United Maritime Corp (NASDAQ: USEA)

Sector: Industrials Industry: Marine Shipping CIK: 0001912847
Market Cap 16.76 Mn
P/B 0.29
P/E -3.96
P/S 0.40
ROIC (Qtr) 1.78
Div Yield % 11.05
Rev 1y % (Qtr) -5.19
Total Debt (Qtr) 66.95 Mn
Debt/Equity (Qtr) 1.16
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About

United Maritime Corp, also known as USEA, is a company that operates in the international shipping industry, specializing in seaborne transportation services. The company's main business activities involve the transportation of dry bulk commodities, including iron ore, coal, and grains, to various destinations around the world. United Maritime Corp operates in the Panamax, Capesize, and Kamsarmax segments of the dry bulk shipping industry, with a fleet of eight vessels and a total cargo-carrying capacity of approximately 922,054 deadweight tons...

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Investment thesis

Bull case

  • Tangible assets of 144.20M provide exceptional 1172.33x coverage of deferred revenue 123000, showing strong service capability backing.
  • Tangible assets of 144.20M provide robust 33.02x coverage of other current liabilities 4.37M, indicating strong asset backing.
  • Strong cash position of 19.77M provides 4.53x coverage of other current liabilities 4.37M, indicating excellent liquidity.
  • Retained earnings of 18.05M provide strong 4.13x coverage of other current liabilities 4.37M, indicating earnings quality.
  • Cash position of 19.77M provides strong 160.75x coverage of deferred revenue 123000, ensuring service delivery capability.

Bear case

  • High receivables of 3.04M relative to inventory of 395000 (7.69 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.
  • Operating cash flow of 0 provides insufficient coverage of deferred revenue obligations of 123000, which is 0x, raising concerns about future service delivery capabilities.
  • Tangible assets of 144.20M provide limited backing for working capital of (15.39M), which is -9.37x, suggesting increased operational risk in market downturns.
  • Operating cash flow of 0 barely covers operating expenses of 11.59M with a 0 ratio, suggesting thin operational efficiency margins and limited flexibility.
  • R&D investment of 0 represents just 0x of SG&A expenses of 3.37M, indicating potential underinvestment in innovation relative to administrative overhead.

Peer comparison

Companies in the Marine Shipping
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 KEX Kirby Corp 7.05 Bn 19.89 2.10 1.13 Bn
2 MATX Matson, Inc. 6.79 Bn 74.01 4.43 0.72 Bn
3 ZIM ZIM Integrated Shipping Services Ltd. 3.36 Bn 3.35 0.44 5.66 Bn
4 HAFN Hafnia Ltd 3.35 Bn 10.82 1.51 0.89 Bn
5 BWLP BW LPG Ltd 2.38 Bn 10.97 0.67 1.09 Bn
6 SBLK Star Bulk Carriers Corp. 2.37 Bn 245.30 3.42 1.23 Bn
7 CMRE Costamare Inc. 2.05 Bn 6.81 1.69 1.58 Bn
8 DAC Danaos Corp 1.99 Bn 4.27 1.93 0.75 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.68 0.60
EV to Cash from Ops. EV/CFO -100.19 6.07
EV to Debt EV to Debt 1.46 60.45
EV to EBIT EV/EBIT 29.42 4.74
EV to EBITDA EV/EBITDA 6.71 5.76
EV to Free Cash Flow [EV/FCF] EV/FCF 3.27 5.00
EV to Market Cap EV to Market Cap 5.82 29.59
EV to Revenue EV/Rev 2.32 2.00
Price to Book Value [P/B] P/B 0.29 1.07
Price to Earnings [P/E] P/E -3.96 13.80
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 2.47
Dividend Payout Ratio % Div Payout % (Qtr) -26.00 68.67
Dividend per Basic Share Div per Share (Qtr) 0.13 1.18
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 105.16
Interest Coverage Int. cover (Qtr) 0.44 -7.10
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 0.00 -33.98
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 73.27 25.96
Dividend Growth (1y) % Div 1y % (Qtr) -58.33 9.12
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -46.32 -27.24
EBITDA Growth (1y) % EBITDA Growth (1y) % 0.00 -36.36
EBIT Growth (1y) % EBIT 1y % (Qtr) -46.32 -26.39
EBT Growth (1y) % EBT 1y % (Qtr) -93.02 -36.07
EPS Growth (1y) % EPS 1y % (Qtr) -84.62 -30.68
FCF Growth (1y) % FCF 1y % (Qtr) 0.00 14.21
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -20.11 -7.09
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.29 0.63
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.08
Cash Ratio Cash Ratio (Qtr) 0.49 1.33
Current Ratio Curr Ratio (Qtr) 0.62 2.15
Debt to Equity Ratio Debt/Equity (Qtr) 1.16 0.73
Interest Cover Ratio Int Coverage (Qtr) 0.44 -7.10
Times Interest Earned Times Interest Earned (Qtr) 0.44 -7.10
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % 0.00 27.36
EBIT Margin % EBIT Margin % (Qtr) 7.89 17.95
EBT Margin % EBT Margin % (Qtr) -10.07 10.77
Gross Margin % Gross Margin % (Qtr) 41.20 37.00
Net Profit Margin % Net Margin % (Qtr) -10.10 9.28