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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Gulf Marine Services Plc | GMS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.60 | -2.65% | 22.00 | 16:29:51 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 22.10 | 21.50 | 22.30 | 22.00 | 22.60 |
| Industry Sector |
|---|
| AEROSPACE & DEFENCE |
| Top Posts |
|---|
Posted at 14/4/2024 12:08 by hpcg I'd guess they'll announce a plan at the half year, based on provisos and financial metrics and bring it in if next FY is up to scratch. I would think a proviso might be to renegotiate terms on the loans. We might get more information in the forthcoming AGM notices which will probably come out at the end of this month. Last year's resolutions were all around the possibility of raising money. Whilst this one won't have a final dividend authorisation it could ask permission in some general terms for an interim, special dividend or share buy back. I'm honestly not expecting that, as continuing de-gearing and turning that into better financial terms is more important for shareholder value, but they are not out of the question. |
Posted at 13/4/2024 15:33 by dgwinterbottom Any thoughts as to when a dividend might start to be paid? |
Posted at 04/4/2024 10:06 by hpcg A lot of the highlights are highlighted, so everyone will have seen already. A few more buried nuggets I found of interest, with my comments in braces:* Recently approved by the Board, our residual dividend policy seeks to strike a balance between investing in the business and providing returns to shareholders. {They alluded to dividends in the last RNS. I am not a big fan, but they are required to attract a certain type of investor, and income funds.} * The Group is in the process of refinancing its term facility in advance of the bullet payment becoming due in June 2025. Management's ongoing discussions with various lending entities are aimed at securing terms that align with our long-term strategic objectives, ensuring continued financial stability. We are optimistic about the outcome of these negotiations and will keep shareholders updated as we navigate this pivotal phase in our financial planning. The Board expresses confidence in our ability to secure favourable terms that will contribute to the sustained success and growth. {We should be able to get a reduced interest rate margin from current 310 bps IMO} * The Group improved its Lost Time Injury Rate (LTIR) going from 0.1 in 2022 to zero in 2023. However, two medical treatment cases were recorded taking the Total Recordable Injury Rate (TRIR) from 0.1 in 2022 to 0.18 in 2023. These levels continue to be below industry average. {Good safety goes hand in hand with good operations, and 0 is the only acceptable number of LTIs - the treatment trend needs reversing. Safety can get compromised under tight financial conditions, a false economy. Glad to see that is not the case.} * Average day rates across the fleet increased by 10% to US$ 30.3k compared to the previous year's US$ 27.5k with improvements across all vessel classes, particularly for E-Class whereby, the day rates improved by 17% to US$ 41.4k (2022: US$ 35.4k). K-Class and S-Class rates increased by 7% and 5%, respectively. {There is below a table of revenue and operating profit per class. S-class, thankfully the smallest segment, saw profit decline marginally as rate increases did not keep up with inflation. Note that part of the thesis here is that debts are inflated away; inflation so long as rates keep up and margins are maintained enhance absolute cash available for debt repayment.} * Reported general and administrative expenses amounted to US$14.6 million, up from US$13.2 million in 2022, driven by increased staff costs and professional fees. {Basically 10% inflation, but they say there are fees around reporting commitments to lenders, and we can expect come of those to drop out, see below.} * Key benefits of being below 4:1 times is it allows GMS to meet its covenants, to pay dividends and to cut some debt monitoring fees. * The Group's capital expenditure relating to drydocking and improvements of the vessels increased to US$ 11.3 million, 2022: US$ 9.1 million. {Money is still being spent on maintaining the assets.} * Net bank debt reduced to US$ 267.3 million (2022: US$ 315.8 million). This was a result of management's commitment to accelerate deleveraging. The Group repaid US$ 56.2 million (2022: US$ 51.4 million) towards its term loan, of which, US$ 26.2 million (2022: US$ 3.8 million) were over and above its contractual obligation for 2023. A total of US$ 33.7 million (2022: US$ 3.8 million) was prepaid during 2023. {$56mn taken off debt whilst also paying $31mn in interest. That collectively is funds available to shareholders in a debt free world, minus taxes. £67mn at 1.3 exchange rate. Should be higher in 2024 as rates have firmed.} |
Posted at 27/3/2024 06:55 by xxx The recovery yeasterday may relate to the announcement of a bid for a fellow quoted OSV company quoted in Australia and operating in Asia [MRM]It received a cash bid from private equity at a claimed x7.7 current year EBITDA.[ using H1 earnings x2] Though they have some govt work and subsea ops which look better quality, the vessels are less specialised. Applying that same multiple to us and using the midpoint guidance of $91m for 2024 gives an EV of $700.7m for GMS. Not only is that a long way from here, but it is interesting to note that MMA shares jumped to a premium ie the bid is unlikely to be acceptedat this price. In addition the bidders plan to keep all the staff ie it is a bet on the sector, not synergies or cost cutting... |
Posted at 18/3/2024 06:58 by catsick Interesting if you google simon thompson gms there us a free ic alpha report you can download on gms, 6 months ago simon was targeting 20p when it was at 9p ,I guess the latest target much higher.... |
Posted at 12/3/2024 13:49 by wigwammer I suspect it tells you rather a lot about the cost of entry. If you want to compete with GMS by building a comparable fleet - the book value plus net debt is round about the cost. Far cheaper to buy GMS at a material discount to book than the organic alternative. |
Posted at 28/2/2024 09:53 by blusteradjuster The trading update of November 6th 2023 expected net-leverage-ratio (NLR):end-2003: 3.2-3.3:1 end-2024: 2.3-2.7:1 The announcement this morning has end-2023 net debt at $268m ("of which US$ 107 million were repaid in the last two years") and 2024 EBITDA upgraded to $92 - $100m. Doesn't seem hard to expect the NLR to end 2024 nearer 2:1 than the middle of the 2.3-2.7 range previously guided. "We now expect to end 2023 with a Net Leverage Ratio(*) in the range of 3.2 to 3.3:1." "For 2024, we expect to reach by year end a Net Leverage Ratio(*) in the range of 2.3 to 2.7:1." |
Posted at 24/1/2024 21:29 by papillon free stock charts from uk.advfn.comGMS log chart showing EMA's. This chart turned strongly bullish last summer. |
Posted at 15/1/2024 17:33 by hpcg I do believe the poster Mr Mattau on London South East has the answer:I'll be buying tomorrow at the open if the price is anywhere near to the close. I did look for anything happening with respect to the GMS listed in the US, but it was always a long shot with the market closed today and it being in building materials. I find it unbelievable that people can have money in the stock market and not even know the name of the company they invest in. GMS vessels never go over the median line into Iranian waters. I mean, almost everyone apart from Iranian vessels won't stray over the median line. |
Posted at 11/11/2023 11:15 by hpcg xxx - I've not seen the report directly so I don't know. I've corrected the link - the closing bracket had become integrated. As I said, as at June, and I presume later, Praetorian Capital has no GMS holding. I mention them because many investors are familiar with Kuppy and his approach, and he has be vocal about offshore oil services. Their big holding in the space is Valaris.The GMS share price really took off after an offshore conference in Sweden where more or less all the operators said they were not going to build any more kit. What people not familiar with the industry might not know is that the cyclicality is not caused directly by the oil price, but as a derivative of the oil price cycle. After a few years of strong oil prices service providers will have rebuilt their balance sheets and oil companies will sign up long term lucrative contracts to secure the equipment they need. At that point service providers draw a straight line upward pointing line on demand and choose to massively expand their fleets using debt. This leads to an horrific and long lasting trough when oil prices turn over and oil companies draw in their budgets. If no one falls into this trap, or for that matter financiers just aren't interested then there is nicely balanced supply and demand which is resulting in stable cash flows with good visibility. Rates should keep up with inflation, margins should be maintained which leads to wads of free cash to pay down debt and in 2-3 years make returns to shareholders. Of course there is some far out longevity in terms of servicing offshore wind farms, but market dynamics there do not allow for boom-bust cycles so fleet sizes should very much remain balanced. |
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