MeritValue

Okeanis Eco Tankers Corp.

ECOdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

Okeanis Eco Tankers Corp. earns about 21% on equity, but has diluted owners by 9% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $31.84 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$169M1$271M2$413.1M3$393.2M3$391.5M3
Net income−$903,1024$84.6M4$145.2M4$108.9M5$123M5
Operating cash flow$28.6M6$82.5M7$174M8$162.8M8$111.3M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt$577M9$739M10$693.3M10$645.6M10$605.1M10
Cash & equivalents$38.2M11$81.3M12$50M12$49.3M12$116.6M12
Diluted shares32.4M32.2M32.2M32.2M35.4M

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
$161.74
your share of equity
Profit it earned you last year
$34.7
Free cash flow it threw off
—
Debt you’d be carrying
$170.77

10 shares is a claim on $161.74 of net worth that earned you $34.7 last year, against $170.77 of debt.

iii. Is this a good business?
Moat signal · return on equity
21% avg · 5y
FY21 -0%FY22 20%FY23 36%FY24 27%FY25 21%

It earned an average 21% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+9% shares · 5y

Share count is up 9% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
$31.84
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$108.9M
  • growthAssumed0.0%
Graham Number
$37.04
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-24-054337 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-25-029874 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-032731 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-054337 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2024-12-31 · accession 0001104659-26-032731 (ProfitLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001104659-24-054337 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-25-029874 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-26-032731 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001104659-25-029874 (Borrowings)
  10. 20-F · period ending 2022-12-31 · accession 0001104659-26-032731 (Borrowings)
  11. 20-F · period ending 2021-12-31 · accession 0001104659-25-029874 (CashAndCashEquivalents)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-26-032731 (CashAndCashEquivalents)