MeritValue

Costamare Bulkers Holdings Ltd

CMDBdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Costamare Bulkers Holdings Ltd earns about 47% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$01$01$597.2M1
Net income$02$6,0002−$37.4M2
Operating cash flow$03$4,0003$75.6M3
Capital expenditure———
Free cash flow (derived)———
Total debt—$04$311.2M4
Cash & equivalents—$4,0005$211.8M5
Diluted shares04,75416.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$406.51
your share of equity
Profit it earned you last year
−$22.81
Free cash flow it threw off
—
Debt you’d be carrying
$190.04

10 shares is a claim on $406.51 of net worth that earned you −$22.81 last year, against $190.04 of debt.

iii. Is this a good business?
Moat signal · return on equity
47% avg · 3y
FY23 —FY24 100%FY25 -6%

It earned an average 47% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-12-31 · accession 0001140361-26-011994 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001140361-26-011994 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001140361-26-011994 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2024-12-31 · accession 0001140361-26-011994 (LongTermDebtNoncurrent)
  5. 20-F · period ending 2024-12-31 · accession 0001140361-26-011994 (CashAndCashEquivalentsAtCarryingValue)