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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gulf Marine Services Plc | LSE:GMS | London | Ordinary Share | GB00BJVWTM27 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.30 | -1.38% | 21.50 | 21.50 | 21.80 | 22.00 | 21.00 | 22.00 | 2,732,924 | 16:35:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Ship Building And Repairing | 133.16M | 25.33M | 0.0249 | 8.67 | 219.55M |
Date | Subject | Author | Discuss |
---|---|---|---|
11/11/2015 10:27 | I've just fired off an email to Investor Relations to clarify the banking facility concern. If they reply will update. | webclick99 | |
11/11/2015 10:14 | Doobz, that's correct. At half way stage, undrawn bank facilities were 45m. Now they are 25m. The last thing we want is a cash call. But where is the information that tells us if the 'substantial cash generation' and remaining bank facilities are enough to complete the build of remaining vessels? | webclick99 | |
11/11/2015 10:06 | Stop hit at the open Mixed update. However, things which stood out from a 'bear' perspective: -change in tone from July results. First sign of negatives introduced, such a margin reductions / reduced contract pricing - Ratio of 'firm' v 'options' contracts has deteriated from July. A sign of things to come ? - Dept up & undrawn bank facilities reduced by 50% since July - cash call coming ? Disappointed stop has been hit, but that's what they are therefore & take the emotion out of it. Will continue to keep on watchlist & may revisit in the furture. GLA | jakedog2 | |
11/11/2015 09:56 | Hi all, fairly new to this. does this mean they only have 25mil left that they can borrow in their current debt position: apologies if this is a silly question As at the end of Q3 2015 the Group had net debt (including obligations under finance leases of $95.8 million) of approximately $385.8 million (cash of $29.4 million, bank debt of $319.4 million) together with undrawn bank facilities of $25.0 million. Any help much appreciated D | doobz | |
11/11/2015 09:37 | I found the update confusing. 'Healthy balance sheet and strong cash generation' but net debt is up from the half way stage and the undrawn bank facilities are also down from half way stage. 'Growth in earnings significantly higher in H2' but then there's a currency hit and trading in line with expectations. Confused. Any other thoughts. I decided not to add to my holding just yet, until someone can make sense of this update. | webclick99 | |
11/11/2015 09:32 | Strange price movement imo. High fleet utilisation, strong order book, highly cash generative. I have beeen in for a while and nursing a 20% loss, but fairly confident these will rerate. I would top up more today but already hold quite a number. | tintin82 | |
10/11/2015 14:11 | A management statement is due. Interim results were in August. | jamiemp | |
10/11/2015 11:15 | Interim results should be any day now | dodge meister | |
19/10/2015 11:35 | Idexpect them to want to do something being as they have a yard and will not want to lose the expieriance of the staff which assists them as they have said in the last update by being able to custimize the vessels to the clients needs. I'd expect them to continue to grow but look to pay down debt and up the divi prudently also. | deanowls | |
19/10/2015 11:00 | GMS does look very interesting, just the indication that they may continue to expand the fleet when the current vessels are delivered. Growing too fast with the accumulation of debt is often a companies undoing. A couple of years of consolidation, debt repayment and increased dividend would put them in a much more desirable position as far as share ownership. Question, as they build of the vessels, is there a need to continue building to maintain their capability? | dodge meister | |
02/10/2015 11:29 | Stock looks cheap and GMS are riding the downturn well, they are well established in the Abu Dhabi sector which is a difficult sector to get into. Note GMS Endurance is in Netherlands- I guess targeting NW Europe Offshore wind sector- this is going to be a boom sector with several large projects coming on line in UK from 2016-2019- although it can be a bit boom and bust. The vessels are on the small side compared to the ongoing requirements for this sector but should keep busy in the O&M phases. The fleet profile is very young with 98% utilisation- this is very impressive in the current market. | richardmojo001 | |
29/9/2015 18:24 | Good to see the new vessel Scirocco delivered on time, within budget and on contract from October. | mick | |
10/9/2015 14:08 | Looks like they're testing out GMS Scirocco hxxp://www.marinetra | cw6365 | |
04/9/2015 16:46 | Nice to see a bit of interest developing in GMS. The interim results and statement were very solid and based on price earnings ratio it looks quite cheap. | mick | |
27/8/2015 11:18 | Dodge i don't disagree on perceptions i am both a user of TA charts and FA fundamentals and will usually give greater precedence to the TA when placing a trade. However the outlook statement pretty much defines where i think the value is medium term. i'm not unduly concerned on the $30m it's less than 5% of the total and some fluctuation is to be expected. As i noted in my earlier post i think GMS could be significant beneficiaries of the major oil companies reducing capex and leasing more short/medium term where they can. And most importantly the operating cash flow is exceptional. Indeed the outlook statement implies there's even greater opportunity to increase the fleet size. i hardly think they'd consider doing that if there wasn't the confidence that the additional contracts were available to fill the need. There's no question there is real risk of a contract down turn and a triple whammy, high debt, big depreciation on idle fleet and loss of cash flow. But they're pretty clear to the contrary and if they're right and it falls out positive GMS looks half the price it should be on fundamentals. Wasatch seem to think so too. aimho woody | woodcutter | |
26/8/2015 13:06 | I am always concerned about perceptions, as fundamentals rarely define share prices (well not in the short term anyway). As the backlog is monetized, the backlog will reduce and in future results will look worse (its $30m down from last results). Any thought on areas (except debt which is a given) that could be perceived as negative going forward? Just thought of another, increasing fleet size instead of large dividends. Growing too fast with large debts is always a concern. On the flip side, the decommissioning in the North Sea is a £30Bn business according to the times on the weekend. | dodge meister | |
26/8/2015 11:15 | hxxp://gcaptain.com/ Might be of interest folks Demand from the region is “better than ever” | tintin82 | |
25/8/2015 10:53 | a further reason why the gross margin reduced was the increase in depreciation and amortisation charges added to the COS as the new vessels come on line and are added to the assets on the balance sheet. this is odd as i'd have expected these to be in the admin costs anyway i've read the results pretty throughly now and unless there's a major shift in the leasing of platforms i'm here for the long term, patience will be rewarded if the fleet utilisation continues at current levels. it's being held back by the sector performance time to look for some other bargains woody | woodcutter | |
25/8/2015 10:32 | loudenr the key ratio for cash flow is the comparison of operating cash flow to operating profits not the end cash figure at the bottom of the cash flow statement it's about how much cash you generate from operations spend some time reviewing note 11 and you'll get a better appreciation of the business cash flow dynamics. the other part of the cashflow statement is more to do with the balance sheet and capex verses borrowings. the capex is added to the balance sheet and depreciated over time similarly the borrowings are also added to the balance sheet. debt to EBITDA of 3 isn't excessive unless they start to loose customers. then they're really in the sh*t as they'll have high debt, high depreciation on unutilised assets and poor cash flow, so BUST! but there's no evidence that is happening, quite the contrary. and the interest payment are adequately covered nearly 4 times by profits woody | woodcutter | |
25/8/2015 10:31 | we have been in the midst of an oil price correction for over a year now and yet their operating cashflow for H1 this year is an improvement on last year. there's no signs of any significant downturn in their future revenue forecast indeed quite the opposite. i would have thought if there was a serious problem with earnings falling we would have seen some signs of it by now. maybe i'm not reading the same report as some of you guys woody | woodcutter | |
25/8/2015 10:28 | woody Cash flow negative as cash at the end of the period is less than it was at the beginning. Appreciate what you say about the ratios but it is making me uncomfortable so I have trimmed back and will continue to hold. I will only feel comfortable buying more when I can see the debt being reduced. The other thing to remember is that for revenue (unless they can get higher prices for their vessels) to grow more capex is needed to build more vessels. I see this as a capex intensive business on an ongoing basis. Overall I think this has the potential to be a great company, this set of results just made me a little uncomfortable. | loudenr | |
25/8/2015 10:22 | you're concentrating too much on the value of the debt and not the ratios! woody | woodcutter | |
25/8/2015 10:19 | Could well be loudenr. On balance I will continue to hold and will look to add on only weakness, as I think its a good company, and share price should appreciate over time. On a PER basis its cheap, albeit it carries a fair chunk of debt, but given the fall in the price of oil, this is been relatively resilient. As and when the oil price recovers, the share price should also follow suit. | imranawan | |
25/8/2015 10:19 | granted the debt has increased appreciably as they come to the peak of the capex programme but this will diminish going forward as they lease out the platforms and increase cash flow and profits. I also think in the current climate there'll be more emphasis on clients using GMS facilities rather than investing in their own capex programmes, indeed most oilers are dramatically scaling back capex. i don't see how you get negative cashflow from the cash flow statement note 11 pbt $36162 operating cash flow before movement in working capital $61024 cash generated from ops $48841 And that's just H1 that's an exceptional operating performance, if the movement in working capital had improved it would be even better. the depreciation charge which was $11331 is masking the profit performance and this will increase as the capex is added to the balance sheet assets. what's more important is the net debt relative to cash flow or EBITDA. the net debt is £374m with operating cashflow of around $50m in H1 so assume $100m for H2. perhaps a better way of considering it is net debt to EBITDA which is 374/120 rough 3.1. and more importantly it will lower considerably as the capex slows and cash generation improves. if they can continue to keep the fleet occupied at the current level this looks massively undervalued on a cash generation basis. woody | woodcutter |
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