Updates

Gulf Marine Services - Gain in 2 months: 38%

March 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 soared to a new high of 17.6p after Gulf Marine said it now anticipates EBIITDA for the year ended December 2023 of US$86m, at the top of the guidance range. Moreover it’s reconfirmed guidance for FY24 of US$87m-US$95m while introducing a brand new target EBITDA for 2025 of US$92m-US$100m. The fleet achieved utilisation of 94% in FY23, up from 88% in ‘22, with average daily chartered rates of US$30,200 and ended the year with a backlog of US$315m. Leverage (net debt / EBITDA) is expected to be 3.05 to 3.15x in ‘23 falling to 2.3-2.7x in ‘24, a significant improvement on the 8x at end 2020. As a result, a dividend is now being considered. Zeus says in anticipation of further contract wins (and the opportunity to d ...

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