DSX - Pangaea Logistics: Despite The Discouraging Q4 2023 Results It Is Still A Buy
2024-03-28 01:07:29 ET
Summary
- Pangea Logistics reported disappointing FY23 results, causing a sell-off, but the panic was an overreaction, presenting a buying opportunity.
- The company has $99 million cash, $68 million long-term debt, and $264 million total debt (including $143 million lease agreements).
- PANL offers attractive dividends with a 5.9% TTM yield and a payout ratio of 57.9%.
- PANL's edge is hidden in its ice-class vessels. PANL trades at a 40% discount to its current stock price, offering a balance between price, fleet quality, and leverage.
Note: I previously covered Pangaea Logistics Solutions ( PANL ). In my previous take on PANL, I pointed out the company’s strengths: its ice-class fleet and port operations and its healthy financials. In today’s article, I discuss the last earnings report and valuation....
Pangaea Logistics: Despite The Discouraging Q4 2023 Results, It Is Still A Buy