MeritValue

Seanergy Maritime Holdings Corp.

SHIPdata completeness 100%17 fiscal years on file
The thesis, from the filings

Seanergy Maritime Holdings Corp. earns about 6% on invested capital, but has diluted owners by 7% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $10.72 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$153.1M1$125M2$110.2M3$167.5M3$158.1M3
Net income$41.3M4$17.2M5$2.28M6$43.5M6$21.2M6
Operating cash flow$80.8M7$37.3M8$31.3M9$75.3M9$52.6M9
Capital expenditure$197.2M10$70.3M11$314,00012$70.7M12$35.6M12
Free cash flow (derived)−$116.5M7−$33M8$31M9$4.63M9$17M9
Total debt$430.3M13$463.8M14$421.6M15$515.2M16$580.3M16
Cash & equivalents$41.5M17$26M18$19.4M19$21.9M20$48.2M20
Diluted shares19.1M17.7M18.4M19.9M20.5M

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
$137.01
your share of equity
Profit it earned you last year
$10.34
Free cash flow it threw off
$8.29
Debt you’d be carrying
$282.56

10 shares is a claim on $137.01 of net worth that earned you $10.34 and generated $8.29 of cash last year, against $282.56 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 9%FY22 5%FY23 4%FY24 6%FY25 —

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 35% over the same window.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$17M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$17M
Earnings Power Value
$10.72
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$21.2M
  • growthAssumed0.0%
Graham Number
$17.65
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 0001140361-24-017470 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001140361-25-009905 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001140361-26-012374 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001140361-24-017470 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001140361-25-009905 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001140361-26-012374 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001140361-24-017470 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001140361-25-009905 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001140361-26-012374 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001140361-24-017470 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001140361-25-009905 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001140361-26-012374 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001140361-23-015463 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2022-12-31 · accession 0001140361-24-017470 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2023-12-31 · accession 0001140361-25-009905 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2024-12-31 · accession 0001140361-26-012374 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2021-12-31 · accession 0001140361-23-015463 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2022-12-31 · accession 0001140361-24-017470 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2023-12-31 · accession 0001140361-25-009905 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2024-12-31 · accession 0001140361-26-012374 (CashAndCashEquivalentsAtCarryingValue)