Tuesday, May 28, 2019
EuroDry (EDRY)
Navigating Dry Bulk Market Weakness Well
EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands and trades on the NASDAQ Capital Market under the ticker EDRY. EDRY is the product of a spin-off of the dry bulk fleet by Euroseas (ESEA) completed in May 2018.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Another solid quarter as pure dry bulk play. Adjusted 1Q2019 EBITDA of $2.5 million was above our estimate of $2.2 million and modestly below $3.5 million in 4Q2018 due to hedging activity that offset lower TCE rates.
- Increasing 2019 EBITDA estimate to reflect reported operating results, forward contract cover and current dry bulk market conditions. Our adjusted 2019 EBITDA estimate increases to $10.4 million from $10.2 million to incorporate the positive var…
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