Seanergy Maritime Holdings

SHIP

Marine Shipping · Industrials

Price

$14.01

-0.80 (-5.40%)

Market Cap

$295.8M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+7.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 19.1M (2021) → 20.5M (2025)

Seanergy Maritime Holdings Corp., a shipping company, engages in the seaborne transportation of dry bulk commodities worldwide. It operates a fleet of 17 Capesize vessels with a cargo-carrying capacity of approximately 3,011,083 deadweight tons. The company was formerly known as Seanergy Merger Corp. and changed its name to Seanergy Maritime Holdings Corp. in July 2008. Seanergy Maritime Holdings Corp. was incorporated in 2008 and is based in Athens, Greece.

Winston Score History

Score breakdown

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Quality

Gross Margin

51.8%

Healthy — 51.8% gross margin

Operating Margin

37.5%

Excellent — 37.5% operating margin

ROCE

3.2%

Weak — 3.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-5.6%

Shrinking sales (-5.6% YoY)

EPS YoY

-52.6%

Earnings shrinking (-52.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

262%

Turns 262% of profit into real cash

FCF Margin

10.2%

Modest free cash flow (10.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

1.03

Elevated debt (1.03)

Interest Cover

1.89x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

14.0x

Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+9.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.0 → 4.1)

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Dividends

Dividend Yield

4.26%

Healthy income — 4.26% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

-12.1%

Dividend cut (-12.1% YoY) — warning sign

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