Costamare Inc.

AI-generated fair value estimate for this company.

Method: 10-year normalized unlevered FCF DCF: $280M normalized annual FCF base (TTM operating cash flow of $467.9M less an estimated ~$188M maintenance-level capex, rather than the $601M peak newbuilding capex incurred during the current fleet-renewal cycle); 3% FCF growth years 1-5; 2% years 6-10; 11% discount rate; 2% terminal growth; ~$1.15B net debt; 120.89M shares outstanding.

Reasoning: Costamare is a containership/dry-bulk owner currently mid-cycle in a newbuild fleet-renewal program, so reported TTM FCF is negative purely from timing of vessel capex; normalizing capex to maintenance levels better reflects sustainable owner earnings, while the 11% discount rate reflects shipping-market cyclicality and leverage.