John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

Exmar Is Undervalued With Multiple Value Catalysts

Exmar is undervalued given significant debt reduction, secular growth prospects, high insider ownership and potential for cross-border arbitrage with U.S. listing or break up.

Company overview

Exmar (OTC:EXMRF) is a globally diversified shipping company and operates a fleet of 40 LPG carriers.

Exmar is the result of the break-up of Belgian shipping group CMB in 2003. CMB retained the bulk shipping unit Bocimar, the crude oil shipping activities became Euronav NV (CEO is brother of Exmar CEO Nicolas Saverys) and the gas tanker business became Exmar.

The four operating segments include:

Liquefied petroleum gas (NYSE:LPG)/Ammonia

Transport of LPG, butane, propane, ammonia and chemical gases using midsized ships, very large gas carriers (VLGC) and pressurized vessels. Last...

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