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Gulf Marine Services Plc

0.38 (7.76%)
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 Shares Traded Last Trade
  0.38 7.76% 5.28 282,171 16:35:18
Bid Price Offer Price High Price Low Price Open Price
5.20 5.36 5.20 5.20 5.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Ship Building And Repairing 133.16 25.33 - 2.45 53.67
Last Trade Time Trade Type Trade Size Trade Price Currency
16:15:45 AT 100,000 5.20 GBX

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Date Time Title Posts
17/5/202313:17Gulf Marine Services plc2,059
14/10/201616:51gold mines of sardinia1
28/4/200923:09GOLD MINES OF SARDINIA - Agreement Finalised19

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Gulf Marine Services (GMS) Top Chat Posts

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Posted at 11/5/2023 09:25 by wigwammer
And hallelujah if they go down 3-4%. But given they stay around where they are - a base case - then GMS is likely to progress very nicely... ATB
Posted at 10/5/2023 16:26 by wigwammer
I'm sure the equity story has benefited from the repayment of net debt, and I'm sure the 30% holder is pleased to see it. The reason the shares haven't rerated is because interest rates have risen, and the rate GMS pay is fixed to libor. Despite this, the company is generating high levels of free cash flow to continue repayment at a good pace... Of course, if you believe that rates will rise another 3-4% from here then your scepticism may have validity - is that what you're suggesting? .... Otherwise I anticipate over the next 2 years or so net debt will fall again, perceptions will change and the shares rerate. ATB
Posted at 08/5/2023 09:29 by wigwammer
I think a 30% holder is probably quite incentivised to get the share price up. I also guess management have been buying shares because they think the shares will rise too. But if you prefer shares with obvious near term catalysts - usually priced in btw - then this probably isn't the share for you. I anticipate an attractive return as debt is repaid over the next 2-3 years, and perceptions move beyond GMS being overly indebted and hence uninvestible.
Posted at 06/5/2023 17:38 by wigwammer
"Because despite the steep progress in two years,share price is in the gutter.." yes, despite steep progress the price is still low. Exactly why I've been buying.
Posted at 05/5/2023 15:46 by gen_romer
Love the intense discussion here
Now that we have PE type debt multiples,and assume the 2 major investors are 'PE like' firms,what should be their value realization move at this point?
Because despite the steep progress in two years,share price is in the gutter

Posted at 04/5/2023 15:18 by wigwammer
Baddeal - I agree that those sorts of levels, 3.25-3.5x net debt:ebitda is usually appropriate. But remember - and apologies for repeating this - the tax GMS pay is very marginal, and they fully own a long duration asset/fleet so capex is low. So for each unit of EBITDA they generate, they achieve much higher levels of free cash flow than is typical with which to repay debt. This means that a materially higher than usual level of net debt:ebitda may be appropriate for them. While this may be anathema to the market right now, it may not be anathema to any corporation or private equity unit interested in the assets.
Posted at 04/5/2023 09:59 by wigwammer
Say GMS get net debt down to around $250m over the next 2/3 years, they sustain $80m EBITDA pa and pay $15m on capex and tax. That will leave them earning $40m pa bottom line or around 2.8p a share. With the net debt at manageable levels, perhaps the market will put a 10x multiple on that 2.8p. Gives you a price per share of 28p vs 5p now. If the valuation alone isn't a trigger, there is always the offshore wind and renewable "themes" which may spark interest at any time... I suspect if the world just muddles through the current malaise, GMS will be a very nice earner over the next few years. IMO
Posted at 04/5/2023 09:16 by blusteradjuster
My post on 24th April concerned debt interest rates, not day hire rates - should have been clearer :)

Powell suggests the Fed are done for now but hints at steady rates for the foreseeable. He would say that, of course. Bond market moves seem to think cuts are on the way - macro data and any further fallout in the banking sector might change thinking.

What any future central bank action means for GMS is debatable of course..

Posted at 19/7/2021 13:57 by mudbath
The Executive Chairman commented on June 30th 2021 :-

"The Company's performance is underpinned by positive market conditions, supporting utilisation, contracted activity...(all 13 vessels in our fleet are all under contract which is something we haven't seen since 2016 and is a very good indicator of an improving market. The 23-month contract award for the E-Class vessel was at rates significantly higher than we have seen in recent times and we would expect improvement in day rates to continue as the supply/demand dynamics improve in our favour)....the pipeline of opportunities and day rates. It is also supported by the actions taken by the Board to actively manage costs, improve operational efficiencies, and put in place an improved capital structure, which will benefit the Company's near and long-term prospects. Combined, this all serves to reset the GMS story, driving benefits for the Company, its employees, contractors, partners and investors."

Just how long will the GMS share price dally in this very low 3p arena ?

Posted at 07/7/2021 13:34 by mudbath
A steady climb in the GMS share price looks to be underway and possibly gaining some momentum.
A buy(and a half)at these low levels despite the known risks.

Gulf Marine Services share price data is direct from the London Stock Exchange
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