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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 | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.45 | -2.47% | 17.80 | 1,493,977 | 15:38:57 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 17.65 | 17.85 | 18.40 | 17.60 | 18.30 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Ship Building And Repairing | USD 151.6M | USD 41.34M | USD 0.0386 | 4.61 | 195.27M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 15:41:19 | O | 1,348 | 17.85 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 10/10/2024 | 17:24 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 10/10/2024 | 14:08 | ALNC |  Gulf Marine Services new contract wins boost backlog by nearly 20% |
| 10/10/2024 | 07:00 | UK RNS | Gulf Marine Services PLC Contract |
| 07/10/2024 | 16:03 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 07/10/2024 | 15:37 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 03/10/2024 | 10:32 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 02/10/2024 | 13:16 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 02/10/2024 | 13:11 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
| 01/10/2024 | 11:39 | UK RNS | Gulf Marine Services PLC TR-1 |
| 20/9/2024 | 17:17 | UK RNS | Gulf Marine Services PLC Holding(s) in Company |
Gulf Marine Services (GMS) Share Charts1 Year Gulf Marine Services Chart |
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1 Month Gulf Marine Services Chart |
Intraday Gulf Marine Services Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 24/10/2024 | 15:43 | Gulf Marine Services plc | 2,602 |
| 14/10/2016 | 16:51 | gold mines of sardinia | 1 |
| 28/4/2009 | 23:09 | GOLD MINES OF SARDINIA - Agreement Finalised | 19 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 14:41:20 | 17.85 | 1,348 | 240.62 | O |
| 14:36:50 | 17.90 | 277 | 49.58 | O |
| 14:35:41 | 17.80 | 1,221 | 217.34 | O |
| 14:35:36 | 17.80 | 559 | 99.50 | O |
| 14:32:38 | 17.80 | 4,738 | 843.36 | AT |
| Top Posts |
|---|
Posted at 24/10/2024 09:20 by Gulf Marine Services Daily Update Gulf Marine Services Plc is listed in the Ship Building And Repairing sector of the London Stock Exchange with ticker GMS. The last closing price for Gulf Marine Services was 18.25p.Gulf Marine Services currently has 1,069,946,316 shares in issue. The market capitalisation of Gulf Marine Services is £193,125,310. Gulf Marine Services has a price to earnings ratio (PE ratio) of 4.68. This morning GMS shares opened at 18.30p |
Posted at 10/10/2024 08:10 by hpcg This should be trading above NAV never mind at just over half. Events have gone better than when I put on a 28p price target for year end earlier this year. Debt is being repaid more quickly, the backlog much longer, and rates higher. There will be a lot of people not buying because of the supply we have seen in the last 6 months and especially last month, so we'll get some FOMO when that tap suddenly ends, but I think that might also hold the share price back somewhat until the company makes shareholder returns, which will attract a different class of investors. |
Posted at 10/10/2024 07:53 by thebd11 Great news on the contract piece - and the extra vessel to Europe for offshore wind certainly helps offfset any cyclical / Middle East / oil price concerns. Bigger news, for me, is the debt reduction picking up the pace. Given the speed of paying off during July, August and September, (17.5m USD across the three months), and that EBITDA will likely be c95m-100 (as per updated guidance), the 2x threshold where the debt payment falls by 25bps could well be reached by early December. The PACE of debt reduction is increasing too. 1HCY24 saw 28.5m paid off, then the next 3 months saw 17.5, so a clear speeding up as increased day rates etc filter through. Notably, too, this rate is pinned to EIBOR, which is lower than the SOFR rate used to calculate previously. So where previously GMS was paying 300+ SOFR (which is currently 4.84%), GMS will (very shortly) be paying 225 + EIBOR (which is currently 4.73%). A fairly significant drop from, approx 7.84% interest to just under 7%.I am also still expecting an update (/upgrade) in the next month or so to 25E guidance, given that on the RNS from Sept 12, Alex noted "As for our guidance for 2025, we are in the process of revisiting it and shall share it with you in the next couple of months". |
Posted at 01/10/2024 12:48 by phowdo From todays TR1"This is not a sale of GMS Shares by Seafox, it is transfer of shares as a part of the 150m GMS share Distribution to Seafox Shareholders which will take place over the next few weeks and as per 4th Sept RNS Number: 7900C." Looks like the overhang will persist for the "next few weeks". Ive got some buy orders in at quite cheeky prices. Illiquidity often equals opportunity. |
Posted at 01/10/2024 12:40 by whites123 Im a buyer and supporter of GMS Gulf Marine Services for several reasons, especially considering recent selling activity by Seafox, via distribution, which presents a strategic opportunity for investors.The offshore support vessel sector, providing critical services to the oil and gas, and renewable energy industries, is experiencing renewed growth due to rising energy demand and global energy transitions. The ongoing selling by Seafox (By Distribution) a key shareholder, could be seen as a short-term negative. However, this presents a valuable opportunity for the market as shares transition from investors with little confidence (or strategic interest) in holding, to those who are bullish on GMS’s long-term potential. This transfer of shares is going to lead to a more committed shareholder base, driving stronger price support and stability. With a leaner cost structure and improving industry fundamentals, GMS is positioned for growth, and the shift of shares into stronger hands sets the stage for enhanced investor focus and performance gains. Never thought I would be presented with an opportunity to top up at these kind of levels. So happy to be adding. |
Posted at 30/9/2024 15:55 by thebd11 This makes all good sense to me and is consistent with how I'm viewing the situation through conversations with all involved parties. Worth noting that I'm not expecting a change in capital allocation (e.g. payment of a div / buybacks / new vessel purchases) until debt is more of the 1-1.5x. That's likely at this rate to be mid next year some stage, I believe.As for why only another 5m to be sold - that's simply because not ALL of the 150m distributed is to be sold. If it was, why didn't Seafox simply place them and then distribute cash? The very fact they have done it this (slightly unorthodox) way shows you that many of the Seafox holders (who are now, in turn, direct GMS holders)do NOT want to sell at this level. Ergo, overhang is overdone. This will shortly be cleared (if it hasn't since my earlier post) - I had somewhere like 18-20m of the 150m to be sold initially, and then the natural selling pressure across market today sweeps up the rest. Overhang soon done in summary. Good chance to get in / top up if haven't already (which I have done - so not just hollow words from me), and good news for holders that this 'technical' brake on the share price should soon be lifted. Stick these in a tin under the bed, revisit in 5 years. Not going to lose sleep over some minor fluctuations here |
Posted at 30/9/2024 15:40 by hpcg Jsg123 - Seafox, a private company, talked to its shareholders about how best to distribute its share holding in GMS. Presumably some said, we'd like in-specie as we don't want any more given away at 17p. Others presumably said, we'd like in-specie because we want to convert some or all to cash. Whichever, the owners of Seafox, in majority, decided they wanted most of the GMS holding distributed with a rump held so that Seafox has influnece over GMS and no one does anything stupid like build new vessels. thebd11 would know a lot more so thank you for some more information.So far as I am aware the company does not need to ask permission from lenders to buy back shares now even. It shouldn't do until the leverage ratio is below 2 and interest is minimised. I think it does still require permission to pay a dividend, but will not once the new financing agreement has been executed. Its my opinion here, but I think companies should always distribute large shareholdings to their shareholders. It always reduces the overhang if a few want to exit. |
Posted at 30/9/2024 12:32 by hpcg Anyone selling because of a middle east conflict lacks any critical analysis skills, or for that matter geographical knowledge. The only scenarios which could reduce the activity of the company would be a direct conflict between Iran and the states on the opposite side of the Gulf, Bahrain, UAE and Qatar. This just isn't going to happen.So I favour warrant sellers and those with a fear of capital gains tax changes - who may even be making their CGT position worse by selling. Quite possible a Seafox holder needs some cash and is taking advantage of the newly available liquidity. I am surprised a sophisticated investor would be prepared to push the price down so much. However without talking to one or more actual sellers and finding out their reasoning it is impossible to tell. I have given up caring really. The concern is if someone knows something and all we have had since the spring, when selling started, is good news after good news. All I can reiterate is the company will soon be in a position to buy back stock, in which case the low share price really helps investor returns. |
Posted at 12/9/2024 09:07 by wigwammer The repayment of debt has done two main things. 1) increased the proportion of the enterprise value owned by the shareholders rather than debt holders - hence the huge share price appreciation over the past 18 months... 2) materially reduced the discount rate applied to through cycle earnings. Even in the event of a downturn, GMS does not need to cover the same interest costs that it did before. From memory, it remained a cash generative business at the operating level even in the downturn - it was the scale of interest costs that killed it. It's a fair bet now that with one or two more highly cash generative years ahead, the debt will be largely gone, and any consequent downturn can be faced with confidence that the business will survive. That has big implications for the quality of the earnings stream going forward, and what investors should be willing to pay for it. GLA |
Posted at 01/8/2024 11:24 by someuwin Panmure LiberumNew US$300m banking arrangements and a dividend policy GMS has announced revised US$300m banking arrangements with three banks resulting in reduced interest rates of 250bp +EIBOR, (down from 300bp +SOFR) which will fall to 225bp +EIBOR when the net leverage falls to 2x. The facility also removes ‘most’ restrictions on dividends and share buybacks with GMS confirming it will pay 20%-30% of annual Adj. net profit to shareholders. We have assumed it will pay a dividend on the full year results of 2025 of 0.9p, implying a dividend yield of over 5%. We re-iterate our BUY recommendation and target price of 28p as the favourable macro-outlook and improved visibility sees GMS heading into 2H 2024 and beyond in its strongest position for years. ... The target price is based on the ‘net realisable value’ which we have defined as the net book value of the fleet less net debt, divided by the fully diluted number of shares. Using our assumptions for the net book value of the fleet at December 2024 which benefited from an impairment reversal of US$33m in 2023 (another indicator of the improved outlook for the sector) and our estimate of net debt at December 2024, it implies a value of 28p representing upside of c70%. As a sense check to justify the new target price, the resulting price-to-book ratio would still be only 1.0x illustrating that GMS still offers significant upside. |
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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