Financials Pangaea Logistics Solutions, Ltd.

Equities

PANL

BMG6891L1054

Marine Freight & Logistics

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-10 pm EDT			5-day change	1st Jan Change
7.55 ^USD	-2.71%		+2.03%	-8.37%

May. 10	Transcript : Pangaea Logistics Solutions, Ltd., Q1 2024 Earnings Call, May 10, 2024
May. 09	Earnings Flash (PANL) PANGAEA LOGISTICS SOLUTIONS Posts Q1 Revenue $104.8M, vs. Street Est of $117.5M	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	131.1	124.8	172.5	236.5	382.9	352.7	-
Enterprise Value (EV) ¹	131.1	236.1	423.3	407.6	548.3	450.7	392
P/E ratio	10.9 x	10.7 x	2.52 x	2.93 x	14.2 x	8.68 x	6.89 x
Yield	-	-	-	5.83%	4.85%	5.3%	5.3%
Capitalization / Revenue	0.32 x	0.33 x	0.24 x	0.34 x	0.77 x	0.79 x	0.64 x
EV / Revenue	0.32 x	0.62 x	0.59 x	0.58 x	1.1 x	1 x	0.71 x
EV / EBITDA	2.57 x	5.67 x	4.03 x	2.89 x	6.88 x	5.28 x	3.72 x
EV / FCF	-	-	-3.14 x	4.14 x	20.7 x	5.91 x	4.5 x
FCF Yield	-	-	-31.9%	24.1%	4.84%	16.9%	22.2%
Price to Book	-	-	-	-	1.16 x	-	-
Nbr of stocks (in thousands)	44,452	45,066	45,641	45,923	46,467	46,721	-
Reference price ²	2.950	2.770	3.780	5.150	8.240	7.550	7.550
Announcement Date	3/23/20	3/15/21	3/16/22	3/15/23	3/13/24	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	412.2	382.9	718.1	699.7	499.3	449.3	553.7
EBITDA ¹	51.12	41.6	105.1	140.9	79.72	85.33	105.4
EBIT	32.59	22.23	78.87	105.5	44.62	-	75.86
Operating Margin	7.91%	5.81%	10.98%	15.08%	8.94%	-	13.7%
Earnings before Tax (EBT)	-	-	-	85.51	28.54	-	-
Net income	11.66	11.35	67.23	79.49	26.32	-	50.44
Net margin	2.83%	2.96%	9.36%	11.36%	5.27%	-	9.11%
EPS ²	0.2700	0.2600	1.500	1.760	0.5800	0.8700	1.095
Free Cash Flow ¹	-	-	-134.9	98.41	26.52	76.24	87.15
FCF margin	-	-	-18.79%	14.06%	5.31%	16.97%	15.74%
FCF Conversion (EBITDA)	-	-	-	69.84%	33.27%	89.35%	82.68%
FCF Conversion (Net income)	-	-	-	123.8%	100.76%	-	172.78%
Dividend per Share ²	-	-	-	0.3000	0.4000	0.4000	0.4000
Announcement Date	3/23/20	3/15/21	3/16/22	3/15/23	3/13/24	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	234.6	191.8	195.5	184.5	127.9	113.7	118.1	135.6	131.9	104.7	101	119.6	123.9
EBITDA ¹	38.01	31.3	44.25	38.49	26.86	16.24	15.92	27.88	19.68	19.95	12.85	25.74	26.79
EBIT	30.79	20.02	36.24	30.51	18.74	6.496	7.855	19.71	10.56	11.03	-	-	-
Operating Margin	13.13%	10.44%	18.54%	16.54%	14.65%	5.71%	6.65%	14.53%	8%	10.53%	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	2.178	-	-	-	-
Net income	15.15	20.17	25.03	18.79	15.5	3.474	2.845	18.87	1.136	11.67	-	-	-
Net margin	6.46%	10.52%	12.8%	10.18%	12.12%	3.06%	2.41%	13.91%	0.86%	11.14%	-	-	-
EPS ²	0.3400	0.4500	0.5600	0.4200	0.3400	0.0800	0.0600	0.4200	0.0300	0.2500	0.1300	0.3500	0.3100
Dividend per Share ²	-	-	-	-	-	-	-	-	0.1000	-	0.1000	0.1000	0.1000
Announcement Date	3/16/22	5/10/22	8/9/22	11/9/22	3/15/23	5/10/23	8/9/23	11/8/23	3/13/24	5/9/24	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	111	251	171	165	98	39.3
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	2.674 x	2.386 x	1.214 x	2.075 x	1.149 x	0.3725 x
Free Cash Flow ¹	-	-	-135	98.4	26.5	76.2	87.2
ROE (net income / shareholders' equity)	-	-	-	-	9.85%	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	7.120	-	-
Cash Flow per Share ²	1.030	0.6600	1.380	2.990	1.180	1.720	2.140
Capex ¹	57	2.93	197	36.4	27.3	3	5.67
Capex / Sales	13.83%	0.76%	27.39%	5.2%	5.46%	0.67%	1.02%
Announcement Date	3/23/20	3/15/21	3/16/22	3/15/23	3/13/24	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pangaea Logistics Solutions, Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

7.55 USD

Average target price

9.583 USD

Spread / Average Target

+26.93%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Freight & Logistics

	1st Jan change	Capi.
PANGAEA LOGISTICS SOLUTIONS, LTD.	-8.37%	353M
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COSCO SHIPPING HOLDINGS CO., LTD.	+49.04%	28.36B
AP MOLLER MAERSK	-14.04%	23.36B
NIPPON YUSEN KABUSHIKI KAISHA	+6.34%	13.69B
MITSUI O.S.K. LINES LTD	+10.01%	11.55B
ORIENT OVERSEAS (INTERNATIONAL) LIMITED	+18.81%	10.94B
CHINA MERCHANTS ENERGY SHIPPING CO., LTD.	+55.44%	10.3B
KAWASAKI KISEN KAISHA, LTD.	+13.65%	10.15B
HMM CO.,LTD	-6.33%	9.23B

Other Marine Freight & Logistics