Updates

Gulf Marine Services - January write-up has gained 76%

May 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.

A great month for the shares, which spiked to a new high of 23p. Having earlier announced another contract win and at higher day rates, taking the order book from US$373m at late February to US$463m, or 3.1x 2023 revenue, its finals revealed full year EBITDA of US$87.5m, beating Zeus’ forecasts for US$85.9m. Net debt was US$267.3m (leverage: 3.05x). EBITDA guidance for 2024 is for US$92m-US$100m and Zeus forecasts eps of 4.1 cents. The improved earnings visibility deserves a higher rating; Zeus thinks an EV / EBITDA multiple approaching 6.0x could be justified based on the “growth we expect from the ongoing strong market for its vessels and upside to be had as debt is paid down further and value converts to equity. This would impl ...

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Luceco

TClarke

Gulf Marine Services - Another upgrade to guidance (December 2024)

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