Rochester,NY 9/2/2009 10:24:35 PM
General Maritime Corp. GMR, To Outperform; Attractive Valuation by FBR Research
General Maritime Corp.
FBR Research upgrades General Maritime to Outperform from Market Perform based on attractive valuation.
FBR analyst says, "The recent 75% dividend reduction should free up capital for General Maritime to once again be countercyclical and purchase vessels at near-trough valuations over the next year or so. We believe GMR is attractively valued at 3.6x P/2010E CF and is trading at 0.7x the current P/NAV, which is anticipating further asset deflation. Our $9.00 price target assumes 10% further asset deflation and a P/NAV of 1.1x due to management's track record of countercyclical value creation. Upside beyond our $9 target should come once there is more visibility into asset value appreciation or the timing of General Maritime's ability to be opportunistic."
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