ResearchEdge

[ResearchEdge @InformedSports]

Why $GASS is mispriced

1. What are others doing?

Almost nothing.
One analyst. Thin float. No dividend. No story on CNBC. Shipping Twitter talks VLGCs and $ZIM. $GASS sits at ~$9.50 with a $350M market cap and people treat it like a leftover Greek LPG name that already had its run.

2. Why are they doing it?

They believe:
•LPG rates peaked.
•The fleet is old pressurized tonnage.
•Vafias will sit on cash forever.
•No yield = no reason to own it.
•Greek shipping governance deserves a permanent 50% discount.
•If it mattered, someone bigger would already own it.

3. What’s wrong with what they’re doing?
A lot.

The stock trades around $9.50.
Book value is about $19.40.
Cash was $131M at March 31 and management was already pointing to ~$155M a few weeks later. Debt on the owned fleet is zero. They repaid roughly $350M from 2023 to 2025. For the first time in twenty years the ships are unencumbered.

FY2025: $173M revenue, $61M net income, ~$85M free cash flow.
Q1 2026: $42.8M revenue, $15.9M net income.

TTM earnings ~$1.68. Multiple: 5.5x.
Enterprise value: about $220M against vessel book of ~$475M plus cash.55
The market is still pricing the 2022 company. The 2022 company had debt.
This one does not.

Shipping “experts” will tell you the small pressurized market is dying and Eco Wizard was a disaster and Hormuz ruined Q1 exports. Fine. None of that changes the simple fact: you can buy a debt-free fleet at half of depreciated book while cash keeps stacking from operations and asset sales.

They also ignore coverage. About half of remaining 2026 days are already fixed. Contracted revenue is still ~$100M out to 2029. Cash breakeven is $6,500–$7,000 a day. That is not a distressed operator. That is a fortress with no audience.

This is the same error people made on $ZIM when it traded below cash. They knew every rate index and missed the balance sheet.

4. Is there an opportunity?

The upside is not a miracle rate spike. It is:
•Cash keeps rising from ops + vessel sales
•Book value keeps compounding
•At some point they buy back stock, pay a special, or recapitalize into newer ships without issuing equity
•The multiple moves from 0.5x book toward 0.7–0.8x
$14 is the lone Street target. That is still only ~0.7x book. You do not need a private-equity takeout for this to work. You need the market to notice the debt is gone.

What can go wrong

Rates fall and stay down. Drydocks eat a quarter. They blow the cash pile on expensive newbuildings at the top. Liquidity stays terrible and the stock does nothing for two years while book quietly goes to $22. All possible. None of that makes $9.50 a fair price for $19 of book and $4 of net cash.

You are not buying LPG beta.

You are buying unencumbered steel + cash from a seller who still thinks the steel is mortgaged.

When the entire market is looking at charter rates and you are looking at a clean balance sheet they refuse to re-underwrite, that is the trade.

[ResearchEdge @InformedSports]

@bet365 it’s embarrassing that you can’t take a bet on champions league nights.

[ResearchEdge @InformedSports]

@VladTheInflator Adolf gotta be the safe pair of hands

[ResearchEdge @InformedSports]

@Gabriazo Kante

[ResearchEdge @InformedSports]

@anymanfitness Great range of motion.

[Only Pans @onlypans74]

@granddesigns The £400k windows have finally arrived from Latvia but because Matt doesn’t know how to use a tape measure, they’re only 2 inches high. It will take the company another five years to craft replacements. It’s a costly setback, and their ninth Christmas in the caravan.

[ResearchEdge @InformedSports]

@commonsenseplay Get paid for convexity here. Don’t need to talk your book.

[ResearchEdge @InformedSports]

@unusual_whales Drunkenmiller

[ResearchEdge @InformedSports]

@TheSalesBull1 It’s global.

[ResearchEdge @InformedSports]

@baldassarreted Looks like a poor man’s IWC

[ResearchEdge @InformedSports]

@JPATrades One and done cut. Rally into end of October.

[ResearchEdge @InformedSports]

@thecardstipster Criminal

[Paulo Macro @PauloMacro]

Boss level hubris from Secretary Bessent has the memes flying today so here's mine

[ResearchEdge @InformedSports]

@esaagar Better than CFDs

[ResearchEdge @InformedSports]

@Coffee__Capital Widow maker takes another life

[ResearchEdge @InformedSports]

@NotPaneen You do not speak for us

[The Football Card Tipster @thecardstipster]

WE KNEW HE WANTED THAT 🟨

Lovely In Play Winner 🤝

Smash LIKE if you was On 👍

Any Slips Below ⬇️

[ResearchEdge @InformedSports]

@Biotech2k1 $IVVD lovely bit of convexity

[ResearchEdge @InformedSports]

@philippilk It’s rate of change. Not absolute number that matters.

[ResearchEdge @InformedSports]

@ZeeContrarian1

[ResearchEdge @InformedSports]

Why $GASS is mispriced

1. What are others doing?

Almost nothing.
One analyst. Thin float. No dividend. No story on CNBC. Shipping Twitter talks VLGCs and $ZIM. $GASS sits at ~$9.50 with a $350M market cap and people treat it like a leftover Greek LPG name that already had its run.

2. Why are they doing it?

They believe:
•LPG rates peaked.
•The fleet is old pressurized tonnage.
•Vafias will sit on cash forever.
•No yield = no reason to own it.
•Greek shipping governance deserves a permanent 50% discount.
•If it mattered, someone bigger would already own it.

3. What’s wrong with what they’re doing?
A lot.

The stock trades around $9.50.
Book value is about $19.40.
Cash was $131M at March 31 and management was already pointing to ~$155M a few weeks later. Debt on the owned fleet is zero. They repaid roughly $350M from 2023 to 2025. For the first time in twenty years the ships are unencumbered.

FY2025: $173M revenue, $61M net income, ~$85M free cash flow.
Q1 2026: $42.8M revenue, $15.9M net income.

TTM earnings ~$1.68. Multiple: 5.5x.
Enterprise value: about $220M against vessel book of ~$475M plus cash.55
The market is still pricing the 2022 company. The 2022 company had debt.
This one does not.

Shipping “experts” will tell you the small pressurized market is dying and Eco Wizard was a disaster and Hormuz ruined Q1 exports. Fine. None of that changes the simple fact: you can buy a debt-free fleet at half of depreciated book while cash keeps stacking from operations and asset sales.

They also ignore coverage. About half of remaining 2026 days are already fixed. Contracted revenue is still ~$100M out to 2029. Cash breakeven is $6,500–$7,000 a day. That is not a distressed operator. That is a fortress with no audience.

This is the same error people made on $ZIM when it traded below cash. They knew every rate index and missed the balance sheet.

4. Is there an opportunity?

The upside is not a miracle rate spike. It is:
•Cash keeps rising from ops + vessel sales
•Book value keeps compounding
•At some point they buy back stock, pay a special, or recapitalize into newer ships without issuing equity
•The multiple moves from 0.5x book toward 0.7–0.8x
$14 is the lone Street target. That is still only ~0.7x book. You do not need a private-equity takeout for this to work. You need the market to notice the debt is gone.

What can go wrong

Rates fall and stay down. Drydocks eat a quarter. They blow the cash pile on expensive newbuildings at the top. Liquidity stays terrible and the stock does nothing for two years while book quietly goes to $22. All possible. None of that makes $9.50 a fair price for $19 of book and $4 of net cash.

You are not buying LPG beta.

You are buying unencumbered steel + cash from a seller who still thinks the steel is mortgaged.

When the entire market is looking at charter rates and you are looking at a clean balance sheet they refuse to re-underwrite, that is the trade.