Updates

Gulf Marine Services - EBITDA guidance raised 5%

February 2025

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.

Continuing its fine run of form, Gulf Marine says it now expects 2024 adjusted EBITDA to be at the upper end of previous guidance of US$98m-100m. Even better and starting the New Year with plenty of optimism, it now expects adjusted EBITDA to reach US$100m-US$108m in 2025, an increase from the previously forecasted US$92m-US$100m. This is once again driven by strong demand for its vessels, leading to higher utilisation and better contracted daily charter rates. With Zeus upgrading eps forecasts 5% to 4.3 cents (3.4p), the shares look cheap on a prospective PE of 3.5 and EV/ EBITDA of 4.2x, particularly with net debt reducing from around US$214m to US$142m this year (net debt / EBITDA: just 1.35x). Zeus’ price target of 30p is doub ...

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