Lindblad Expeditions Holdings, Inc.

LIND

Transportation Services

Mkt Cap

$422.2M

PE

-7.73

Debt

$635.1M

Cash

$177.7M

EV

$879.6M

FCF

$37.29M

Market Cap

$422.2M

P/E Ratio

-7.73

Debt

$635.1M

Cash

$177.7M

EV

$879.6M

FCF

$37.29M

Charts data: {"Earnings":[{"time":"2014-12-30","value":-1012308},{"time":"2015-12-30","value":19742000},{"time":"2016-12-30","value":4864000},{"time":"2017-12-30","value":-8661000},{"time":"2018-12-30","value":11352000},{"time":"2019-12-30","value":13699000},{"time":"2020-12-30","value":-100442000},{"time":"2021-12-30","value":-124665000},{"time":"2022-12-30","value":-116052000},{"time":"2023-12-30","value":-49983000}],"Sales":[{"time":"2014-12-30","value":198459000},{"time":"2015-12-30","value":209985000},{"time":"2016-12-30","value":242346000},{"time":"2017-12-30","value":266504000},{"time":"2018-12-30","value":309734000},{"time":"2019-12-30","value":343091000},{"time":"2020-12-30","value":82356000},{"time":"2021-12-30","value":147107000},{"time":"2022-12-30","value":421500000},{"time":"2023-12-30","value":569543000}],"Net Margins":[{"time":"2014-12-30","value":-0.005100841987513794},{"time":"2015-12-30","value":0.09401623925518489},{"time":"2016-12-30","value":0.020070477746692746},{"time":"2017-12-30","value":-0.032498574130219435},{"time":"2018-12-30","value":0.03665080359276024},{"time":"2019-12-30","value":0.039928182318976595},{"time":"2020-12-30","value":-1.219607557433581},{"time":"2021-12-30","value":-0.847444377222022},{"time":"2022-12-30","value":-0.27533096085409253},{"time":"2023-12-30","value":-0.08775983551724804}],"Assets":[{"time":"2014-12-30","value":200129715},{"time":"2015-12-30","value":381613000},{"time":"2016-12-30","value":407701000},{"time":"2017-12-30","value":424348000},{"time":"2018-12-30","value":473409000},{"time":"2019-12-30","value":548658000},{"time":"2020-12-30","value":757449000},{"time":"2021-12-30","value":827491000},{"time":"2022-12-30","value":787975000},{"time":"2023-12-30","value":831297000}],"Stockholders Equity":[{"time":"2014-12-30","value":67567000},{"time":"2015-12-30","value":113921000},{"time":"2016-12-30","value":113809000},{"time":"2017-12-30","value":106322000},{"time":"2018-12-30","value":116044000},{"time":"2019-12-30","value":123250000},{"time":"2020-12-30","value":34958000},{"time":"2021-12-30","value":-78583000},{"time":"2022-12-30","value":-182675000},{"time":"2023-12-30","value":-225064000}],"ROE":[{"time":"2014-12-30","value":-0.01498228425118771},{"time":"2015-12-30","value":0.17329552935806392},{"time":"2016-12-30","value":0.042738272017151545},{"time":"2017-12-30","value":-0.08146009292526477},{"time":"2018-12-30","value":0.0978249629450898},{"time":"2019-12-30","value":0.11114807302231237},{"time":"2020-12-30","value":-2.8732192917214943},{"time":"2021-12-30","value":1.5864118193502412},{"time":"2022-12-30","value":0.6352921855754756},{"time":"2023-12-30","value":0.22208349624995558}],"ROA":[{"time":"2014-12-30","value":0.1251438348373204},{"time":"2015-12-30","value":0.04479145102499129},{"time":"2016-12-30","value":0.03429228773046914},{"time":"2017-12-30","value":0.02531884208244177},{"time":"2018-12-30","value":0.053522429865084944},{"time":"2019-12-30","value":0.0605076386382774},{"time":"2020-12-30","value":-0.11670488706170316},{"time":"2021-12-30","value":-0.13393619991033134},{"time":"2022-12-30","value":-0.08001015260636442},{"time":"2023-12-30","value":0.012749955791973265}]}

Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segment. Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising Galápagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides over 100 different expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classical journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it has an alliance with National Geographic Partners, LLC, which provides lecturers and National Geographic experts including photographers, writers, marine biologists, naturalists, field researchers, and film crews; and partnered with World Wildlife Fund to offer conservation travel. The company was founded in 1979 and is headquartered in New York, New York.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Lindblad Expeditions Holdings, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$37.29M	$33.47M	$30.04M	$26.96M	$24.2M	$21.72M	$19.49M	$17.49M	$15.7M	$14.09M	$12.65M	$126.5M
DCF		$29.1M	$22.71M	$17.73M	$13.83M	$10.8M	$8.426M	$6.576M	$5.132M	$4.005M	$3.126M	$31.26M
Value	$152.7M

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth -14%

Earnings Stability -72%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	9.4%	2%	-3.2%	3.7%	4%	-120%	-85%	-28%	-8.8%	-9.4%
ROA	4.5%	3.4%	2.5%	5.4%	6.1%	-12%	-13%	-8%	1.3%	0.69%
ROE	17%	4.3%	-8.1%	9.8%	11%	-290%	160%	64%	22%	24%

What is the average Net Margin?

The average Net Margin over the past 5 years is -39.23%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -3.42%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -3.4%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -1.84%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is -3.67%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +19.01%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate a relevant drawdown, consider checking when it has occured and why.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	6.90	-3.97	-	101.16	-7.02	-2.05	-9.11	-14.58	-140.45	17.03
Debt Equity	1.54	1.55	1.65	1.75	1.90	14.52	-7.44	-3.23	-2.82	-2.79
MIN
Graham Stability	-	-	-110%	100%	100%	-1.8K%	-	-	-	-1.8K%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 17.03.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -35.37.

What is the Graham’s Stability?

Graham’s Stability measure stands at -18.38.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has been increasing in past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	13%	13%	91%	35%	11%
Net Income	-	-	-	-	32%
Stockholders Equity	-	-	-	-	-19%
FCF	-	-	-	-	-

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +12.96%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +11.26%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +32.01%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -19.04%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -.