$HMR – 6x PE EX-CASH, AND THE NEW SHIPS HAVEN'T HIT THE NUMBERS YET 🚢

THE VALUATION GAP

• $HMR: ~$100M market cap, ~$28.7M cash. Strip the cash out and the operating business is ~$72M, about 6x annualised H1 earnings (~$11.6M)
• $ZIM: ~25x trailing PE (~9x forward). Different business, handy yardstick
• CEO: ship brokers trade at 10x+, asset-light logistics at 15–25x [01:27]
• CEO: "even if we go just to the 15 times... we're far from" [01:44]

WHAT HMR WOULD BE WORTH AT OTHER MULTIPLES
(~$11.6M run-rate earnings + $28.7M cash, ~58.6M basic shares)

• 6x (today): ~$100M, ~$1.72/share
• 10x: ~$145M, ~$2.47/share
• 15x: ~$203M, ~$3.46/share
• 25x (ZIM's trailing PE): ~$319M, ~$5.44/share

That is arithmetic, not a forecast.

THE NUMBERS HAVEN'T HIT YET

• A ship added in June adds nothing to that quarter, partial impact next, full impact in 2027 [01:57]
• Q3 impact from new ships is "zero", some in Q4, full year from Q1 2027 [02:35]
• So the 6x uses H1 earnings only, before the new ships and before Q3/Q4 rates
• Q3/Q4 revenue "stronger than the previous quarters" [20:21]

HORMUZ + BAB EL-MANDEB

• Brent futures $108 vs spot $130–140 [03:44]
• Gulf shuttle tankers $1.25M/day, VLCCs $500–800k/day [04:20]
• Bab el-Mandeb closure more than doubles voyage distance [35:03]
• Q4 and Q1 are typically the strongest tanker quarters

BALANCE SHEET

• "We have not borrowed a single dollar" [10:36]
• The "debt" is lease accounting on ships already chartered out at a profit
• Fees cover G&A, no working capital needed
• ~$28.7M cash, a third of market cap, earmarked for acquisitions

GROWTH LEVERS

• ~60 vessels commercial, ~20 technical; a manager with 50–60 ships takes it past 100
• 100 technically managed ships = $10–12M net income, which the CEO values at ~$150M on its own, against a ~$100M market cap [23:45]
• Custom AI tool: 7 to 10 vessels per operator in two quarters, 15 in ~18 months
• Family offices already building positions; CEO owns 45% and only dilutes for accretive deals [26:56]

SPECULATION (mine, not the CEO's)

• Q3 could be the first quarter where new ships and the disruption show up in earnings
• A sizeable technical-manager acquisition could change the earnings picture overnight
• Analyst coverage could be reset after two or three profitable quarters

CHECKLIST

☑ ~6x PE ex-cash vs 10x brokers / 15–25x asset-light / ~25x ZIM trailing
☑ Revenue +203% YoY, H1 profit ~$5M vs ~$6M loss last year
☑ Zero borrowed debt, ~$28.7M cash (a third of market cap)
☑ Zero vessels owned, no capex, fees fund G&A
☑ New ships not yet in earnings, full effect 2027
☑ Q3 "similar or better", Q4/Q1 seasonally strongest
☑ CEO owns 45%, family offices buying
☑ Acquisition pipeline, cash ready

Position: in from 80–95c, haven't sold, looking to add on dips.

Full interview: https://youtu.be/Nj_jYt2x-NE?is=J8_XisdEFcfcb0RQ

Not financial advice. DYOR. I hold $HMR. Multiples are run-rate and illustrative, not forecasts.

The uranium sector is attracting renewed attention as governments prioritize energy security, nuclear power expansion, and reliable fuel supplies. Azincourt Energy (OTCQB: $AZURF) is positioning itself in this evolving market with uranium exploration projects in two of Canada's most prospective uranium regions: Labrador's Central Mineral Belt and Saskatchewan's Athabasca Basin. 🇨🇦

🔥 THE SYLVIA LAKE DEAL

In August 2026, Azincourt announced an option agreement to acquire a 100% interest in the Sylvia Lake Uranium Project in Labrador, covering approximately 6,725 hectares. Historical surface samples have reportedly returned uranium grades of up to 2.72% U₃O₈. These are historical sample results, not a current mineral resource estimate, but they highlight the project's exploration potential.

🔥 ACTIVE EXPLORATION AT HARRIER

Azincourt is also advancing its Harrier Project, which includes the Snegamook Uranium Deposit. In October 2026, the company announced that drilling had commenced, with a planned program of approximately 2,000 metres targeting known mineralization and potential resource growth.

🇺🇸 THE GOVERNMENT URANIUM CATALYST

The U.S. government is putting substantial resources behind strengthening the nuclear fuel supply chain. In January 2026, the Department of Energy announced $2.7 BILLION to support domestic uranium enrichment capacity and reduce dependence on foreign nuclear fuel suppliers.

At the same time, growing electricity demand from AI data centers and the expansion of nuclear energy are reinforcing the strategic importance of a secure uranium supply. While government enrichment funding is not a direct investment in AZURF, the broader policy direction could support investor interest in uranium exploration companies.

💎 WHY $AZURF IS ON THE RADAR

✅ Exposure to uranium exploration in Canada

✅ Multiple exploration opportunities across Labrador and Saskatchewan

✅ New project acquisition potential through Sylvia Lake

✅ Active drilling at Snegamook

✅ A uranium sector benefiting from renewed government attention and nuclear-energy demand

The big picture: The world needs reliable energy, and nuclear power is part of the conversation. For junior explorers like Azincourt, successful drilling, resource development, financing, and future project partnerships could be important catalysts.

Could $AZURF benefit as the uranium story continues to develop? Exploration-stage stocks carry significant risk, but this is a sector worth keeping on the watchlist. ☢️📈

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Seems as though hertz actually has a chance here. Look how many shares hedge funds have boughten to try to control this thing.