Aug. 30 at 1:49 PM
$CISS I know it's totally ridiculous to even talk about fundamental valuation with this stock, but let me lay out what "should be" if we attribute what seems to work in determining GASS & IMPP values. Share count for CISS is 12M if you factor in Preferred & Warrants converting at
$2.44. GASS & IMPP trade at roughly 1/2 book (ship & cash value)... so, we have
$114M in ships for CISS (including the 2nd Product Tanker which was delivered beginning of August) & roughly
$9M left of cash after discounting cost of the 2 new ships... add to that
$10.5M if the B2 & C2 warrants convert (the preferred shares will never convert but will always count towards share total) half of that would be about
$6.50/share . GASS & IMPP also trade at roughly 3X to 5X earnings. Assuming that CISS is able to replicate their first half success in the second half of this year would give us roughly
$2/share in earnings for the FY2026... 3X that would be
$6 a share.