:
Globus Maritime Ltd. is a dry bulk transport holding firm. It engages within the provision of marine transportation companies. The corporate operates by way of its subsidiaries and it owns, operates, and manages a fleet of dry bulk vessels that transport iron ore, coal, grain, metal merchandise, cement, alumina, and different dry bulk cargoes on a worldwide foundation. Globus Maritime was based by Athanasios Georgios Feidakis and Georgios Karageorgiou on July 26, 2006 and is headquartered in Athens, Greece.
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