Share Name Share Symbol Market Type Share ISIN Share Description
Hallin Marine Subsea Intl LSE:HMS London Ordinary Share GB00B06N7T09 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 230.50p 0.00p 0.00p - - - 0 06:36:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil Equipment Services & Distribution 95.6 24.2 53.1 4.2 94.97

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Date Time Title Posts
01/3/201300:47Hallin Marine - Great growth prospects?2,368

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cfro: ;-) Totally agree with your valuation Sailing John. Also have a share price target of £3 or £4. And potentially much more if they could sign up other major internationals, which i think they can.
fatfish: ya know what bugs me most of all? the fact that hms is worth 223p so why the f=== didnt the share price reflect that in the first place instead of languishing at 120p rant over well done to all who sails in her. I had no position just wonder about prices sometime
koolio: Well I can,t get over this share, I have held forever it feels like. It works something like this Positive announcement expected share prices goes up. Figures coming out share price goes up. But. Oil price goes up, share price goes down. Positive figures announced, share price goes down. Favourable £ to $ exchange rate, share price goes down. Management win excelance award, share price goes down. Order book increases and management positive, share price goes down. Honestly think that I am the only one who holds these on a long term basis, of course I am questioning my rationale. What I should do is buy more now at todays price and sell on the run up to to figures, then buy in again a few weeks after the management are positive and looking forward. Call them and ask what is the earliest that they can mob a sat unit into 90m in the Irish sea or when they can get a ROV to cut a steel pile off at seabed level and they will tell you a date mid 2010. I have asked this question many times before. What am I missing about HMS?
glasshalfull: Back from a break and now had time to digest the trading update. What a busy thread for a change....quite a few names I've not clapped eyes on before and numerous scaremongering posts which suggests that there may well be a few with "agendas". Anyway, the facts usually answer all the one line posts and my thanks to woodcutter, clan & edmundshaw amongst others who as usual have provided balanced commentary. The Edison note succinctly says; "The 2009 weakness stems from project deferrals at competitors increasing the availability of dive support ships and new ships coming online, especially at the lower value end." There appears to have been much nashing of teeth from a number of posters who believe that the management team are responsible & not to be trusted. I disagree and wish to draw attention to the following paragraphs from HMS's prelimanary result announcement issued 3 months ago which acknowledged the challenges faced by the company. "Of greater impact to date, and concern for the immediate future, is the global financial crisis and resulting worldwide economic downturn. This has resulted in the effective cessation of most normal avenues of finance to the industry. As a result, from the end of 2008 an increasing number of reports indicating delays to planned projects have appeared, often from smaller independent oil companies, although to date none of these have related to any of Hallin's contracts. There appears to be a number of instances emerging of service companies in difficulty due to their inability to finance projects, especially where companies are highly geared. This appears particularly to be the case where there is a need to raise money to complete partly funded build projects relating to vessels. Whilst the inability to raise finance for new capital expenditure projects is particularly frustrating for Hallin and inevitably will affect the levels of attainable growth in the short to medium term, the Group's committed ongoing build projects are fully funded and we are not exposed in this regard." and "As we referred to above, the global economy is under extreme pressure and it is appropriate that your directors and its management team proceed with caution. The Industry in general is anticipating potential delays in both the timings and placement of large capital orders. There is little doubt that there will be a greater level of pressure on margins after the higher levels achieved during the equipment shortages and increased demand of the last two years. Hallin cannot avoid being affected by any general lowering of margins even though we are confident in our continuing ability to grow the business. We are increasing our emphasis, yet again, on operational efficiencies so as to maximise the margins we are able to achieve." More importantly is the long term affect on the company. Following the commodity bubble and credit crisis there was always going to be some fallout but as with many respected posters on the board the belief that this was more than factored into the shareprice. Edisons 2009 estimates have been downgraded to $133m revenue (-$23m) and Op profit to $20.3m (-$5.7m) with EPS estimated at 35.7c (-15c). So, a 28% downgrade in EPS is reflected in a 31% fall in the share price, which is par for the course. However given the modest gearing given the sale and leaseback of Ullswater and cancellation of the Conniston contract (I believe fortunate in current climate and in light of the TU)) and growth the company has exhibited during the last 10 years, I continue to see overwhelming value in the medium term once "oversupply has worked through the industry" (Edison) and normality returns (as it eventually will) to credit markets. Hallin remains on a low rating - PER of 4.75 (est. 2009 EPS 21.85p @ 104p) - especially given it's asset backing. The outlook also mentions that Hallin continues to win significant work with the prospect of further announcements in this regard soon. It would have been great to get an in-line statement which would have suggested that Hallin was insulated from the macro environment and the profit shortfall is higher than I would have anticipated. That said, I remain long and believe that the share price fall in an already undervalued company is now overshooting the decline in profitability and net asset value of the company. I wouldn't discount adding should the share price continue to weaken as this remains IMHO an excellent med/long term investment. Regards, GHF
woodcutter: I've held for some years now with a decent holding and see these falls as an opportunity more than anything else. The only downside risk is the gearing but if they run the business efficiently then this should work out okay. Things to consider. The TS was the day after the end of period so the likely hood of them having concrete figures to give was very unlikely to say the least. So we wait patiently for the figures. Unless of course you believe it was issued in blind panic which I don't. Oil is a precious commodity and will become scarcer in the coming years so the price will go up, this is inevitable. More resources will be spent on finding further supplies. This is undoubted. This will continue until another reliable source of energy is found. The reason there is an over supply in their industry at present is because the oil price has temporarily declined from it's highs, demand is lower due to the recession and contracts will inevitably be fewer. They have pointed to this uncertainty themselves in the recent past. But speculators and demand will eventually drive it back up again. This is capital-intensive business (my background) and this type of equipment just doesn't fall off the shelf when demand picks up. So companies that continue to build in these times gain some advantages in that they can negotiate better prices for materials and if subcontracting work their tender costs for build are more competitive. And negotiating salaries down too which many companies are doing, rather then making redundancies. Getting the balance between increasing capacity for the future and maintaining cash flow and profit is the key. Those that cut back find themselves struggling to meet demand when the market returns to normal. And often you don't get back good people if you lose them thro redundancy. Comments regarding mistrusting the management imo are misguided. They have been very straight for years (if you read their rns's) and whilst we may see further falls in the share price and lower margins and profits particularly with the gearing, this is a sound business well run and when the recession ends and demand increases you'll wish you were holding. The sell off is primarily by those who have bought on the latest momentum shift. There isn't a business out there that is not struggling to either gain orders or reducing cost or both. I speak with people all the time who are directors of businesses and know full well how difficult it is at this time. I'm not even concerned what their earnings come in at this year or next, even if their share price continues to fall to moonwhatevers 60p I'll keep buying, as eventually I know I'll be rewarded. The things that differentiate those that survive and prosper from those that go under is quality of management and hms has good management. Price is temporary, value and quality eventually comes through. Woody
rivaldo: I think a P/E of say 7 given the current market is appropriate for HMS at present - which would give around a 240p share price. Once the market gathers steam a P/E of say 15 and a 500p share price would not be out of the question imo given HMS' track record and prospects. OT : GI, have you looked at ALN (fully listed)? Take a look at the last few posts on the thread - tonight/tomorrow could be interesting if it comes off!
clancrackan: Paul, We all have different views, but it is a fact that Hallin's share price performance in relation to Hallins outstanding results and outperformance compared to any other companies in the sector has been dissappointing, from the point of view that Hallin's share price should on a results basis be so much higher. I like this dissappointment it means that Hallin is cheap and as a buyer I like to buy cheap and am adding to my holding of Hallin all the time. Why is Hallin cheap ? Well I don't agree that Hallin's share price on a simple basis has in fact underperformed, in fact if you look at Hallin's share price graph over the past year it is very much in line with say Petrofac or KBC for example and Hallin's share price has shown good growth this year from around 85 to 135 so far. Indeed if you look at the graphs of Hallin and Velosi (which you mention) on a simple share price basis Hallin has outperformed Velo over the past year. There is momentum buying of Velo going on at the moment and if you are a momentum buyer, then that is your thing. However I have to say that I sold half my holding of Velosi today and intend to sell the other half should the momentum buyers push the share price higher !. The funds are allocated to buy more Hallin, that is a surprise ! The reason is to do with turnover and operating margin. If you look at Hallin you will see 2006 Hallin Turnover $ 38.96m operating margin 10.74% net profit $ 4.174m appr 2007 Hallin Turnover $ 64.7m operating margin 17.30% net profit $ 11.20m appr 2008 Hallin Turnover $ 139.9m operating margin 25.30% net profit $ 35.4m appr Admittedly as Hallin's Reports point out, these were good times, with high day rates and other factors increasing operating margins. Indeed there may be a reduction in Hallin's percentage operating margin in the leaner times ahead ? However the figures are superb and demonstrate brilliant cost control imo What of Velosi 2006 Vellosi Turnover $ 70.2m operating margin 11.3% net profit $ 8.0m approx 2007 Vellosi Turnover $117.0m operating margin 9.74% net profit $11.4m approx 2008 Vellosi Turnover $182.1m operating margin 8.18% net profit $14.9m approx What is going wrong here with Vellosi where we see in those same good times a consistantly falling operating margin ? When the leaner times come forward what then for Velosi, there is a lot of turnover sure but not much margin. Turnover at the expense of margin ? lack of cost control ? or something else. Hallin in my view is a victim of it's own success, a seller has been around I think an institution selling anything it can find at a profit to cover it's losses. Hard luck on them, but a wonderful opportunity for a Hallin buyer.
liarspoker: I don't know how people can say that they aren't happy with the performance of the HMS share price. Up about 50% since January. Don't try to get rich too fast imo. Just find a good company and hold it for a while otherwise you'll end up with GI's result on WCC - selling out at the wrong moment. I think that it's the 'activity' factor. People think they make lots of dough by buying and selling heaps. Looking back over 2009 I would have made more if I held onto my top performers instead of selling them when I was satisfied with the profits. Speaking of boring - I got a few more Tesco today. :O)
paulieb: VELO eps increase of 30%,HMS eps increase of 200%. HMS share price didn't move as much as VELO on results day....Why? Stock overhang surely can't be the reason behind this,it might be, but a forced seller must be mad to sell this stock on it's fundamentals. Paul
koolio: It's normal that HMS share price goes down on good news.... Mad but Normal
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