Pangaea Logistics Solutions Ltd.

Consumer Discretionary
Marine Transportation
www.pangaeals.com

Earnings Score
Moat Score
Safety Score

Market Cap $181.57M
PE 6
Debt $273.76M
Cash $86.81M
EV $368.52M
FCF $65.52M

Earnings

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Sales & Net Margins

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Earnings	$28.90M
EBIT	$48.45M
ROE	6%
ROA	5%
FCF	$65.52M
Equity	$474.66M
Growth Stability	50%
PE	6.28
PEG	0.09
PB	0.38
P/FCF	2.77
P/S	0.34
Price/Cash	0.48
Debt/Equity	0.58
Debt/FCF	4.18
Net Margins	5%
Op. Margins	9%
Earnings CAGR	36%
Sales Growth YoY	12%
Sales Growth QoQ	-4%
Sales CAGR	11%
FCF CAGR	5%
Equity CAGR	12%
Earnings Stability	0.32
Earnings Growth YoY	642%
Earnings Growth QoQ	65%
Earnings CAGR 5Y	72%

Sales CAGR 5Y	5%
FCF CAGR 5Y	6%
Equity CAGR 5Y	15%
Earnings CAGR 3Y	-18%
Sales CAGR 3Y	-18%
FCF CAGR 3Y	-6%
Equity CAGR 3Y	9%
Market Cap	$181.57M
Revenue	$536.54M
Dividend Yield	10%
Payout Ratio	65%
Assets	$936.46M
Total Debt	$273.76M
Cash	$86.81M
Shares Outstanding	45.39M
EV	368.52M
Earnings Score	24%
Moat Score	73%
Safety Score	64%
Final Score	53%
Working Capital	82.89M
Current Ratio	1.76
Shares Growth 3y	1%
Equity Growth QoQ	25%
Equity Growth YoY	28%

Assets & ROA

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Stockholders Equity & ROE

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Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite, and limestone. The firm's services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

SEC Filings

Direct access to Pangaea Logistics Solutions Ltd. (PANL) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Pangaea Logistics Solutions Ltd. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Pangaea Logistics Solutions Ltd. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 36%

Stability 32%

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Pangaea Logistics Solutions Ltd. Discounted Cash Flow

Fully customizable DCF calculator online for Pangaea Logistics Solutions Ltd..

Years

Calculation mode

= $899M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$66M	$69M	$72M	$75M	$78M	$82M	$86M	$90M	$94M	$98M	$103M	$1B
DCF		$62M	$59M	$56M	$54M	$51M	$48M	$46M	$44M	$42M	$40M	$396M
Value	$899M

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.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	4%	3%	2%	5%	3%	3%	9%	11%	5%	5%	5%
ROA	-	4%	4%	8%	5%	4%	11%	14%	6%	5%	5%
ROE	-	4%	4%	8%	5%	5%	22%	22%	7%	6%	6%

Bad Net Margins (5.39%)

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

Safety and Stability

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.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	7.85	5.39	3.46	3.03	7.83	2.24	0.98	3.38	4.18	4.18
Debt over Equity	1.03	0.84	0.75	0.59	0.55	0.7	0.46	0.36	0.49	0.58	0.58
Growth Stability	-	-	-	100%	100%	91%	100%	100%	50%	50%	50%

Bad Debt/FCF ratio (4.18)

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

Good Debt/Equity ratio (0.58)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (50%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

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.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-17%	62%	-3%	11%	-7%	88%	-3%	-29%	7%	5%
Earnings YoY growth	-	-34%	5%	127%	-34%	-3%	492%	18%	-67%	10%	72%
Equity YoY growth	-	7%	19%	11%	4%	-4%	28%	23%	0%	28%	15%
FCF YoY growth	-	-27%	55%	36%	11%	-53%	196%	117%	-60%	22%	6%