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Undervalued is the point.If you look back about 6 or 7 posts to the one marked "profitability" after reading this to confirm my point.The over the last year the share price dropped slowly then massively;There has not been much in the way of work (58% utilisation).The banking covenants have not been breeched after discussions with lenders..There is enough work there now to "better than break even" with long term contacts confirmed (and 72% utilisation).There could well be more contracts.There will be cost savings.There are loan renegotiations (probably leading to a better deal for GMS) Even before you take adding new contracts or loan renegotiations this year the company is primed to produce a profit at the of 2019.(I guess around 5 million, Adjust net profit of 30 million, EBITDA of 75 to 80 million, poss 90).Luckily the share price doesn't reflect this......get it while its going cheap. 30;s to 40's looks adjusted back.ROLL UP ROLL IP Cant help anyone more than that looking Monday.or Tues........save you searching a ton of RNS.
I am rather looking forward to reading the results of the general meeting tomorrow. Whichever direction the shareholders vote, the main thing is we put an end to the distruption and allow things to settle into a new status quo.
There are so many red herrings to look at here.
just check out this buy marked as a sell! down the bottom of the page.no wonder people panic!
if they hold till the 2019/20 results come in they will have a tidy profit.
https://www.hl.co.uk/shares/shares-search-results/g/gulf-marine-services-plc-ord
btw seafox 5 would have added 22 to 30 million revenue had they acquired and found work for it.
I hope this isn't a stupid question but what would be the point in expanding the fleet when the existing vessels are not all utilised? Surely that is just adding more dead weight.
It was something GFD mentioned could have been bought with a shariah loan a few years back.
I presume they were looking a using it for offshore wind farms or some such and decided against it.
As you say (its not a stupid question) there can be periods where the work has to wait until the boat becomes available. Or it can be a dead weight. I know it is similar to the ones already used by GMS.
It might have even been thought they could supply a pair and speed up time to completion of a project?
I dont know if there were others they would purchase.. But at the time the finances indicate the work was waiting for the ships. Not the ships waiting for work. With CO2 bargaining and renewables this could literally be political will (or party elected) or timing of elections that have some knock on effect on that score regarding contracts.
There are some heavily subsidised schemes (and quite rightly)
I just thought I would throw it in. At the moment with the low day rates paid it would take another ship to get the revenue back up to 225 million (219 before iirc)
must get to bed now. it will be an interesting week.
TimmyTradeface...to answer your question: Because not all the vessels are equal and because the market is more interested in big class vessels atm.
In other words, it’s easier to find a contract for Seafox 5 than for a small class vessel. GMS has got 4 large vessels, 4 mid-size and 6 small size. If the 4 large and 4 medium sizes are all contracted and only a few of the smaller size were off contract, then the addition of Seafox 5 wouldn’t have been dead weight.
I need to add that with the sale of Seafox 5 by Seafox they ended up with a less attractive fleet, whereas GMS still got a good number of newer and better-maintained vessels.
Am I right in thinking it has a fairly sizable crane on that? At 1500 tonnes?
I did a rough calculation looking forward on straight EBITDA for market cap (truly ridiculous as EBITDA is nominally 1/7th 10 1/10th of market cap.
At 80 million the SP is 23p (161p at 7 times).
Best of luck for the week.
Production any questions you would like me to ask at the GM today..... keep it simple like me please
Pbody not fingers production lol
F ing not fingers ffs lol told ya I woz fick
Take it you are going to the extraordinary meeting?
if you are nedhammer we will try and come up with 2 questions.
let us know what time you need them for?
there might be a few of us and we will try and keep it simple and put 2 forward between us on here.
I am sure others will read this.
gfd will I am sure.
ssb1 is around I think.
I will make a new heading .
give us a time cut off. 9.15 sound about right?
NEDHAMMER:
I believe most of the questions in the EGM will be directed to Seafox - in order to know about their true intentions. If you were kind to ask:
- Does Seafox intends/have they bought more shares?
- What Seafox´s current share ownership is?
- How do they intend to save 30%?
- Will these be achieved by reducing or removing current GMS initiatives that set them apart from competitors?