Maxim Group Reiterates Buy Rating on Globus Maritime Limited (GLBS)

Maxim Group analyst Tate Sullivan reiterated a Buy rating and $4.00 price target on Globus Maritime Limited (NASDAQ: GLBS).

The analyst comments "GLBS reported 2Q24 results above our forecasts as the company secured shortterm dry bulk shipping rates above average index levels. We reduce our 2H24 forecasts for costs associated with taking delivery of two new dry bulk ships and recent dry bulk rates. We maintain our 2025 revenue forecast, but narrow our 2025 per share loss forecast due to lower costs running a newer fleet. We reduce our 2Q25 book value (BV)/share forecast to $8.82, up 0.7% y/y, from $9.04. GLBS took delivery of its second newbuild ship in August 2024 and plans to take delivery of its third newbuild ship before the end of 3Q24. Newbuilds command higher contract prices and have lower costs. We forecast GLBS adds debt in 2024 and 2026 to take delivery of a total of five newbuild dry bulk ships. GLBS shares currently trade at 0.2x 2Q24 BV/share of $8.69. We reiterate our Buy rating and $4 price target, representing 0.4x our 2Q25 BV/share estimate of $8.75."

For an analyst ratings summary and ratings history on Globus Maritime Limited click here. For more ratings news on Globus Maritime Limited click here.

Shares of Globus Maritime Limited closed at $1.74 yesterday.

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