Updates

Gulf Marine Services - Another upgrade to guidance

December 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares briefly hit 19.5p after GMS upgraded guidance again and said revenues for the first nine months rose 11% to US$126m with EBITDA up 12% to US$76.1m. Net debt fell 21% to just US$221m with net debt / EBITDA down to 2.3x. The order backlog has now increased from US$257m a year ago to a record US$505m as of 10th October, boosted by a new long-term contract for one of its vessels to support construction of a new offshore windfarm in Europe and two extensions of existing ones in the Middle East. Overall then, EBITDA guidance is upgraded a smidge to US$96m-US$101m with management “in the process of revisiting guidance for 2025” (currently US$92m-US$100m). With deleveraging gathering pace, I am a buyer on dips.< ...

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GB Group - Canaccord’s price target is 455p

Hunting

Gulf Marine Services - EBITDA guidance raised 5% (February 2025)

Gulf Marine Services - Pull-back provides second bite of the cherry (November 2024)

Gulf Marine Services - January write-up has gained 76% (May 2024)

Gulf Marine Services - Second upgrade in quick succession (April 2024)

Gulf Marine Services - Gain in 2 months: 38% (March 2024)

Gulf Marine Services - New contracts drive chart break-out (February 2024)

Gulf Marine Services - Middle East lift boat provider enjoys two upgrades (January 2024)

Gulf Marine Services - Oil & gas asset leasing group makes encouraging debut (May 2014)

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