Ardmore Shipping Corporation (ASC) vs Costamare Bulkers Holdings Limited (CMDB)

Ardmore Shipping Corporation and Costamare Bulkers Holdings Limited are both Marine Shipping companies. Ardmore Shipping Corporation is the larger, with a market value of $728.4M against $554.1M — 1.3× the size. Ardmore Shipping Corporation trades at the lower P/E: 6.9× against 13.1×. Ardmore Shipping Corporation has the higher net margin (28.7% vs 0.00%) and the higher return on invested capital (9.57% vs 0.00%). Across the 14 metrics below, Ardmore Shipping Corporation leads on 10 and Costamare Bulkers Holdings Limited on 4.

Valuation

Metric ASC CMDB Marine Shipping median
P/E 6.89 13.11 6.89
P/S 1.98 n/m 1.92
P/B 1.04 0.78 0.90
Price to free cash flow 12.29 4.01 4.62
EV/EBITDA 4.79 n/m 6.57
EV/Sales 1.94 n/m 2.73
Earnings yield 14.51% 7.63% 9.59%
Free cash flow yield 8.14% 24.96% 16.76%

Profitability

Metric ASC CMDB Marine Shipping median
Gross margin 47.15% — 60.61%
Operating margin 28.48% — 27.74%
Net margin 28.67% 0.00% 25.21%
Free cash flow margin 16.09% 0.00% 17.29%
Return on equity 16.02% (0.90%) 8.62%
Return on assets 14.45% (0.67%) 5.35%
Return on invested capital 9.57% 0.00% 5.32%

Growth

Metric ASC CMDB Marine Shipping median
Revenue growth (TTM) 13.60% — 13.26%
EPS growth (last fiscal year) (71.24%) (280.65%) —
Revenue growth, 5-year CAGR 7.11% — 11.77%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ASC CMDB Marine Shipping median
Debt to equity 0.05 0.23 0.52
Current ratio 5.45 3.33 1.63
Net debt to EBITDA 0.92 (17.24) 2.34

Dividend

Metric ASC CMDB Marine Shipping median
Dividend yield 6.26% — 5.54%
Payout ratio 0.18 — 0.13

Size

Metric ASC CMDB Marine Shipping median
Market cap 728.39m 554.07m 420.73m

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