FBR Capital Maintains an 'Outperform' on Diana Containerships (DCIX); Implications from TEU IPO--DCIX Meaningfully Undervalued
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Price: $0.60 --0%
Rating Summary:
2 Buy, 2 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 2 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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FBR Capital maintains an 'Outperform' on Diana Containerships (NASDAQ: DCIX), PT $20.
FBR analyst says, "Following TEU's IPO pricing last night, at $12 per share, we believe DCIX is meaningfully undervalued. Box Ships (NYSE: TEU)(not rated) has two vessels that are similar to Diana's vessels and were valued at $48.2 million; this is meaningfully higher than the $42.5 million vessel value that is implied in DCIX's $85 million enterprise value and our estimate of $53.3 million per vessel. TEU's pricing implies a value of $15 per share for DCIX currently. We are also introducing our 2013 estimates, based on a $30,000-per-day rate, which is in line with the option Diana received for a third year with Maersk in 2013...We are introducing our 2013 EPS estimate of $1.10 and adjusted EBITDA estimate of $11 million."
For more ratings news on Diana Containerships click here and for the rating history of Diana Containerships click here.
Shares of Diana Containerships closed at $13.10 yesterday.
FBR analyst says, "Following TEU's IPO pricing last night, at $12 per share, we believe DCIX is meaningfully undervalued. Box Ships (NYSE: TEU)(not rated) has two vessels that are similar to Diana's vessels and were valued at $48.2 million; this is meaningfully higher than the $42.5 million vessel value that is implied in DCIX's $85 million enterprise value and our estimate of $53.3 million per vessel. TEU's pricing implies a value of $15 per share for DCIX currently. We are also introducing our 2013 estimates, based on a $30,000-per-day rate, which is in line with the option Diana received for a third year with Maersk in 2013...We are introducing our 2013 EPS estimate of $1.10 and adjusted EBITDA estimate of $11 million."
For more ratings news on Diana Containerships click here and for the rating history of Diana Containerships click here.
Shares of Diana Containerships closed at $13.10 yesterday.
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