Top Ships Announces Increase From Previously Announced Management Estimate Of Net Asset Value To $344M And Contracted Revenue Backlog Of $400M
Portfolio Pulse from Benzinga Newsdesk
Top Ships Inc. (NASDAQ:TOPS) has updated its net asset value (NAV) estimate to $344 million, up from the previous $285 million. This equates to a NAV per common share of $74.36 and $61.15 on a fully diluted basis. The company's contracted revenue backlog has also increased to $400 million. The Board is considering shareholder-friendly actions, such as a share buyback plan. The CEO highlighted the company's modern fleet, positive cash flow, and income generation, with the revenue backlog being 5 times the 2022 revenues and 1.9 times the net debt.
December 12, 2023 | 1:38 pm
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Top Ships Inc. has raised its NAV estimate to $344M and increased its revenue backlog to $400M. The company is considering shareholder-friendly measures like a share buyback plan, and the CEO emphasizes strong financials and a modern fleet.
The increase in NAV and revenue backlog suggests a stronger financial position for Top Ships, which could positively influence investor sentiment. The consideration of a share buyback plan is typically viewed favorably by the market as it often leads to a reduction in the number of shares outstanding and can increase earnings per share. The CEO's comments about trading at a significant discount to NAV may also attract value investors. However, the actual impact will depend on market perception of the accuracy of the NAV estimate and the execution of any share buyback plan.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100