1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
ICON
Listed on
2024-07-12
Sector
Industrials
Subsector
Marine Transportation
Offer Price
$4.00
first filed $4.00–$6.00Shares Offered
1.25M
1.45M
$5.8M
86.2%
Implied Upside vs Midpoint
Description
We are an international shipping company that was recently incorporated in the Republic of the Marshall Islands for the purpose of acquiring, owning, chartering and operating dry bulk vessels. We provide worldwide seaborne transportation services for dry bulk cargo, including ‘major bulks’ such as iron ore, coal, grains and bauxite, and ‘minor bulks’ such as steel, sugar, fertilizers, cement and scrap metal. Upon completion of this offering, we will own one Panamax dry bulk vessel, named the M/V “Alfa”, with a carrying capacity of approximately 77,326 dwt, which was built in Japan in 2006. We refer to this vessel throughout this prospectus as our “Initial Vessel.” --- Icon Energy is a holding company existing under the laws of the Republic of the Marshall Islands. We maintain our principal executive offices at c/o Pavimar Shipping Co., 17th km National Road Athens-Lamia & Foinikos Str. 14564, Nea Kifissia, Athens, Greece and our telephone number is +30 211 88 81 300. Our website is www.icon-nrg.com.
▲ Cheaper than its peers on 2 of 2 valuation measures
| Metric | Value | Peer median | Among peers | |
|---|---|---|---|---|
EV / revenue | 0.7x | 4.6x | ||
Price / earnings | 5.0x | 34.3x | ||
Revenue growth | -38.2% | 34.0% | ||
Operating margin | 24.7% | -8.4% | ||
Net margin | 25.8% | -5.9% | ||
Free cash flow margin | 55.5% | -8.4% | ||
Rule of 40 | 1.7% | 51.8% | ||
Net cash / market cap | 46.6% | 2.7% | ||
Debt / equity | 0.00 | 0.00 | ||
Current ratio | 0.81 | 1.45 | ||
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $4.00, 20% below the midpoint of the first filed range ($4.00–$6.00, 2024-05-14).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2024-05-14 | F-1 | $4.00–$6.00 | — | — | — |
| 2024-05-31 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-06-12 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-07-01 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-07-10 | F-1/A | $4.00–$6.00 | — | — | — |
| 2024-07-15 | 424B4 | — | $4.00 | — | — |
Icon Energy Corp income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings.
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | — | — | $43.0K | $1.7M |
| Operating income | $4.2M | $1.1M | $170K | $180K |
| Net income | $4.2M | $1.2M | ($210K) | ($4.2M) |
| Revenue growth | — | — | — | 3786% |
| Operating margin | — | — | 395% | 10.8% |
| Net margin | — | — | −488% | −251% |
| Metric | FY Dec 2022 | FY Dec 2023 | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | — | $12.9M | $28.8M | $58.4M |
| Total liabilities | — | $3.7M | $17.0M | $37.1M |
| Total equity | $14.3M | $9.2M | $11.7M | $21.4M |
| Cash & equivalents | $3.6M | $2.7M | $946K | $3.9M |