Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

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GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Toro is spinning off its two LPG carriers into AI OKTO (AIOK) through a 1-for-8 share distribution. AIOK will start debt free with two vessels and $45 million of cash.</li>
<li>Cash and vessel values make up most of AIOK’s value, so we focus on its estimated $78.6 million NAV rather than EBITDA multiples.</li>
<li>Toro’s existing NAV discount could simply carry over to both companies, especially given their small size, related-party management and concentrated voting control.</li>
</ul>


Toro is spinning off its two LPG carriers into AI OKTO (AIOK) through a 1-for-8 share distribution. AIOK will start debt free with two vessels and $45 million of cash.
Cash and vessel values make up most of AIOK’s value, so we focus on its estimated $78.6 million NAV rather than EBITDA multiples.
Toro’s existing NAV discount could simply carry over to both companies, especially given their small size, related-party management and concentrated voting control.


Toro Corp (Nasdaq: TORO): Assessing the AI OKTO Spin-Off and Post-Separation Value

United States

Toro Corp operates as a shipping company. The Company acquires, owns, and charters oceangoing tanker vessels, as well as offers energy seaborne transportation services. Toro serves clients worldwide.

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Toro Corp (TORO US)

Toro Corp (Nasdaq: TORO): Assessing the AI OKTO Spin-Off and Post-Separation Value

Toro is spinning off its two LPG carriers into AI OKTO through a 1-for-8 distribution, with AIOK launching with $45 million of cash.

GSBR Research

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